Attrition remains a significant concern for the insurance industry across Asia. In India, the life insurance sector is grappling with high attrition levels, with 30% of newly appointed salespeople leaving their positions within the same year of appointment! This trend persists throughout Asia. In 2023, the Philippines reported the highest attrition rate at 17.5%, while Vietnam had the lowest at 15.2%.

Aon’s 2023 Global Risk Management Survey identified “Failure to Attract or Retain Top Talent” as one of the top five risk trends worrying business leaders in the APAC region.

Why is the insurance sector struggling to attract new generations? What do Millennials and Gen Zs seek in their jobs? What are their top priorities?

“The Bridge,“ a report released by Vymo in partnership with LIMRA, explores the best strategies for attracting and retaining this crucial generation of employees. The report highlights the top three reasons agents leave the industry:

As one leader interviewed in the report emphasized, “Recruiting shouldn’t just focus on bringing new agents onboard; it should enable their long-term success. If you can’t demonstrate a commitment to ensuring the success and longevity of those you recruit, then there’s no real strategy for recruitment. You’re essentially just acquiring their clients.”

A key theme that emerged from the report is that Millennials and Gen Zs seek roles where they can make a meaningful impact on society. As digital natives, they expect the insurance industry to be modern and utilize the latest technologies. Above all, they are looking for job security and financial stability in today’s uncertain times. A senior leader aptly put it – the industry must move beyond its reputation for being outdated and slow to respond.

 What does the new-age insurance agent truly desire? Discover more in “The Bridge Report “now!