WIN Magazine - Summer 2017 - 29
employees a major part of today's current
Interest Level in an Insurance Career Following Completion of
workforce volatility. Referencing a 2015
RM 350 (Introduction to Risk Management and Insurance)
Deloitte survey, 85% of insurance execu17.14% 17.14%
tives agreed that leadership development
was "important" or "very important" yet
only 33% believed their current leader2.86%
ship candidates were "ready" or "very
ready" to meet future business challenges
(Deloitte). Given these results, it's clear
that in order to continue fostering new
leaders, experienced members of the
industry must reconsider their engagement and training approaches.
At the university level, exposure to the
insurance industry is one of the obstacles affecting the transfer of talent from
universities nationwide. According to a
database review of The College Board, a
non-profit organization that connects
Yes, I'm more interested.
Yes, I'm less interested.
My interest level hasn't changed.
students to college success and opportunity, only 82 national universities possess
a formal Risk Management & Insurance
over 50% of students indicated they were
build relationships through the collecprogram. This limits opportunities when
disinterested in a career in the industry.
tion of skills, languages, and cultural
compared to the Finance/Banking (799)
after completing Yes,
and Accounting (1,935) programs at the
Management and Insurance", 80% were
portions of our world. Millennials
same schools (College Board). For a stu"more interested." These findings supvalue the global nature of the business
dent entering college with an open mind
port general millennial trends.
regarding career aspirations, the lack of a
The industry can respond to shifting
formal insurance track leads to alternaworkforce dynamics by increased use
tive industries and options.
of non-traditional recruiting and talRather than solely focusing on the initial
According to The Hartford's 2015
ent retaining techniques. According to
acquisition and retention of new employMillennial Leadership Survey, only 4% of
The Jacobson Group's 2016 Insurance
ees, companies must shift their efforts to
millennials see insurance as an appealing
Industry Talent Trends Guide, over
build human capital structures, strateindustry to pursue (Carrier Management).
50% of individuals check their phones
gies, and solutions emphasizing engageMany millennials thought higher of indus25 times a day. (The Jacobson Group).
ment, empowerment, and connection at
tries involving opportunities to be creative,
Companies must consider recruiting
both the industry and university level.
use new technology, and help others in
strategies that employ phones and tabTomorrow's talent is here today. As the
need. The findings of this report beg the
lets to reach high quality candidates.
shift in wholesale insurance workforce
question as to whether students truly view
Companies should explore flexible
dynamics continues taking place, forthe insurance profession in a negative
work schedules. Referencing the same
ward thinking industry organizations
light or don't understand the industry
report by The Jacobson Group, employees
will conduct honest and profitable busibenefits and prospects well enough to
who are given the option to work from
ness, but also engage, empower, and confully commit to it as a profession.
home are found to be 73% happier in their
nect to future market leaders.
A survey of Butler University busiwork/life balance (The Jacobson Group).
ness students was conducted. The study
As the business environment evolves
Matthew T. Pauszek is
included responses from 35 business stuthrough globalization, wholesale insura student in the Butler
dents ranging in ages 18-22 and majoring
ance players must target talent able to
University, Lacy School of
Risk Management/Insurance, Finance,
employ big data. This encompasses "the
Business, and is one of the
Accounting, Economics, Marketing,
broad range of new, massive, and comwinners of the AAMGA's
Entrepreneurship, and Management
plex data types... that produce actionable
2017 Risk Management &
Information Systems. The desired beninsights within the insurance marketInsurance Student White Paper Contest.
efits in a future careers expressed by
place" (CRO Council). Successful wholeHis advisor is Dr. Courtney Baggett,
the participants: Salary (77%), Work/life
sale leaders will recruit and incorporate
CPCU, ASLI, ARM. Contact him at:
balance (74%), Opportunity for advancethis talent into their organizations.
firstname.lastname@example.org, or come and
ment (74%), and Company culture/values
Finally by including and promoting
meet Matt in person at the AAMGA 2017
(71%). Before taking an insurance course,
diversity, organizations will be able to
AAMGA.ORG | S U M M E R 2017 | 29