There are a lot of misconceptions about the insurance industry floating around, namely that it barely ever changes. With a large percentage of the workforce looking toward retirement, young insurance agents are the future of the industry, and they’re seeing the glass as more than half full. Read on to learn more, and be sure to compare car insurance quotes in the meantime. As the insurance industry goes through a renaissance of sorts, ensure your own secure future on the road with the right mix of coverage at the right price point.
Survey Says…Optimism Is Up
Insurance Journal recently published their 2016 Young Agents Survey with responses from over 500 participants in the workforce to gain insight into the short- and long-term outlook for the business. The study specifically examined the property and casualty industry, but many of the principles hold true across the entire gamut of industries. According to the journal’s findings, more respondents consider their own career outlook and the future of the independent agency system “very optimistic” than even last year. Here are some of the statistical highlights to keep in mind going forward:
- Almost 60 percent of participants consider their career outlook “very optimistic” compared to 51.6 percent in 2015
- 41.5 percent of participants consider the future of the independent agency system “very optimistic” compared to just 35.5 percent in 2015
- 56.6 percent of participants consider the likelihood of their agency attracting quality talent “very optimistic” compared to 43.2 percent from last year’s survey
Why Millennial Talent is Gravitating Toward Insurance
If Forbes’ “25 Companies Where Top Millennials Most Want to Work” list is any indicator, insurance is probably not the first line of work that comes to mind. Tech startups, media organizations, and other notoriously competitive firms generally get the spotlight for coveted employment spots for fresh college graduates. But the Young Agent survey provides a useful counterpoint to this line of thought.
“Most young people don’t realize or care about stability,” said one young agent who made the jump from a startup to an independent insurance agency. “They go after the fun, fancy bells and whistles. Working in an industry and company that will still be around in 20 years from now is important to me. The youth needs to learn to appreciate why working for a growing, stable company can benefit them. There is a lot of growth opportunity in this industry.”
Technology as a Motivator
A predominantly up-and-coming workforce will help the insurance industry incorporate more cutting-edge technology into its workflow. According to the survey, over 63 percent of respondents take insurance courses on the Internet. Over 91 percent use a Smartphone, and almost 40 percent take advantage of web conferencing. If you still hold the mental stereotype of paper-first, old-fashioned agencies, it’s time to update that way of thinking along with the young agents inserting a breath of fresh air into longstanding practices.
Insurance is here to stay, but that doesn’t mean that it’s not on the precipice of optimistic growth and change for the better. As you look toward the future of insurance, be sure to revisit your own policies. Are they still working for you and ensuring the future that you’ve worked so hard for? Don’t forget to compare car insurance quotes from time to time and make sure they’re in line with your needs.