The insurance industry simply isn't attracting millennials.

There's a real and palpable talent crisis in the industry thatis causing tension between the old guard of the insurance industryand the fastest-growing consumer base and workforce who areexistential about their employment. While some are quick to blamemillennials for a lack of work ethic or motivation, it's importantto recognize that what moves one generation isn't necessarily whatmoves the next. If the recent tech industry boom has taught usanything, it's that young people will work long hours athigh-pressure jobs—but they must be passionate about what it isthey do and receive mentorship that helps keep them engaged.

There are initiatives, like Tomorrow'sTalent Challenge, that are helping to bridge the talent gap inan industry that will see an enormous change happening soon: almosthalf of the insurance industry workforce is over the age of 45,with a quarter of the industry expected to retire by 2018. If theindustry so far has failed to make strides with the millennialgeneration, what can they do to fill 400,000 positions by the year2020 if they cannot recruit or retain an entire generation? Inaddition to the mass exodus of insurance professionals, technologydisruption and data analytics are becoming more important than everto staying competitive, and the millennial generation is becomingthe face of those increasingly important skills.

[Related: How millennials are changing the workforce, andwhat to do abut it]

The challenge is in attracting the right talent to be successfulin a data-driven world, especially when insurance is competing withhot industries like social media and tech start-ups. What's neededis engagement, mentorship, clear visions and the ability to open upand learn from each other without feeding into negativestereotypes.

At this year's Valen Analytics Summit, presenters includingRob Darby, president of Berkshire Hathaway andMartin Welch, CEO of HawaiiEmployers' Mutual Insurance Company, discussed how toattract millennials and utilize their skills along with industryveterans to create a more modern and competitive insurance company.Here are a few things they mentioned that help them when screeningpotential candidates:

1. Look for analytic aptitude: Candidates needto demonstrate an ability to solve hypothetical business problemsand have a core knowledge base of analytic tools and methods,especially as the use of predictive analytics becomes morewidespread for insurers. Analytic aptitude is soon going to be highon the list of in-demand skills to have for new insuranceemployees, as much of their day-to-day work will revolve aroundanalytics. This is especially important as many current employeesmay not have that skill set, so making sure each group can learnfrom one another will be important in creating a balanceddynamic.

(Image: Shutterstock)

2. The issues that matter: Millennials valuecertain things about company culture, including work-life balanceand flexibility. For instance, a survey from The Institutes found that millennials areinterested in jobs with an opportunity to make a difference inpeople's lives (19%), compared with only 12% of older generations.More than half of millennials also highly value workplaceflexibility, saying they were interested in work that they could doon their own schedule, meaning that they see less value in thetraditional 9-5 jobs and prefer working when it's mostefficient.

[Related: Why millennials quit their jobs]

Also included in the survey is the fact that more than 30% ofmillennials value working in teams, signifying that cooperation andmentorship is extremely important to them. Insurers already havebuilt-in mentors in their organization in the form of their currentemployees and need to embrace this new responsibility. With yearsof hands-on and practical experience, encouraging mentorshipprograms will help the two groups click and learn from each other,benefiting both sides and creating a culture of cooperation andlearning.

3. Highlight opportunities for growth:Millennials want to know that there is a potential for growthwherever they will be working. However, millennials are more keenlyinterested in career advancement possibilities (25%), compared withthat of older generations (only 16%). In other words, theyare interested in knowing not only where they are going, but wherethe future of the company is going.

It is imperative to not only show how your company plans toinnovate and evolve as the industry changes, but highlight thecompetitive salaries and the balance between professional andpersonal lives. Additionally, employers should give a clear ideathat there will be regular reviews and feedback, as well asencouraging horizontal opportunities at the company. Inhighlighting opportunities for growth, insurers can hope to combatjob-hopping that is apparent with Gen-Y.

4. Let millennials have a voice: Allocate timewithin your company for two different kinds of meetings—those runby millennials in your organization and those run by tenuredinsurance professionals to exchange information in their respectiveareas of expertise. Meetings hosted by experienced staff shouldshare industry knowledge and insights, and help newbies understandthe insurance ecosystem. Meetings run by the younger talent in theorganization can focus on strategies to help improve the company'sengagement of customers through online and social platforms, aswell as share insights or discuss initiatives into how to recruitmore millennial talent.

The current growth of innovation within insurance can only bemaintained and expanded upon by an influx of talent that grew upwith data and naturally possesses the ability to think with adata-driven mindset. By paying attention to the needs of themillennial worker and employing some of the strategies mentionedabove, your company can begin to create a symbiotic relationshipbetween insurance veterans and new talent.

[Related: 11 ways to attract ad keep youngtalent]

Dax Craig is the co-founder, president, and CEO of ValenAnalytics. Based in Denver, Valen is a provider of proprietarydata, analytics and predictive modeling to help all insurancecarriers manage and drive underwriting profitability. Learn moreat www.valen.com.