5 Big Takeaways from Insuring Tomorrow, Book Review

I was given an advanced copy of Insuring Tomorrow to read and review for INSNerds.com. Last weekend I completed the book in two sittings and I wanted to share my “review” quickly here.

It’s obvious, but enlightening, simple, yet profound, subtle and powerful. The simple truth is, if you are involved in the insurance industry, particularly if you are a leader or desire to be a leader, you should read Tony Canas’ and Carly Bunham’s book “Insuring Tomorrow.” It presents the problem, lack of millennials coming into the insurance industry, with possible solutions.

Rather than give a typical book review, I’m not a book reviewer by any stretch, I thought it would be more practical and hopefully useful to you if I offer my 5 big takeaways after reading the book.

1.   There is a serious need for new talent in the insurance industry

We all know that there is a shortage of upcoming talent in the insurance industry, but I never had a true grasp of the seriousness of the problem. As Carly and Tony pull together the data it pulls back the curtain to reveal the ugly truth, the insurance industry is aging…… FAST. With statistics like,

“25% of workplace retirements are expected in the next four years”

and

“The average age of an insurance professional in the United States today is around 60 years old,”

Sets the stage to really hit you in the gut when you get this stat,

“only 4% of Millennials are interested in a career in insurance.”

This book reveals the problem and holds nothing back making you feel the weight of the current crisis.

2.   The Insurance Industry is stuck in its old ways (surprise!)

After presenting the problem, Carly and Tony set the stage with why this problem exists in the first place. It isn’t presented that it’s all the insurance industries fault, but rather that millennials, the way they were raised and expectations, mix with the traditional insurance company like oil and water.

The question for me then becomes, who is going to change? The generation of millennials or the insurance company?

My conclusion, trying to change someone else never ends well so the insurance industry will have to take the initiative and adapt or be left behind.

What needs to change? Many ideas are fleshed out with details in the book, but engaging the millennials, flexibility, remote work, constant feedback, and career roadmaps are ones that stood out to me as obvious and easy fixes.

3.   This industry is HUGE and diverse

As a 9 year independent claims adjuster I was shocked how little I knew, or understood, about other areas of insurance. I was struck how foreign some terms that Tony and Carly used to described felt. It gave me a bigger picture of insurance showing me that not only is this industry HUGE as a part of our economy, but also that it is very diverse in its opportunities.

With the problem presented and the size of the industry explained, I then felt what an amazing opportunity there was for millennials and other generations alike. So much opportunity is present in an industry that is, or should be, begging for passionate people to run through their doors.

If you are a young millennial looking for your career path or if you are a previous generation looking for a second career, know that there is a lot of opportunities in the world of insurance.

4.   I’m not crazy, I’m a millennial

Now for some self-evaluation, I previously had the honor of interviewing Tony Canas for my show, the Independent Adjuster Podcast. During that interview, I felt as if Tony had me on the metaphorical couch and was reading my mail about me as a millennial. He didn’t know me, but he knew me. I had the same sensation while reading, “Insuring Tomorrow.” Tony and Carly nailed me as the typical millennial, which took away some of my “I feel special mojo” but also was a refreshing perspective as a reader. Being able to hear an outsider explain some of my characteristics in a revealing light is easier than hearing a loved one explain all the things that are wrong with me.

I particularly agreed with the parts of feeling that 2 years is the millennials time frame for a career move or advancement. My wife and I have joked that every two years we need a major shift in our life or we’ll go insane. It’s true and its repeated itself every two years over the course of our 11-year marriage. If you get me for two years, I’ve been WAY loyal.

Insuring Tomorrow pointed out that millennials also look at 11 months as a long-term job. My wife and I won’t even commit to where we will spend Christmas or Thanksgiving a month in advance. Our life changes too fast for any promises even a month away. Make hay while the sun shines with millennial workers and keep them interested.

5.   There is hope and I need to do more

Tony and Carly don’t just point their finger or shake their head in disgust about the state of the insurance industry, they also point out things that the industry has going for it and how the industry can adapt and take advantage of the upcoming millennial generation. The following are a few things that stood out to me for advantages and solutions they presented.

Remote Work - The insurance industry is perfectly situated for remote workers. I personally have worked remotely for my entire 9-year career. They point out other call centers in different industries that even work from home. This would increase the desire for the jobs and potentially decrease the cost of these employees and of the insurance company’s facilities and real estate.

Bigger Than Me – Millennials desire to be a part of something bigger than themselves and are not just interested in making money, we want to make a difference. The insurance industry, if put into a proper perspective, helps thousands of people live their lives better than they could without insurance. It affects every part of our life and our modern lifestyle could not be maintained without it. If you can tap into the millennials passion with the cause that’s bigger than them, you can maintain a healthy and passionate workforce of young workers who want to change the world.

In conclusion, Tony and Carly challenged me to do and help more. Their passion drives change and that passion is inside of, “Insuring Tomorrow.” Any book that can properly present the problem, explain why the problem exists, offers some solutions (even if they aren’t perfect), and inspire action from the reader, deserve not only my money but my personal endorsement and 5 stars on Amazon. If you can find a way to do anything other than that….. you are probably a book snob who just wants to critique everything and nobody deserves your “perfect score.” (yes Tony, you can quote me on that)

Tony and Carly set out with a purpose of inspiring change in the insurance industry, they nailed it! I hope you will join them in helping shape tomorrow.

Tony and Carly, keeping walking your path,

Chris Stanley