BISA Magazine - Quarter 4, 2017 - 9
"There's a clear recognition on the part
of leaders that the insurance industry
has to put a lot more of their time and
energy into attracting young people."
- Ted Devine, Insureon
A
ccording to PwC's 2017
Global InsurTech Report,
87 percent of insurance
companies say hiring and
retaining talent is their
top innovation roadblock. Attracting
younger talent to the industry is a particularly critical and persisting problem.
After all, the average age of an insurance executive today is "well north of
45," says Ted Devine, CEO of Insureon,
an online small business insurance
broker, making replenishment from
a new generation a key initiative for
insurance companies.
This problem is pervasive across the
securities brokerage and bank investments industries as well, but Devine
has been able to develop and retain
top millennial talent at Insureon, where
about half of the firm's 300 employees
are millennials. So the question becomes: What does he do differently?
Devine, formerly president of Aon Risk
Services, bought the shell of the current company in 2011. At age 54, he is
"by far the oldest person in the firm."
His first hire was a 21-year-old with a
college degree in botany who has since
held five different positions with the
firm and now heads Insureon's largest bank group. That career trajectory
isn't atypical.
What do young people want? Devine
says it's mostly what young people
have always wanted: to be challenged,
excited by their work and to learn. The
current generation is not afraid of hard
work, and the CEO's job is to see that
they are not thwarted from developing.
Another early Insureon employee, also
21 when she came on board four and a
half years ago, began in the call center.
She became a junior agent, then a
senior agent and now heads a desk that
brings in well over $1 million a month
for the firm.
Don't Let Employees
Get Bored
Turnover at the company is low. Many,
if not most, Insureon employees have
been with the company for four or five
years. They have typically held two or
three different jobs. Devine says that
9
BISA Magazine
Table of Contents for the Digital Edition of BISA Magazine - Quarter 4, 2017
Table of Contents
BISA Magazine - Quarter 4, 2017 - Cover1
BISA Magazine - Quarter 4, 2017 - Cover2
BISA Magazine - Quarter 4, 2017 - Table of Contents
BISA Magazine - Quarter 4, 2017 - 2
BISA Magazine - Quarter 4, 2017 - 3
BISA Magazine - Quarter 4, 2017 - 4
BISA Magazine - Quarter 4, 2017 - 5
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BISA Magazine - Quarter 4, 2017 - 7
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BISA Magazine - Quarter 4, 2017 - 9
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BISA Magazine - Quarter 4, 2017 - 32
BISA Magazine - Quarter 4, 2017 - Cover3
BISA Magazine - Quarter 4, 2017 - Cover4
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https://www.nxtbook.com/nxtbooks/bisa/2016q3
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https://www.nxtbook.com/nxtbooks/bisa/2015q3
https://www.nxtbook.com/nxtbooks/bisa/2015q2
https://www.nxtbook.com/nxtbooks/bisa/2015q1
https://www.nxtbook.com/nxtbooks/bisa/2014q4
https://www.nxtbook.com/nxtbooks/bisa/2014q3
https://www.nxtbook.com/nxtbooks/bisa/2014q2
https://www.nxtbook.com/nxtbooks/bisa/2014q1
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