A new survey to be released in September by InVEST® and Applied Systems highlights the shifting attitudes of two generations—Millennials and Gen Z—toward the workplace. The Future of Insurance: Bye-Bye Boomers, Hello Digital Natives survey and report features responses from over 400 Gen Z consumers and compares their responses with the results of a similar survey of Millennials in 2015. The findings reveal Gen Z's awareness of career opportunities within the insurance industry and their outlook on pursuing work in this field.
According to the survey, insurance companies and insurance agencies that strive to be more technologically savvy and offer more flexibility for workers have the greatest chance of attracting the next generation of insurance professionals. Of those surveyed, 58% of Gen Z respondents cited innovation to be “very important" when considering a workplace, which is a 9% increase compared to Millennials surveyed over four years ago (49%).
Other recommendations to attract Gen Z into the workplace include highlighting the insurance promise of “protecting what matters most," which taps into this generation's desire to make the world a better and emphasizes the entrepreneurial nature of insurance agency ownership.
Also, compared to Millennial responses from four years ago, Gen Z's familiarity with the insurance industry increased substantially in 2019 (up 56%). Other findings include Gen Z's belief that working with mentors will help them define their career paths is important and, in contrast with Millennials, Gen Z respondent's desire to stay in a job for at least three years, signaling a desire for security and stability.
Born in 1997 to the present, Gen Z represents a quarter of the U.S. population and are soon expected to outnumber Millennials. With 10,000 Baby Boomers retiring each day, 25% are estimated to be insurance professionals resulting in a projected 400,000 unfilled positions in the insurance industry.