New findings by LIMRA and Vymo Show How Insurance Companies Can Support the New Generation of Workforce
The report features interviews with industry experts and young agents, explaining what Millennials and Gen Z seek from their insurance careers, their technology preferences, and how carriers can help them grow in their roles
San Francisco, CA (Mar. 7, 2023) – This new generation is navigating an era of unprecedented changes, from the aftershocks of the COVID-19 pandemic to the silent resignations, layoffs, and a heightened awareness around mental health. But even amidst global economic uncertainties, the allure of traditional perks like job security and financial opportunities, though still important, has been overshadowed by a significant shift in aspirations.
Vymo, the leading Sales Engagement Platform for financial institutions, in collaboration with LIMRA, the largest trade association supporting the insurance and related financial services industry, recently released a report to understand how Millennials and Gen-Zs want to live and work. Titled ‘The Bridge’, it provides perspectives and frameworks to help insurance companies support the younger demography joining the workforce.
In-depth conversations with insurance organizations, agents, and experts reveal that today’s candidates are gravitating towards roles with the potential to create substantial societal impact and the promise of making a meaningful difference. There is a strong emphasis on the ability to help people. One of the senior agents interviewed said, “It’s not just about selling; it’s about influencing and shaping the future.”
As the industry responds to these new priorities, technology will play an evolving role in simplifying seller activities. “Magic happens when you combine technology with people. Learning how they fit together is the future of the insurance business,” said a senior insurance business leader who participated in the survey. The report provides a framework to reassess the sales tech stack to align with the needs of the modern workforce – not just as tools to improve efficiency but also as a means for empowerment.
Technology will be utilized to expedite sales and operational procedures to allow agents shift their focus from administrative tasks to their core mission: offering nuanced, tailored support to clients. This is especially relevant in the insurance industry, where agents can offer vital guidance during critical life moments. The new age sales tech stack equips agents to accomplish this purpose-driven work, reinforcing their role as trusted advisors in their clients’ lives.
“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. “We collaborated with LIMRA on this report to deeply understand the Millennial and Gen Z workforce and to identify the factors that will bring them back to work in the Insurance space.”
The report is engaging, insightful, and provides key learnings on understanding the motivations of today’s generation, helping insurance business leaders build effective strategies to attract and retain a modern salesforce. The report can be accessed for free: The Bridge.
About LIMRA®
Serving the industry since 1916, LIMRA helps to advance the financial services industry by empowering nearly 700 financial services companies in 53 countries with knowledge, insights, connections, and solutions. Learn more at www.limra.com.
Source: LIMRA