Discover how LIMRA and Vymo's study guides insurance firms to attract and empower young talent
LIMRA, alongside Vymo, has conducted a study, revealing critical insights into supporting the new generation of the workforce.
It focuses on navigating challenges posed by the COVID-19 pandemic. These challenges include silent resignations, layoffs, and an increased focus on mental health.
Despite the allure of traditional benefits like job security and financial opportunities, a significant shift in aspirations towards roles with societal impact has been observed among Millennials and Gen-Z.
The study, titled ‘The Bridge’, aims to equip insurance companies with the necessary perspectives and frameworks to accommodate the younger demographics entering the workforce.
The comprehensive discussions held with insurance organizations, agents, and experts for ‘The Bridge’ highlighted a growing preference for roles that promise a meaningful difference in society. "It's not just about selling; it's about influencing and shaping the future," noted one of the senior agents interviewed, emphasizing the desire to contribute positively to the world.
The report underscores the evolving role of technology in meeting the priorities of the new workforce. According to a senior insurance business leader, “Magic happens when you combine technology with people. Learning how they fit together is the future of the insurance business.”
This sentiment reflects the report's recommendation for insurance companies to reassess their sales tech stack, not just to enhance efficiency but as an empowerment tool.
By leveraging technology to streamline sales and operational tasks, agents can focus more on their core mission: offering nuanced, tailored support to clients.
This is crucial in the insurance industry, where agents provide essential guidance during critical life moments. The modern sales tech stack is presented as a key tool in enabling agents to perform this purpose-driven work, reinforcing their role as trusted advisors.
“Millennials and Gen Zs are so used to intuitive experiences outside work, and I feel bringing this kind of a tech-rich, insights-led, automated experience in the Insurance space can play a huge role in wooing them,” says Yamini Bhat, co-founder, and CEO of Vymo.
This statement highlights the importance of integrating modern technology into the insurance workspace to attract and retain the younger generation.
The collaboration with LIMRA on this report was aimed at deeply understanding the Millennial and Gen Z workforce and identifying the factors that will encourage their participation in the insurance industry.
