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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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Q3 2022 Labor Market Study Results Infographic

The results of the third quarter iteration of the 2022 U.S. Insurance Labor Outlook Study are now available. The study, led by The Jacobson Group and Aon, plc, examines insurance industry labor and hiring trends. View highlighted stats in our infographic.

Episode 8: Exploring the Current State of the Insurance Labor Market – Q3 2022

As we enter the second half of 2022, insurers remain optimistic about employment growth, according to the results of The Jacobson Group and Aon-Ward’s Q3 2022 Insurance Labor Market Study. Jeff Rieder, partner at Aon and head of Ward Benchmarking, and Greg Jacobson, co-CEO of The Jacobson Group, discuss the study’s key findings and provide insight on areas insurers should consider to stay ahead in the challenging labor market.

The Digitally Lagging Insurance Industry is Poised for a Well-Funded Transformation

Published in Insider Intelligence The insurance industry has lagged behind most other sectors in its digital transformation, but change is coming. Insurance technology spending is expected to grow significantly between 2022 and 2026. Insurers plan to use the increased tech spending to digitize their core capabilities, build out digital self-servicing tools, and create personalized products and experiences for customers. Read this article to explore the importance of digital transformation within the insurance industry.

Jacobson Employee Spotlight – Q3 2022

We’re excited to share that The Jacobson Group was recently named to Business Insurance’s 2022 list of the Best Places to Work in Insurance. As a talent-focused organization, we understand the importance of investing in our employees’ growth and success throughout all stages of their careers. This quarter we’re highlighting two of the many individuals that are integral to our firm’s success. Learn more about them below. RYAN JACOBSON Recruiting Manager, 7 years at Jacobson Hometown: Mapleton, Illinois Alma Mater: University of Illinois Chicago  Describe Your Role: I’m a recruiting manager on our temporary staffing team. I manage and support our researchers and recruiters who source/recruit our hard-to-find (aka unicorn) candidates for subject matter expert roles! Favorite Movie: The Devil Wears Prada Jacobson in Three Words: Transparent, Flexible, Professional When You Grew Up, You Hoped to Become: A veterinarian Random Fact About Yourself: Those who have seen my work background may know, but I own more than 100 plants! Best Place You Have Ever Visited: Santorini, Greece Favorite Dessert: Cheesecake One Thing You Are Grateful For: I’m always so grateful of the work-life balance Jacobson allows! First Concert: An '80s hair metal reunion tour with Cinderella, Ratt, Quiet Riot and Firehouse JOANNE MERRITT Recruiter, 3 years 11 months at Jacobson Hometown: Queens, New York City, New York Alma Mater: The State University of New York at Fredonia Describe Your Role: I am a recruiter for talent delivery. I screen candidates to determine if they are qualified, interested and available for the various temporary roles we are working on. Favorite Dessert: So hard to choose, love eclairs! Jacobson in Three Words: Professional, Integrity, Respectful One Thing You Are Grateful For: Of course my great kids and their significant others, but also for my wonderful circle of friends! First Concert: Unfortunately, I cannot remember, but I was a “Dead Head” and I went to many of their concerts.  Best Place You Have Ever Visited: Italy Favorite Thing About Working at Jacobson: People are treated with respect. I also love the snacks in the office! When You Grew Up, You Hoped to Become: I have always thought I would have enjoyed going into law. Want to join our team? View our corporate careers page here. View past editions of our Employee Spotlight here or follow our Facebook page for monthly spotlights.

September 2022: Labor Market Pulse

The industry’s labor market remains strong with accelerating wage growth and continued low unemployment. Wage inflation for the industry is high, trending toward an overall 6.3 aggregate percent increase in 2022, compared to just 0.8 in 2021. This increase is even more pronounced for property and casualty carriers, which are trending toward a 10.5 aggregate percent increase, compared to -0.3 in 2021; and life and health carriers, which are trending toward 7.4, compared to 0.8 in 2021. Along with industry wage growth, we’re also seeing a substantial increase in open positions within the broader finance and insurance category. In June 2022, the BLS reported a record number of 401,000 open finance and insurance positions. This number has since been revised to 476,000 open positions, with July* 2022 keeping pace at a reported 473,000 open positions. Combined with low unemployment and changing employee expectations, hiring remains incredibly challenging across the industry. In fact, our Q3 2022 Insurance Labor Market Study found nearly half of insurers are having more difficulty hiring than they were one year ago.   AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector decreased to 1.7% in August.  The insurance carriers and related activities sector gained 5,400 jobs in August. At roughly 2.8 million jobs, industry employment increased by approximately 49,400 jobs compared to August 2021. The U.S. unemployment rate increased to 3.7% in August and the overall economy added 315,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, July* insurance industry employment saw job increases in agents/brokers (up 3.6%), TPAs (up 3%), property and casualty (up 1.3%), and life/health (up 0.8%). Meanwhile, job decreases were seen in claims (down 6.1%), title (down 1.7%), and reinsurance (down 1.1%). On a year-to-year basis, July* saw weekly wage increases in property and casualty (up 7.7%), claims (up 5.4%), life/health (up 5.3%), agents/brokers (up 4.9%), title (up 4.8%), and TPAs (up 2.8%). Meanwhile, wages decreased in reinsurance (down 1.7%).       BLS Reported Adjustments: Adjusted employment numbers for July show the industry saw an increase of 2,400 jobs, compared to the previously reported increase of 6,200 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled. *The BLS reports on wages and employment for the industry category, as well as its Job Openings and Labor Turnover Survey (JOLTS), 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.

Recruiting and Retaining Claims Talent in the Candidate’s Market

Published in Insurance Journal Demand for claims professionals has reached historic levels. Coupled with an extreme labor shortage and a reshuffling of talent industry-wide, competition for top talent is fierce. A renewed approach to recruitment and retention is key to a fully-staffed and engaged claims team. This article highlights best practices on developing talent management strategies for success in today's market.

Recruiting Amid the “Great Realignment”

The insurance labor market continues to evolve. Insurers are undergoing a realignment, as they establish how their businesses will operate long-term, following the disruption of the pandemic. At the same time, the talent shortage persists and an already challenging recruiting climate is compounded by shifting employee expectations, hybrid environments and reestablished priorities. It’s necessary for organizations to lean into the evolving landscape and redefine how they attract the right talent to move business forward. In a recent issue of Compass, The Jacobson Group’s Judy Busby, senior vice president of executive search and corporate strategy, and Mike Abate, managing director, shared advice for remaining competitive in the current market. Their piece, “Recruiting Redefined: Staying Competitive Amid Realignment,” explores best practices for effectively positioning open roles, designing a positive candidate experience and investing in successful hiring outcomes. Below are a few of their insights. Broaden the talent pool.Be creative and inclusive in how open roles are structured to appeal to a broader range of qualified professionals, including those with non-traditional backgrounds. Rethink position requirements and distill postings down to only essential qualifications and experience. Consider how you can reduce in-office requirements to further expand your talent pool and eliminate geographic restrictions. As traditional insurance roles evolve and new needs emerge, focusing on transferable skills and prioritizing flexibility will enable you to cultivate a more diverse and future-focused candidate slate. Redefine the candidate experience. The current labor market is the tightest many have ever experienced. As a result, candidates have become more selective in their job searches and are accustomed to having the upper hand throughout the recruiting process. The pace of hiring has also accelerated, making it vital to showcase what your company and team have to offer during a condensed interview process. To be most impactful, communicate frequently, maintain momentum and tailor your approach to resonate with each individual candidate. Interview with intention.In today’s recruiting environment, it is likely candidates will be interviewing with multiple companies simultaneously. Ensure you’re taking a strategic approach to maximize the value of each touch point and enabling your team to make an informed and timely hiring decision. Align those involved in the interview process on the specific information they are gathering, the skills they are responsible for assessing and how you will objectively determine if someone is right for the role. Evolving your recruiting strategies to accommodate a more selective and discerning candidate base is essential to remain competitive amid the industry’s realignment. Read the full article for more on elevating the candidate experience and standing out in today’s labor market.

Q3 2022 Insurance Labor Market Results: Opportunities Abound

The industry is in the midst of one of the tightest labor markets many have ever experienced. Job openings have peaked in the past few months, voluntary quits are high, and we’re continuing to see an industrywide realignment as both professionals and employers assess their long-term needs and desired working environments. The results from our recent Q3 2022 Insurance Labor Market Study, conducted in partnership with Aon-Ward, indicate the tight market is not letting up any time soon. While 95% of insurance carriers plan to maintain or increase their headcounts throughout the next year, nearly half are finding their ability to hire more difficult than it was one year ago. This abundance of open roles provides a wealth of opportunities for professionals considering their next career move. Despite perceived uncertainty in the larger U.S. economy, 68% of insurers plan to add staff in the next year, which is 11 points higher than July 2021 and 5 points lower than January 2022. Anticipated increases in business volume is driving the need to add employees, followed by areas currently being understaffed. More than three-quarters of the insurers planning to hire seek experienced professionals, and 22% aim to hire entry-level employees. Of the 12 functions surveyed, actuarial is the most in need of entry-level individuals, with operations and claims close behind. As the industry continues to evolve and transform, technology roles remain in the highest demand, followed by underwriting and claims positions. Overall recruiting difficulty is unchanged from January, remaining at its highest level in the study's 13-year history. All functional areas except operations, sales/marketing and executive roles are considered more challenging to fill than one year ago. In addition to being most in demand, technology roles continue to be considered the most difficult to fill, followed by actuarial and analytics. Amid these hiring challenges, the use of temporary staff is also at an all-time high. Nearly all insurers (96%) plan to either increase or maintain their current use of temporary employees over the next 12 months. While COVID-19 restrictions have largely been lifted, flexibility continues to be a priority for most professionals. As organizations determine their longer-term operating plans, the majority of insurers plan to offer flexible working arrangements. Fifty-five percent of respondents plan to allow employees to work remotely full-time, up ten points from the January 2022 study. Additionally, 84% plan to offer hybrid work as offices reopen. The Q3 2022 Insurance Labor Market Study took place from July 11 through July 31, 2022, with participation from insurance carriers across all industry sectors. The semi-annual survey collects and examines data on insurance industry hiring, as well as revenue trends and projections. For more insight on the industry’s hiring plans and additional labor market details, view the full report. If you’re considering a career move, read our past posts on taking a mindful, focused and professional approach to your job search.

Insurers Anticipate Staffing Increase Over the Next Year Despite Recruiting Difficulty: The Jacobson Group

Published in Insurance Journal: Amid one of the most competitive labor markets the insurance industry has ever seen, talent is a top priority for most leaders. Although recruiting difficulty remains at its highest point, the majority of insurers are still planning to add to their teams in the next year. Read this article to explore more valuable insights into the recruiting climate and talent outlook.

Q3 2022 U.S. Insurance Labor Market Study Results

The Jacobson Group and Aon-Ward conducted a study to investigate hiring trends within the insurance industry. The following presents the findings of an insurance labor survey conducted in the third quarter of 2022...

August 2022: Labor Market Pulse

Competition for talent continues, with job openings in finance and insurance reaching a record level of 401,000 in June*, surpassing January’s revised record of 376,000 (originally reported as 411,000) and contributing to an average level of 367,000 open roles for 2022 so far. Comparatively, the same timeframe in 2021 (January through June), saw an average of just 252,000 open positions. The overall U.S. economy has experienced 19 months of continued job growth and saw an increase of more than half a million jobs in July, reaching February 2020’s pre-pandemic employment levels and surpassing economists’ expectations. The insurance carriers and related activities sector is nearing the same milestone, adding roughly 35,000 jobs this year. As insurers continue to make adjustments and realign to be most successful moving forward, it’s likely movement will persist amid an increasingly competitive recruiting climate. For additional insights on insurers’ hiring plans for the next 12 months, join us for a complimentary webinar on August 11, discussing the results of the Q3 2022 Insurance Labor Market Study. Register here. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector decreased to 2.1% in July.  The insurance carriers and related activities sector gained 6,200 jobs in July. At roughly 2.8 million jobs, industry employment increased by approximately 50,800 jobs compared to July 2021. The U.S. unemployment rate decreased to 3.5% in July and the overall economy added 528,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, June* insurance industry employment saw job increases in agents/brokers (up 4%), TPAs (up 3.3%), title (up 1.1%), property and casualty (up 0.3%), and life/health (up 0.2%). Meanwhile, job decreases were seen in claims (down 2.2%) and reinsurance (down 1.1%). On a year-to-year basis, June* saw weekly wage increases in property and casualty (up 8.3%), claims (up 6.3%), title (up 5.3%), life/health (up 5.1%), agents/brokers (up 3.6%), and TPAs (up 2.9%). Meanwhile, wages decreased in reinsurance (down 3.3%).       BLS Reported Adjustments: Adjusted employment numbers for June show the industry saw an increase of 8,600 jobs, compared to the previously reported increase of 7,200 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled. *The BLS 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.

Effective Leadership Development in an Evolving Climate

In today’s business climate, an organization’s vitality rests upon its leaders’ ability to evolve, rise to meet new stakeholder demands, and navigate shifting challenges and priorities. However, traditional career development plans have placed strong emphasis on an employee’s technical skills, overlooking the interpersonal and leadership skills that are necessary for success. As insurers respond to the exigencies of an evolving industry, which are further compounded by the maturing workforce, taking a fresh approach to leadership development is key. In a recent Insurance Journal article, Julie Dunn, assistant vice president and engagement director at The Jacobson Group, shared best practices for incorporating leadership and interpersonal skills into individuals’ career development plans. Recounting a Gartner study which found 45% of human resource professionals struggle with developing mid-level leaders and nearly as many (37%) with senior leaders, her piece, “Redefining Leadership Development,” explores areas for insurers to consider as they grow and engage their organization’s talent. Below are a few of her insights.Determine what leadership looks like in your organization.How organizations define leadership will vary, based on their corporate culture, values and mission. Consider the traits and skills that best align with your company’s current and future needs, such as empathy, a growth mindset, integrity and the ability to motivate others. Recognize that while some individuals may be more natural leaders, these behaviors can also be learned and fostered in others.Prioritize the human aspect. A recent study found 90% of human resources professionals believe focusing on the human aspect of leadership is essential for success. Beginning at the junior level, incorporate leadership and soft skills training into high potential employees’ professional development plans. Regardless of whether these programs are formally driven by HR or internally within your team, ensure you’re prioritizing leadership skills, not just technical abilities, as individuals advance in their careers. Take an individualized approach by identifying employees’ current strengths and areas for growth to create tailored development plans.Build leadership development strategies.As part of a comprehensive leadership development strategy, consider how you can provide individuals with a well-rounded view of your organization. Exposing high potential employees to experiences across divisions, through activities such as rotational programs or interdepartmental projects, allows them to gain broader insight into how departments interconnect. Coaching and mentorship relationships are also immensely valuable and permit employees the opportunity to connect with and learn from more senior individuals who can further support their growth.Soft and interpersonal skills are often the difference in good and great leaders. Consider leveraging formal training around emotional intelligence and unconscious bias within comprehensive development plans. This will strengthen individuals’ ability to effectively communicate, navigate conflict and manage relationships. Additionally, it is vital that senior management leads by example, exhibiting core leadership traits and encouraging them in others.Strategic leadership development is key to the long-term prosperity of any organization. Read the full article to learn more about redefining leadership and implementing formal leadership development plans to position your company for continued success.