Insurable Interest

by: Eric Wagaman

Millennials, those born between the 1980s and 2000, make up the largest generation in the United States.  There are more than 80 million millennials in the United States.  The topic of millennials is often brought up in a negative light. For example, if you were to search “millennials are” on Google, this would show up. . .

Insurance, Millennials

These are the perceptions that many people have of millennials. Sure, some may be lazy or have a poor work ethic, but that certainly does not label the whole group as such. Companies like Uber, Facebook and more were started and are still run by millennials while being industry leading companies.  Millennials are going to be taking over the workplace since many of the baby boomers’ are slowly retiring.  This might leave a sick feeling in your stomach but,rest assured, turning businesses over to millennials won’t be a negative experience.

For example, the millennials were raised during the rise of technology.  Parents and schools taught children how to use technology such as computers at such a young age that it became second nature. This being said, millennials have always had instant access to information.  Studies show that their ability to find information and gather knowledge enables them to solve problems faster than generations prior. Millennials are the most cyber connected generation of all time, but not as connected through personal relationships as previous generations.

Millennials also exhibit the ability to adapt and change to whatever is thrown their way. This is a powerful trait that previous generations generally avoided.  Millennials have the passion to improve the wellbeing of those we come in contact. We want to work for a cause or business that we believe in.

I myself am a millennial and it is a blessing as well as a curse. Frequently I am labeled as a typical millennial, I can assure you that I am not. I have worked since I was fifteen so that I could give myself the opportunity to get a quality college education and to pay bills. The shade thrown upon my generation pushes me to be the best young professional that I can be.  I want to break the mold of what it means to be a millennial and I encourage other millennials to do the same.  

How Millennials Fit In Insurance:

By the year 2020, there will be around 500,000 jobs in insurance for millennials. Hundreds of baby boomers are retiring every day which opens the door for millennials to step in. This being said, insurance might not look very glamorous to some from the outside looking in, but it is a very rewarding and demanding job.  There are many routes you can take while in insurance. You can be a customer service representative all the way to a sales producer. There are three main qualities of working in insurance that I believe should attract millennials.

Independence

Being in insurance gives you the freedom to essentially run your own business within a business. Millennials have shown that they would rather work for themselves than work for someone else. insurance offers this.  You build your book at your own pace.  The more you sell, the larger your paycheck becomes.  

Flexibility

If you are looking for a 8-5 job that offers you the flexibility to spend time with your family and friends, insurance is a good fit.  You also are not demanded to be in the office every day since a lot of your work can be done from the comfort of your own home.  So when your child is sick, you won’t have to burn a vacation day at work.   

Making a Difference

Studies have shown that millennials want a job that is rewarding and that makes a difference in the lives of others.  You will get to make a noticeable difference in the lives of those you insure.  You are your customer’s risk manager, which saves them time, money and stress while building lasting relationships established on trust. Millennials grew up during the Great Recession and have experienced being hurt or have seen others hurt. Being in insurance, you can help mitigate the effects of life’s unpredictable events.

Closing Thoughts

As more millennials move into larger roles and leadership positions in companies, don’t lose hope too fast.  Millennials are having to fight harder to receive respected positions in the workplace.  Throughout history, generation changes in the workplace have rarely made a company crash and burn.  A shift in a new direction is not necessarily a negative movement, but just a change from what has been comfortable. The world is always changing and millennials will adapt to these changes like never before. As the great playwright, George Bernard Shaw, once said, “Progress is impossible without change; and those who cannot change their minds cannot change anything.”

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About the Author:

Eric WagamanEric Wagaman is the Brand Marketing and Development Intern at the Whitaker LaChance Agency in Kalamazoo, Michigan. He is a Senior at Western Michigan University in their Sales and Business Marketing program.  Eric is a driven individual who is passionate about meeting the needs of others by going beyond their expectations. During his free time, Eric enjoys golfing, hiking, attending sporting events and indulging in new restaurants.

 

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