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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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Talent Trends for Insurers to Watch in 2022

Entering 2022, we mark nearly two years of adapting to the effects of the COVID-19 pandemic. Shifting employee expectations and long-term virtual and hybrid work environments, along with a tight labor market, will all impact how insurers approach their talent strategies in the new year. Below are a few of the key trends we’re anticipating. To read more, download our complete 2022 Insurance Talent Trends Guide. Industry reshuffling continues. Insurance professionals will continue to make moves in 2022 as they evaluate their professional decisions and futures within their current companies. Unfulfilled employees won’t hesitate to move on, making it vital for leaders to focus on retention, engagement and development. The “War for Talent” rages on. In terms of recruitment, insurers will need to further expand their talent pools and be creative in defining the skills and qualifications necessary for a role’s current and future demands. Recruiting timelines will accelerate as hiring managers experience increasing pressure to make quick decisions and present competitive and tailored offers. Insurers prioritize DEI with increased accountability. Across all industries, organizations are being held accountable for their progress within diversity, equity and inclusion. Forward-thinking insurers are making DEI a business priority and putting the necessary resources, strategies and goals in place in 2022. Professional connections must be built and strengthened. It’s been nearly two years since many individuals have seen their colleagues in person, including newer hires who may have never met teammates face-to-face. Managers will need to be cognizant of how they are connecting their employees to each other, as well as to individuals in other departments, and be proactive about building strong working relationships. Corporate culture transcends physical office spaces. Rather than attempt to retrofit in-office cultures to the remote landscape, organizations are redefining how company culture can be experienced across different locations. Leaders must focus on their company values and determine how those values can best translate in a virtual or hybrid environment. Successful return-to-office plans are thoughtful and strategic. Individuals have become accustomed to working from home and have calibrated their habits and expectations accordingly. Leaders who plan to bring individuals back into the physical office – even on a part-time basis – will need to establish customized plans that fit employees’ current lifestyles and comfort levels, while also meeting the company’s needs. Management and leadership skills are prioritized. As the role of a leader evolves, soft and interpersonal skills are setting exceptional leaders apart and contributing to the overall productivity and satisfaction of their teams. Organizations will benefit from refreshing their leadership development programs and focusing on skills such as emotional intelligence, communication, critical thinking and coaching, in addition to technical knowledge. Flexibility reigns. Flexibility has been a key theme throughout the pandemic and will continue in 2022. Maintaining flexibility in everything from work schedules and locations to career growth and total rewards packages will be essential to employee satisfaction this year. While the industry will continue to evolve in 2022 and undoubtedly present unforeseen shifts and challenges, insurers that focus on employee needs and expectations, remain agile, and prioritize strong leadership will come out ahead. For more on what insurers can expect in the new year, view The Jacobson Group’s full 2022 Insurance Talent Trends Guide.

Episode 3: Prioritizing DEI: How Two Organizations Are Achieving Lasting Change

Diversity, equity and inclusion have been heavily discussed among insurers over the past several years. However, to make a lasting impact, leaders must treat DEI as a business priority and commit to cultivating an inclusive culture within all levels of the organization. In this episode, Brett Carter, managing director of The Jacobson Group, joins host Greg Jacobson to talk with two insurance leaders who have made significant strides within DEI, building it into their company’s culture and values. Ivy Kusinga, chief culture officer at Chubb, and Margaret Meister, president and CEO of Symetra, sit down with us to share how they’re achieving lasting change within their organizations.

2022 Insurance Talent Trends

As we near the two-year mark of COVID-19, many of the key themes for successful talent strategies remain from the previous year. Employers must stay agile and flexible, focus on engaging their teams, and strive to meet employees' changing expectations. Download our guide to learn about the trends we expect will have the most impact on the insurance industry in 2022.

December 2021: Labor Market Pulse

We’re closing out 2021 on a positive note, with a low unemployment rate and the addition of new jobs within the insurance carriers and related activities sector. This year has seen numerous shifts, including changing candidate expectations, an intensifying war for talent and continued reshuffling. The unemployment rate for insurance carriers and related industries remains low, with a slight increase in November to 1.4%. We’re also experiencing a significant amount of turnover in the larger finance and insurance industry. While this data is slightly delayed*, retirements and quits were high in September, reflective of “the Great Resignation.” Hiring has also accelerated within finance and insurance, contributing to the industry’s continued reshuffling. We anticipate this movement will persist throughout the end of the year. Insurers must continue to focus on monitoring employee needs and determining how to best meet their individual expectations in order to retain talent and avoid losing high performers to their competition. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector increased to 1.4% in November.  The insurance carriers and related activities sector gained 2,500 jobs in November. At roughly 2.9 million jobs, industry employment decreased by approximately 200 jobs compared to November 2020. The U.S. unemployment rate decreased to 4.2% in November and the overall economy added 210,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, October** insurance industry employment saw job increases in title (up 10.8%) and agents/brokers (up 1.7%). Meanwhile, job decreases were seen for reinsurance (down 3.4%), claims (down 3.3%), property and casualty (down 3.1%), TPAs (down 0.8%) and life/health (down 0.4%).  On a year-to-year basis, October** saw weekly wage increases in claims (up 3.6%), life/health (up 3.3%), TPAs (up 1.7%), agents/brokers (up 0.4%), reinsurance (up 0.3%) and property and casualty (up 0.1%). Meanwhile, wage decreases were seen for title (down 6.5%).      BLS Reported Adjustments: Adjusted employment numbers for October show the industry saw an increase of 3,800 jobs, compared to the previously reported decrease of 900 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled. *September 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.

Jacobson Employee Spotlight – Q4 2021

As we near the end of 2021 and continue to celebrate our 50th year providing talent to the insurance industry, we’re more thankful than ever for the dedicated individuals who are committed to helping our clients meet their talent goals. Below we highlight a few members of our team 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. SHELBY PUNKE Senior Recruiter, 6 years at Jacobson Hometown: Mokena, Illinois Alma Mater: Illinois State University Describe Your Role: As a senior executive recruiter, I perform outreach to recruit and screen candidates for executive and c-suite roles. I work closely with both a researcher and an engagement director on each search. What Motivates You? Knowing the work I am doing helps people with their careers Jacobson in Three Words: Supportive, Respected, Fun Ideal Weekend Plans: Spending time with family and my kids Bucket List Item: My husband and I love to travel, and want to see as many places as we can! Favorite Dessert: Brownie sundae Ideal Lunch Break: Eating outside and taking my dog for a quick walk on a sunny day! TANYA RINSKY Senior Account Manager, 2 years at Jacobson Hometown: Cincinnati, Ohio Alma Mater: University of Cincinnati Describe Your Role: I cultivate and maintain the growth of the organization’s health business while managing day-to-day engagement with clients. I work closely with our internal team to provide health organizations with the temporary staffing and subject matter experts solutions they need to effectively manage workload fluctuations, special projects and other short-term needs. Favorite Movie: The Birdcage Random Fact: I won three mock trial state competition awards in high school and was awarded MVP in my argumentation class in college. Ideal Weekend Plans: Heading to a different Chicago neighborhood to explore Best Piece of Advice You Were Ever Given: Trust your intuition. Bucket List Item: To drive cross-country to California Ideal Lunch Break: Running an errand, checking off a personal to do item MILENA WASINSKA Administrative Coordinator, 6 months at Jacobson Hometown: Czarna Bialostocka, Poland Alma Mater: Proud Rooseveltian (Roosevelt University)  Describe Your Role: I work in administration and operations. My team supports other departments with administrative procedures, reporting, etc. I also handle temporary staffing equipment returns and conduct monthly, quarterly and annual reporting on technology tools. Jacobson in Three Words: Diverse, Experts, Family Favorite Thing About Working at Jacobson: I love the diversity of Jacobson, we’re all so wonderfully different. Ideal Weekend Plans: On my back deck with something nice to drink, basking in the sun with my dog Bucket List Item: Visit Greece Best Piece of Advice You Were Ever Given: My grandma used to always say, “Be quiet and of a humble heart," probably because I was always too loud and proud. Jacobson Superpower: I will not say "no" to any challenge. For more about what makes Jacobson a great place to work, read our 50th anniversary post.

Recruiter Report: Gauging Candidate Sincerity

The recruiting landscape continues to transform and candidates’ attitudes and motivations are evolving along with it. In October, we hit an unprecedented 0.8% unemployment rate within the insurance industry. Recruiting has become even more difficult as the war for talent rages on. However, many hiring managers are now experiencing a new challenge: understanding how serious candidates are about accepting a new position. It’s not uncommon for candidates to go through the interview process to “see what’s out there,” or make it to the point of an offer only to be swayed by a counteroffer from their current employer. Recruiters and hiring managers must adjust their interview styles to better understand how motivated professionals are to make a move – especially if they aren’t actively looking. In this edition of Recruiter Report, we address the question, How can you gauge a candidate’s sincerity throughout the interview process? Ask the right questions.  Understanding why candidates are exploring a new role and their willingness to leave their current employer is key. Here are a few questions that can provide insight into this area: How recently have you looked for other opportunities? They may truly be open to a move, or they may be professional candidates who interview periodically with no true intention of changing roles. How long have you been with your current employer? If they’ve been there 15 years, there may be a lower likelihood of them leaving without a large incentive. Conversely, if they’ve been with their employer under a year, it could be a potential red flag. What is missing in your current position that you are talking with me? They may just be curious about the opportunity, or perhaps they are looking for something their current employer can’t provide such as full-time work from home or upward mobility. What is still piquing your interest? This is a great question for the second interview, helping you understand why they are moving forward with the interview process and how motivated they are to accept an offer if it comes to that point. There are always exceptions, but if responses to these questions make you hesitant, dig deeper to gain a better understanding of a candidate’s situation. Perhaps they joined a company during the pandemic and were told they could remain flexible, but are now being asked to return to the office full-time, causing them to seek a new role sooner than they planned. Or perhaps they have already asked for development or advancement opportunities and have been turned down. Take on the role of a friend or consultant.  It’s important to understand what candidates are looking for and if they can achieve it with their current employer. If they feel like they’re deserving of a promotion, have they approached the issue with their current manger? Do they want more money, which could be easily provided in a counteroffer? Have their responsibilities shifted, causing them to be unhappy in their position? It may seem counterintuitive, but many grievances can be easily fixed by their current company. Encourage candidates to have these conversations with their current managers now, rather than getting to the point of an offer and being swayed by a potential counteroffer. You may lose a candidate in the short-term, but it will save you time and lead to a better outcome in the long-term. Make a strong offer.  If you’re prepared to present an offer, make sure it is competitive. Never come in at the low end of a candidate’s salary range. Outside of monetary compensation, ensure you understand anything else that may be a determining factor in a candidate’s decision. If it’s flexibility, PTO, development opportunities or other elements, outline these areas when presenting the offer. Include as much as you can within your total rewards package, remembering that even after a candidate accepts a position, the recruiting process isn’t over. It’s a tight market; without a strong offer, you may still risk losing talent to a counteroffer from their current employer or be vulnerable to losing them to competitors.  Adjusting recruiting strategies and creating strong offers is essential to remaining relevant in today’s market. Many hiring managers are concerned with internal equity; however, if your current employees aren’t being compensated at market value, you should be reevaluating their compensation and total rewards packages, as well. Otherwise, you risk losing your current talent to competitors who can better meet their needs.  While all situations are unique, taking the time to dig deeper into motivators will ultimately result in better long-term hires. Ask the right questions, understand intentions and make strong offers that are tailored to those needs. For more insight on current recruiting issues and trends, read past editions of Recruiter Report here. 

Leadership in the Virtual Environment: New Podcast

Insurance leaders are continuing to evolve their styles and strategies to accommodate shifting business and employee needs. While this may look different depending on individual teams, departments and organizations, the need for engaged and productive employees is universal. In a recent episode of The Insurance Talent Podcast, Greg Jacobson, co-CEO of The Jacobson Group, sat down with three industry leaders to discuss how they are effectively adapting to today’s business environment. Stan Galanksi, founder of G58 Capital, board chair of ProSight Specialty, and board member of Aviva’s Canadian business; Maroun Mourad, president of global underwriting at Verisk; and Gerardo Monroy, senior vice president of Aflac U.S. Innovation Strategy and Execution, shared their insights on how leaders can successfully move forward in the virtual environment. Here are a few highlights from these three conversations: Remote work is here to stay. The unanimous outlook for long-term remote work is that it’s not going anywhere. “I don’t think there’s any question about that,” said Galanski. “It’s on the mind of every executive team and every board of directors in the insurance industry.” Our guests expect hybrid environments to become the long-term norm moving forward. “In the new world, I do expect that we would have a hybrid environment, where folks work out of the office half the time or a third of the time and then for the rest of the time come in to do the important human-to-human connection work, especially around innovation, people management and leadership,” shared Mourad. Monroy offered a similar sentiment, “I would venture to say over half of organizations will work remotely going forward. That’s the future. I predict that people will move into a hybrid model where there are some associates who work 100% from home, …a handful who are 100% back in the office and the bulk will be hybrid, meaning they are in the office some days and at home other days.” It was also noted how quickly the industry was able to pivot to a fully remote environment nearly overnight. “I’m optimistic. There are certainly benefits from the lessons learned over the past couple of years. If someone had told us in March 2019 that come March 2020 we’re going to go remote 100% of the time, it would have taken us 12 months to figure it out,” said Mourad, regarding the industry as a whole. “…We somehow managed.” Productivity measures may need to adapt. In the discussions, Jacobson brought up that some executives fear a loss of productivity in a remote environment. There was an initial spike in productivity at the onset of the pandemic; however, there’s potential for it to wane in the long-term. “We haven’t seen any signs of this slowing down,” said Mourad. He continued, “There is a concern that people will develop fatigue in the long-term – we’re not machines after all, thankfully – and that innovation and productivity will take a hit. People could get burned out, which is not good from a humane level or a health level, as well as from a productivity perspective…It’s a balancing act.” “The questions is, are you as productive in the remote environment and is the traditional way of judging the number of hours one puts into a job even relevant anymore?” posed Galanski. He emphasized the need for a results- and performance-oriented scorecard, as it will be a challenge to measure productivity in the remote environment. “If you say, ‘we’re a results-driven organization,’ and you live that, it’s a lot easier to support a remote work environment because the numbers tell the story if you build a management information [infrastructure] that truly captures the value-add created.” Connections are vital. Even in hybrid and remote work environments, there’s a critical component of connecting face-to-face when necessary. “If you completely take out the human-to-human interaction in the insurance world, I think we’ll be lacking in many areas,” said Mourad, noting the areas primarily impacted will be innovation, retention and the establishment of trust. He emphasized the importance of flexibility and meeting business needs, while also accommodating the comfort level of employees and customers. Monroy shared insight into how he’s tailored his management style to the virtual world. “I have been most effective when I’ve been able to have a lot of interaction with my teams: walking around, meeting with people in their cubicles, at their desks and in their offices. That is something I personally miss, and we have been able to adjust to not having everyone in the office. You have to adapt. At the beginning it was tougher, but we have been at this for a year and a half and we’re getting better and better,” he said. Monroy uses a variety of communication methods to build connections with his teams and the larger organization, frequently sharing how the company is doing, recognizing milestones and accomplishments, and welcoming new team members. He also feels periodic face-to-face events can go far in building strong working relationships. Commenting on a recent in-person session, he shared, “The quality of the conversation, the depth of how we engage with one another was just fantastic. And it carried forward.” In addition to strengthening internal relationships, it’s also important to continue building connections with customers and partners. Referencing the property and casualty space, Galanski stated it’s common for the best ideas to come from places other than the boardroom. “They come from the customers and they come from listening and engaging with the buyers,” he said. One thing that has suffered is the ability to spend time with those customers in face-to-face environments that foster innovation, yet these interactions are critical. This is “when you get to ask the really relevant questions: What’s keeping you up at night? What is giving you a headache? What are the biggest problems you face in your business? Those are the kinds of discussions that I think really lead to creativity and innovation in our industry.” Listen to the podcast for the full conversations and more insights on what these leaders are seeing in their organizations and the greater industry. To receive new episodes of The Insurance Talent Podcast as they become available, follow or subscribe on Apple Podcasts, Google Podcasts, Spotify or Stitcher.

November 2021: Labor Market Pulse

Unemployment for the insurance industry continues to drop, reaching a record low in October. At 0.8% unemployment, this is the industry’s lowest unemployment rate in the BLS’s 20-year recorded history and only the second time it has dropped below 1%. However, employment for insurance carriers and related activities continues to decrease, with a loss of roughly 17,000 jobs since the beginning of 2021. This could be due to a number of factors, including continued reshuffling and realignment, as well as new hires potentially not keeping pace with retirements. It’s likely we’ll continue to see shifts in the industry’s labor market as both employees and employers adjust to the changing landscape. Proactively retaining employees and building a strong bench of talent at all organizational levels remain vital as we close out 2021. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector decreased to 0.8% in October.  The insurance carriers and related activities sector lost 900 jobs in October. At roughly 2.9 million jobs, industry employment decreased by approximately 11,100 jobs compared to October 2020. The U.S. unemployment rate decreased to 4.6% in October and the overall economy added 531,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, September* insurance industry employment saw job increases in title (up 10%), and agents/brokers (up 1.9%). Meanwhile, job decreases were seen for property and casualty (down 3%), reinsurance (down 1.1%), claims (down 1%) and life/health (down 0.6%). TPAs did not change. On a year-to-year basis, September* saw weekly wage increases in reinsurance (up 3.8%), TPAs (up 3%), life/health (up 1.1%), claims (up 0.9%) and agents/brokers (up 0.8%). Meanwhile, wage decreases were seen for title (down 3.6%) and property and casualty (down 0.9%).      BLS Reported Adjustments: Adjusted employment numbers for September show the industry saw a decrease of 2,500 jobs, compared to the previously reported decrease of 800 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.

Maintaining a Leadership Presence in the Virtual Environment

Although many companies are moving forward with return to-office plans, remote work is here to stay in at least some capacity. As workplaces continue to evolve, leaders must make adjustments on how they lead, manage and develop teams.

Developing Leaders for Tomorrow’s Actuarial Teams

One of the pressing topics within the actuarial community is how to grow and develop good actuaries into great managers. The actuarial profession is built upon solid technical skills and ongoing development. An analytical mindset and the ability to comprehend complex data sets and numbers create a firm foundation for any young actuary. However, as individuals step into management roles, they must augment this knowledge with leadership skills to be truly successful. Actuaries continue to increase in demand, as organizations recognize the value of their core skills outside of traditional areas such as pricing and modeling. As a result, it’s becoming much more common for actuaries to need to lead larger teams, and even teams that expand outside of the actuarial space. Effectively conveying complex concepts and inspiring excellence from both actuaries and non-actuaries is essential for these individuals.  In addition to the expansion of actuarial roles and responsibilities, there’s a continued mid-level actuarial talent gap. Current leaders must focus on growing and retaining these mid-career individuals by providing development opportunities and setting them up for success within the managerial ranks. As the role of the actuary shifts, a variety of skill sets and attributes are necessary to be most effective. In our experience, there are a few areas that can take technically skilled actuaries to the next level in their careers, while driving their organizations toward business goals. Areas of FocusThe role of the actuary is expanding and skills such as being able to tell a story around data, influence outcomes and lead effective teams are becoming more important than ever. Depending on the situation and team, a variety of soft skills can help launch actuaries into the realm of great leadership. Here are a few that are in high demand and can greatly impact an actuary’s career trajectory. AgilityBeing able to adapt and redirect a team’s focus is essential in today’s working environment. Artificial intelligence and technological advancements are changing how actuaries work and expanding their capabilities. Reskilling and upskilling have also become common for actuaries to remain relevant and knowledgeable, while avoiding skills gaps. In the evolving environment, the ability to quickly learn new programs, integrate newly available information and even adjust project scope are vital. Ability to Think Big PictureEspecially within project-focused teams, it can be easy to operate with a narrow, tactical focus. However, in addition to solving immediate challenges at hand, true leaders consider longer term impacts and anticipate potential roadblocks. It’s important for actuarial leaders to consider all stakeholders, as well as how those stakeholders will be impacted and their abilities to influence outcomes. Communication The days of the back-office actuary are over. Today’s actuarial leaders must effectively communicate with a variety of audiences, from organizational leadership to their own employees and peers. Well-honed presentation skills and the ability to facilitate meetings and conversations in person, remotely and in hybrid environments are crucial. Additionally, effective actuarial leaders must be able to break down data and share it in a way that is digestible and enables those outside of the actuarial community to understand its importance and impact.EmpathyIn the pandemic’s wake, employees’ expectations around empathy are shifting. Rather than focusing on set rules and processes, leaders across all insurance functions must be in tune with employee needs. The ability to listen to employees, accommodate their unique situations and continue to meet business goals, is becoming a mark of a great leader and essential to retention efforts.  Effective DevelopmentAs a current actuarial leader, ensure individuals on your team are given opportunities to flex their interpersonal skills while continuing to build technical competencies. Allow team members to run meetings with varied audiences, and encourage them to step up and participate in high-visibility projects. Early on in actuaries’ careers, even before they are on the management track, include soft skills in their career development plans in parallel with technical expertise. Provide exposure to other areas of the organization. Learning how other departments operate will help create a more comprehensive understanding of the business. This helps provide insight into stakeholder objectives and builds awareness of other departments and their goals. This may also include cross-training and reskilling opportunities, as business needs expand and evolve.Offer management training. Create career development plans that include training for management and leadership skills. Individuals are seeking support as they move to the next level in their careers and clear professional paths play a large role in employee retention. Ensure your future leaders are set up for success and have the training and skills necessary to thrive. Allow people to fail fast. Give employees the opportunity to step out of their comfort zones and take on stretch projects and other challenges. In the actuarial space, there has always been an emphasis on being correct; however, this can be a hindrance as individuals grow into leaders. Encourage stepping into unfamiliar territory and increase their comfort levels around making and learning from mistakes. Demonstrate you have confidence in your team and their leadership potential, and that you’ll continue to support them as they grow. Prioritize leadership development. Often, pressing projects and initiatives can cause development and training opportunities to be pushed aside or neglected. Ensure you’re prioritizing your next generation of actuarial leaders and providing them with the skills and knowledge to effectively lead teams and move to the next phases of their careers. A strong leadership pipeline should be a department-wide priority.As the role of the actuary transforms and continues to grow in scope and demand, strive to create a sustainable bench of future leaders. Emphasize soft skills in addition to technical skills, support growth and development in all areas, and embrace opportunities to provide learning experiences and unfamiliar challenges. By prioritizing leadership development, the industry will be well-positioned to take on future needs with capable and effective leaders at the helm. 

Episode 2: Leading in the Virtual Environment: Discussions with Insurance Leaders

Fully remote and hybrid environments are here to stay and insurance leaders are continuing to evolve their styles and strategies to accommodate shifting needs. In this episode, host Greg Jacobson sits down with Stan Galanski, founder of G58 Capital, board chair of Prosight Specialty and board member of Aviva’s Canadian business; Maroun Mourad, president of global underwriting at Verisk; and Gerardo Monroy, senior vice president of Aflac U.S. Innovation Strategy and Execution. These three industry executives share their insights and experiences, as well as how leaders can most effectively move forward in the new working environment.

Health Highlights: Q4 2021

Health insurers are facing a turbulent labor market with complexities caused by vaccine mandates and government regulations, a tightening employment landscape and the implications of “the Great Reshuffle.” Our team talks with health insurance leaders on a regular basis, keeping a pulse on what is impacting the talent marketplace. Below are the pressing topics and trends we’ve been discussing as the industry continues to adapt to the pandemic’s ongoing effects. Vaccine MandatesCompliance with vaccine mandates is a high priority for health insurers. There’s little more than a month before the Dec. 8 deadline for government contractors to be fully vaccinated, a requirement that will directly impact plans working with Medicare and Medicaid. At the same time, many plans attached to health systems that do not participate in Medicare and Medicaid programs are preparing for self-imposed mandates. In some cases, these mandates also apply to remote workers, causing an already meager talent pool to contract even further. Health insurance leaders must think through what these changes could mean for their staffing plans and prepare for potential needs. Develop contingency plans and focus on how your talent strategies for full-time employees, as well as interim talent and contractors, may need to be revised to maintain business continuity and avoid gaps in service levels. Additionally, begin adjusting your hiring practices to include proof of vaccine, without sacrificing quality of talent. Tight Job MarketWhile vaccine mandates may exacerbate staffing challenges for many health plans, the current state of the insurance job market should not be overlooked. According to the Bureau of Labor Statistics, the unemployment rate for insurance carriers and related activities dropped to 1.9% in September – its lowest since the pandemic began in March 2020. While many jobs are available, there are not enough qualified individuals to fill them. In fact, nearly 75% of life/health insurers are planning to increase their staff in the next 12 months, with 73% attributing this growth to areas that are currently understaffed, according to our Q3 2021 Insurance Labor Market Study. We’re noticing organizations developing a false sense of security around the availability of talent. Health insurance leaders must acknowledge the tight market and build contingency plans that account for reshuffling, increased workloads and loss of employees due to vaccine mandates. Rethinking strategies around retention and employee engagement is also crucial, especially as higher-skilled positions, such as actuaries and medical directors, experience significant shortages. Those plans going through or anticipating mergers and acquisitions must also have a clear understanding of the impact on talent. While there may be redundancies in roles, it’s likely workloads will remain the same and employees will need to be not only retained, but reengaged. Continued Modernization ProjectsModernization projects are moving forward as customer experience, telehealth and other technological advancements continue to be emphasized. Amid employee reshuffling and organizational realignment, many health insurers are in need of experienced contractors to complete projects when backfilling roles isn’t necessary. Some of these projects began prior to the pandemic and have withstood hiring freezes, individuals exiting the organization or being promoted out of roles, department restructuring, and even company acquisitions. Now, as these projects are moving toward completion, organizations may not want to replace full-time team members, but do need to effectively push projects across the finish line. Bringing in skilled and specialized contractors is making it possible to be flexible with talent and bring longer-term projects to fruition. Need for Succession Planning at all LevelsStrategic and intentional talent strategies are vital for tackling forthcoming complexities. Developing employees and retaining high performers at all levels must be a priority. Health insurers can protect themselves against gaps by building a strong bench in all areas, especially those positions that traditionally have higher turnover, such as front-line workers. Consider how you can grow your customer service and claims roles and create longer-term development plans to keep talent within your organization. Additionally, extend succession planning to include directors and even some middle management roles, rather than focusing solely on executive leadership. Thoughtful contingency and succession plans will enable you to respond proactively to the ongoing implications of COVID-19. As health insurers work through the challenges of the next few months, anticipating potential talent needs is imperative. Consider areas where you may require skilled individuals to move forward with initiatives, such as quality audits and modernization projects, while also accounting for talent that may exit the industry or take on new opportunities. Focus on retaining your employees, preparing a strong interim talent strategy and strengthening your internal bench. The health insurance landscape will continue to evolve; having the flexibility to adjust along with these changes will set successful organizations apart. View past Health Highlights here.