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01 Feb 17 13:00

Hello, Millennials. Please take my insurance careers quiz.

- Are you inquisitive?
- Are you attracted to limitless challenges?
- Do you want to do good for society?

I think a lot of people under age 37 would answer “yes” to those questions. Millennials and insurance are a perfect match and I’ll tell you why. But first, let’s dispense with the usual arguments against millennials pursuing insurance careers.

Arguments like “Insurance is boring and stale. Millennials are not.” “Insurance is stuck in the dark ages. Millennials are in the moment and looking ahead.” And “Insurance is all about profit. Millennials are altruistic.”

- Anyone who works in insurance knows it is definitely not boring and stale.
- Anyone who works in insurance knows it is not stuck in the dark ages, but forward thinking—imagining the future and quantifying the risk with solid science.
- Anyone who works in insurance knows that yes, it is about profit, but it’s also about protecting lives and livelihoods, about giving individuals and companies the means to carry on following adversity.

These are timeless truths. On the other hand, many things are changing and we must accept them. Our industry won’t look the same in a few years because of the disruptors. And Millennials are behind much of the disrupting. (See insurtech.)

It may be a bit scary to envision long-time insurance veterans eventually handing over the keys to the Millennial generation. So how can we set the table for a successful integration and eventual transition? We can learn some things from a new Conference Board report, which compared the opinions and values of CEOs to those of Millennial leaders. In talking to people at 14 major companies, researchers found some differences but surprisingly many similarities. We need to open our eyes and ears, to listen, to validate, to come to agreement about how to work together.

We’re well on our way, already doing many good things Millennials are drawn to.

- Re/insurers scout for good ideas.
- Re/insurers invest in and partner with startups.
- Re/insurers are always thinking about the next big societal development and the risk it brings.

Of course we can do more to foster a Millennial-friendly environment and ethic.

- Always put the customer first and remember, the Millennial is not only the co-worker of tomorrow but also the customer of tomorrow.
- Build a workplace to attract and retain Millennials.
- And of course, tell our story.

That’s why I urge you to share your story during the second annual Insurance Careers Month. If you’re a Millennial, tell the world why you love working in insurance. If you’re not a Millennial, share a positive experience you had while collaborating in a diverse group. Top it off with the hashtag #CareerTrifecta, which means a career in insurance hits the trifecta: stable, rewarding and limitless.


Category: Other

Location: New York, NY, United States


3 Comments

siti norliza - 1 Feb 2017, 10:06 p.m.

Good luck!
Tips: The Three Generations of Employees in Malaysia. http://repository.um.edu.my/36282/1/WJSS_Proof.pdf

siti norliza - 1 Feb 2017, 10:15 p.m.

A global pool of talent as per Linkedln: 347m+members worldwide and +2 new members per second

Alicia Montoya - 3 Feb 2017, 7:35 a.m.

Hi Keith, some of us are already on this side of the door. So the question becomes: How do you keep us?

Why I joined Swiss Re, and why I will most likely stay for a while, is my belief that we need to objectively price risk, including all externalities, so as to drive better consumer, corporate and institutional behaviours.

From climate change, to renewable energy, food security, financial inequality and other global societal issues we face, accurately pricing the real costs of these issues is the first step towards addressing them effectively. There is still much work to be done here.

As for promoting the industry, I share these views all the time, with all my networks, across many industries.

I think insurance will play a critical role in helping is build the smarter, safer, more efficient cities that I want to live in. As long as Swiss Re can help build that, I will stay.

Until an opportunity with a company being bolder about building a better future comes along, that is. So in my view, it's critical Swiss Re better outlines what making the world more resilient actually means and develops the products and services to fully address that most inspiring vision.

Hope that helps! I too want to work with many more millennials and, call me crazy but I'd love to have a couple as advisors to Swiss Re's Board.


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