Drones, driverless cars, and robots, oh my! While exhibiting at the IASA Annual Conference in Las Vegas this week, I had the opportunity to attend the session Disruption/Vision 2030 facilitated by Bill Freitag from Majesco. The objective of the session was to facilitate a discussion about these and other new industry phenomena, and how they could help carriers distinguish themselves from their competition.
During the session, Freitag posed the question, “How do you see the new generation of Millennials disrupting the industry?” (For the record: the term Millennials is competing in the overuse category with Innovation and Configuration. A real Disruption would be finding a way to avoid the word Millennials!) As “an individual with a birth year between the 1980s and early 2000s,” this questioned piqued my interest. What do carriers think my generation brings to the table?
The answers shocked me. Rather than considering any technological knowledge or fresh outlook we might bring to a relatively slow-moving industry, the focus became the world view that (apparently) all of us possess. The consensus was that Millennials do not like face-to-face conversations, we want to make our own hours, we prefer to work from home, and (my personal favorite) we expect free food in the office. Sitting in the back of the room listening to Baby Boomers stereotype my generation, I decided to try to set a few things straight…
Dear Insurance Veterans,
Millennials are not here to throw a monkey wrench into this venerable industry. Quite the opposite. With your help, we see some great opportunities to make it better. In many important ways, we’re just like you. In fact, a recent survey from IBM Institute for Business Value compares workplace preferences and behavior patterns across multiple generations, and it turns out that most “individuals with a birth year between the 1980s and early 2000s” want the same things that our older colleagues do. For example, the study indicates that despite misconceptions to the contrary, employees from all three of the groups studied—Baby Boomers, Gen-Xers and Millennials—share the desire to add value to their organization and to work with colleagues from varying age groups and backgrounds. Similarly, though Millennials suffer from a reputation of needing to do everything online, the study indicates that, like other generations, we prefer to learn by attending conferences, receiving training in the classroom, and working alongside colleagues—all face-to-face interactions (IBM Institute for Business Value).
Source: IBM Institute for Business Value’s study on The real story behind Millennials in the workplace
We newcomers can’t compete with the years of industry experience of our older colleagues—the trends, the cycles, the nuances, the lessons resulting from failures and successes. But we can offer new ideas and perspectives that might improve things a bit. How might some of the technologies that we have been raised on provide a competitive edge? Could our social- and work-style preferences foster bigger and better ideas? Could we help speed processes?
At Agencyport, I’ve experienced first-hand practices that keep our younger staff engaged, creative and energized around a 350-year old industry. While they might not be perfect fits for all insurance-related companies, surely some elements could breathe fresh life into many business practices:
- The environment supports applying our fresh outlook to past and current problems. Regular Hackathons and dedicated time within the workweek for special projects and creative ventures help prevent stale thinking.
- We’re encouraged to work hard and play hard. After-work sports teams, company outings and feisty Pictionary competitions foster strong and trusting relationships between colleagues.
- A variety of seating options and casual living spaces cultivate collaboration and teamwork.
- Competitive salaries and benefits help keep us motivated and serious about our work.
The world is changing faster than ever before—technologically, socially, and business-wise. One of the greatest challenges that the Insurance industry faces is keeping pace with that change. Let us be your partner.