One takeaway from last week’s RISKWORLD (Risk & Insurance Management Society conference) in San Diego: Youth.
A massive and powerful workforce in Generation Z — aka Zoomers — has emerged. These are young professionals between the ages of 12 and 27. They make up one in five Americans. They were at RISKWORLD in droves. It was fantastic to witness. Energizing!
And not just young risk managers, brokers and carrier talent attended RISKWORLD. I’m talking students — those seeking undergrad and graduate degrees in risk management. And, maybe, also in “insurance.” But we don’t say that word anymore.
This word shift hit home in reverse as I chatted with a veteran risk manager at the conference. This chap formerly was with a broker and a carrier. “I used to sell insurance,” he said. “Now, I’m an insurance buyer.”
“Yes,” I replied. “But what about all those steps a risk manager goes through before buying a policy? You know, risk identification, analysis, mitigation …”
“That all happens, yeah. But really, I just buy insurance,” he said.
That may be true. But apparently, we are attracting young people to the insurance industry that we all enjoy with new terminology: “risk management.” Ultimately, the students may appreciate insurance sooner than they think. If the term “insurance” is a Boomer thing, “risk” or “risk management” is a Zoomer thing. Hey, whatever it takes to get these folks on board.
There were 150 faculty and students in attendance at RISKWORLD. (Would they have attended an INSURANCEWORLD? LOL.) Several universities had booths in the exhibit hall. They touted their undergrad and grad risk management programs. Ostensibly, they’re looking for insurance industry funding. But they also showed up for all the young people at the conference who might consider a degree.
The “risk” academic field is expanding. There are some massive programs with major scholarship funding around the U.S. Carriers and brokers are buying in. So has National Allianceco-founder William Hold, at Florida State. More are sprouting. Recently the Peter Arkley School of Risk Management was founded at USC. (Peter Arkley is a veteran construction broker with Alliant.)
Ask Zoomers if they’d like to work in insurance, and they wince.
Ask them if they’d like to work in risk, and there is a spark.
I don’t remember where I heard this exchange, but it was a dad at a dinner table who liked to say to his kids: “No vegetables for you until you eat your dessert!”
Hey, Gen Z: “No insurance for you until you eat your risk management!”