As the average insurance agent in America reaches retirement age, they’re making room for younger agents in an industry that’s already perfect for millennials.
Why are millennials so poised to take over? Because the numbers are in their favor.
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59 years old. The average age of independent insurance agents is closer to retirement than you may think. Twenty-five percent of insurance agents are expected to retire in the next two years, making room for the younger crowd to move in. That’s a lot of opportunity for a generation that’s well-acquainted with the struggles of finding a job.
Three years. The average amount of time agents 40 years old or younger have been working in insurance may surprise you. That’s right; despite millennials getting the reputation of jumping from job to job, those in insurance are content to stay for several years.
82 percent. Most millennials surveyed in a recent study would recommend working in insurance to other people. They credit this with a fair work-life balance and opportunities to grow in their career. A third of those surveyed said they were recruited by friends, and more than 55 percent reported being pleased with their rate of compensation.
A pattern among millennials is that many feel the need to give back and help other people.
The Upsides are Endless
What more could a young professional ask for? How about implementing the technology they already use in their free time? Millennials in insurance reported that using video messaging (Skype, FaceTime), Instagram, instant messaging and texting have helped with work efficiency, and are pleased with their company’s use of technology in day-to-day operations.
Another plus is a sense of doing good. A pattern among millennials is that many feel the need to give back and help other people. In an interview with Insurance Business Magazine, Swiss Re’s president for regional and national property and casualty Keith Wolfe says a job as an insurance agent is the perfect way to achieve this.
“Many millennials want a job that feels worthwhile. They want to work for companies that not only make a profit but also do good for the world around them. They want a job with purpose,” Wolfe said. “Insurance is about protecting lives and livelihoods, providing the means to carry on following adversity. That’s an important mission and a very compelling reason for millennials to find the industry rewarding.”
Millennials looking for a meaningful career are likely to find it in the insurance industry. With benefits including flexible schedules, growth opportunities, and fair compensation, life as an insurance salesperson hits all the marks.
Are you looking to start or transition a career in insurance sales? You’ve come to the right place. Ritter serves to prepare insurance professionals for everything the industry throws at them. Check out some of our related posts to read why we recommend selling Medicare insurance products.