This issue of Insurance Journal features exclusive results from the 2023 Young Agents Survey where young agents nationwide shared their views on the insurance industry and their experiences as agents. (See page 32 for the full report.)
Optimism overall among young agents took a hit, falling from 2022 to 2023, according to the survey results. The young agents responding to the survey said they felt less optimistic about the future of the agency system, as well as their career choice. The tough insurance market and volatile U.S. economy seems to be a factor in that sentiment.
Despite their concerns, more than half (58.3%) of young agents reported feeling “very optimistic” that their income will be greater in 2023 than in 2022, with another quarter (26.3%) feeling “optimistic” that their income will rise this year over last year’s.
Like in previous years, young agents overwhelmingly report that they would still recommend a career in insurance to other young people entering the workforce, even with their concerns.
“It is a good career with room for lots of growth,” one young agent wrote. “If you put in hard work, you can definitely see it pay off.”
This issue also highlights five current risk management and insurance (RMI) college students who discuss why they chose to study insurance. These future industry workers share their thoughts on what the next generation wants in an employer, why they are drawn to a career in insurance, and more. (See page 28 for this report.)
What do you want from your employer? Here are 10 things that young agents responding to the survey said they’d like to see in a good workplace environment:
- Good cultures.
- Good compensation and option for work remote.
- Respect and honesty are key to forming and keeping a good workplace environment.
- Work/life balance.
- Supportive management/leadership, flexibility, compensation, and a positive environment.
- Flexibility, strong leadership and mentorship/on the job training.
- Opportunities to grow, feedback and fairness.
- Having a fun and collaborative environment.
- The most important thing is having the right people and the best technology to get the job done.
- Valuing people for their efforts is most important.
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