The insurance industry is facing an imminent talent gap, as 25%of insurance agents are expected to retire within the next twoyears. But results from Vertafore's fourth annual "Millennials inInsurance" survey offer some hope.

According to the report, 86% of millennial insurance professionals are somewhator very optimistic that the industry will be able to attract futureworkers.  

Related: Bridging the talent gap

"This year's survey reveals that the millennial generation isnot only thriving in the insurance industry, but the vast majority– 82%– would go so far as recommend a career in insurance tofriends and family," said BJ Schaknowski, SVP and chief sales andmarketing officer at Vertafore. "These results build an encouragingroadmap for insurance companies to use as a guide for attractingand retaining next-generation talent."

Results from Vertafore's 2017 "Millennials in Insurance" surveywere concluded from responses by nearly 3,500 professionalscurrently employed in the insurance industry, including 1,556millennials ages 19-35. 

Millennial workforce & future ofinsurance

The "Millennials in Insurance" survey reports 82% of millennialswould recommend a career in insurance to their friends, and 39%were recruited by friends in the industry. Even moreencouraging, 67% of millennials surveyed say they have been in theindustry for three years or longer and plan to stay in the industry for as long aspossible.

Perceived benefits of a career ininsurance

Millennials surveyed cited a number of pros to a career ininsurance, the top three responses being:

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  • Career growth opportunities (63%),
  • Rate of compensation (55%), and
  • Work-life balance (50%)

The two most popular roles in insurance among millennials are inaccount management or customer services (39%), and producer orsales roles (23%). The report concludes that millennials are also2.5 times more likely to be underwriters or adjusters compared tobaby boomers (ages 55 and older).

Related: 8 insurance sales tips especially for millennialproducers

Technology innovation

In the past year, companies have made noticeable strides intechnology adoption by increasing the use of social media andcommunications technologies to support and retain customerrelationships. By the numbers, insurance companies have increasedtheir use of:

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  • Video messaging (75%)
  • Instagram (+50%)
  • Instant messaging/chatting (+41%)
  • Texting (+14%)

The survey found that 59% of millennial respondents aresatisfied with their company's use of technology, and 78% believetechnology is increasing efficiency by arming them with the toolsthey need to compete and succeed.

"Between the strides made in technology adoption and thebenefits that a career in insurance offers, young professionals arelooking to insurance for lifelong careers," added Schaknowski. "Wecouldn't agree more that the insurance industry, and particularlythe independent insurance agent, has a strong future."