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Technology, Autonomy and the Millennial Generation

The assimilation of Millennials to the insurance workforce is often considered a domestication of an over-indulged, undisciplined herd of semi-slackers.

The assimilation of Millennials to the insurance workforce is often considered a domestication of an over-indulged, undisciplined herd of semi-slackers. However, a white paper published by the Economist Intelligence Unit (EIU) in September 2008 suggests that this is a misunderstanding and that Millennials have been shaped by cultural and technological forces that will inevitably reshape the insurance industry. It is likely that non-conformity with company rules will increase when they enter the workforce.

According to the paper, “These individuals are far less accepting of corporate IT policies than the groups who preceded them… One-third of respondents aged 18 to 22 said they expect to use the computer and software applications of their choice in the workplace. A large percentage already performs work-related tasks using mobile phones, instant messaging applications, and other tools that are not sanctioned by IT.”

But by making technology a quotidian need, they have taken on and shaped new levels of technology-driven human efficiency. This generation of employees has the technical ability to substitute existing processes with improvements of greater magnitude than before. By integrating mobile technology and Web 2.0 applications into compliant processes, insurers can combine informal, always-in-style with formal, auditable business processes, bringing in a fresh perspective to established pursuits. Insurers who don’t understand or prepare a suitable workplace for Millennials will see Millennials exercise their autonomy–by working elsewhere.

Source: Economist Intelligence Unit and Insurance & Technology