Attracting Gen Z to the Insurance Industry: Redefining Perspectives
As the insurance sector confronts a widening talent gap, it seeks to effectively attract Gen Z to its ranks. Josh Levine, founder and CEO of UX design agency Cake & Arrow, argues that transforming the industry's narrative about its potential for change is crucial in engaging this new workforce. The insurance industry's ability to evolve its culture and story could be pivotal in enticing young talent.
Exploring Gen Z's Perceptions
Levine discussed findings from a Cake & Arrow study with InsuranceNewsNet, highlighting Gen Z's reluctance towards careers in insurance. Despite acknowledging the benefits, Gen Z remains hesitant. "The crux isn't the availability of talent," Levine says. "It's about whether the insurance industry can evolve its culture swiftly enough to draw them in. There’s a passionate, ambitious demographic ready to enhance the industry's future."
The research reveals that a significant 79% of Gen Z had not considered a career in insurance, with 50% disinterested and 14% completely opposed. Yet, 55% recognize the industry's stability as a key advantage. This disconnect appears rooted in the industry's perceived image, despite offering benefits like stability and long-term potential valued by Gen Z.
Addressing Industry Perceptions
Levine emphasizes that an inability to craft a compelling industry narrative might impede engagement with recent graduates. Concerns about unethical business practices, worsened by negative claims experiences, further erode trust. "Without trust, prospective candidates are unlikely to consider building a career here," Levine notes, highlighting the need for risk management in reputation building.
This perception challenge presents an opportunity for the industry to redefine itself, positioning roles as consultative or advisory. Such roles can reshape customer understanding and improve financial well-being. "Shifting the narrative to emphasize meaningful impact can enhance the customer experience and encourage young talent," Levine suggests.
Retaining Young Talent
To attract and keep young talent, Levine advocates for fostering career growth, challenge, and innovation within the industry. "Transforming the narrative can cement insurance as a sector where employees feel empowered to contribute meaningfully," he concludes. Cake & Arrow, a UX design firm, underscores the importance of human-centered digital solutions in insurance and financial services. Their recent survey engaged 519 Gen Z individuals, aged 18-28, to gather these insights.