The industry has taken steps to address this issue by launching initiative programs such as MyPath and InVEST. If you have not heard of these programs check them out and get involved if you can. They’re great programs that are tailored to educating students and young professionals about the industry and career paths that could fit their interest.
In this article, I want to address this issue from a more specific, creative side. Here are three innovative examples about how to initially spark curiosity in the “Next Generation”:
1. Auto Insurance 101 Classes
Most of the youth population hasn’t considered or is completely turned off in pursuing a career in the insurance industry. But who could blame them? For many, their only exposure to the industry stems from paying high premium bills for their car. When I started driving, I paid around $1,200 annually for a car I bought for $8,000. I never understood why I couldn’t just save the money and if something happened to my car, use that to buy a new one. I never realized the exposure of damaging someone else’s car or hurting another person through my behaviors.
Designing an auto insurance 101 course detailing an overview of this coverage and what a client is paying for and protected against could be two-fold. The company would be creating intelligent consumers for the future and sparking curiosity in some to learn more. After learning more, someone will begin to ask their parents questions or even pursue studies in Risk Management and Insurance programs in college.
Try adding incentives for taking the classes such as reductions to premium or lower deductibles for the same price. Hopefully, building intelligent consumers will reduce the risk and help the encouragements pay for themselves.
2. Sponsoring Sports Teams, Clubs, etc.
Sponsoring sports teams, clubs and other youthful groups in a community, high school, or college could be strategic in attracting the “Next Generation.” Aside from the public involvement that would generate name recognition and positive PR, the company could take this opportunity one step further to expose some youthful minds to the industry.
For example:
Sponsor a local high school soccer team, and then create a competition to answer the question: How much are David Beckham’s legs insured for? The winner gets a signed jersey from a local Major League Soccer player.
Create a competition between all the local area college’s political clubs with the question: How much would it cost to insure the White House? The winning club gets a paid trip to the state’s capital and a luncheon with some state officials.
3. Partnering with Teachers to Make “Classroom Insurance Policies”
This can be a fun twist on teaching a classroom about insurance. After working with the InVEST program to gain relevant teaching material, reinforce the concepts through a simulation that students can relate to. Creating basic “classroom insurance policies” and giving students an amount of “money” they can spend to buy different policies and endorsements. This would take some time to initially make but would be an enjoyable way for the students to learn and get some exposure to reading a policy, applying endorsements/exclusions, etc.
An example:
Forgetful Student Policy
A policy could include protection against forgetting an assignment was due and would allow the assignment to be made up that night for half the credit (actual cash value). An endorsement could be bought to upgrade their policy so that the assignment could be made up for full value (replacement cost). Exclusions could include large projects or papers.
Creating interest and reinventing the image of the business must be an industry-wide, collaborative effort. Understanding that learning can be and should be exciting and enjoyable for these young students and professionals should greatly increase the success of efforts to attract the “Next Generation."
"A sense of curiosity is nature's original school of education." Smiley Blanton
About the Author and “Thoughts from an Insurance Millennial” Series:
My name is Justin Peters, I’m currently 21, and I work in the industry for an insurance brokerage near St. Louis, MO. I started my career as an intern over two years ago with little exposure to the industry and no initial decision to pursue a position after graduation in the field. Throughout my internship, I gained understanding of all the opportunities the industry had to offer.
I became fascinated with ways I could help the industry grow and attract the employees of the future. With the series, “Thoughts from an Insurance Millennial”, I hope to voice potential options on the current issue from a different mindset: a young, ambitious individual already working in the industry. The series will include creative ideas on recruiting, retaining, evaluating performance, and many other facets employers in the industry will have to deal with come that time.
My name is Justin Peters, I’m currently 21, and I work in the industry for an insurance brokerage near St. Louis, MO. I started my career as an intern over two years ago with little exposure to the industry and no initial decision to pursue a position after graduation in the field. Throughout my internship, I gained understanding of all the opportunities the industry had to offer.
I became fascinated with ways I could help the industry grow and attract the employees of the future. With the series, “Thoughts from an Insurance Millennial”, I hope to voice potential options on the current issue from a different mindset: a young, ambitious individual already working in the industry. The series will include creative ideas on recruiting, retaining, evaluating performance, and many other facets employers in the industry will have to deal with come that time.
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