Challenge
Understand why Millennials have such a negative perception of the insurance industry and what we as an industry have to start doing to become appealing to young talent.
WHY?
Understanding millennials’ concerns about work in the insurance industry
SEE
- Entry level jobs are not interesting
- No young people working in this industry
- Older recruiters at job fairs
- Old fashioned industry
- No insurance booths during career fairs
- Unrealistic min job requirements
- Tech/startup jobs glamourized
- Insurance helps people
- Doesn’t look like a rewarding career
SAY & DO
- Want work-life balance
- Seeking meaningful work and career advancement opportunities
- Looking for a friendly work environment
- Looking for a respectful and inclusive work environment
- Not a lot of information regarding careers in insurance
- Want to contribute to something
- People say insurance is boring
HEAR
- Most employees are older
- Industry is stable and secure
- Most new recruits are referred into the industry
- The industry is boring and entirely about sales
- Insurance is boring
- Young people go into actuarial positions
- Stable career path
THINK & FEEL
- Little understanding of the industry
- Never heard of insurance as a career option
- Do not have the “right” degree or experience
- Financial rewards most important followed by flexibility and culture
- Insurance not on radar going into uni
- Need for job security
- Insurance people feel proud about their job
DISCOVERY
Exploring the thoughts and emotions of young people when it came to job search methods, desired benefits, and office culture expectations.
We are not doing enough to invest in attracting and retaining young talent.
The focus of our sprint became: How might we create a culture of collaboration and inclusiveness that fosters security and growth that will help attract, retain and make young talent feel valued.
SOLUTION
Our team ideated 59 different ways to #BridgeTheGap in 5 minutes and voted on a single idea to develop and test.
NEXTGEN DISCOVERY PROGRAM
The solution is based on a 5-month program designed to attract and retain young talent by engaging the young hires from day one and inviting them to work with other departments in the organization. Students will be recruited from non-traditional programs of study as well, including Arts and Geography, and will be paired with Mentors through a matching process. Young talent will select 5 areas of interest to rotate through during the program. At the end, the employees will provide feedback on the department that they are most interested in working at.
The employees’ experience will be overseen by a dedicated Advisor (guidance counselor) who will meet regularly with the young talent. The program will work to retain young hires beyond the average 2-year job stay.
RESULTS
PARTICIPANTS
More Co-creation Sprints
Our test kitchen has cooked-up new customer-centric solutions to industry problems and challenges through rounds of innovation sprints with our global community. Check out the results!
We also offer intro sessions that provide insurance professionals with the opportunity to experience our Cookhouse Labs methodology and a sneak peek at what it’s like to co-create and collaborate with our global community. If you are not a Cookhouse Labs member and are interested in finding out more, check out our membership benefits!
