On February 8 I had the pleasure of attending the Insurance Business America’s Millennials in Insurance Conference in New York where I learned from some of the most engaging industry experts and the Millennials themselves about what the industry is doing to attract and retain new employees. Here is the list of panelists and agenda.
Millennials are often described as entitled, selfish and apathetic. But these stereotypes often prove to be just that. A Deloitte survey of over 8 thousand millennials found that they feel accountable for many issues in both the workplace and the wider world. They feel most able to make an impact on societal issues via the workplace.
What Millennials and Generation Z want from employers:
Stability ‑‑ it’s a myth that young people want to job hop every few years
A clearly defined career path
Works that is engaging and sparks curiosity
Autonomy, culture and meaning
Advice from the panelists to insurers on recruitment
Make use of social media and sites like GlassDoor and LinkedIn
Focus on transparency
Don’t forget to engage students at the high school level
Stress the numerous opportunities for technology jobs in insurance such as big data analytics and predictive modeling
Have “swagger” to show that the industry is cool and cutting edge
“Be loud about loving insurance” — talk to your neighbors’ kids or a local school
Go local with the specific examples of what the industry does for communities
Stress that the industry offers a work life balance not found elsewhere
Have ‘a day in the life’ examples to dispel myth of boring routine jobs
Have year-round recruiting and showcase a variety of roles
Promote the brand and culture of the company
Advice from the panelists on how to retain young talent once you have them
Know the difference between a teacher and a coach, and be prepared to serve as coach to young employees
Look at employees as a long-term investment – provide mentoring and job-sharing opportunities
Get orientation right – map out job progression and define a path
Non-compensation benefits are important, people have been known to switch companies if the dress code is not flexible
Student loan repayment assistance is a great benefit to give to employees of all ages
Include young employees in the decision-making process and create an inclusive and open environment
The happiest employees believe their company cares about them, that care is best expressed through flexibility offered, not necessarily through compensation
Promote from within
Millennials like lots and lots of feedback, keep the lines of communication open (check out the performance feedback research done by the Neuroleadership Institute)
Once you hire for diversity you need to commit to keep that diverse workforce by providing a community within the company
The I.I.I. lists many resources on its careers in insurancepage.
CNBC.com and The Columbus Dispatch in Ohio posted stories on the Consumer Federation of America’s (CFA) call for a five percent reduction in the cost of property/casualty insurance because of federal tax reform.
The Sunday, February 4, Amtrak accident in South Carolina occurred soon after deadly Amtrak accidents in Virginia (January 2018) and Washington (December 2017).
In the second half of 2013 personal auto insurers began noticing an increase in auto collision losses. Crash rates had been falling for more than 25 years due to improvements in safety awareness, technology and enforcement, and the reasons for the sudden uptick were subject to much speculation.
In response, the Casualty Actuarial Society, the Society of Actuaries and the Property Casualty Insurers Association of America joined forces to analyze these trends. The product is a paper containing some of the findings around collision frequency. Further analysis is being conducted on frequency trends for other coverages and for severity.
Increase in congestion, as measured by drivers per lane mile and commute times among others, positively correlates to collision frequency.
Mobile broadband access (used as a proxy for the likelihood that a driver may have a mobile device while driving) appears to have no impact on collision frequency.
The system (no-fault vs. tort) doesn’t appear to impact the expected collision frequency, but has a big impact on the variance of the frequency.
The group’s goal is to provide an analytical basis for discussing and understanding auto insurance loss cost drivers that ultimately affect premiums. Subsequent reports are expected to be released.
Source: Auto Loss Costs Trends Report, January 2018
Super Bowl Sunday is fast approaching and you may be planning a party to cheer on the Eagles or the Patriots. If you’re serving alcohol you may want to familiarize yourself with social host liability laws in your state.
Auto accidents spike following Super Bowl games but they’re not all alcohol related. A study conducted in 2003 by the University of Toronto found that fans of the losing team were much more likely to get into an accident than fans of the winning team. In the losing state the number of crashes increased 68 percent after the game, and only 6 percent in the winning state. Accidents climbed 46 percent in the “neutral” states.
Here are some helpful tips on how you can protect yourself and your guests:
Encourage guests to pick a designated driver who will refrain from drinking alcoholic beverages so that they can drive other guests home.
Limit your own alcohol intakeas a responsible host/hostess, so that you will be better able to judge your guests’ sobriety.
Offer non-alcoholic beverages and always serve food. Eating and drinking plenty of water, or other non-alcoholic beverages, can help counter the effects of alcohol.
Do not pressure guests to drink or rush to refill their glasses when empty. And never serve alcohol to guests who are visibly intoxicated.
Stop serving liquor toward the end of the evening. Switch to coffee, tea and soft drinks.
If guests drink too much or seem too tired to drive home, call a cab, arrange a ride with a sober guest or have them sleep at your home.
Encourage all your guests to wear seatbelts as they drive home. Studies show that seatbelts save lives.
This I.I.I. article has more helpful suggestions about responsible social hosting.