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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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Jacobson Employee Spotlight – Q3 2021

Recently, The Jacobson Group was named to the 2021 list of Business Insurance's Best Places to Work in Insurance. As a talent-focused organization, we’re dedicated to our employees’ growth and success throughout all stages of their careers. This quarter, we’re shining the Employee Spotlight on some of Jacobson’s newest faces. We’re thrilled to have them on the team and look forward to the value they’ll bring to our organization and clients. Learn about more of our Jacobson colleagues by viewing past editions of our Employee Spotlight or following our Facebook page. SAMANTHA BANES Recruiter, 9 months at Jacobson Hometown: North English, Iowa Alma Mater: University of Iowa Describe Your Role: As a recruiter, I find qualified individuals to fill a variety of needs for insurance organizations across the country. What Motivates You? Cher. Just listen to any of her songs, and you're ready to take on the world. Jacobson in Three Words: Supportive, Progressive, Lively Random Fact: I helped build three houses in Guatemala when I was 14. Bucket List Item: Have a private reading with Theresa Caputo ANN-MARIE MCMANAMAN Administrative Assistant, 7 months at Jacobson Hometown: Leeds, England Alma Mater: The University of Cambridge (BA), The University of Chicago (MA) and The University of Illinois at Chicago (PhD) Describe Your Role: I work as an administrative assistant for the executive search team. My primary duties include branding resumes, scheduling travel and interviews, and documenting business development. What Motivates You? Supporting the team and keeping things moving and in order Random Fact: I make costumes as a hobby. Jacobson in Three Words: Hard-working, Welcoming, Supportive Bucket List Item: I want to visit every Disney park in the world! I've gone to the California, Florida and Paris Disneyland locations so far. JENNIFER MOHAMED Marketing Coordinator, 7 months at Jacobson Hometown: Schererville, Indiana Alma Mater: Indiana University Bloomington Describe Your Role: I am the marketing coordinator at Jacobson and I work on our social media, conference activities, speaking engagements and email creation. Jacobson Superpower: Creating social posts within the 280 character limit on Twitter Favorite Dessert: Dairy Belle ice cream from Northwest Indiana Ideal Lunch Break: Updating my dog's Instagram story Random Fact: I speak fluent Vietnamese and it was my first language. We’re excited to be celebrating our 50-year anniversary! View our anniversary post for more reasons our team loves working at Jacobson. Interested in joining these employees? View our corporate careers page.

P/C Carrier Job Tally Down 14K So Far in 2021

Published in Carrier Management: Carrier Management examines employment trends from The Jacobson Group and Aon plc's Semi-Annual U.S. Insurance Labor Study and webinar.

Building Hybrid Teams Ready for New Challenges

As catastrophe season continues, insurers are responding to recent devastating events while also preparing for what the next few months may bring. The year has already seen hurricanes, earthquakes and wildfires, meaning the ability to adapt to increased workloads has become a vital part of insurers’ claims management strategies. Hybrid workforces – which are comprised of remote and in-office workers, as well as part-time and full-time staff, temporary teams, consultants, and more – have become common practice in light of the pandemic. Now, the flexibility of these blended teams enables insurers to rise up to CAT season’s challenges and most effectively service members in their times of need.In a recent Insurance Journal article, Brittni Smith, client advisor at The Jacobson Group, shared how property and casualty insurers can best leverage hybrid teams as they tackle CAT season’s increased workloads. Her piece, “Be Ready to Take on New Challenges By Building Hybrid Teams,” highlights best practices for success. Below are a few of her insights.Strategic Planning While it is difficult to predict specific future events, it’s possible to be prepared for a variety of scenarios. Discuss these possibilities and their corresponding action plans with your internal team early on, enabling you to address questions and identify potential challenges. Do you have a staffing partner in place that can quickly deliver skilled talent? Are any current employees able to cross-train or work extra hours to fill gaps? Consider available tools and options and develop action plans that can be quickly mobilized.Clear CommunicationTransparent communication and well-defined expectations are key, especially when working in a hybrid environment. Start creating a sense of shared purpose among your team from day one by outlining organizational values and goals in your onboarding process. Even temporary team members will benefit from visibility into their role’s impact on the larger department and organization. At the same time, encourage your team to maintain open lines of communication with their managers and teammates to quickly solve problems and work together most effectively. Intentional MeetingsHybrid teams often comprise multiple time zones, different work schedules and varying employment arrangements. Be thoughtful when planning meetings or other events and try to accommodate team members’ schedules to the best of your ability. Cultivate opportunities to openly communicate with teammates through weekly or bi-weekly team meetings. This provides a platform for employees to share wins and lessons learned, build relationships, innovate, and gain a deeper sense of camaraderie.To prepare for what CAT season may bring, insurers must adapt and evolve to the shifting landscape and cultivate flexible teams ready to take on any challenge. For more on effectively adopting a hybrid working model, read the full article here and check out this piece on questions to ask as you craft your CAT season talent strategy. For additional insight on virtually managing your workforce, view “Virtual Management that Transcends the Generations.”

Results of the Q3 2021 Labor Outlook Study: Insurance Remains in a Candidate’s Market

For the past 18 months, job seekers have experienced a shifting labor market and many uncertainties. Now, as professionals feel a greater sense of stability, many are reevaluating their current roles and priorities, and seeking out employers who can best meet their needs. Although insurance industry unemployment rose to 4.2% in July, we’re seeing an increasingly active recruiting climate. According to our recent Q3 2021 Insurance Labor Outlook Study, conducted in partnership with Aon plc, 56% of insurers plan to increase staff in the coming year and 37% plan to maintain their current headcounts. The most common reasons for anticipated increases in staff are understaffed departments and increases in business volume. Technology, claims and operations roles are expected to see the greatest growth. In fact, during the past two years, operations has moved from the sixth to the third area where insurers are most likely to add staff. For the first time in the study’s history, respondents shared that all functional areas are moderately difficult to difficult to fill. Technology, analytics and actuarial roles are considered the most challenging. Of those insurers planning to add to their operations teams, more than half are most in need of entry-level employees. This may be due to insurers now competing with service roles and other industries for opportunities that require less experience. Overall, three-quarters of insurers reported they are most likely to add experienced-level professionals. Almost one quarter plan to add entry-level staff and the remaining 2% are most likely to add executives. Just 7% of insurers plan to decrease staff in the next 12 months, which is down 2 percentage points from January 2021 and 10 points from July 2020. Reorganization and automation are the primary reasons cited for staffing reductions. It’s likely many of these reductions will come in the form of early retirements or not backfilling positions left open due to standard attrition. Most insurers are adjusting their approach to flexible work options to accommodate employees’ needs. Just 4% don’t foresee changes to their pre-COVID working arrangements as offices reopen. About half are planning to offer full-time remote work. The Q3 2021 Insurance Labor Outlook Study took place from July 14 through August 1, 2021, with participation from insurance carriers across all industry sectors. Now in its 25th iteration, the semi-annual survey collects and examines data on insurance industry hiring, as well as revenue trends and projections. For more insight on the findings, listen to our latest episode of The Insurance Talent Podcast. To download the full report or view the results webcast presentation, click here. As you consider your next career move, check out our recent posts on gauging company culture in the interview process and continuing to develop as a leader in the remote environment.  

Top Insurance Employers: The Evolution of the Workplace

Published in Insurance Business America The Jacobson Group is honored to be named to the Business Insurance's 2021 Best Places to Work in Insurance List. Judy Busby shares her insights on the evolution of the workplace for the list's introductory piece.

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

As we move through the second half of 2021, insurers’ employment outlooks remain strong. Our recent Q3 2021 Insurance Labor Outlook Study, conducted in partnership with Aon plc, found 93% of insurers plan to increase or maintain their headcounts in the next 12 months. Now in its 25th iteration, the semi-annual study collects and examines data on insurance industry hiring, as well as revenue trends and projections. The Q3 survey took place from July 14 through August 1, 2021, with participation from insurance carriers across all industry sectors. A few highlights from the study’s findings are below. Greg Jacobson, co-CEO of The Jacobson Group, and Jeff Rieder, partner at Aon and head of Ward, provide additional insight on the findings and what the industry can expect in the coming months in the latest episode of The Insurance Talent Podcast. Most businesses are feeling a renewed sense of stability, following nearly 18 months of remote work and pandemic-related challenges. Of the companies surveyed, 56% plan to increase staff and 37% anticipate maintaining their current headcounts in the coming year. The most common reasons for expected increases in staff are understaffed departments and increases in business volume. Technology, claims and operations roles are expected to see the greatest growth. Just 7% of insurers plan to decrease staff in the next 12 months, which is down 2 percentage points from January 2021 and 10 points from July 2020. Fewer than 3% of companies plan to decrease staff by 4% or more, with reorganization and automation being the primary reasons cited for staffing reductions. It’s likely many of these reductions will come in the form of early retirements or not filling positions that become open due to standard attrition. Yet, while the majority of insurers are planning to hire, the industry is facing a difficult recruiting climate. For the first time in the study’s history, all insurance functions were ranked as moderately-difficult to difficult to fill. Technology, analytics and actuarial roles are considered the most difficult, followed closely by executive positions.Seventy-eight percent of insurers anticipate revenue growth in the next year, which is 11 points higher than the January 2021 study. Only 1% of insurers expect a decrease in revenue, compared to 7% who anticipate staffing reductions. Given the remote environment and investment in technology, many insurers are seeing productivity increases among current staff, which may account for the lack of correlation. If the industry follows through on its staffing plans, we will see a 1.81% increase in employment during the next 12 months. Listen to our recent podcast, below or at this link, for additional insights and further discussion. To download the full report or view the results webcast presentation, click here.   

Episode 1: Exploring the Current State of the Insurance Labor Market

While BLS data may show a rising insurance unemployment rate, the results of the Q3 2021 Insurance Labor Outlook Study tell a different story. In this episode, Jeff Rieder, partner at Aon and head of Ward, joins host Greg Jacobson to discuss the current state of the insurance labor market and the recent labor study's results. Tune in for insight on what insurance leaders can expect in the next 12 months, as well as how to attract top talent in this candidate's market.

Q3 2021 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 2021...

Celebrating 50 Years: Insights from Our Co-CEOs

This year marks The Jacobson Group’s golden anniversary. We are excited to celebrate 50 years of successfully connecting insurance organizations with the talent they need to drive success. As we reflect on a half-century in business, our co-CEOs, Greg Jacobson and Rick Jacobson, sat down for a Q&A about their time at Jacobson and how the industry has changed in the past several decades. For more of their responses, view the trailer episode of our new podcast, The Insurance Talent Podcast.   What’s your earliest memory of the company? Greg: My earliest memory and something that has influenced me greatly, is a saying our father [David Jacobson, founder of The Jacobson Group] had, “We’re in the business of solving problems first, and making money second. If we help our clients, success will follow.” Our culture has reflected that for 50 years. What are you most proud of from Jacobson’s 50 years? Rick: When you think about the impact we’ve had on the insurance industry, it’s really quite profound. We’ve placed many people in roles within the industry and our talent solutions have also helped significant companies get through very difficult times. I’m very proud of those things. However, the thing I’m most proud of is the impact our culture has had on our employees. It’s amazing to see our co-workers grow in their careers, even beyond Jacobson. When you look around our industry, it’s populated by leaders who have come from our organization. How has the industry changed during your time at Jacobson? Greg: The insurance industry has always been a staple of economic activity and therefore representative of every aspect of business, life and health. Today however, it is probably one of the most dynamic, innovative industries in the economy. It’s attracting highly talented people from all over the world. The insurance industry is becoming a destination point.How has the company changed? Rick: Our organization has evolved dramatically over the years. We went from a one service shop to a robust organization that can meet essentially any talent need. One of the things I’ve always been really proud of is that we were the first company, in any industry, to effectively break the barrier between direct placement and executive search. Until recent years, the market viewed you as one or the other – we set out to shift that paradigm by offering industry-focused solutions and we refused to be defined by service offerings. We did this because we felt that was the best way to solve our clients’ challenges. There really is no other organization I am aware of that was able to do what we were able to do at that time. Greg: Technology has tremendously impacted our business; there is much more information out there than there ever was before. But it’s really interesting to think about what technology hasn’t done. It hasn’t replaced the need for consultants to help in the hiring process. You could say recruiting platforms like LinkedIn are very similar to Sunday newspaper ads 25 years ago. There are a lot of responses, but someone still needs to help evaluate that talent and assist with the acquisition of that talent. And that process hasn’t changed much at all. The value we add to the process is just as great as it was 50 years ago. Where do you see the business going in the next five to 10 years? Greg: I think human capital is the number one issue that will differentiate successful insurance companies. Attracting and retaining talent will remain difficult in a very competitive labor market and Jacobson will continue to evolve in its consultative approach to helping clients meet their needs. The most pronounced area will likely be in working with companies to understand what skills are needed to meet future needs and where to find those skills; and it may not be from within the insurance industry. Rick: We have become a comprehensive solution for insurance organizations, providing contingent workforce solutions for centralized labor programs, in addition to executive search, professional recruiting, subject matter experts and traditional temporary staffing solutions. No matter an insurer’s talent needs, we can provide the right talent solution. Our organization will continue to evolve along with our clients. We’re proud of our 50 years in business and look forward to the next 50. Thank you to everyone who has been a part of our journey. Hear more from Greg and Rick on The Insurance Talent Podcast. {{ script_embed('wistia', 'aknxjcrrb9', '', 'inline,height=60px,width=852px', 'wistia') }}

August 2021: Labor Market Pulse

The overall economy saw an optimistic employment report in July, gaining nearly 950,000 jobs and exceeding economists’ predictions. The national unemployment rate is also encouraging, reaching its lowest since the start of the pandemic. However, the BLS reported continued job losses and a rising unemployment rate for the insurance carriers and related activities sector. While insurance employment is down from June, we’re continuing to see unprecedented activity within the industry. It’s possible these numbers are an anomaly and will adjust in the coming months, as “the Great Reshuffle” begins to settle. Additionally, the findings of our Q3 2021 Insurance Labor Outlook Study, which surveyed carriers across all industry verticals on their hiring plans for the next year, tell a more positive story. Full results of this study will be available in a webinar later this week. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector increased to 4.2% in July.  The insurance carriers and related activities sector lost 1,500 jobs in July. At roughly 2.9 million jobs, industry employment increased by approximately 8,800 jobs compared to July 2020. The U.S. unemployment rate decreased to 5.4% in July and the overall economy added 943,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, June* insurance industry employment saw job increases in title (up 17.4%) and agents/brokers (up 2.2%). Meanwhile, job decreases were seen for reinsurance (down 5.5%), claims (down 4.5%), property and casualty (down 2.4%), TPAs (down 1.8%) and life/health (down 0.1%). On a year-to-year basis, June* saw weekly wage increases in reinsurance (up 15.3%), agents/brokers (up 3.4%), life/health (up 3.3%) and TPAs (up 0.5%). Meanwhile, wage decreases were seen for claims (down 2.4%), property and casualty (down 1.9%) and title (down 1.3%).      BLS Reported Adjustments: Adjusted employment numbers for June show the industry saw a decrease of 6,300 jobs, compared to the previously reported decrease of 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.

Celebrating 50 Years: Employee Reflections

As The Jacobson Group celebrates our 50th year of successfully connecting organizations with insurance talent, we're reflecting on our memories and journey to this point. Our achievements wouldn’t be possible without the incredible employees who work tirelessly toward writing our clients’ and candidates’ talent success stories. We asked our staff across all levels and tenures to share a bit about what makes them proud to work at Jacobson.   What is your favorite Jacobson memory? Janet Foor, Assistant Vice President and Client Relationship Manager: I was hired by David Jacobson [Jacobson’s founder], who holds a special place in my heart. Once a month, David would call all employees into his office and we would tell our placement stories and write the revenue in a big book. At the end of the story, David would yell, “Hip hip,” and we would respond with “Hooray!” Jessica LaFountain, Supervisor, Research and Recruiting: I love my team at Jacobson and have the best memories with them. Returning to the office this summer was not mandatory and when the office opened back up, those who were local planned to come in one day each week to work together – not because we had to, but because we were so excited to see each other face-to-face. How has the organization changed during your tenure? Jenn Shorr, Assistant Vice President, Operations: We have always worked hard to meet the needs of our clients. Over the last five to seven years, I have seen the management team take a concerted and strategic approach to ensure we are developing our employees and cultivating a rich internal culture. I think this has propelled our ability to delight our clients and engage bright talent internally. Sarah Karvel, Engagement Director, Executive Search: The pandemic hit six months after I joined the executive search team. Who knew the virtual office setting would bring us closer together? It has been a wonderful experience and I’ve had too many great memories while working remotely with this team. What makes you proud to work at Jacobson? Caitlyn Zarlengo, Corporate Recruiting Manager: I’m proud to work at Jacobson because of the amount of care every employee has for one another. It truly feels like we are one big family and it is shown in the way we communicate with each other, support one another, and celebrate and lift each other up. Samantha Banes, Recruiter: Jacobson embodies the core values I personally believe in and is easily the best place I have worked during my professional career. My favorite things include the food recommendations, music playlists and the encouragement – everyone wants everyone else to succeed. Dave Coons, Senior Vice President: I have always appreciated the opportunity to work with people I truly respect and admire. I’ve never wondered if there was something better because there is no better than Jacobson. How has your career evolved as a result of working at Jacobson? Michelle Velto, Operations and Administration Leader: How hasn’t my career evolved? I started in the front office answering phones, parsing resumes and posting mail. I’ve gotten to do so many things here at Jacobson, and now I work in our executive search division alongside our CEO, Greg Jacobson, and our fantastic business unit leader, Judy Busby. Each day, I get to support our team, clients and executive-level candidates in a variety of ways. Nikki St.Martin, Vice President of Marketing: I started at Jacobson fresh out of college as its first full-time marketing professional. Nineteen years later and so much has changed! I spent my first year designing black and white print collateral and writing copy for direct mailers. Fast forward to now, and I proudly lead a team of creative, driven marketing professionals who have helped build the Jacobson brand into the insurance talent thought leader it is today. Our well-known Semi-Annual Insurance Labor Outlook Study, the founding of the Insurance Careers Movement, and our new Insurance Talent podcast are just a few of my favorite initiatives. I couldn’t be happier with my decision to join the Jacobson family all those years ago. Shelby Punke, Senior Executive Recruiter: Jacobson has provided me with so many professional learning opportunities, but still allows me to have a great work-life balance. Management also goes out of their way to make kind gestures and offer development opportunities for their employees. Celebrating this incredible milestone with our employees has provided an opportunity to share stories and reflect on our experiences. We are extremely grateful for each member of our team and their dedication to our clients’ success. If you’re interesting in becoming a part of The Jacobson Group’s next chapter, view our open positions here.

Combatting the Underwriter Shortage

There’s currently a severe talent shortage across all industries and insurance is no exception. Despite the pandemic, the insurance carriers and related activities sector has added nearly 16,000 new jobs since March 2020 and has continued to experience a low unemployment rate, according to the Bureau of Labor Statistics. One of the areas where the talent shortage is highly noticeable for many insurance organizations is underwriting. For years we’ve discussed the shortage of qualified underwriting talent; and the impact of COVID-19 has further intensified this need. How did the industry get here and what can you do if you’re looking to build your underwriting bench? The Underwriting Talent Shortage In part, the shortage of underwriting talent is due to shifts several years back. Insurers began a journey of accelerated underwriting, making large investments in technology. Once these new technologies were up and operating, we saw several organizations laying off underwriters or encouraging early retirements. This also led to many insurers reducing or eliminating their once thriving underwriting training programs. Young insurance professionals began choosing alternate career paths, fearing there wouldn’t be much long-term opportunity and job security within underwriting. In fact, Forbes listed underwriting as one of the “10 most endangered jobs” in 2015. However, automation hasn’t been able to fully replace the human element of the underwriting process. And, as COVID-19 has impacted the industry, underwriting has become less straightforward. There’s an increased need for human evaluation and risk assessment. A lack of investment in new talent and an aging insurance workforce, coupled with increased demand and the inability of automation to meet insurers’ needs, has created the perfect storm and resulted in a severe shortage of qualified underwriting talent. The State of Underwriting As potential underwriting talent moves into different career paths, the job outlook for underwriters is also continuing to decline. The BLS predicts employment of insurance underwriters will decrease by 6% between 2019 and 2029, falling from 114,700 roles to 107,600. However, it’s likely this decline has occurred even more quickly and drastically, with BLS data showing there were 102,000 insurance underwriters in 2020. As COVID-19 has demonstrated, a human element of underwriting is still needed, and automation can only do so much. As technology handles more mundane and repetitive tasks, underwriters are able to take on more challenging projects and interact more directly with customers. While the role of a human underwriter is evolving, it is still vital within insurance organizations. Steps Forward For insurers looking to attract and retain underwriting talent, it’s important to understand the current landscape and adjust hiring and retention strategies accordingly. Here are a few best practices for being an employer of choice and creating a longer-term strategy for combatting the underwriting shortage within your own organization: Offer remote opportunities. This should be a best practice regardless of the position or function. Professionals have proven they can remain productive and effective in virtual work environments and won’t hesitate to make a move if their current employer isn’t willing to accommodate remote work. Involve current employees and potential new hires in building flexible schedules that meet both their needs and the needs of your team. Focus on retention. It’s difficult to find new underwriters, making it even more vital to retain current ones. While remote work options are necessary, recognize that this also means other companies can recruit without geographic restrictions. Ensure you’re having frequent and candid conversations with employees about what it will take for them to stay with the organization. Rethink compensation. If you haven’t evaluated your total rewards and compensation packages recently, take some time to make sure what you’re offering underwriters is competitive with the larger market. This includes offering potential new hires higher compensation, while also ensuring your current team is well-compensated. Provide development opportunities. Especially for those concerned automation will continue replacing underwriting jobs, create clear career paths and professional development plans. Offer opportunities for individuals to lead projects and flex their skills, while actively communicating that you are invested in their continued advancement. Embrace the human element. If your current underwriting staff is working longer and more intense hours than usual, make sure they’re being rewarded and compensated accordingly. At the same time, ensure managers and other leaders are proactively communicating with individuals and letting them know their efforts are valued. As the industry continues to combat the underwriter shortage, it’s imperative insurers focus on retaining and building current underwriting talent, while offering flexibility, growth opportunities and competitive compensation. Additionally, highlighting the attributes and continued need for underwriters will help draw new talent to the industry. Regardless of automation, the human element of underwriting provides unique insight that won’t be easily replicated.