PITTSFIELD, MA-A first-time survey conducted by Guardian LifeInsurance Company of America shows Generation X (ages 30-45) and Generation Y (ages 18-29)employees foresee a lifetime of job mobility and career changes,compared to their baby-boomer parents. The survey’s results suggestthat employee-offered insurance products need to change with thetimes, or risk being labeled as hopelessly outdated.

“With this amount of change, we have no choice but to understandthat our products need to fit the changing expectations of the market,” commented Larry Hazzard,vice president of product strategy with Guardian Life Insurance,Berkshire Life Insurance Co., a subsidiary of New YorkCity-headquartered Guardian Life Insurance of America .

The problem, he continued, is that the insurance industry istypically a slow-moving one and isn’t necessarily picking up on theneeds of the newer generations.

“The roots of the products available now extend back to a timewhen society was very different,” Hazzard explained. “Back in theday when people signed up with employers with the expectationthey’d be there for life.”

But that doesn’t seem the case today. The Guardian survey,conducted by Opinion Research Corp., noted Gen Y respondentsanticipating an average of 8.3 career changes throughout theirworking lives. Gen Xers, in the meantime, anticipated changing jobsand/or careers 5.5 times.

The survey also pointed out that while today’s younger professionals assume their working lives will be lesspredictable than their parents’ career paths, they still want theability to obtain insurance and other benefits through theiremployers.

Those from Generation X considered auto and homeowner insuranceto be “extremely important,” while their younger counterpartsbelieved that identity theft insurance essential. Generation Ydidn’t consider homeowner and auto insurance to be that important.Both generations believed retirement savings plans, and life,long-term care and disability income insurance were essential.

Hazzard, who is a parent of two Generation Y college graduates,acknowledged he was somewhat surprised the survey revealed anincrease in the number of career events Gen X and Gen Yparticipants expect to experience throughout their working life.“We’re getting close to double-digit career events,” he commented.“That was more than I’d expected.”

What also intrigued Hazzard was the “old school” response ofemployers or human resources advisors when it came to helping theseindividuals transition from one job to another.

“The response tends to be ‘why do I care if they leave,’”Hazzard remarked. “But one thing to keep in mind is that this groupis far more networked than any other generation, and helping inthis area of benefits can be extended, and leveraged, to bringingnew employees in.”

The career changes anticipated among younger workers alsoprovides an opportunity for brokers to sell additional coverage tothese workers as they change jobs and careers throughout theirlives, not to mention giving brokers a leg up when it comes tomarketing to companies.

“We’re seeing a unique dynamic in the marketplace,” Hazzardcommented, noting that the new marketplace will likely requireextra coverage. “Following employees by providing extra coveragecan help brokers get their foot in the door with employers, as itgives the brokers credibility.”