A recent survey conducted by Vertafore found that “82% of millennials are ‘optimistic’ or ‘very optimistic’ the [insurance] industry will evolve to attract the next generation of insurance talent due to the productivity and efficiency gains from continued technology adoption”. However, there are still many insurance organizations who have not quite adapted to the changes that are going to attract millennial employees.
Millennials are searching for companies that compete with each other for the status of ‘best company to work for’. They want to find an organization that understands their needs, offers amazing benefits, and ultimately maintains a fun and playful (yet still professional) work culture. Finding positions where their talents can be optimized is extremely important to this generation.
Below is a list of 4 insurance organizations that have obtained a spot on both the Fortune 2015 “100 best workplaces for Millennials” as well as the “The 10 Best Workplaces in Insurance” lists. These companies have landed a spot on these lists due to their ability to engage with the millennial generation and truly understand their talents and needs.
Hagerty—with millennials already making up nearly 51% of this company, Hagerty has put emphasis on employee culture and team-building. Educational courses related to the type of insurance Hagerty provides (classic cars and boats) keeps everyone on their feet and interested in the work they take part in. Staff also enjoy benefits including 16 hours of paid time off to be used solely towards volunteering or philanthropic causes!
Allianz Life Insurance Co. of North America—This company has also employed a large amount of Millennials to their workforce (around 32% of their entire staff internationally). Allianz offers great benefits including a great maternity package, an awesome 401k plan, as well as a variety of campus amenities.
USAA— Around 34% of USAA’s staff are Millennials. This company really emphasizes that their benefits are inclusive (including childcare centers at major locations, accreditation from the National Association for the Education of Young Children and the list goes on).
Acuity—Acuity has also created a staff that includes around 32% Millennials. Acuity offers unlimited tuition reimbursement, unlimited sick days, and a great 401k plan. In an age of endless education options, these benefits sure catch the attention of millennials!
Many insurance organizations may not be following the above trends yet, therefore it may be time to take a step back and ask, ‘what can our company change without loosing our core mission and vision?” With this being said, I am not suggesting that every company needs to have casual work attire codes, be pet friendly, and host weekly dodgeball tournaments! The idea here is that companies need to start thinking about benefits that will make a big impact in work culture and attitudes towards finding employment in the insurance world.
