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Latest Insurance Talent Perspectives

Building and Maintaining a Strong Employer Brand

In today’s competitive labor market, a strong employer brand is a key differentiator in recruiting top talent, reducing costs, enhancing the candidate pool, and retaining high performers by instilling pride in their roles and company. 

View our latest white paper for tips to ensure your company represents itself as an employer of choice.

Q3 2024 Insurance Labor Market Study Results

The Jacobson Group and Aon conduct a Semi-Annual Insurance Labor Market Study to examine industry hiring and revenue trends and projections. The findings of our Q3 2024 iteration reflect a relatively stable labor market, with modest job growth.

Download the results to explore 2024’s staffing forecasts and hiring plans for the insurance industry.

Combatting the Finance and Accounting Talent Shortage

Faced with a shallowing pool of emerging talent and a workforce nearing retirement, finding qualified accounting and finance professionals has been an intensifying challenge for the industry. A comprehensive multi-prong approach is necessary to cultivate a workforce that can meet evolving demands and ensure operational continuity.

Read our blog post for insights on staying ahead of the growing finance and accounting talent crisis.

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Polling Results: How are Organizations Navigating the Current Talent Marketplace?

Organizations are continuing to navigate new challenges and enter uncharted territory as we move toward 2023. To help leaders gain a better understanding of the current talent marketplace, we’ve polled our LinkedIn audience on a number of timely talent topics. Below is a compilation of the results and a snapshot into the industry’s take on a variety of issues. As insurers aim to expand their talent pools, focusing on a candidate’s skills over experience is becoming more common. 57% of organizations have placed more emphasis on recruiting for skills in the last year than they previously did. In the candidate’s market, recruiters and hiring managers have had to re-evaluate how they approach recruitment in order to remain competitive. While job hopping may have previously been seen as a red flag, 26% of respondents noted it does not impact their hiring decisions. 68% said they would ask the candidate to explain and 6% shared they would immediately pass on the individual. With a competitive labor market and high demand for top talent, many insurers are experiencing a rise in counteroffers. 45% of respondents noted they have been successful in countering a counteroffer from an individual’s current employer while 41% shared they have not. Counteroffers have become more common as organization’s aim to retain their talent. However, while preventing incumbent employees from leaving often seems like a win, their success in terms of long-term loyalty is debatable. 65% of respondents feel counteroffers are only successful in retaining employees short-term.  The industry is experiencing continued movement across all professional levels; however, just 12% of individuals feel their organization is prioritizing succession planning and 70% say their organization is not. Despite a challenging labor market, 76% of professionals shared their organizations do not have formal retention plans in place. To read more on these topics, view our Recruiter Report blog series. Follow The Jacobson Group on LinkedIn for more insurance industry insights and to share your thoughts in our future polls.

Jacobson Employee Spotlight – Q4 2022

It's hard to believe 2022 is already coming to an end. Here at Jacobson, we’re grateful for our team members and know they’re the key to our company’s success in the new year and beyond. Below we highlight a few of these individuals and their roles.  Learn about more of our Jacobson colleagues by viewing past editions of our Employee Spotlight here. For monthly Employee Spotlights, follow our Facebook page. BRESHAWN TRIMBLE Accounting Coordinator, 6 years at Jacobson Hometown: Chicago, Illinois Alma Mater: Chicago State University  Describe Your Role: I started as the payroll coordinator, but I am currently the accounting coordinator. I handle accounts payable and process the temporary staffing payroll. Favorite Dessert: Carrot cake Jacobson in Three Words: Motivating, Flexible, Progressive First Concert: Nelly Favorite Thing About Working at Jacobson: My favorite thing about working at Jacobson is the work-life balance. Best Place You Have Ever Visited: The Michigan Wolves football games with 106,00 people. When You Grew Up, You Hoped to Become: A lawyer One Thing You Are Grateful For: I am grateful for my village/family. MARCI ZIEMBA HR Generalist, 3 years at Jacobson Hometown: Rzeszow, Poland Alma Mater: Roosevelt University Describe Your Role: As the HR Generalist, I am lucky enough to get to meet and interact with every single person here at Jacobson! I take care of new hire onboarding, corporate training, policies and procedures, and employee benefits. Favorite Dessert: I'm a huge sucker for a warm brownie or cookie. Jacobson in Three Words: Inclusive, Collaborative, Caring One Thing You Are Grateful For: I am grateful that I am surrounded by such supportive people in my life - both personally and professionally. First Concert: My first ever concert was "Just 5," which was a Polish boy band from the late '90s. My grandma took my brother and me, and it's a memory I'll never forget.  Best Place You Have Ever Visited: I would say it's a tie between Greece and Aruba.  How Do You Stay Motivated While Working from Home: I am SUCH a planner, so I always keep my daily to-do list up to date. I also love to break my day up by taking a quick workout or walk outside. When You Grew Up, You Hoped to Become: A forensic scientist or a Realtor Want to join our team? View our corporate careers page here. 

2023 Insurance Talent Trends

It's hard to believe 2023 is almost here. From continued talent realignment to the increasing need to upskill and reskill employees, we're already seeing a number of interesting trends that will impact the insurance industry next year. Download our guide to learn about the trends that will have the most impact on the industry in 2023.

December 2022: Labor Market Pulse

The insurance industry is closing out 2022 with low industry unemployment and a high level of open finance and insurance positions. Despite ongoing economic uncertainty and a pending recession, insurance remains a candidate’s market as we enter the new year.  Voluntary quits remain elevated within finance and insurance; however, retirements saw a decline from 13,000 in September to just 3,000 in October*. Organizations are contemplating how to best move forward and it’s likely we’ll continue to see ongoing reshuffling in early 2023, as more permanent plans and expectations are enforced, further impacting employee-employer relationships.  AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector increased to 1.5% in November.  The insurance carriers and related activities sector gained  3,800 jobs in November. At roughly 2.8 million jobs, industry employment increased by approximately 43,100 jobs compared to November 2021. The U.S. unemployment rate remained at 3.7% in November and the overall economy added 263,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, October* insurance industry employment saw job increases in agents/brokers (up 3.8%), property and casualty (up 2.1%), TPAs (up 1.7%), and life/health (up 0.7%). Meanwhile, job decreases were seen in claims (down 8.2%), title (down 7.3%) and reinsurance (down 1.5%). On a year-to-year basis, October* saw weekly wage increases in: property and casualty (up 9.7%), TPAs (up 7.4%), life/health (up 5.4%),  agents/brokers (up 4.7%), reinsurance (up 4.7%), and title (up 3.6%). Meanwhile, wages decreased in claims (down 5.5%).        BLS Reported Adjustments: Adjusted employment numbers for October show the industry saw an increase of 10,200 jobs, compared to the previously reported increase of 9,400 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled. *The BLS JOLTS report and reports on wages and employment for the industry category are only available for two months prior. The source for the data represented in PULSE is the U.S. Bureau of Labor Statistics. Insurance data is derived from the insurance carriers and related activities sector.

Health Highlights: Q4 2022

The health insurance industry continues to evolve, as insurers strive to best meet changing member needs and provide a holistic member experience. Now, as many health plans aim to grow their Medicare Advantage business, the ability to effectively deliver on these initiatives has become a key differentiator. According to the Kaiser Family Foundation, there are 3,998 Medicare Advantage plans available for the 2023 enrollment period. On average, a Medicare beneficiary can choose from 43 Medicare Advantage plans, compared to just 20 plans five years ago. As Medicare Advantage open enrollment approaches, insurers are working to stand out in a highly competitive market. Our team is ingrained within the health insurance space and has frequent conversations with industry leaders about their current areas of focus. Here are a few considerations and trends of note: Increased InnovationCurrently, 45% of seniors enrolled in Medicare are enrolled in Medicare Advantage, and that percentage is expected to increase to more than 50% by 2025. There’s an opportunity for health plans to gain market share, making it important to be progressive and creative within all areas of the business. This has led many health plans to prioritize innovative technology and solutions to attract and retain an increasingly complex and diverse population, while also enhancing member satisfaction and encouraging preventive care throughout members’ entire healthcare journeys. In turn, reaching these goals has a positive impact on multiple key success indicators, such as NPS and HEDIS.We’re seeing a lot of focus on technology, analytics and marketing roles, as health plans determine how to best integrate data and create a personalized experience, while effectively communicating with their members’ caregivers, doctors and family members. Offering the right tools, including intuitive apps, online portals and streamlined communication platforms is essential. Individuals are assessing how they feel at each touchpoint and won’t hesitate to move on if they feel their needs can be better met elsewhere. Tight Labor MarketThe insurance industry’s unemployment rate is just 1.5% and our recent Q3 2022 Insurance Labor Market Study found 61% of life/health insurers are planning to add staff in the coming months. However, there is limited available talent within the health insurance space, often hindering insurers from meeting their hiring goals. Given that individuals with Medicare Advantage experience are highly sought after across all functional areas, these broader hiring challenges are further compounded. Health insurers must adapt their approach to recruiting to stand out from their competitors. This includes revamping position descriptions to resonate with a broad audience and highlighting the organization’s unique attributes. Additionally, recruiting for transferable skills and potential over specific technical experience is critical for expanding talent pools and remaining future-focused. Today’s accelerated pace of hiring has made it essential to quickly understand what a candidate values and efficiently communicates how the organization can meet their needs and contribute to their longer-term goals. Along with competitive compensation, flexibility remains key for most candidates, even as some insurers bring employees back into the office. Emphasis on Employee Retention and GrowthAt the same time, the reshuffling of talent continues and managers must be proactive and intentional in retaining their current workforce. An organization’s employees are its competitors’ candidates and are likely being actively recruited in the current climate. Increased regulations, pricing transparency, burnout and abundant job opportunities can all contribute to disengagement, making it necessary for managers to have candid retention and professional development conversations with their employees. By taking an intentional approach to employee retention, insurers can uncover individuals’ goals and motivators, better aligning rewards and longer-term career progression. If possible, providing additional training on emotional intelligence and management skills can help grow future leaders from within. This also provides plans with the opportunity to uncover areas where outside talent or project teams may be needed. Comprehensive Data and Creative AnalyticsNot surprisingly, technology roles are the most in demand of all functional areas, according to our Q3 2022 Insurance Labor Market Study. However, life/health insurers also consider technology positions the most challenging to fill. In fact, recruiting difficulty for technology within life/health hit its highest level in our study’s history. Health plans have access to more comprehensive data points than ever before. Having the right talent in place to capture, interpret and strategically leverage this information is vital. This extends from understanding members and their needs when they call in, to identifying emerging health trends and capturing broad information about external factors that may impact a population’s health.In the highly competitive Medicare Advantage market, the right talent enables you to lay the foundation for ongoing success. Effectively recruiting and retaining these individuals can lead to a seamless, holistic and innovative member experience, helping plans stand out among an increasing number of options.

Compass 15.4: Comprehensive Succession Planning for Future Success

This quarter’s Compass feature article explores best practices for effectively approaching succession planning beyond the executive ranks. The newsletter also includes an overview of the industry's current labor market and recent executive-level job changes.

November 2022: Labor Market Pulse

As we near the end of 2022, the insurance labor market remains relatively strong. Unemployment is low, at 1.1%, and the insurance carriers and related activities sector has added nearly 34,000 jobs since the start of the year. However, finance and insurance job openings continued a four-month decline in September*, dropping to 280,000. Additionally, retirements fell to their lowest level in more than a decade, while voluntary quits remained high at 97,000. As the industry continues to work through shifting workforce priorities and ongoing realignment, focusing on retention, strategic recruiting and comprehensive succession planning remains paramount. For insight on the industry’s succession readiness, view the results of our recent study. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector increased to 1.1% in October.  The insurance carriers and related activities sector gained  9,400 jobs in October. At roughly 2.8 million jobs, industry employment increased by approximately 43,300 jobs compared to October 2021. The U.S. unemployment rate increased to 3.7% in October and the overall economy added 261,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, September* insurance industry employment saw job increases in agents/brokers (up 3.3%), property and casualty (up 1.7%), TPAs (up 1.5%), and life/health (up 0.6%). Meanwhile, job decreases were seen in claims (down 10.7%), title (down 4.2%) and reinsurance (down 3.3%). On a year-to-year basis, September* saw weekly wage increases in all categories: property and casualty (up 11.2%), title (up 8.6%), life/health (up 6.3%), TPAs (up 6.1%), agents/brokers (up 4.7%), reinsurance (up 4.1%), and claims (up 0.8%).        BLS Reported Adjustments: Adjusted employment numbers for September show the industry saw a decrease of 8,800 jobs, compared to the previously reported increase of 9,300 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled. *The BLS JOLTS report and reports on wages and employment for the industry category are only available for two months prior. The source for the data represented in PULSE is the U.S. Bureau of Labor Statistics. Insurance data is derived from the insurance carriers and related activities sector.

2022 Insurance Industry Succession Planning Study Results

Explore the industry's succession readiness across all organizational levels. The Jacobson Group's Insurance Industry Succession Planning Study measures the breadth and depth of carriers' succession readiness. The 2022 study was conducted from September 15 through October 2 and was open to insurance carriers across all industry sectors. Download the results for valuable benchmarking insights to help refine your organization's succession planning strategies.

Identifying the Right Talent for Your Insurtech

Published in Insurance Journal: Insurtechs are continuing to disrupt the insurance industry, while pushing traditional insurers to focus on modernization initiatives and how they can best leverage the capabilities of data and analytics. Whether you're an insurtech organization or any other insurance organization embarking on modernization initiatives, the ability to bring in the right people to push these initiatives forward is essential. Read this article to explore a few key areas to consider as you identify and retain the individuals who can most effectively move your organization forward.

Recruiter Report: Recruiting for Skills, Not Experience

The tight labor market continues to intensify, with savvy insurers seeking creative ways to attract qualified professionals and expand their talent pools. Our team regularly works with hiring managers to determine the needs of a particular role, as well as how to creatively uncover qualified, yet perhaps non-traditional, candidates. In this edition of Recruiter Report, we explore how to look beyond professionals’ experience and resumes to uncover their potential for success in a role. Below we explore the pressing question, How can insurers most effectively recruit for skills? Determine the skills necessary for success in a role. Traditionally, many hiring managers focus on specific educational requirements, background experience and past positions titles when defining the requirements for a position. However, this not only limits your candidate pool, it potentially excludes individuals who may have the aptitude and abilities to thrive in the role. Rethink how you approach the recruiting process by identifying the core skills needed for success. Rather than focusing on a specific number of years’ experience in a certain position, identify what you’re hoping an individual would have gained within that timeframe, using this information to influence your search. For instance, transferable skills such as customer service, attention to detail and emotional intelligence are key for claims roles; while strong analytical thinking and sales skills create a solid foundation for underwriters. These interpersonal skills are often more difficult to teach than department-specific programs and processes. Refresh job descriptions to resonate with a broader audience. As you expand your candidate pool and explore less traditional hires, ensure this mindset is also reflected in your job postings. If you’ve previously included long lists of qualifications and desired experience, determine which are vital coming into the role and what can be learned on the job. By distilling your requirements down to the most essential elements, you’ll avoid discouraging otherwise well-qualified individuals from applying. At the same time, rather than simply listing a role’s day-to-day responsibilities, use your job posting to showcase its larger impact, growth potential, and opportunities to flex and develop various skills. Take a fresh approach to how you’re positioning open roles, focusing on making them more inclusive and compelling to a broader audience. Look for talent outside your comfort zone. The industry has recently seen record numbers of open positions; yet, there’s not enough available talent to go around. Keeping specific skills in mind, explore how you can expand your talent pool beyond your standard recruiting campuses and industry competitors. Consider different insurance verticals or even other industries that leverage similar skillsets. Partner with a broad range of college programs, actively participate in career fairs and expand your social media footprint. You may also choose to reach out to specialized recruiting firms with broad networks and extensive reach. Leverage behavioral interview questions. Especially when interviewing individuals who are not making linear moves or lack exact experience, determine how you can best uncover their ability to perform within a role. Rather than solely focusing on their background and past positions, ask questions that are more future-focused and help you understand how a candidate would handle potential scenarios. Here are a few examples of the many open-ended behavioral interview questions that can provide insight into an individual’s transferable skills, thought process and approach to various situations:            • How do you coach your team members to use their critical thinking skills?       • In what ways do you guide your team to advance the goals of the organization?       • Provide an example of a time you made a mistake at work and explain how you fixed the issue.       • Tell me about your biggest professional achievement. Be intentional when selecting interviewers. Along with behavioral interview questions, explore additional methods for further uncovering a candidate’s transferable skills. This could mean having someone other than the hiring manager or department head participate in the interview process. The candidate may feel more at ease with a peer, allowing them to engage in more natural conversation and enabling you to uncover different facets of their experience and skills. As an added benefit, this also grants candidates broader insight into your organization’s people and its culture. Recruiting for skills, as well as experience, is a key strategy for expanding your candidate pool and cultivating an agile and diverse workforce in today’s challenging market. Determine the transferrable skills needed to excel in a role, rework job descriptions to resonate with today’s candidates and create tailored behavioral interview questions to uncover potential beyond a resume. View the last edition of this quarterly series, “Recruiter Report: Job Hopping”

October 2022: Labor Market Pulse

The overall U.S. economy exceeded job growth expectations in September. While the insurance carriers and related activities sector experienced a slight decrease in employment, industry unemployment dropped to below 1% for the first time in nearly a year. Wages also increased year-over-year across all insurance sectors. Following two consecutive months of record finance and insurance job openings, August* saw a significant drop in open positions. However, at 347,000 open roles, this remains well above 2021’s monthly average of 296,000. Additionally, average monthly voluntary quits and average monthly hires remain at record highs in 2022. The industry’s ongoing reshuffling persists, as employers continue to compete in a challenging labor market. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector decreased to 0.9% in September.  The insurance carriers and related activities sector lost  9,300 jobs in September. At roughly 2.8 million jobs, industry employment increased by approximately 37,900 jobs compared to September 2021. The U.S. unemployment rate decreased to 3.5% in September and the overall economy added 263,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, August* insurance industry employment saw job increases in agents/brokers (up 3.9%), TPAs (up 3.0%), property and casualty (up 1.5%), and life/health (up 0.4%). Meanwhile, job decreases were seen in claims (down 7.2%), title (down 3.4%), and reinsurance (down 0.7%). On a year-to-year basis, August* saw weekly wage increases in property and casualty (up 10.7%), title (up 6.7%), reinsurance (up 6.1%), life/health (up 5.8%), agents/brokers (up 5.4%), claims (up 4.7%), and TPAs (up 4.5%).        BLS Reported Adjustments: Adjusted employment numbers for August show the industry saw an increase of 5,600 jobs, compared to the previously reported increase of 5,400 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled. *The BLS JOLTS report and reports on wages and employment for the industry category are only available for two months prior. The source for the data represented in PULSE is the U.S. Bureau of Labor Statistics. Insurance data is derived from the insurance carriers and related activities sector.

Cultivating a Corporate Culture that Transcends Locations

Published in Insurance Journal: Over the past few years, organizations have continued to evolve in response to shifting environments and priorities. Now, as insurance organizations are establishing more permanent plans for moving forward and operating long term, it's important to explore how a corporate culture can best translate to the new working reality. Read this article to learn best strategies for cultivating a strong culture that transcends locations.