The Insurance industry is known as a “greying industry”. Baby Boomers in their 50’s and 60’s are in a majority of the leadership positions at most major companies. That has created a large exodus of intellectual Insurance knowledge leaving the industry in the next few years. Wholesale Insurance companies in particular are getting creative in attracting the next generation of top talent. Below are a few of the key things they are focusing on.
Opportunity to Build a Business
Wholesale Broker as a career choice appeals to the younger generation because it is a chance to grow something organically, which is in high demand. People in their 20’s and 30’s grew up on stories of their parent’s and grandparent’s generation building a business from the ground up and being successful. Being a Broker on the Wholesale side allows this next generation to essentially do the same thing, as they build their own book of business from the ground up. As they grow and succeed, often that will come with additional support hires, which in essence is their own business.
Another appealing aspect of the Wholesale Broker career choice is there is little to no seniority, that in other career choices may hold a younger hire back. If you’re a lawyer, you normally come into a firm at the bottom and have to gradually work your way up to the senior roles. As a Wholesale Broker you can be 34 years old or 64 years old and work on the same playing field. The size of one’s book of business and the ability to grow that book is what is most important to a Wholesale Insurance firm. A young Broker can become an integral part of a firm, and in turn, get paid accordingly within a very short period of time.
Technology Allows Work from Anywhere at Anytime
As an Executive Recruiter in the Insurance industry, I hear many reasons why people are interested in changing careers. Two reasons I hear frequently – candidates are looking for more flexibility in their work schedule, and something that challenges them every day. The traditional 8:00AM-5:00PM work schedule is quickly becoming a thing of the past, especially with the advances in technology.
As a Wholesale Broker you spend a majority of your time outside of your office; a Broker needs to be constantly producing new business, and meeting with clients, which happens outside of the office. This is perfect for the younger generation who are always connected to tech and can work from anywhere at any time.
While the Insurance industry may not be a well-known career option to each new generation, once they understand the field and the work style it affords, interest increases. As we see the current generation in leadership begin to retire, it’s exciting to see a new generation of insurance professionals coming in. The fresh perspective and enthusiasm we’re seeing shows huge promise for the industry’s future.