By: Luke Jones, Published on March 22, 2017 03:22 PM, Last Update on March 27, 2017 08:22 AM
Millennials can find a good career within the insurance industry, according to one leading executive. Speaking to Insurance Business, Swiss Re’s Keith Wolfe, president for regional and national property and casualty in the US and Monica Ningen, head of property underwriting for the US & Canada, discussed how there are opportunities in insurance for young professionals.
Asked how the industry can overcome a millennial workforce that is not committed to one job or career, Wolfe said insurance companies must understand what a new generation of people wants. He says millennials value companies that are not just profit oriented, while the changing insurance industry may provide some young professionals with a sense of challenge:
“They want a job with purpose. Insurance is about protecting lives and livelihoods, providing the means to carry on following adversity. That’s an important mission and a very compelling reason for millennials to find the industry rewarding.
We need to appeal to those who relish a challenge, and insurance really fits the bill. There’s something for everyone, because it’s always evolving, dynamic and challenging.”
However, there is certainly a difference between an aging insurance industry that is heading to a slew of retirements, and a young workforce which has more choice. To address this, Ningen that each company will need to deal with the challenges in their own way.
“At Swiss Re, we’re seeing situations where the nature of the work is changing so we are replacing those who have retired with professionals of different skill sets. Ours is a dynamic business—more so than people realize—so replacing talent is never a like-for-like proposition.”
Speaking about the way technology is helping and disrupting insurance markets, Wolfe offers the following benefits of innovation: