Attracting and retaining young talent within the insurance industry is crucial for the field’s growth and innovation. As seasoned professionals retire, their ranks need to be replaced with young talent. This has been a particularly hot topic at the Ontario Teachers Insurance Plan (OTIP), where we are beginning to see individuals with 15-20 years of insurance experience retire, leaving a gap in knowledge.

Because of this, the industry must adapt to the preferences and expectations of the younger generation. Here are four strategies that companies can use to make insurance as a career,attractive to the younger generation and help them retain that talent. 

1. Prioritize Work-Life Balance: Work-life balance is no longer a luxury; it is a necessity for attracting and retaining young professionals. Millennials and Generation Z workers increasingly prioritize mental health, flexibility and personal fulfillment alongside career growth. To address this, insurance organizations should offer flexible work arrangements by providing hybrid or remote options and promote a culture of balance where long hours are not equated with hard work. One main element that OTIP has promoted over the last few years is a hybrid work environment or even offering fully remote positions. This has expanded our hiring pool by allowing us to hire people outside of the local area and provide employees with a work environment that is appealing. By creating a supportive and flexible environment, companies not only improve employee satisfaction but also boost productivity and long-term retention.
2. Promote Growth and Learning Opportunities: Young professionals are constantly seeking opportunities to expand their skill sets and further their careers. This is particularly true for young professionals, who are known for their curiosity, drive and ambition. Consequently, highlighting avenues for professional development can be a powerful strategy for attracting this talent pool to the insurance sector, as well as retaining them. Providing a professional development budget, where possible, can go a long way in providing an individual with growth opportunities within their role and help them feel valued within an organization. At OTIP, brokers can enhance their skills through insurance courses and attending conventions, leading to internal promotions and career advancement. This has enabled OTIP to promote from within, advancing many front-line brokers to higher-level positions. In the long run, by providing brokers with a professional development budget, organizations can not only retain their current talent but also develop them to fill the gap of knowledge leaving due to retirement.
3. Leverage Technology: Utilize modern technology and digital platforms to engage young talent. One way to do this is to emphasize the use of cutting-edge technology in the insurance industry, such as data analytics for risk assessment, artificial intelligence for claims processing and telematics for personalized insurance products. Insurance is known for being behind in technological advancements, but there are many tools that companies can use to make them more appealing to younger generations. At OTIP, we are currently undergoing a major technological transformation throughout the entire organization with the intention of better serving our customers by providing a single sign-on portal that works with CSR24 as well as live chat. This has created many opportunities for employees within the company to work outside of their current roles and work with other departments to be part of a major project.
4. Create a Dynamic Work Environment: Foster a collaborative and innovative work environment that encourages creativity and teamwork. When hiring, emphasize the unique aspects of working in insurance, such as the variety of roles available (underwriting, claims, risk management, etc.) and the opportunity to work with diverse teams. To build this dynamic environment, create cross-functional teams that work on innovative projects, such as developing new insurance products or improving customer experience through technology. Additionally, promote a culture of continuous improvement and innovation by encouraging employees to share their ideas.

Attracting young talent to the insurance industry requires a strategic approach that aligns with their values and aspirations. As an individual who is relatively new to the insurance industry, the above-mentioned strategies that OTIP has adopted have been influential in my own growth and development and have contributed to my own career goals. They have provided me with the ability to balance work and personal life while at the same time providing a variety of opportunities to grow within the company by promoting growth from within and offering learning opportunities. Implementing even some of these strategies can assist in not only retaining your current talent but also providing them with opportunities to grow in their roles so they can fill the gaps that are inevitable with the next wave of retirements on the horizon.

Learn more strategies on retention and recruitment in the ACN Learning Center, a members-only resource! Available resources include webinar Best Practices for Onboarding New Hires and Applied Net 2023 session Building a Training Strategy That Supports a Culture of Learning.