Episode 9 - Millennials in Insurance

Profiles in Risk

Show Notes: Our book: http://amzn.to/2oqVXwU Average age of an insurance pro in the US is about 60 years old The number of insurance pros over 55 has increased by 74% between 2002-2012 compared to 45% in overall workforce (McKinsey & Company Building a Talent Magnet) There's 80 million Boomers, 60 million Xers and 80 million Millennials. That 25% difference with so few Xers is a huge deal By 2014 Millennials were already largest generation in the US (Council of Economic Advisers) By 2025, 3 out of 4 workers will be Millennials (https://www.bdcnetwork.com/workplace-design-trends-make-way-millennials) Only 4% of Millennials are interested in working in Insurance (The Hartford - A Generation of Leaders) RMI programs only exist at 70 schools (out of 3,000+) and only feed 10-15% of our new talent needs each year (McKinsey Building a Talent Magnet) 30% more Boomers in insurance than in the overall economy (McKinsey Building a Talent Magnet) 88% of CPCU Members are over 40 years old Only 41% of Millennials expect to be at their current job in 2 years (Gallup There's no job millennials won't leave) Since 2015 Millennials are already largest generation in the workforce Insurance companies expect 25% retirements in the next 4 years (2017 Insurance Industry Employment and Hiring Outlook Survey) some expect it in the next 2 years (2016 Insurance Industry Trends) Only about 25% of insurance workforce is under 35 years old (Solving the Insurance Industry Talent Crisis by Investing in RMI Graduates - IRMI) Only 2% of recent grads express an interest in insurance (Accenture - The Insurance Workforce of the Future) 66% of Millennials plan to be at a different company in 3 years (2016 Deloitte Millennial Survey) Good people, awful structure = crappy managers