With a labor shortage and numerous career options at their fingertips, why would millennials want to work in insurance? On the surface, the industry may not seem to share millennials’ values – but that perception isn’t accurate. Companies like M Financial have made tremendous progress and are transforming the industry to one that millennials want to be part of.
Digital Innovation Drives Growth and Opportunity
Insurance is going through a digital transformation, adopting new technologies to address the needs of a changing world. This creates many growth opportunities for talented people from diverse backgrounds with critical skills in the industry — insurance companies need to employ big data in new ways, tackle cyber risks, and evolve their distribution models.
Technology also contributes to the attractiveness of the Insurance Advisor role, as so many technologies are focused on supporting the client-advisor relationship.
Sophisticated mobile apps, behavioral modeling financial software, digital client service portals, real-time financial activity reporting, advanced risk-profiling software, and other technologies are freeing advisors to spend more time building meaningful client relationships and less time managing them.
“Clients will always need to be able to trust that you are the right person to come to for advice in protecting them and their assets,” said Allison Dubrow, Executive Recruiter and member of the Insurance Practice at Spencer Stuart.
“A candidate who has a high level of digital comfort and can readily see new ways to adapt technology will find numerous opportunities for growth and advancement in the insurance industry. There are certainly industries where technologies like AI may change or eventually replace a role, but for an advisor, it’s hard to imagine a time where that personal piece isn’t key.
“And relative to other industries,” continued Allison, “insurance is one where we see a lot of senior leadership come up through the ranks with very technical, actuarial, or finance skills. So, candidates who know how to connect with clients, understand their needs, and have a vision for where data and technology can be next applied are often sought after.”
Insurance Advisor Roles Provide Freedom and Flexibility
Career expectations are changing. Today’s young professionals have a strong desire for control over where they work, how frequently they work, and where they invest their time. They want a clear career path with the resources, guidance, and continual feedback that will allow them to develop as professionals. These expectations are why so many young professionals believe traditional 9-to-5 office roles don’t adequately support the lives they want to live.
For organizations like M Financial that are looking for next-generation leaders, addressing these concerns was paramount. M knew that, by removing some of the barriers to success for today’s top professionals, they would attract the type of innovative individuals who could move the company and the industry forward.
M’s Magnet training program for Financial Advisors is the result. It provides participants with a clear path to success through a two-year, state-of-the-art training program. It also pairs participants with personal mentors who can provide valuable business insight and guidance into the market and connects them with a network of industry experts and thought leaders—resources designed to serve them their entire career.
According to Allison, “There is a real opportunity for this generation to make its mark in the insurance industry. It needs young, innovative people to help it evolve. For the first time in a long time, there are leadership opportunities for people with new ideas and different backgrounds. For a generation of entrepreneurial-minded individuals, it can be the ideal career.”
Insurance Provides Meaningful Careers
One of the biggest change in career expectations is around purpose. Most young professionals value a job that feels worthwhile over monetary reward. They want roles that are meaningful, that can provide purpose and fulfillment to their personal and professional lives. A career in insurance satisfies that need.
Insurance is about protecting lives and livelihoods. It provides support in times of loss and helps families and businesses rebuild and get back on their feet. That’s an important mission and a very compelling reason for millennials to find the industry rewarding. Many insurance firms also go above and beyond to help their communities, participating in philanthropic activities that have local impact and providing leadership to charitable organizations.
“At the very core of the insurance industry, it’s all about people,” Allison concluded. “Being an insurance professional is a challenging role, and there is a lot to learn. But helping people and businesses get through extremely difficult times can be a very rewarding and meaningful experience.”
Millennials who chose a career in insurance can find the success and long-term satisfaction they seek. But it starts by choosing the right company to work with. M Financial’s Magnet Program gives their financial advisors a competitive advantage. You should learn more and see if it’s a great path for you.