Insurance execs ponder the problem with Millennials in the industry
Published: April 27, 2018
Updated: July 24, 2018
Author: Luke Jones
CATEGORY: Industry News
Insurance is an aging industry. Millennials by logic of their demographic are the future, but they are not coming to insurance for a career. Indeed, a survey from Hartford suggests only 4% of Millennials are interested in entering the industry.
A meeting of professionals in the industry was held to discuss how to engage younger generations to explore a career in insurance. The discussion included how to spur interest through innovative recruitment strategies.
Taryon Vaughan, senior VP for Special Risk Insurance Managers in British Columbia attended the event spoke about how it has engaged Millennials. The company has 10 Millennials from a full staff of 70.
“In my new role as chief operating officer, we are looking to figure out a way to incorporate more millennials into our staffing, and how to retain them,” said Vaughan.
While insurance executives are pondering how to engage more Millennials, the Insurance Institute of Canada (IIC) says the industry’s positions is not too bad.
“We actually have more millennials in the insurance industry than the general labour market,” said Margaret Parent, professionals’ division director at the IIC. However, engaging the demographic is one thing, but keeping them in industry long term presents another set of challenges.
“The turnover rate in the industry is 11%. It’s not far off of the general financial services industry – that’s 7% voluntary and 4% involuntary,” explained Parent.
Mark Edgar, SVP of human resources at RSA Canada says the problem with keeping people in insurance is a problem that is reflected in any competitive industry.
“I think we’re good with attraction. I think the retention of people in a very competitive market is hard. We have to show our people that we are that preferred employer. We talk a lot about attracting, retaining, inspiring our people at RSA and that’s a constant work in progress.”