Insights

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.

Explore Our Full Thought Leadership Library

  • Reset

Q1 2022 Labor Market Study Results Infographic

The results of the first 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.

2022 Actuarial Talent Trends Guide

As we move through 2022, we are seeing a number of significant talent trends within the actuarial space. This challenging environment is compounded by shifting business priorities, the emergence of new roles and technologies, and increasing employee expectations. Download our guide to learn about the actuarial trends we expect will have the most impact in 2022.

Generation Z: Attracting and Retaining the Youngest Members of the Workforce

As the insurance industry continues to face a tight labor market, attracting and retaining members of Generation Z is essential for a successful talent strategy. Explore these best practices to ensure you're well-positioned to recruit and retain tomorrow's insurance leaders.

Episode 5: Attracting and Retaining Young Talent – Insurance Careers Month

It’s Insurance Careers Month, the hallmark event of the Insurance Careers Movement, a grassroots effort with a goal of inspiring young people to choose a career in insurance. In celebration of this event, host Greg Jacobson sat down with Marguerite Tortorello, managing director of the Insurance Careers Movement; John Glomb, president and CEO of Philadelphia Insurance; and Al Crook, head of HR business partners and apprenticeship at Zurich, to discuss how they are engaging young talent in unique and innovative ways. These industry leaders explain how they are expanding the industry’s visibility among young professionals and successfully recruiting the next generation of insurance talent. Learn more at insurancecareerstrifecta.org.

Q1 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 first quarter of 2022...

Insurance: The MVP of the Big Game

This year, the Cincinnati Bengals and the Los Angeles Rams will meet at the SoFi Stadium in Inglewood, California to compete for the ultimate football victory. While the players on the field and a love of the game are what attracts the crowds, insurance is one of the many moving parts that keep the game running smoothly - both in the stadium and on TV. Here are some insurance facts about the Big Game you might not have known: Insuring the Big Game is a multi-layered process costing hundreds of millions of dollars overall, but without it the game could not go on. Are you planning to host your own celebration for the Big Game this year? Share your game day plans with us in the comments below.

February 2022: Labor Market Pulse

While employment for insurance carriers and related activities has been on the rise for the past six months, revised BLS numbers* show average employment for 2021 was roughly 2.8 million, about 57,000 fewer jobs than originally reported. However, the tight labor market persists, and industry hiring is not keeping pace with its number of quits. This is evidenced by lower annual industry averages for both unemployment and jobs in 2021, compared to 2020. At the same time, wage increases were extremely high year-over-year. Overall, industry wages increased by 7% from December 2020 to December 2021. Life/health experienced a 6.5% increase and property/casualty experienced an 8.7% increase in that timeframe. As salaries rise and the war for talent continues, insurers must focus on ways to expand both their total rewards packages and their talent pools. To learn more about the industry’s hiring outlook, join us February 10 for a complimentary webinar analyzing the results of our Q1 2022 Insurance Labor Market Study. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector decreased to 1.7% in January.  The insurance carriers and related activities sector gained 4,800 jobs in January. At roughly 2.8 million jobs, industry employment decreased by approximately 2,200 jobs compared to January 2021. The U.S. unemployment rate increased to 4% in January and the overall economy added 467,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, December** insurance industry employment saw job increases in claims (up 16.1%), title (up 7.5%), agents/brokers (up 4.9%) and TPAs (up 1.4%). Meanwhile, job decreases were seen for life/health (down 4.6%), property and casualty (down 5.5%) and reinsurance (down 7.1%).  On a year-to-year basis, December** saw weekly wage increases in reinsurance (up 24.8%), TPAs (up 9%), property and casualty (up 8.7%), agents/brokers (up 6.6%), life/health (up 6.5%) claims (up 4.4%), and title (up 3.8%).      BLS Reported Adjustments: Adjusted employment numbers for December show the industry saw an increase of 4,500 jobs, compared to the previously reported increase of 3,100 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled. *The BLS made its annual revisions on February 4, adjusting employment numbers for the past five years.* **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.

Talent Strategies for a Successful 2023 Open Enrollment Season

Throughout the past few years, planning ahead for open enrollment and annual enrollment periods has become increasingly critical. Now, with the industry facing an incredibly tight labor market and organizations fighting an ongoing war for talent, securing the right sales agents early on is more important than ever to overall success. Last year, health plans shared a few of their lessons learned with us. As we enter 2023 OEP/AEP, this advice continues to ring true. The below checklist provides these and other best practices to help ensure your team is prepared to meet and exceed your members’ expectations this fall.Review past years’ talent strategies and potential scenarios. A consistent theme in recent years is the need to prepare for the unpredictable. Be thorough in your enrollment talent strategy, focusing on considerations and challenges that arose in past years, as well scenarios that could play out this year. Illness (of staff or their family members), isolation periods, school closures, lack of childcare and attrition are a few potential hurdles that can be mitigated with smart planning.Consider your current resources and areas where you may need additional help. Some managers may see an influx of work as a reason to increase current employees’ workloads. However, we’re currently in a candidate’s market; professionals have options and are not afraid to make career moves. Keeping employees satisfied, engaged and productive is key during busy periods. As you plan your strategy, be aware of your current employees’ individual needs and how you can help them perform at their highest standards. If you risk spreading your internal staff too thin, consider ways interim talent can help ease their workloads and help avoid burnout.Partner with a knowledgeable staffing partner in advance. Even if your needs are not solidified, begin talking with your staffing partner well ahead of enrollment season. When choosing a firm, consider their breadth and depth of experience, as well as their industry networks. Staffing firms that understand your business and unique challenges will be well-equipped to find the right talent to meet your needs, allowing you to remain focused on your larger business goals. Create a streamlined onboarding process. In the current environment, there are often many logistics involved in successfully onboarding a new employee. To avoid delays, make sure your larger team (staffing agency, legal, human resources, etc.), is prepared to quickly process onboarding forms. Gain an understanding of employees’ past and current licensures, and be prepared to secure and ship computers and other equipment. Keep in mind longer shipping lead times and any other potential barriers to getting employees up and running on time. Build strong connections within your team.Especially during heavy workloads, a sense of camaraderie is essential for maintaining positive morale and engagement. Consider ways you can create a sense of connection among team members who may be physically distanced from one another. This may be through healthy competitions, recognition programs and enhanced communications tools. Additionally, ensure you’re concluding temporary employees’ projects on a positive note, making it more likely high performers will return the following year.Continue to grow and learn. At the conclusion of 2023 OEP/AEP, schedule time to reflect on the success of your talent strategy. What worked well? What would you have changed? How can you better plan for 2024? By taking the time to review your performance, you’ll be prepared to fine tune your approach and continue achieving greater success each year.As the shortage of skilled and experienced workers continues to be felt across the industry, planning ahead can help mitigate stress on your core team, while providing optimal service to your members. To talk more about talent considerations for OEP/AEP, reach out to our team.

Episode 4: Sharing Key Talent Trends for 2022 – Insights from Jacobson Leaders

Host Greg Jacobson is joined by Jacobson colleagues to discuss the trends impacting insurers as they fine tune their talent strategies for 2022. From adapting management styles for long-term hybrid workforces to adjusting hiring processes to meet changing candidate expectations, there are several areas of consideration to remain competitive in today’s tight labor market. Download the full 2022 Insurance Talent Trends Guide at this link: https://content.jacobsononline.com/2022-insurance-talent-trends.

Compass 15.1 Generation Z: Attracting and Retaining the Youngest Members of the Workforce

This quarter’s Compass feature article explores the importance of engaging young talent and the different ways your organization can help them grow into future leaders. The newsletter also includes an overview of the industry's current labor market and recent executive-level job changes.

January 2022: Labor Market Pulse

While industry unemployment rose slightly at the end of 2021, the insurance carriers and related activities sector experienced six consecutive months of gradual job growth and reached a record high for annual average employment. Recent growth appears to be primarily driven by title, claims and agent/broker roles. The BLS also reported 407,000 job openings within the larger finance and insurance industry for November*. This is the industry’s highest level of open jobs in the report’s 20-year history, with the most recent decade reflected in the graph below. While we’re seeing a steady increase in employment and a high number of open roles, the level of quits within finance and insurance is also at a 10-year high. The Great Reshuffle persists, making it essential for insurers to continue evaluating their approach to recruitment, retention and engagement in 2022. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector increased to 1.9% in December.  The insurance carriers and related activities sector gained 3,100 jobs in December. At roughly 2.9 million jobs, industry employment decreased by approximately 800 jobs compared to December 2020. The U.S. unemployment rate decreased to 3.9% in December and the overall economy added 199,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, November** insurance industry employment saw job increases in title (up 8.6%),  agents/brokers (up 1.5%) and claims (up 1%). Meanwhile, job decreases were seen for reinsurance (down 4.1%), property and casualty (down 2.8%), TPAs (down 1%) and life/health (down 0.5%).  On a year-to-year basis, November** saw weekly wage increases in TPAs (up 6.1%), claims (up 3%), life/health (up 2.9%), agents/brokers (up 1.1%) and reinsurance (up 0.5%). Meanwhile, wage decreases were seen for title (down 4.1%) and property and casualty (down 0.7%).      BLS Reported Adjustments: Adjusted employment numbers for November show the industry saw an increase of 2,800 jobs, compared to the previously reported increase of 2,500 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled. *November is the most recently available JOLTS information from the BLS. **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.

Insights for Personal and Professional Success in 2022

As 2022 begins, it’s likely you’re reflecting on last year’s accomplishments and refining your goals for the new year. For many individuals, personal and professional aspirations are more intertwined than ever before, a result of long-term remote work, shifting priorities and continued unpredictability. Below, a few of our colleagues at The Jacobson Group share how they’re preparing for a successful year. We hope these insights provide inspiration as you set and adjust your own goals for 2022. Prioritize work-life balance. Samantha Banes, Recruiter: Working from home has many benefits, but I have learned it tends to make unplugging more difficult. To be successful, both professionally and personally, we have to give ourselves the breaks and rest we deserve. I’m going to commit to a couple hours each day with no screen time and instead focus on doing something productive for myself. Alison Wetmore, Assistant Marketing Manager: This year, I’m focusing on my work-life balance and ensuring my home office is inviting and inspiring. I am setting specific work hours and have been able to arrange my schedule to fit in workout time to help keep me healthy and boost my focus. Sarah Karvel, Engagement Director: I am setting myself up for success in the new year by being intentional in how I allot my time between my career and everything else that makes life special. This includes a daily commitment to not procrastinate (the temptation is real), which will alleviate stress for not only me, but my cherished colleagues as well. Joanne Merritt, Recruiter: I hope to work both remotely and in our downtown office in 2022. On the days I am working remotely, my goal is to get to the gym before work. I am also committed to strengthening my insurance knowledge and expanding my expertise within the industry. Embrace small wins. Jessica LaFountain, Supervisor, Researching and Recruiting: I’m reflecting on what worked well in 2021 and putting that into practice for 2022. I’m also focusing on taking time to recognize work wins, both big and small, whether that’s on my own or with my team. Ryan Jacobson, Recruiting Manager: I’m focusing on small goal setting! I’ve always operated by seeing the big picture and working toward the end goal, but I’m setting up smaller goals along the way to show movement and keep me on track this year. I did this on the personal side last year, with finally getting into working out (thanks, pandemic!) and I have seen a lot of results from taking things slower, while staying consistent. This has also improved my work-life balance by helping me be in the moment when I’m outside of work, instead of thinking about work 24/7! Stay positive and present. Catherine Prete, Senior Vice President, Operations: I like to start simple and strong with a positive mental mindset when planning for a new year. I am a planner by heart and trade, so I typically start by identifying short-term and long-term goals, necessities, and opportunities. I then think about resources and timelines. Once I have a broader view of what the next 12 months look like I create small plans to execute. I am fortunate to work with a really strong team of people that help me execute a lot of quality work. Although it might sound like this is specifically for my professional life, I honestly take a very similar approach to my personal life too. Start positive, plan well, be agile and end strong! Emma Olson, Contracts Administrator: I want to remember to step back and take a breather in 2022. I am also trying to find the small, everyday joys like the sunshine after a couple of dreary days, a really good cup of coffee in the morning or a good conversation with a friend. I also want to commit to being better about leaving work at work, even in a remote work environment. In addition, I plan to work on maintaining a productive atmosphere and strengthening my professional connections. Overall, I aim to focus on how I can do my job better and leave the spaces and people around me better than I found them! Caitlyn Zarlengo, Recruiting Manager: I plan to worry less about things that are out of my control, focus on what I can control and keep a positive mindset. Focus on what energizes you. Michael Faso, Recruiter: I plan to encourage and motivate myself and my entire team to get the best results possible not only for ourselves, but for the larger company. I want to make sure that this new year I’m focused on the right things to help myself grow personally and professionally. Judy Busby, Senior Vice President of Executive Search and Corporate Strategy: After the past two years we’ve experienced, this year is a time for doing more of what’s energizing. Put your energy where you can make the most impact to your organization. Research suggests when we do more of what we like, we contribute at a higher level and achieve better results. Here's to getting results AND being fulfilled in 2022! Whether you’re starting your first job in 2022 or progressing in your career, be mindful of what makes you most productive and fulfilled. By taking time to focus on how you can be most effective within your own career and personal life, you’ll be well-positioned for a successful 2022.