From Risk to Reward: Repositioning Insurance Careers for the Next Generation

One of the most common reasons brokers hesitate to propose self-insured plans is the fear of disrupting the status quo. For many employers, especially those accustomed to fully insured plans, the perceived complexity of transitioning to a self-insured model can feel overwhelming. For example, a 400-lives group might see an opportunity to manage chronic conditions such as diabetes through custom health campaigns targeting A1C levels. However, the shift from a fully insured plan to self-insurance requires changes to administrative processes, claims handling, and stop-loss coverage, all of which can be seen as disruptive to the existing structure.

One of the most common reasons brokers hesitate to propose self-insured plans is the fear of disrupting the status quo. For many employers, especially those accustomed to fully insured plans, the perceived complexity of transitioning to a self-insured model can feel overwhelming. For example, a 400-lives group might see an opportunity to manage chronic conditions such as diabetes through custom health campaigns targeting A1C levels. However, the shift from a fully insured plan to self-insurance requires changes to administrative processes, claims handling, and stop-loss coverage, all of which can be seen as disruptive to the existing structure.

According to The Pew Research Center, only 4% of millennials (born between 1981 and 1996) are interested in insurance careers. Yet, millennials are estimated to make up 75% of the workforce by 2025.

“I want to be an underwriter when I grow up” said no one ever. But, by leveraging digital media and outreach programs, the industry can connect with young people early in their academic journeys, fostering interest through mentorship and fostering a sense of community through young professional groups and volunteer activities. This initial engagement then allows for identification and nurturing of top talent. Mentorship programs and internship opportunities can provide valuable industry experience, creating a pool of qualified candidates ready to join the workforce upon graduation.

Inviting AI generation to excel is going to be hard. Offering clear career development pathways with mentorship programs, skills training, and defined career roadmaps demonstrates a commitment to their growth.  Additionally, fostering a culture that embraces innovation through encouraging new ideas and technological adoption creates a dynamic and stimulating work environment that resonates with this generation seeking purpose and cutting-edge experiences.  Reskilling the existing workforce in areas like data analysis ensures a smooth transition alongside AI, creating a dynamic environment that excites young talent while maintaining industry expertise.

Millennials and Gen Z prioritize careers that contribute to a greater good. As what The Institutes’ 2018 Talent Trends Research mentioned, only 4% of millennials expressed interest in working in the insurance industry. They would assume that the industry is “boring” and “old fashioned”. Here’s the opportunity to flip the script! Instead of highlighting traditional industry strengths, showcase the insurance industry’s social responsibility initiatives.  Demonstrate a genuine commitment to environmental and social good.  By emphasizing how insurance protects individuals, families, and communities, you can attract young talent seeking purpose and a chance to make a positive difference.  This reframed narrative positions insurance as a dynamic force for positive change, making it a far more attractive proposition for the next generation.