According to industry statistics, the average age of a broker or insurance agent is 60 years old. It was anticipated that by the end of 2020 twenty-five percent of insurance industry workers would be retiring. Now more than ever, the need for insurance brokers and agents is critical to the success and longevity of the profession, as well as for the clients they serve.
That means millennials need to be a key focus of your agency’s recruiting and succession planning strategies. Millennials make up more than half the workforce and their influence in the way we do business can widely be seen. The world of a millennial is fast-paced with the constant need to succeed on its own terms. This includes having flexible schedules, up-to-date technology, and being well compensated.
The Agency that offers flexibility and culture is King
The nine to five, 40+ hours a week is becoming a thing of the past as more and more employers are offering remote working opportunities. The emphasis is no longer on the hours spent “working” per week, but rather the timely completion of specific tasks. Millennials want to work hard and play hard, and they value time spent with their families and socialization. Think about it: millennials popularized Friendsgiving! Community, socialization and building relationships are important to millennials and they want a career that fits into their personal lives.
Successful and growing health insurance agencies are adapting the way they do business by offering a less traditional corporate culture to include remote working, relaxed dress codes, and even a pet-friendly environment.
The health insurance business is changing at a faster pace with every passing month. No longer are the old methods of prospecting and face-to-face communication necessary to reach potential customers. Top-level innovation and technology have given way for more opportunities in the industry while also attracting millennials. As a fast-paced on-the-go generation, more clients are receptive to using modern technology to reach and stay connected to their brokers.
Skype and Go-to-Meeting offer opportunities to reach current and prospective clients without travel, which means brokers and staff can spend more time with their families. Millennials are willing to work harder when they feel that they are being cared for and their needs are being met.
Social media once frowned upon in the workplace, is now one of the determining factors of a successful broker. Ninety-five percent of millennials engage in some form of social media; therefore, brokers must engage clients and prospects in a meaningful way via multiple social media strategies.
Automation allows for more flexibility so brokers can sell more and service less. This is great for the millennial who is always on the go and wants more travel and family vacation time.
Being a broker can be a lucrative career opportunity for millennials. The highest-paid ten percent of insurance agents earned more than $125,610 annually. And there is plenty of opportunities to earn more, which makes the insurance industry an ideal career opportunity for millennials.
In addition to high compensation, the residual earnings nature of the business can be a strong motivator when recruiting new employees/owners. There are tools for prospective producers to calculate their commission earning potential and learn about strategies for retaining 100% of their book of business. Financial opportunity and career growth are the leading factors in attracting the younger generation.
MyHealthily is the SaaS company that empowers MGAs and Wholesale Brokers to digitally transform the healthcare insurance brokerage business.