The insurance industry is expected to change dramatically over the next few years. Nearly 50 percent of the insurance workforce is 45 or older, and about 25 percent of the industry is predicted to be retired by 2018. This creates a challenge agencies must face: bring in new, talented millennials who are passionate about the industry. With the change coming so soon, the question is not a matter of when, but how. Below are some key ways insurance agencies can begin to both prepare for this workforce change and take advantage of the benefits it could bring.
One of the easiest ways to begin creating relationships between insurance agents who have been around for 10 or 20 years and incoming millennial agents is by pairing them up through mentorship programs. These types of structures are filled with positive benefits, from being an extremely inexpensive educational tool to boosting employee satisfaction and retention.
Assigning mentors to new agents is also a great way to assist in making them feel more welcome, and even provides a point of contact for them to go to for questions and support. And the benefits aren’t just one sided — many insurance vets can benefit from learning and speaking with younger individuals. Putting the two groups together can leave room for growth, education and cooperation on both ends of the table.
Add New Meeting Structures
As any successful business knows, there are advantages to doing things that have proven to work in the past as well as trying new things as industries evolve. Another way to build foundations between experienced agents and new agents is by letting them both have a voice when it comes to meetings. One great way to do this is by allowing some meetings to be run by tenured professionals and others to be run by millennials. This may take some practice and time for agencies to get used to, but what works with this idea is that everyone’s voice gets to be heard and all types of ideas get to be shared. It also provides opportunities for all agents to gain respect for one another and even become inspired by what each one has to say.
Plan Networking Events
Whether these be smaller events you create with those only in your agency, or larger regional events held by insurance industry leaders, schedule networking events for your agents to attend. This can help provide motivation and passion millennial agents need to grow with your agency and the insurance industry as a whole. What better way to get them involved than to let them hear from and speak with some of the biggest names in insurance? These events also offer designated times for insurance vets and new agents to sit together, build rapport and continue learning from one another.
Learn More About ASI
ASI is one of the largest homeowners insurance carriers in the United States. Through a network of independent agents, the company offers home, condo, renters, dwelling, fire and flood insurance in over half the country, with plans to cover the rest by 2017. Find out more at americanstrategic.com.