How to Attract Millennials to Surety
In 2020, millennials became the largest generation, outnumbering baby boomers, and they’ve been the largest generation in the U.S. workforce since 2016. Ages 25 to 40, millennials are no longer just entering the workforce — most are established in their careers.
The surety industry is relying on millennials to take the baton from an aging workforce that soon will retire. If you are in a leadership position at a surety company, what should you do to prepare for this demographic shift?
Diane Marino, Surety Solutions Expert, Tinubu, whose career in insurance spans over two decades, has some ideas on how millennials can move forward with careers in surety, and how established leaders in surety can attract and lead younger generations.
Marino mentions that many younger people see surety and the insurance industry generally as very administrative, but there’s “so much more to the complexities of the product.” As a relationship-driven industry, it has satisfying challenges and worthwhile rewards. Since millennials (and the younger generation after them, Gen Z) tend to seek out careers that are stimulating and collaborative, emphasizing these aspects of a career in surety can help attract younger generations.
For those in leadership that will need to manage both an aging workforce leaving the industry (62% of surety bond agents are over 40 years of age) and a younger generation entering, there are several key generational themes to be aware of. Millennials have seen exponential growth in new technologies throughout their lives and are comfortable navigating our increasingly digital world. They’re also more likely to job hop, switching companies to climb the corporate ladder. Millennials were the most diverse generation in U.S. history — until Gen Z — and want to see this reflected in their places of work.
While surety can be a traditional industry, now is a good time to focus on promoting new technology and generating interest to attract and retain younger workers. Marino says that those nearing retirement age may want to consider taking an interest in technology themselves, and “have an open mind — make sure they are prepared for each generation, not just the millennial generation.” As public events are now possible again, try to ensure a varied mix of people to attend industry events and discuss what’s occurring between companies.
Remember, too, that an even younger generation is beginning to graduate from college and search for careers. Programs for surety careers that recruit directly out of college may be one way to encourage young people to seek a career in surety.
Younger people in the surety industry are asking for change and “a more adaptable approach to the underwriting process,” says Marino — including more automation and cloud-based services.
To find out how else we can move the industry forward, here are four ways to deal with the current underwriter shortage.
An industry view by Thomas Frossard, Tinubu's Head of Innovation.
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