ALEXANDRIA, VA – September 17, 2019 – Applied Systems and InVEST today announced the findings of a survey conducted to understand Generation Z's awareness of career opportunities within the insurance industry and their outlook on pursuing work in this field. The report, The Future of Insurance: Bye-Bye Boomers, Hello Digital Natives, focuses on how insurance companies and agencies can leverage this information to have the greatest chance of attracting the next generation of workers.
More than 400 Gen Z consumers from 16 to 22 years of age participated in this year's survey. Their responses were compared to the results of a similar survey conducted by InVEST and Applied with millennials in 2015.
“At InVEST, our mission is to educate, prepare and attract new diverse talent to the insurance industry, and it is important that younger generations see the industry as a viable option for a life-long career," said Deborah Pickford, executive director, InVEST. “Armed with the knowledge from this report, insurance professionals can begin expanding their business practices to include the values this generation demands, creating a productive work environment for everyone and leading a thriving insurance industry."
Key survey findings include:
- 58% of Gen Z respondents cited innovation as “very important" when considering a workplace, while 49% of millennials surveyed four years ago believed that innovation was very important when choosing where to work.
- 61% of Gen Z respondents said it's “very important" to work for a company that provides mentors and clearly defined career paths, while 51% of millennials agreed.
- 65% of Gen Z respondents indicated that working for a company that provides flexibility to work outside the office is “very important," while 57% of millennials responded similarly.
“As more than 25% of insurance professionals will soon retire, it is critical to understand what the younger generations expect when entering the workforce," said Kris Hackney, executive vice president of customer experience, Applied Systems. “Agents, brokers, insurers and MGAs who are embracing digital technology for customers and staff will be well-positioned to recruit and retain the next generation of workers."
To view the survey in its entirety, please visit http://ow.ly/HL9z50wbTNB.
Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world's largest provider of agency and brokerage management systems, serving customers throughout the U.S., Canada, the Republic of Ireland, and the U.K. By automating the insurance lifecycle, Applied's people and products enable millions of people around the world to safeguard and protect what matters most. www.appliedsystems.com
Founded in 1970 and based in Alexandria, Virginia, InVEST promotes insurance education in order to attract individuals to pursue a career in the insurance industry. Each year, the program prepares thousands of students for insurance-related careers with a hands-on curriculum taught in high schools, adult education centers and colleges. As a 501(c)(3) educational trust, InVEST benefits from the support of numerous insurance organizations, hundreds of agencies, brokers and volunteers.
Founded in 1896, the Independent Insurance Agents & Brokers of America (the Big “I") is the nation's oldest and largest national association of independent insurance agents and brokers, representing more than 25,000 agency locations united under the Trusted Choice brand. Trusted Choice independent agents offer consumers all types of insurance—property, casualty, life, health, employee benefit plans and retirement products—from a variety of insurance companies.