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8 ways to attract millennials to insurance

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The millennials of today are young and ambitious, have a thirst for knowledge and are looking for ways to help those around them. They are already becoming your clients and employees. If you aren’t reaching out to this generation, your business might be in trouble soon.

Below are some tips that insurance and financial services companies can use to attract more young professionals to these fields, as well as some tips for all millennials out there looking to excel in these industries. 

These tips were compiled from interviews with industry experts Lindsey Pollak, The Hartford’s millennial workplace expert; Amy McIlwain, vice president of social and digital strategy at Denver-based Moore Communications Group; Samuel Rad, a millennial advisor based in Beverly Hills, California; Matt Wallaert, behavioral scientist at Microsoft; and Breana Macken and Emily Tracey, LIMRA analysts. 

(To read the full feature about millennials, go here.)

For companies:

1. Mentoring:

This is going to be key for new advisors’ success in the field. Real world training is more important than being in the classroom. Having a mentorship program helps millennials understand the relationship-building experience that advisors constantly practice with their clients.

2. Internships:

As a company, you should provide opportunities such as internships for students. Internships look great on a résumé and are a great way to get a foot in the door at a company.

3. Approach college campuses near your area:

You can offer talks in which you discuss the different career possibilities within the industry, including your own career.

4. Recruiting:

Companies need to be proactive when it comes to recruiting and not wait for millennials to come to them. For example, look to what banks and investment firms are doing on college campuses as an example of how to recruit the next generation.

5. Social media:

Post pictures and video of the young people in your company on your website and social networks. Millennials like to get a sense of what your company is about and your corporate culture. You can have your millennials tell their stories.

6. Are you talking to the millennials within your own organization?

Evaluate how you are communicating with them and reach out to them. They represent a resource you have right at your fingertips.

7. Provide training and professional development programs for millennials and let them know that these programs are available for them.

8. Retaining millennials:

Provide a fun, flexible work environment with unique benefits.

For millennials:

1. Log in to your LinkedIn profile and find those second and third connections in your networks. Connect with them and ask what they do and what opportunities they know of.

2. Tap into your own personal network of friends, friends’ parents, family and other people that you know. Ask them if they are in insurance and what they do.

3. Reverse mentoring:

Leaders in the industry are interested in listening to millennials’ views and opinions. Make yourself open and available for that by connecting with them via LinkedIn, a young professionals group or a trade organization.

See also:

Investing in the industry’s future: NAILBA 33

Social hackathon at the LIMRA Social Conference