Everyone seems to be talking about the new generation of millennials and how they are shaping the culture of the U.S., but few understand the far-reaching effect of a new mindset and skillset being brought to the table.
A millennial generation is a group of tech-savvy individuals raised around and dependent upon the internet for almost everything. This group sees the world differently from the baby boomers and older generation, and these differences impact how they act and operate within the work environment. Some companies, like SE2, have been able to adapt to these new needs and reinvent their delivery of products to address the millennial changes. In fact, the changes that the SE2 professionals made were to specifically attract the attention of a millennial generation used to shopping and conducting business entirely online.
This perspective is unique, but it is the new ideology and approach to modern business practices, as millennials are quickly becoming a majority of those in the workforce. Their actions and needs are the driving forces of industry changes. In particular, millennials are affecting the way the insurance industry operates.
Using Technology and Social Media
The millennials want their employees to reflect who they are and what they are comfortable with, thus the push for more inclusion of technology and social media opportunities. Companies that want new talent need to be offering these opportunities both to keep their employees happy, but also because they can significant benefits to their consumers. There are four areas where millennial employees want to see change occur.
Virtual Insurance Agents
The new generation of insurance agents wants to see more virtual opportunities with their jobs. They would like to work from home rather than an office and connect with their clients through online mediums. Virtual agents don’t engage in traditional marketing ventures like mailers, local networking events, or paper advertising. These agents work via websites and social media connections, using accounts with sites like LinkedIn, Facebook, or Twitter to help establish relationships with potential new clients.
Virtual Agency Startups
Millennials don’t often have the experience or financial resources to establish a storefront agency location after passing their licensing tests, and during their early efforts, establishing a virtual agency is the best option. They want options that allow them to take the risk of starting their own agency but with the financial expenses associated with startups. Other millennials would rather be able to work for an agency from their home and rely on telecommuting for their job. In addition to working through virtual means, some agencies allow potential agents the ability to complete their licensing requirements or continuing education requirements through virtual education portals or online delivery methods. These opportunities allow a millennial to maximize their time while maintaining a low overhead.
For the millennial, technology is everything when it comes to present operations and future potential for a business. Technology is used to connect people through online mediums and expanding the potential market of opportunity. Rather than relying on traditional business hours, the online medium of product delivery allows for 24/7 access to information, billing, and communication. Millennials, due to their own preferences, recognize the future of self-service and accessibility. They push technology because it is inevitable. Online mediums provide convenience and the potential for business growth.
It is only logical to include the use of social media as a secret weapon for all businesses looking to attract a new generation. Millennials are known for their heavy use of social media networks, and their abilities to self-promote and gain new connections can translate into successful business practices.
These four areas are where millennials excel in their skills and experiences, and incorporating these into the insurance industry is revolutionizing traditional practices. Consumers can expect to benefit from these changes, just as can potential millennials looking for a career in insurance sales.