What are insurers doing to attract Gen Z?
August 11, 2023 11:20 AM
Recruiting Gen Z through education and internships
As less than 25% of the industry is under the age of 35, carriers are seeking new ways to attract and retain the upcoming generation of talent – Gen Z. A study from LIMRA and EY shows that 40% of organizations and a third of all employers with over 1,000 employees said that meeting the needs of a multi-generational workforce is a key challenge. Discussions around talent retention for younger generations vary, though many companies have opted for allowing flexible work arrangements, promoting diversity and inclusion, targeted recruiting and mentorship programs.
"One way to combat an aging workforce is that we not only want to make sure that we're hiring early career [individuals], but we want to make sure we're transferring a lot of that knowledge from those individuals that are choosing their next path," said Carrie Martinelli,Selective's vice president of talent. "We want to transfer every experience that they've had, every challenge that they face and everything that they've learned. By engaging with the early career and most certainly by hiring interns and trainees, and giving them opportunities to engage with those individuals that are more experienced will benefit us and anyone in the insurance space. "
Read morehere .
"One way to combat an aging workforce is that we not only want to make sure that we're hiring early career [individuals], but we want to make sure we're transferring a lot of that knowledge from those individuals that are choosing their next path," said Carrie Martinelli,
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Addressing diversity disparities in insurance with Gen Z
Research conducted by McKinsey sheds light on the underrepresentation of people of color within the insurance industry. The study reveals that men of color occupy only 8 to 14% of positions across all levels within insurance companies. The representation of women of color is even lower, according to McKinsey findings. Women of color currently hold a mere 2% of board seats in insurance, in contrast to men of color who occupy 14% of such positions.
"The insurance industry in the U.S. was founded over 200 years ago and predominantly led by white males. Today, that is still the case with a lot of organizations, but there also has been a strong evolution. The insurance industry is due for a change in that image," said Carla Lynch, talent acquisition manager at Arbella Insurance. "The insurance industry is not always the first industry that a young professional or student might think about. Internships are a great way to really introduce them to insurance and really show all the great opportunities and stability of the industry."
Read morehere .
"The insurance industry in the U.S. was founded over 200 years ago and predominantly led by white males. Today, that is still the case with a lot of organizations, but there also has been a strong evolution. The insurance industry is due for a change in that image," said Carla Lynch, talent acquisition manager at Arbella Insurance. "The insurance industry is not always the first industry that a young professional or student might think about. Internships are a great way to really introduce them to insurance and really show all the great opportunities and stability of the industry."
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5 colleges, universities for aspiring insurance professionals
Insurance is poised to welcome the next generation of professionals from Gen Z, as a majority of the workforce is nearing retirement . Insurers are tapping into educational opportunities to create a direct talent pipeline.
Digital Insurance curated a few examples of colleges and universities that are starting to offer specialized insurance programs or majors to equip aspiring professionals with the knowledge, skills and hands-on experience needed for a career in insurance.
Find the five colleges and universities we highlightedhere .
Digital Insurance curated a few examples of colleges and universities that are starting to offer specialized insurance programs or majors to equip aspiring professionals with the knowledge, skills and hands-on experience needed for a career in insurance.
Find the five colleges and universities we highlighted
Can insurers use tech to attract Gen Z?
Data from the Bureau of Labor Statistics shows that Millennials and Gen Z will comprise 60% of the labor force within the next decade.
According to anEY and LIMRA study , one-third of all employers and 40% of organizations with more than 1,000 employees identified that meeting the needs of a multi-generational workforce is a significant challenge. Remote and hybrid work is also here to stay, according to the study: 84% of employers said that at least some of their employees work remotely, and 31% said that a quarter of employees work remotely most of the time.
According to John Swigart, co-founder and CEO ofPie Insurance , a small business workers compensation insurer, offering remote or hybrid work is key to attracting new talent.
"Carriers can leverage digitization by offering flexible tools and modern communication platforms, but the most important thing we can do is to offer remote work and commit to it," said Swigart. "Talent , not just Gen Z, want flexibility and control over where and how they work. Remote work options give employees the balance they crave while also opening up a much wider talent pool than if you only hire near an office location."
Read morehere .
According to an
According to John Swigart, co-founder and CEO of
"Carriers can leverage digitization by offering flexible tools and modern communication platforms, but the most important thing we can do is to offer remote work and commit to it," said Swigart. "
Read more