Gen Z in the Insurance Industry

Gen Z in the Insurance Industry

A new shift in workplace demographics is occurring as the next generation of young adults, Generation Z, is rising to the professional ranks. As baby boomers gradually exit the workforce, studies suggest Gen Z will make up 27% of the professional population in the United States by 2025. Meanwhile, the U.S. Bureau of Labor Statistics projects that over the next 15 years, 50% of the current insurance workforce will retire, leaving more than 400,000 unfilled positions. While insurance hasn’t been an industry college students typically look to, there are ample opportunities for Gen Z to find a career that meets their values.

Gen Z, generally born between the mid-1990s to around 2010, is the first generation to be raised entirely in a tech-based world, leading to a generation that operates at speed, scale and scope. They familiarized themselves with advanced technologies from a young age, learning to be self-sufficient and inquisitive about the world around them. As children, they had the opportunity to explore different cultures and viewpoints on their own devices, creating a group that strongly values diversity and the ability to find unique identities in a complex world. Additionally, growing up in the age of technology allowed Gen Z to be more socially connected than any of the generations preceding them, which is demonstrated in their desire for collaboration.

This longing for collaboration was only exacerbated during the COVID-19 pandemic, when individuals were forced to live in near isolation. Years of minimal face-to-face contact created a yearning for a sense of community in a time of seclusion, which translates to post-college life as Gen Z enters the workforce. A research study conducted by Stanford University found that almost every Gen Zer interviewed said their favorite form of communication was in-person.

Despite developing this strong appreciation for collaboration, Gen Z also became accustomed to a new standard of flexibility. When society shifted to at-home schooling and working from home during the pandemic, it proved that an environment other than the traditional five-day work week could work. Gen Z highly valued extra time at home, whether it be derived from lower transportation costs, more face time with family and friends, or more sleep. This flexibility allowed individuals to place an extra sense of importance on both mental and physical well-being, which has transformed into something they value in the workplace.

Fortunately for Gen Zers seeking a career path or looking to break into a new industry, this societal shift has translated to a shift in the insurance industry as well. Though a job in the insurance industry may not immediately be on the radar for Gen Zers planning their career path, insurance has always, at its core, been a people-driven industry. The goal is always to work together to provide people, communities and businesses with the best possible protection against risk. Though there are some misconceptions of what it’s like to work in the industry, Great American has maintained this people-first mentality, extending beyond its insureds to its employees’ values.

When the pandemic waned and it was time to go back to the office, Great American leadership gathered employee feedback and adopted a hybrid work model, giving employees the opportunity to collaborate face-to-face with their teams regularly, while also reaping the benefits of a flexible work schedule. The collaboration extends beyond time in-office, though, as emerging technologies allow employees to communicate just as effectively from home. This environment grants endless opportunity for employees of all ages and backgrounds to maintain open communication, share problem-solving techniques and mentor one another.

With Gen Z looking to make its professional mark on the world, the insurance industry is ready to welcome them with open arms. As Great American continues to grow and evolve, young minds with new perspectives are at the forefront. While the creativity, flexibility and collaborative nature of Gen Zers might bring some uncharted waters in insurance, it’s these qualities that have the power to lead the industry towards decades of growth and success.

Ireland Harrison, Production Underwriter Trainee
Great American Environmental Division

Ireland Roberts is a production underwriter trainee with Great American Insurance Group’s Environmental Division. As one of the few carriers dedicated to serving the environmental space for over a dozen consecutive years, Great American Environmental offers exclusive environmental insurance solutions to a wide variety of commercial customers, successfully enabling businesses to manage their financial risks. Ireland obtained her Bachelor of Science in geology from Northern Kentucky University and is based out of our Cincinnati headquarters.

References:

1. https://www.insurancejournal.com/magazines/mag-features/2023/02/20/708136.htm#:~:text=In%20June%202021%2C%20the%20U.S.,than%20400%2C000%20open%20positions%20unfilled

2. https://news.stanford.edu/2022/01/03/know-gen-z/