Survey compares shifting attitudes of Generation Z toward the workplace and makes recommendations for recruiting new insurance professionals
Alexandria, VA (Sept. 17, 2019) – Applied Systems and InVEST have announced the findings of a survey conducted to understand Generation Z’s awareness of career opportunities within the insurance industry and their outlook on pursuing work in this field. The report, The Future of Insurance: Bye-Bye Boomers, Hello Digital Natives, focuses on how insurance companies and agencies can leverage this information to have the greatest chance of attracting the next generation of workers.
More than 400 Gen Z consumers from 16 to 22 years of age participated in this year’s survey. Their responses were compared to the results of a similar survey conducted by InVEST and Applied with the same generation in 2015.
“At InVEST, our mission is to educate, prepare and attract new diverse talent to the insurance industry, and it is important that younger generations see the industry as a viable option for a life-long career,” said Deborah Pickford, executive director, InVEST. “Armed with the knowledge from this report, insurance professionals can begin expanding their business practices to include the values this generation demands, creating a productive work environment for everyone and leading a thriving insurance industry.”
Key survey findings include:
- 58% of Gen Z respondents cited innovation as “very important” when considering a workplace, while 49% of this generation surveyed four years ago believed that innovation was very important when choosing where to work.
- 61% of Gen Z respondents said it’s “very important” to work for a company that provides mentors and clearly defined career paths, while 51% of the same generation agreed in 2015.
- 65% of Gen Z respondents indicated that working for a company that provides flexibility to work outside the office is “very important,” while in 2015, 57% of this generation responded similarly.
“As more than 25% of insurance professionals will soon retire, it is critical to understand what the younger generations expect when entering the workforce,” said Kris Hackney, executive vice president of Customer Experience, Applied Systems. “Agents, brokers, insurers and MGAs who are embracing digital technology for customers and staff will be well-positioned to recruit and retain the next generation of workers.”
Access the full survey results.
About Applied Systems
Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most. For more information, please visit appliedsystems.com.
As a 501(c)(3) educational trust, InVEST promotes insurance education in order to attract individuals to pursue a career in the insurance industry. Each year, the program prepares thousands of students for insurance-related careers with a hands-on curriculum taught in high schools, adult education centers and colleges. The high school curriculum is a business-education program that utilizes a hands-on approach which simulates an insurance agency and company operations to prepare students for various business careers and create more knowledgeable insurance consumers. These courses provide students with a working knowledge of the basics needed to pursue careers in the insurance industry. www.investprogram.org.
For more information, please visit appliedsystems.com.
Founded in 1896, the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of approximately a quarter of a million agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, health, employee benefit plans and retirement products. .
For more information, please visit www.independentagent.com.
SOURCE: Applied SystemsTags: Applied Systems, Gen Z, Millennials, survey, Talent Management