There was a time when job seekers found their way to the insurance industry by chance. Even today, a surprising 54% of today’s insurance professionals say they stumbled into the industry, according to a new Business Insurance survey of insurance professionals. Gen X (those born between 1965 and 1980) has the highest percentage, with just over 60% of professionals saying their insurance careers came to them by chance, followed closely by baby boomers (born between 1955 and 1964), with just over 58% finding their insurance careers accidentally.
An unexpected talent source
Surprisingly, the millennial insurance professional came to insurance by intention. The BIsurvey reveals that only 37% of millennials did not actively seek an insurance career. There’s good reason for it, too. Millennials have much more exposure to the insurance industry thanks to a growing number of programs that place the option squarely in front of them. Today there are 58 colleges and universities offering RMI (risk management and insurance) programs to their students, up from 55 schools in 2022.
The presence of risk management and insurance on campus is shown in the survey results, too. This year, 85% of insurance professionals surveyed have earned a bachelor’s degree or higher. And nearly 31% of millennial insurance professionals attended or graduated from RMI programs, up from just under 14% in 2019.
Double dipping in the talent pool
What does that mean for insurance? There is a golden opportunity for savvy organizations to recruit new talent. But there’s also a chance to stack the deck at both ends of the employee demographic. If you combine new talent with the skills and career knowledge of a retired insurance professional, your team can be one of the most productive and profitable imaginable.
Yes, a retired worker. More retired insurance professionals are re-engaging in the workforce each year. A recent Bureau of Labor Statistics report shows that 27% of today’s job seekers are people aged 65 to 74. They are the fastest-growing employee segment.
These insurance professionals bring a wealth of experience that can’t be taught in school. Soft skills, such as relationship management, collaboration, problem-solving, leadership, communication, and a strong work ethic are just some of the attributes that older workers can bring to your workplace. They can also serve as mentors to your younger workers, helping them attain the same soft skills while introducing them to a vast network of industry contacts that they have built over their careers.
The benefits of multi-generational teams
Your entire workforce can benefit from the sharing of skills across departments and generations. And your organization can benefit, too. When employees are engaged and collaborating regularly, they are:
More motivated. Employees who are connected and engaged in a common goal report more motivation. That’s because the work culture feels more positive and inclusive rather than segmented and status quo.
More productive. Motivated employees are happier and are 20% more productive than unhappy employees, according to the Social Market Foundation[1]. With knowledge sharing, every employee feels empowered and capable of better results.
More satisfied. Motivated employees are 87% less likely to look for another job, says a Corporate Leadership Council study of 500,000 participants.
More profitable. When your employees are engaged and productive, the result is better customer satisfaction, lower turnover, and a better opinion of your company’s work culture, which can attract even more talent to your organization. That can add up to a 21% increase in your organization’s profitability, according to Gallup research[2].
Concluding thoughts
In today’s tight labor market, harnessing the talent you have and mentoring the new talent coming on board is key to your success. As the talent gap continues to widen, bringing an experienced pre-retiree on board can help engage your entire workforce.
WAHVE can connect your organization to retired insurance professionals who want to shift their careers into a more supportive, work-from-home role. A WAHVE worker can help create strong connections, improve collaboration, and bring new employees up to speed quickly. Passing along a career’s worth of valuable skills and knowledge is just one way a WAHVE worker can help bolster the productivity and profitability of your entire organization.
[1] Social-Market-Foundation-Publication-Briefing-CAGE-4-Are-happy-workers-more-productive-281015.pdf (smf.co.uk)
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