What if you were told that 1 out of every 4 of your employees would retire in only a few short years? Would you believe it? Would you go on a hiring rampage to ensure you were properly staffed for your insurance jobs? According to a recent study by McKinsey and Co., “25% of the professionals in the insurance industry will retire by 2018, leaving an enormous talent and experience gap in an industry that is already experiencing a worker shortage.”
With a sparsity of adjusters on the horizon, many are beginning to prepare – by hiring millennials. So, if you’re considering hiring millennials to fill your insurance jobs, what do you need to know?
Begin hiring millennials ASAP – so they can be trained by veteran adjusters.
Right now, you probably have an office full of veteran adjusters who know the in’s & out’s of the industry. They have valuable insight that can only be obtained with years of experience and hard work. Unfortunately, there is a strong probability your new hires won’t have years to learn from them. If experts are right and many adjusters do retire by 2018, you have very little time to get millennials up to speed. Mentorship could shorten the length of time needed to train a millennial – by way of a shadowing program. A millennial would shadow a veteran adjuster by riding along with him or her. Shadowing allows the millennial to gain knowledge through observation: how to address the insured, prepare their scope of damage, explain damages, and how to best address disagreements with the insured if their claim is denied or not what they initially expected.
Begin thinking how this change will affect your customers.
A major difference between millennials and veteran adjusters is their essential need for a healthy work/life balance. While veterans are used to working set schedules or however long it takes to finish the job, millennials want the flexibility to work as they choose. They see their friends receiving unlimited PTO or having the ability to work from home and they want that for their careers. So, as a Manager you must begin thinking how you can offer your millennials the flexibility they crave at their insurance jobs while still maintaining high levels of assistance and support to your customers.
Prepare for Field Claims Adjusters to be most affected.
According to Sean Allen, VP of North America for Xchanging Insurance Services, the most affected area within the insurance industry will be field adjusting. Allen explains, “It’s very independent and not very sexy. Millennials want a group atmosphere – that sense of belonging. Independence isn’t attractive to them. A quarter of the industry in field adjusting will retire by 2018 and there will be a lot more focus on desktop adjusting and the use of technology.” With this in mind, you will need to make your field adjuster positions appealing to Millennials. How will you encourage a team-like atmosphere? You could consider planning weekly or monthly team building activities so your field adjusters will feel part of a team rather than loners.
Prepare for millennials adjusting their own claims.
Even though there will supposedly be a shortage of field claims adjusters in the near future, it may or may not be an issue when filling insurance jobs. Many millennials are choosing to handle as much of their own insurance claim as possible by using simple apps that are downloadable and easy-to use. There’s a possibility that by 2018, we might not need as many field adjusters as we used to. What else should you consider when looking to hire millennials for your insurance jobs? Find more information about the shortage of insurance professionals from Property Casualty 360.