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

The Inside View of Board Searches: Determining the Right Skills

The insurance industry has undergone dramatic transformation in recent years, and numerous shifts and challenges are still on the horizon. As priorities shift, its imperative boards take a deliberate and strategic approach to board refreshment and succession.

The Fight for Claims Talent

Published in CLM Magazine As professional values and motivators shift, employees are now reevaluating their goals and employer expectations and exploring new career opportunities. Learn how to come out ahead in the Great Reshuffle by proactively building your bench strength, focusing on employee needs and developing intentional retention plans.

Adapting and Evolving to Meet Future Demands

Published in Insurance Journal: COVID-19 has forced the insurance industry to quickly adopt new ways of working. As customer expectations continue to evolve, insurance leaders must be future-focused and able to inspire and support new ideas and solutions within their teams. Fostering a culture of innovation to rise to new challenges and drive the industry forward is paramount.

Measuring the Effectiveness of Your Contingent Labor Program

The use of contingent labor continues to increase, especially in today’s complex and continually changing business environment. Staffing Industry Analysts predicts staffing industry growth of 16% in 2021. Additionally, our recent Q3 2021 Insurance Labor Market Study found 96% of insurance carrier respondents plan to maintain or increase their use of interim employees in the next year – marking the study’s all-time high. Understanding how to measure your contingent labor program’s effectiveness is essential, no matter how far along you are in your program’s maturity. Define what success means to your organization and how your contingent workforce can play into the larger picture and advance strategic objectives. Once you’ve identified what you’re aiming to achieve, be diligent in prioritizing your goals based on what will make the greatest impact. It can be easy to try to improve in all areas, but we’ve found focusing on five to 10 metrics is ideal. This provides enough insight to understand larger trends, while enabling you to funnel your energy into what matters most. There are numerous key performance indicators that can provide valuable insights. Below are a few areas you may choose to measure, along with the more specific KPIs that can help you track progress within those areas. KPIs Related to Cost and Savings How is your program affecting your bottom line? Ability to reach and maintain a competitive candidate pay rate Accuracy of spend forecasts Effectiveness of program tools Conversion fees and overtime costs Talent acquisition and turnover costs KPIs Related to Program Quality Are you receiving quality talent?  Effectiveness of program operations Quality of talent Overall performance of suppliers/vendors, including submission rates, time-to-fill, etc KPIs Related to Efficiency and Delivery Are involved parties being held accountable for their roles in the program’s success? Responsiveness of hiring managers Efficiency and quality of suppliers/vendors Ability to deliver positive employee experiences from onboarding to offboarding Extensions and terminations of contracts KPIs Related to Diversity, Equity and Inclusion Is your program demonstrating an ongoing commitment to DEI? Existence of supplier standards and commitment to DEI Creation of a diverse and inclusive environment Ability to maintain a diverse talent pool and compile a diverse slate of qualified candidates  KPIs Related to Risk Management Is risk being effectively mitigated? Frequency of worker misclassifications Existence of criminal behavior Ability to comply to employer standards Willingness to follow code of conduct While all of these areas hold value, consider which will have the greatest impact on your overall goals and ensure you’re reviewing progress at least quarterly. Along with the above metrics, you may also consider periodically surveying hiring managers and candidates to gain additional insight into your program’s performance. By taking the time to outline how a successful program will be defined and choosing the right KPIs to help measure progress, you’ll set your organization up for an impactful and productive program. For more on creating a best-in-class contingent labor program, view this recent blog post.

October 2021: Labor Market Pulse

The insurance industry’s unemployment rate dropped a full percentage point to 1.9% in September, reaching its lowest since the start of the pandemic. However, while the unemployment rate is low, industry employment also continues to drop. This is likely due to the complexity of the job market, and the effects of not only the Great Reshuffle, but also the Great Realignment. As vaccine mandates are implemented within some organizations and we enter the winter months, individuals are likely to continue adjusting their priorities, expectations and goals. The overall U.S. economy saw its lowest job gains of the year, as individuals continue to leave the workforce. In the tight labor market, it’s essential insurers retain top talent. Savvy leaders must focus on building strong remote and hybrid cultures while meeting shifting employee needs. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector decreased to 1.9% in September.  The insurance carriers and related activities sector lost 2,900 jobs in September. At roughly 2.9 million jobs, industry employment decreased by approximately 6,000 jobs compared to September 2020. The U.S. unemployment rate decreased to 4.8% in September and the overall economy added 194,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, August* insurance industry employment saw job increases in title (up 11.3%), and agents/brokers (up 2.4%). Meanwhile, job decreases were seen for reinsurance (down 4.9%), property and casualty (down 2.7%), TPAs (down 1.5%), claims (down 0.3%) and life/health (down 0.3%). On a year-to-year basis, August* saw weekly wage increases in reinsurance (up 7.7%), TPAs (up 3.1%), life/health (up 2.2%) and agents/brokers (up 1.8%). Meanwhile, wage decreases were seen for title (down 5%), claims (down 0.8%) and property and casualty (down 0.1%).      BLS Reported Adjustments: Adjusted employment numbers for August show the industry saw an increase of 700 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.

Four Questions for a Mindful and Focused Job Search

As the industry experiences “the Great Reshuffle,” it’s likely many people within your network are accepting positions at new companies, reevaluating their professional paths or making lateral moves. The experiences of the past 18 months have inspired individuals to reprioritize their work and personal responsibilities. Professionals have adjusted their employer expectations and redefined career satisfaction and success. However, if you are thinking about making a move, there are several factors and considerations that should go into an informed decision. Take the time to do your due diligence and be intentional and thorough in determining your next steps. Understanding your personal motivators and having a clear vision for what you are looking for in your next role will ensure you’re able to secure a position that best meets your expectations. Here are a few questions to help guide your decision-making process. Why do you want to make a move? The pandemic has blurred the lines between professional and personal lives. For some, deciding whether to make a move has less to do with climbing the ladder and more to do with achieving broader life goals. Determine what you’re hoping to gain at a new company. More flexibility? A different work culture? The ability to further your education? Identifying your specific motivators will enable you to be more focused and effective in making meaningful changes. What do you have the power to change within your current role? Once you’ve pinpointed your motivation, determine if there’s anything you can change within your current role to help meet those needs. Often, people are feeling restless in their responsibilities and the monotony of their days; it’s helpful to differentiate between feeling uncomfortable and being ready to make a move. How can you feel more connected to your coworkers or the organization? How can you add variety to your workday? Even if you ultimately decide to look for a new position, small changes can make a big impact on your happiness and fulfillment at work. What is your current organization willing to provide? Before walking away from your current organization, make an effort to have genuine conversations with your manager to discuss what you’re looking for in your career and any short-comings or expectations that are not being met. Perhaps that’s more flexible hours, a four-day work week, more money or a change in title. Maybe it’s additional support and clarity in moving to the next level of your career. By initiating candid conversations, you’ll have more confidence in what your organization is willing and able to provide before you decide to leave. How can you target the right role? If you’ve decided a new role is the right answer, leverage your network for insight on companies and opportunities that might be a fit. Consider meeting for coffee or having short Zoom calls to better familiarize yourself with other organizations and to share what you’re looking for. Be diligent in investigating companies and understanding their culture. Peruse employee review sights, talk with current and former employees, and seek out informational interviews. As you move through the interview process, be honest about your expectations. In the current environment, hiring managers have been very open to answering questions and providing additional information. Although the industry is in a candidate’s market, simply changing roles won’t automatically equate to increased job satisfaction. Take the time to evaluate what you’re looking for and make informed and strategic decisions around your next career move.

Focus on Culture: Engaging Employees in the Remote Environment

Published in Insurance Journal: As remote work continues to be the standard way of operating for most businesses, insurers must strive to keep individuals connected by taking a proactive and intentional approach to remote employee culture. Explore ways to develop long-term strategies around virtual engagement to keep employees engaged, productive and loyal.

Recruiter Report: Creating an Optimal Candidate Experience

For most insurers, the hiring process continues to be primarily virtual, bringing with it new obstacles and best practices. Candidates expect streamlined experiences tailored to the remote environment and have become less forgiving of avoidable missteps. Employers must be strategic about engaging candidates at every touchpoint, and presenting open roles and their organizations in the best light possible. Our professional recruiting team works closely with both insurers and candidates, understanding the challenges of virtual interactions and helping create interview experiences that strengthen an organization’s employer brand. In this edition of Recruiter Report, we’re answering an essential question: How can organizations create an optimal remote candidate experience? The majority of insurers (56%) are planning to hire in the next 12 months, according to our Q3 2021 Insurance Labor Market Study. In this candidate-driven market, it’s important for hiring managers and recruiters to cultivate excitement and interest around their company and its open roles. However, interviewing in a virtual environment may seem unnatural to some individuals and requires different interactions and communication methods than meeting candidates face-to-face. At the same time, failing to create an optimal experience can tarnish an organization’s reputation, making recruiting difficult in the future. Here are a few best practices for ensuring candidates maintain a favorable perception of your brand, even if they don’t receive a final offer. Put your best foot forward. Keep your employer brand intact by being professional, responsive and prompt in your candidate communication. Today’s fast-paced employment market requires hiring managers to move quickly at all stages of the recruiting process. If you have an opening, ensure you can dedicate the necessary time and energy to filling the position. Otherwise, you risk appearing disengaged and unprofessional, impacting whether candidates and those in their networks continue considering opportunities with your company. Or worse, you could put candidates through the process and then decide not to move forward with filling the role. If it’s not possible to prioritize recruitment efforts, hold the position until you are able to dedicate the appropriate time and resources. Make candidates feel wanted. It can be difficult to gauge interest and chemistry through a computer screen. Remember candidates want to feel like a company is excited about what they bring to the table and willing to invest in their success. Discuss how their skills would fit in with your team and company, as well as opportunities for long-term growth with the organization. Additionally, provide frequent and transparent communication throughout the hiring process. Outline what candidates can expect up front, from a phone screen to who they will be interviewing with and any other required steps, such as taking a work style assessment or providing references. Be consistent. Understand what is important to individual candidates and be candid about whether your organization can meet their expectations. For instance, if candidates share they want flexible hours and you’re not able to meet these needs, let them know up front. Don’t continue the interview process in hopes they’ll change their minds following a formal offer. Additionally, ensure anyone candidates meet with is prepared to talk about the position, team structure, and responsibilities and expectations. Demonstrate you’ve been thoughtful about the role and ensure those involved in the interview process are also prepared and aligned. Close the loop. You may be hiring for just one open position, but how you treat candidates now could impact your recruiting success later. Let individuals know if you won’t be offering them a position and when appropriate, provide feedback explaining why. Even if they weren’t right for a current opening, it’s likely they may be a fit for future positions. Additionally, insurance is a close-knit industry and if your department or organization gains a reputation for poor communication, it may deter others from applying in the future. The remote environment and competitive hiring market make it vital hiring managers roll out the virtual red carpet for candidates. Commit to ongoing communication, be aligned and clear on processes and expectations, and move quickly. Focus on maintaining your employer brand and providing a positive and streamlined hiring process. For more on what our team is seeing and hearing within the industry, view our past editions of Recruiter Report.

Boardroom View 3.2: The Inside View of Board Searches: Determining the Right Skills

The insurance industry has undergone dramatic transformation in recent years, and numerous shifts and challenges are still on the horizon. In this issue, Greg Jacobson discusses taking a deliberate and strategic approach to board refreshment and succession to ensure your boardroom continually aligns with near- and long-term organizational goals

AIRROC Results of the Q3 2021 Insurance Labor Outlook Study: Employment Growth Amid a Difficult Recruiting Market

Published in AIRROC: Now in its 25th iteration, the Semi-Annual Insurance Labor Outlook Study collects and examines data on insurance industry trends and projections. AIRROC highlights a few trends and insights from our Q3 2021 Insurance Labor Outlook Study.

Q3 2021 Labor Market Study Results Infographic

The results of the third quarter iteration of the 2021 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.

September 2021: Labor Market Pulse

The insurance industry saw unemployment drop from 4.2% in July to just 2.9% in August. This came with a slight decrease in industry jobs, continuing a five-month decline. While the Bureau of Labor Statistics reports industry employment is just shy of where it was one year ago, our Q3 2021 Insurance Labor Outlook Study indicates growth in the coming year; 93% of insurers plan to maintain or increase their staff sizes in the next 12 months. Today’s labor market continues in a state of flux and is undergoing several layers of change, all playing out at varying levels of intensity. It’s likely the BLS numbers will adjust in the coming months to reflect these shifts. Professionals are reevaluating their long-term goals and being more proactive in making career moves. Many have shifted their priorities and expectations when it comes to balancing their work and personal lives. Additionally, vaccination requirements and other COVID-19-related measures will likely influence how employees view their current and potential employment opportunities. We’re continuing to see accelerated activity within the insurance labor market and recruiting remains a challenge for most roles, especially for companies requiring employees to relocate or be in the office regularly. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector decreased to 2.9% in August.  The insurance carriers and related activities sector lost 800 jobs in August. At roughly 2.9 million jobs, industry employment decreased by approximately 300 jobs compared to August 2020. The U.S. unemployment rate decreased to 5.2% in August and the overall economy added 235,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, July* insurance industry employment saw job increases in title (up 13.7%), agents/brokers (up 2.2%) and claims (up 1.4%). Meanwhile, job decreases were seen for reinsurance (down 4.8%), property and casualty (down 3%), TPAs (down 1%) and life/health (down 0.4%). On a year-to-year basis, July* saw weekly wage increases in reinsurance (up 10.8%), agents/brokers (up 3.7%), life/health (up 2.5%), property and casualty (up 1.2%) and TPAs (up 0.5%). Meanwhile, wage decreases were seen for title (down 1.1%) and claims (down 1%).      BLS Reported Adjustments: Adjusted employment numbers for July show the industry saw a decrease of 3,200 jobs, compared to the previously reported decrease of 1,500 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.