Insurance sales agent jobs are projected to increase nationallyby 13 percent (436,000 to 492,000) between 2006 and 2016, accordingto the 2008-09 edition of the Occupational Outlook Handbook, U.S.Department of Labor. The report noted that insurance underwriterjobs for the same period should increase by six percent (104,000 to112,200). Based on Florida's position in the insurance marketplaceand population in general, the Sunshine State can expect to fillits fair share of those jobs.

Fortunately, there is a new wave of workers ready to take theirplace at that table. This group — known variously as Gen Y, Yers,Millennials, and Generation Next — is approximately 70 millionstrong (the group's birthspan is still under debate, but mostresearchers mark its beginnings in the mid- to late-1970s, then add18 to 20 years). Like its parent Baby Boomer generation, Gen Y isbringing a new paradigm to the workplace and the social fabric.

One of the biggest differences between Gen Y and its immediatepredecessor, the workaholic Gen X, is that with Gen Y there is agreater awareness and emphasis on a healthy work-life balance.Other characteristics frequently attributed to Gen Y include:

o They have high expectations for themselves in the workplaceand of their employers. That may include a desire to make asignificant impact with their new employers before they havefinished training for the job.

o They value friendship and enjoyment in the work environment,sometimes so much so that they will rely heavily on those criteriain choosing a job.

o They are interested in an employer's commitment to theircommunity and opportunities for volunteer involvement and othermeans to “give back.”

o Perhaps more so than their predecessors, Gen Y collegegraduates are not opposed to moving back home for a time. Doing sogives them the financial freedom to wait for the right jobopportunity.

o They seek immediate and frequent feedback and interaction withmanagers and fellow employees.

o They want managers, peers, and subordinates to shareinformation so that all employees can grow their knowledge andcapabilities more rapidly.

Making the Grade

Cassandra Cole, PhD, associate professor and Waters Fellow inRisk Management and Insurance at Florida State University, has hadconsiderable interaction with Gen Y over the past eight years. Dr.Cole said, “I've noticed that current [Gen Y] students are moreaware than their predecessors of what is going on in the industry.Also, they have more professional experience upon graduation thanin years past.”

Almost everything seems to happen faster today, and these youngpeople may be looking for significant compensation and advancementmore quickly than their employers can deliver. “We recognize this,and the school attempts to provide realistic information andexpectations of salaries and career paths,” Dr. Cole said. “That isaccomplished by bringing alumni and industry professionals in toaddress our students and talk with them about what is going on inthe marketplace.”

According to Dr. Cole, college students who choose the riskmanagement and insurance track at FSU typically do sointentionally. “Most students who choose risk management andinsurance as a major don't just fall into it,” she said. “Ourintroduction to risk management class provides a good look atinsurance for 350 to 400 students per semester, and has somethingto do with many students choosing this major.”

She is encouraged by the enthusiasm of program graduates, andpointed to positive comments from a recent survey of alumniconducted by FSU and the Risk Foundation:

o Before entering the industry, graduates felt positively aboutinsurance.

o The most positive perception was on the intellectualchallenges provided by the industry.

o The weakest perception was on work-life balance.

o After working in the industry, perception improved on everydimension, particularly on the frequent intellectual challenges andthe opportunity to work in teams. Alumni also cited job stabilityand high income as top reasons to join the industry.

Early Bloomers

For some, the insurance work experience starts before college.The national InVEST program provides an introduction to the worldof insurance to high school students, most of whom are notnecessarily on track to be insurance professionals prior toparticipating in the program. In Florida, InVEST is a joint effortof the Independent Insurance Agents of America, the FloridaAssociation of Insurance Agents (FAIA), a local independent agents'sponsoring group, and the local school system. The program isoffered in over 20 Florida high schools and will involve 650 to 700students in the 2009-2010 school year.

Lindsey Shank, the Florida task force chair for InVEST, hasvolunteered at the St. Petersburg Catholic High School's programfor 10 years. “The mission of InVEST is to improve insuranceliteracy of students and to attract new talent to the insuranceindustry,” Shank said. The program accomplishes that by traditionalinstruction and by creating a mock agency within the classroom,complete with sales, underwriting, and team projects.

Noting the differences between today's students and those from adecade ago, Shank said, “Students today have a greater awareness ofthe end game and are much more goal- oriented. A greater number ofhigh school students are at least thinking about having their ownbusiness. It seems each year more are able to recognize and seizeopportunities to be mentored beyond the classroom by experiencedinsurance professionals. I think the challenge for them is justbeing taken seriously in spite of their age.”

Professional Development

Once Gen-Y members obtain employment in the insurance industry,there are organizations and associations eager to providenetworking, education, and support. One such group is the YoungAgents Council (YAC) at FAIA. The program is open to all agencypersonnel with less than 10 years in the business or who are under40. FAIA Membership Coordinator/YAC Coordinator Melissa Champanyreported that her chapter has 290 members (FAIA members andindustry professionals) and is in its fourth year of operation.

“'Looking to the future to insure our history,' is our slogan,and perpetuating the independent agency system is our goal,” saidChampany. “To accomplish that we seek to promote leadership andbuild relationships that last a lifetime.”

Champany said that YAC “also wants to engage the young agents inthe legislative process. The current agents in leadership realizethey need to help build new leaders. In a few short years, we havegone from simply being 'young agents' to being a recognized sourceof talent and value.” Five YAC members currently sit on FAIA'sboard. “These five are not the only ones who are active,” Champanysaid. “There are many other young agents involved in localcommunity leadership and service.”

As more members of Gen Y become full-time insuranceprofessionals, it behooves managers, HR departments, and fellowemployees to learn about them and how to meet both the challengesand opportunities they present. The more that senior managers knowabout Gen Y, the better equipped they will be to fully utilizetheir unique talents and abilities.