Millennials (those born between 1980 and 1994) have become the largest generation in US history. And already, millennials, all 74.5 million of them, are turning the insurance industry inside out as both consumers and employees. But they do things differently than their boomer parents, and they're pushing the insurance market to become more creative in terms of products, marketing, and employee recruitment.
But insurance isn't all just a bunch of boring stuff your parents talk non-stop about, and there's a ton of benefits to being protected when it comes to the things you do. Heck, you could even make a sweet little career out of the stuff going on in the insurance world. Check it out:
#1 - Renters, Travel, or Accident Insurance are Always a Good Call
Millennials are typically less interested in buying fancy cars and big homes, like their parents and grandparents were/are. Many come out of college with insane debt and few opportunities, so it makes sense that they would stay away from any big financial commitments.
About 72% of millennials say they prefer enjoying experiences or events rather than owning things. They just aren’t going the same linear route as past generations. Instead of marriage, home, and baby, they're mixing things up by traveling, renting, and embracing the entrepreneurial spirit when it comes to jobs. This means insurance companies probably aren’t top-of-mind for millennials, since they aren’t having those traditional milestone events.
If you don’t buy a house, then you don’t need a homeowners policy. And if you aren’t having a baby, then you’re probably not too concerned about life insurance. In fact, millennials are charting a different course that’s more likely to involve renting and traveling.
That’s why our #1 insurance tip for millennials is to start small with their insurance portfolio, and only go for maybe a stand-alone renters policy (or an add-on endorsement to their car insurance). These are excellent insurance products for millennials.
Renters and travel insurance usually have very small premiums with great benefits that can make buying insurance seem a little bit more practical.
Let’s not forget about accident insurance (also low-cost with rich coverage) that can protect millennials while they kayak, go mountain climbing, and do other Insta-worthy activities.
#2 - Insurance Jobs Are Actually Pretty Sweet
Millennials trying to figure out the best career path should consider becoming insurance insiders. Since they're going to be the ones buying up all that coverage in years to come, it only makes sense they’re also the ones shaping how insurance is marketed, sold, and administered. Plus:
There Are Literally Gobs of Jobs
And soon, there will be plenty of openings. Many boomers are retiring from the insurance field, like as many as 400,000 people. What’s even crazier is that the insurance industry has more than 115 times the number of jobs in the tech industry.
Insurance agencies and companies are always recruiting people with different skill sets and backgrounds. Working as an agent, adjuster, customer service representative, or any number of other jobs is a good possibility.
Front Row Seat to Cool Tech Advancements
The insurance industry is evolving as society changes, which will put millennials right on the edge of some pretty interesting developments. How should carriers insure cutting edge risks like driverless cars, wearables, 3D printers, drones, and the Internet of Things? Millennials can be a part of it all.
Every Day Is an Adventure
Anyone in the insurance market knows each day is interesting and there are no boring people. Millennials will get to build personal relationships with all kinds of people by going out in the community to service or market. Sometimes it’s all about office appointments, and other days it’s emergency claims work in a flood zone. And it's always like a detective case, trying to figure out exactly how to properly protect your customers.
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3. Add an Independent Insurance Agent to Your Network
Millennials are heavily reliant on Google searches and social media shout-outs. They're all about connecting online in a fast-paced world. Like most Americans these days, they only make a call when there’s a problem and they need a quick solution. By connecting with an independent insurance agent in their community, millennials will be able to have a go-to person in their network when problems arise. No need to waste time in a phone tree or talking with a different person each time you call your insurance carrier. Just give your new Facebook friend, "Steve," a call and get to the bottom of things.
Independent insurance agents stay on top of the insurance industry and all the latest discounts so clients don’t have to. That means they help find the right coverage at the right price.
They’re not just there at the beginning, either. If disaster strikes, it’s a relief to have an independent agent willing to help walk through the process of getting benefits paid. Now that makes a neighborhood agent someone worth knowing.
Living in a Millennial World
Gen X and boomers are all keeping an eye on their millennial friends, neighbors, and coworkers. This influential and innovative generation is sure to shake up the status quo. Hopefully, millennials will stop shying away from buying insurance policies, getting insurance jobs, and connecting with neighborhood insurance agents. We may be living in the time of millennials but there's plenty of room for everybody in the insurance world.
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Pew Research, Harris Group, The Institutes.org