Issue link: https://nebusinessmedia.uberflip.com/i/518124
2015 | Doing Business in Connecticut 57 Insurance & Finance Focusing on the Future Hartford's historic insurance firms target innovative strategies By Carol Latter M ore than two centuries aer the nation's first insur- ance company was founded in Hartford, the indus- try is rightly proud of its past. But these days, it's focusing its energies on finding fresh ways of doing business — from strategically building its work- force and leveraging technology to engage customers, to forging new partnerships with Connecticut employers and healthcare providers. Engaging a new generation e Hartford, which opened its doors here in 1810, has its sights set firmly on the future, implementing forward-looking strategies that will not only benefit its customers, but attract and retain the best and brightest talent by helping young employees successfully move up the career ladder. Members of Generation Y — also known as Millennials — are a big focus for e Hartford, says Lindsey Pollak, a nationally known Millennial workplace expert, New York Times best-selling author, and spokesperson for e Hartford's "My Tomorrow" Campaign. She said Gen Y currently makes up 35 percent of the workforce and is projected to account for 50 percent by 2020 — just five years from now. Not only do the 80 million Millennials living in the U.S. outnumber Baby Boomers (76 million) and Gen X-ers (45-50 mil- lion), but they have a significantly different approach to life, both as consumers and employees. Pollak, a native and resident of Norwalk, has spent the last two years working with e Hartford's employees, clients, brokers and agents, to help them understand how to tap into the potential that this group of 18- to 35-year-olds, born in the '80s and '90s, represents. "In terms of temperament and lifestyle decisions, they're getting married later, having children later, and buying homes later, so this is very much affecting their insurance decisions," she said. Millennials are also "digital mavens," said Pollak. "ey speak to other people mostly using technology, rather than dealing with them in person, so their expectations are completely different in terms of communication options. ey expect that all of the information they need — whether it's about their careers, their employee benefits or their insurance options — will be available 24/7/365, and that every- thing will be customized to their personal needs. For e Hartford, this is a blessing and a curse." She said this huge generation — confident, tech-driven, and af- fected by things that technology allows — has expectations that are very, very high. "I call it high maintenance, high reward. ey have phenomenal Continued on page 58 > PHOTO/ © SHUTTERSTOCK.COM | ARENA CREATIVE One of numerous insurance companies based in the Hartford region, Travelers has long been a key player in the industry and its Travelers Tower is an iconic presence on the Hartford city skyline. The company is also the long-time sponsor of the Travelers Championship, Connecticut's annual PGA TOUR golf tournament, with the proceeds going to charity.