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We are providing the newsletters below to help you learn more about a variety of insurance related topics and alert you to issues that may impact your insurance needs. If any of the information here sparks recognition that you may have a need to address, please email, call or visit us so that a trusted associate may assist you.

Millennial mentality keeps agencies from aging to irrelevency

From Nicholas Brown on InsuranceCampus.org (link):

The thought of suiting up, commuting and sitting in an office for eight hours a day is the definition of agony for many young professionals. Millennials, Generation Y, people born from 1974-1980; whatever you want to call them, this segment has been exposed to the internet and mobile communication for most of their professional lives. And for many, this exposure has instilled a sense of connectivity carried from work to home to play.

In referring to Millennials, an article on Brighthub.com states:

“The influence of this new and completely different workforce will bring with it a tsunami of change. These workers are not cube-dwellers, they are an instant gratification, naturally multi-tasking, technology-eating/breathing and consuming force that will join the voices of the older Baby Boomers who are also demanding flexibility in their work opportunities.”

From an insurance business perspective, whether you’re seeking new talent or trying to hold on to existing team members, understanding this paradigm shift and surrounding yourself with the right people is key to growing your agency. A staff that clocks in at nine, clocks out at five and takes a one-hour lunch break in the afternoon is an archaic model.

Flexibility works both ways however. While you may not feel great about an employee sauntering in at 10:30 a.m. on a Tuesday; the client email they respond to at 10:30 on a Saturday night can make up for that extra hour of sleep. The key is having the right insurance technology solutions and infrastructure in place to monitor productivity and make communication efficient.

Social media is creating new portals for 24/7 communication but can also introduce privacy risks when personal information is available. While social media tools are excellent for support, a virtual insurance office that is constantly generating leads and offering visitors a “storefront” experience is the first step towards streamlining your agency for the next generation of insurance professionals.

Lead generation is obviously important, but from the Millennials perspective, the virtual insurance office must provide access to client and policy information. Work is done from laptops at children's doctor’s appointment or on smartphones while at the local coffee shop, and not necessarily in a poorly decorated cubicle. What’s more? This on-the-go business execution can generate more leads just by having agents out in public.

Is your agency prepared to handle the demands of Millennials, who, consequently, will make up the bulk of new insurance policy buyers in the coming years? You are if you use their tools and play by their rules.