PDF Ebook Insuring Tomorrow: Engaging Millennials in the Insurance Industry, by Carly Burnham
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Insuring Tomorrow: Engaging Millennials in the Insurance Industry, by Carly Burnham
PDF Ebook Insuring Tomorrow: Engaging Millennials in the Insurance Industry, by Carly Burnham
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Product details
Paperback: 228 pages
Publisher: CreateSpace Independent Publishing Platform (June 2, 2017)
Language: English
ISBN-10: 1547131101
ISBN-13: 978-1547131105
Product Dimensions:
6 x 0.5 x 9 inches
Shipping Weight: 12.2 ounces (View shipping rates and policies)
Average Customer Review:
4.7 out of 5 stars
45 customer reviews
Amazon Best Sellers Rank:
#468,626 in Books (See Top 100 in Books)
This book reads as a how to manual on keeping Millennials happy at work and working for you. Its a wish list we need this this and that to be happy in the work place ie quick promotions, work from home, regular raises, lots of feed back but no performance evaluations type of stuff.They base their requests on a lot of information out there suggesting this would make a millennial happy. They reference the cost of hiring someone new vs keeping them happy. Yet in the same breath acknowledged they have no qualms with jumping ship at the drop of a hat and that a long term job is only 11months.So why would carriers want to spend millions to change when a worker may quickly jump ship anyway???The book also paints a picture of a lot of hand holding like who needs to be told dont show up to an interview looking like a homeless person. Their explication is we were never told to do certain things or do them a certain way. Yet in the same breath they ask they be allowed to work from home. If your not an independent worker and your not if you require someone to tell you dont show up to the interview looking like a bum. Or that you require constant feedback then how can you possibly work at home????The book does have some solid points but I think they are missing the pink elephant in the room. Automation and AI. Yes, the book makes.valid points that the insurance industry work force is aging and there is a talent gap. However, the insurtech world like the leomandes or the snapsheets of the world are proving the old models are no longer leaded.Why have 10 people on a underwriting team when AI can underwrite 95% of the new applications and send those 5% left to the 1 person left on the 10 man team??? The same can be said over and over again for adjusters that handle medpay, pip, write for property damages,etc
I chose to read this because growing our team is inevitable and the more knowledge we can gather on hiring the better. This book is a well-curated group of anecdotes mixed with personal experience. Although this personal experience is useful it is limited in value, the curated information is the same. The blended ideas from the two others are a nice addition. There is no "magic bullet" to this topic but there is enough information in here to justify the time for this easy read.
Thought-provoking and forward-thinking, Insuring Tomorrow provides some much needed tough love to the insurance industry. The chapter on call centers, for example, highlights the tension between a highly educated entry-level workforce and the increased pressure to specialize entry-level positions to the point of monotony. Industry leaders should take note: they may be sacrificing talent sustainability for short-term productivity gains.
Tony Canas and Carly Burnham have written an essential guide for insurance executives and professionals seeking a competitive edge by winning the war for talent. The authors are co-founders of the highly influential InsNerds.com blog and have been leading experts on recruiting and retaining Millennials in the insurance industry. They start by clearly articulating the problem - the insurance industry is rapidly graying as the average professional is 60 years old! The proportion of works 55 and older is 30% higher in the insurance industry than others in the economy. Some reasons for this include the economic crisis of 2008 which caused many employees to delay their retirements, leading to a "barbell" demographic effect of many older, tenured employees at the top of the organization and many younger employees at the bottom filling entry-level positions with less talent in between.According to one estimate, the industry will have a talent shortfall of 400,000 jobs within the next decade. Part of the big challenge for the industry is that Millennials do not see insurance as an exciting field to work in. This is due to a variety of factors - lack of advancement opportunities, lack of stimulation for the highest education entry-level workforce in history, lack of shared values between Boomers and Millennials with dated expectations by Boomers that Millennials "pay their dues" before moving up into positions of higher authority - all leading to perceptions of insurance as "boring". According to one survey, only 4% of Millennials have an interest in working in the insurance industry! This is despite the fact that insurance has many of the qualities that Millennials are looking for in a job, namely challenging work, the ability to have a societal impact, and room to grow in their career.The authors spend the bulk of their book on how employers in the insurance industry can improve their ability to recruit and retain Millennials. Much of their sound advice revolves around laying out the clear generational differences in attitudes and beliefs between Boomers and Millennials, and they show how employers must rapidly adapt to this new reality by changing the way that recruit and retain talent. The insurance industry has previously enjoyed a talent pool that was highly loyal and most employees stayed for their entire careers with one employer. Those days of lifetime employment are gone! Millennials can be very loyal and dedicated employees, but they also are looking to advance quickly to leverage their investment in education (and pay off student debt). Millennials have unprecedented opportunities to change employers given how many opportunities are available, and they often do not stay in the insurance industry. This is particularly true if they are stuck in an entry-level call center position with limited flexibility!Canas and Burnham start with the basics and work successively through several chapters with more advanced techniques to help improve your ability to engage and retain the biggest generation in the workforce today - Millennials. The authors state that Employers do not have to adopt every single recommendation outlined in the book, but selecting a few and working to refine them over time should vastly improve a firm's ability to compete in the war for talent. While insurers are moving rapidly (finally!) to replace legacy systems and get digital, leveraging technology such as artificial intelligence and machine learning, they still need people to be the lifeblood and driving force in their organization. With the Boomers that are retiring en masse, firms are losing vast quantities of expertise and tacit knowledge that are not capturing in procedural manuals and internal documentation. To maintain their ability to stay afloat and rapidly adapt to change, organizations must find ways to successfully recruit and retain top talent going forward.The authors end with a preview of Gen Z and how their attitudes and beliefs towards work are shaping disruption again in the talent war. This book is essential for all insurance executives to read and keep close by on their bookshelf to design, implement, and evaluate their success in competing on talent, which should be at the core of any successful business strategy.
As a Millennial reading this book, it is a bit offensive. It stereotypes what Millennials are like in some areas, and is quite negative towards them. I enjoy the helpful tips and notes that help one understand how this generation is different, but I could have done without the negativity. All of the negative aspects of Millennials seemed to be highlighted, with little mention of positive aspects. For example, "One word of warning though, some Millennials have never received real constructive feedback and might be shocked the first few times they're told they're not quite perfect." Seriously? This wasn't needed in the book.
This book does a great job outlining the current state of the insurance industry. People with decades of experience are retiring while new employee are hired with little knowledge thus creating a huge talent gap. Bottom line always be improving yourself and start acquiring designations early in your career.
Insurance desperately needs younger people to join it's ranks to be successful in the future. This book clearly outlines the challenges and opportunity that exist in the vast and complex Insurance industry. The Insurance Nerds are an integral part of the insurance community and this book is a must read.
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