Four out of five millennials are "optimistic" or "very optimistic" that the insurance industry will evolve to attract the next generation of insurance talent, due to productivity and efficiency gains from technology adoption, according to Vertafore's second annual "Millennial Revolution" study.

According to U.S. Census data, millennials outnumber baby boomers and are expected to make up half of the global workforce by 2020. However, insurance needs to find a way to make the industry attractive and leverage this talent. 

Year-over-year comparisons show that work/life balance is the No. 1 reason why millennials stay in this industry, according to Vertafore. Nine out of 10 millennials also identify their company's use of technology, particularly mobile and social media, as key elements contributing toward job satisfaction. "Phones and tablets are the last thing millennials check before bed and the first thing they check in the morning. There's no question they're able to increase the productivity and throughput of employees, but there is a corollary—customers are also connected," Anthony Gomes, Vertafore's senior corporate communications manager, tells PC360. "The skyrocketing use of mobile technology should serve notice to leaders in companies that consumers expect access to companies on their own terms in timelines they define for themselves, and that millennials are always connected, looking for ways to drive new business through that technology."