Golden Opportunity

There is a small contingent of independent insurance agents who aren’t sure they’ve found their permanent career yet. About 20 percent of young agents in a recent Insurance Journal survey said they had already decided against a permanent career as an insurance agent, or weren’t yet sure whether they would stick it out.

Charles J. “Chuck” Vanoncini (see page N22) isn’t one of them. He’s pretty sure he’s sticking with insurance. At 72 years of age — 50 of those years spent working in the insurance business — he might have trouble switching to pro baseball or Wall Street now.

In addition to featuring “golden agents” including Vanoncini, this issue reports on many of the findings from our online survey of young agents (starting on page N14).

The survey found that only 3 percent of young agents are not optimistic about their future. Another 14 percent label themselves cautious. They’re probably many of the same agents who are uncertain about how long they will be in the business.

On balance, the survey numbers do not reflect much disenchantment or second-guessing among young agents. The other way to view it is that more than 80 percent of young agents are happy where they are, and they plan on being agents well into the future — maybe as long as Vanoncini.

Also, a whopping 49 percent are not just optimistic but in fact very optimistic about their careers. About 38 percent are optimistic — which in most businesses would be cause for celebration.

Comment after comment (see “101 Things Independent Agents Like Most About Being Agents” on page N17) from young agents cited what they like most about being an agent — their enthusiasm and pride are contagious.

More than 360 young agents took advantage of the survey as an opportunity to be heard in what is sometimes seen as an industry of old veterans resistant to change. Indeed, almost two-thirds (66 percent) of young agents found truth in the statement, “Older agents tend to be less willing to take risks or try new approaches.”

Yet older agents need not fret. For the most part, young agents think you’ve done a good job and given them an industry in pretty good shape. Clear majorities of young producers believe the property/casualty industry rates high in customer service, professionalism and ethics.

Where the industry falters, in their opinion, is in its public image and in its career attractiveness to young professionals. Of course, it’s not just young agents who think those thoughts. The industry has struggled with its public image and its recruitment of young talent for years.

But the bottom line is encouraging. While the insurance business may have some trouble attracting young talent, the survey confirms that when independent agencies succeed in getting young recruits to try their hand at the business, most end up happy for the experience and plan to stick with it. If they do stick with it to their golden years, the young agents won’t regret it. Just ask Vanoncini.

Topics Agencies