Attracting the Next Generation of Agency Owners

This post is part of a series sponsored by InsurBanc.

Born between 1980 and 1994, millennials are now ages 29 to 43, making them prime candidates for agency ownership. And their younger peers, Gen Z (born 1995–2010), aren’t far behind.

Millennials are comfortable with technology, seek to do meaningful work and have a passion for learning. Gen Z, a pragmatic group, may be the most entrepreneurial generation yet, with many already pursuing side gigs — often using social media to create their own personal brand and engage consumers.

But will millennials and Gen Z turn their considerable talent and creativity to building independent agencies?

To ensure there is a next generation willing to take the reins, agencies must first attract young people to insurance as a career. Then let them experience what makes agency life unique. Once they discover the opportunities for earning a significant income, establishing a book of business, helping clients and getting involved in their community, they’re usually hooked.

And once young agents understand the magic of renewals, they see that owning a stream of income is preferable to simply producing it. Creating equity in a business that can generate a consistent, dependable cash flow beats being subject to the whims of corporate bosses or the constraints of a regular job.

It’s no wonder the Insurance Journal’s Profile of Young Agents survey found that of those agents under 40 who currently don’t own an agency, 54% would like to own one someday. Nearly all young agents surveyed (86%) view insurance as their permanent career, and 81% would recommend their career choice to another young person.