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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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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.

Trailer: Welcome to The Insurance Talent Podcast

Greg Jacobson and Rick Jacobson, co-CEOs of The Jacobson Group, celebrate 50 years of providing talent to the insurance industry. As part of our 50-year celebration, we're excited to launch The Insurance Talent Podcast, which will discuss the talent topics necessary for insurance leaders to thrive in an evolving environment. In this episode, take a trip down memory lane to hear how the company and the insurance industry have changed in the past half-century.

Engaging Talent in the Great Reshuffle

The industry is experiencing “the Great Reshuffle” of talent. Many professionals who have held off on making moves during the past year and a half are moving forward in their job searches and reevaluating their roles within their current companies. Insurers must be proactive in retaining their employees and recruiting top talent to their organizations. In our most recent issue of Compass, Judy Busby, senior vice president of executive search and corporate strategy at The Jacobson Group, shares best practices for engaging talent in the new working environment. By focusing on building connections, you’ll contribute to greater job satisfaction and increased retention and overall productivity, while cultivating a strong sense of culture. Be strategic and flexible.Even if your organization is beginning to reopen its physical doors, refrain from mandating employees be in the office from 9 to 5 each day. Most individuals have already proven they can be productive in the remote environment. Whether you’re bringing on a new employee or reevaluating current employees’ schedules, think through the needs of the role, rather than putting arbitrary requirements in place. Work with your employees to determine when it’s necessary for them to be in the office and find a balance that best meets both their needs and those of your department. Focus on connections.When employees aren’t seeing each other in the office every day, it’s vital to be intentional about creating internal networks. Especially for new hires, managers must proactively facilitate informal, relationship-building interactions with numerous members of the organization. This could be in the form of short coffee breaks or “get to know you” meetings. By developing networking maps, you can ensure new employees are building the connections necessary to establish strong long-term working relationships throughout the organization. Develop “keep” strategies.While it’s important to create a positive new hire experience, it’s also vital to retain your current high performers. Have candid conversations around your employees’ career aspirations and directly ask what it will take to keep them with the organization. It’s likely each employee will have varying needs and priorities when it comes to their careers. For instance, some may value professional development and advancement opportunities, while others are driven by compensation, flexibility or other factors. There’s no “one-size-fits-all” strategy for coming back to the office. Determine how to best make individuals feel connected and valued within your team and reevaluate how you can best accommodate individual needs. For more on employee engagement in the hybrid culture, as well as how to be intentional about cultivating a strong corporate culture, view “Coming Out Ahead in the Great Reshuffle".

Retaining Younger Generations in the New Working Environment

The insurance workforce has gone through a number of significant shifts in the past year and a half. As physical offices begin to reopen and insurers move forward into the next normal, we’ve seen increased competition for talent. It’s a fitting time to reassess how your department is retaining its employees and accommodating a multi-generational workforce. The oldest members of Generation Z are settling in to their first professional roles, and as a result, five distinct generations are working side-by-side, each with unique needs, motivators and values. While all individuals are different, having a general understanding of what Generations Z and Y typically value in an employer and role is key in retaining these future leaders. While all individuals are different, having a general understanding of what Generations Z and Y typically value in an employer and role is key in retaining these future leaders. Below are a few best practices. Be flexible.Generation Z has grown up online, with most not remembering a world before smartphones, tablets and social media. Many of these individuals took college courses online (especially those who graduated in 2020 and 2021) and are comfortable interacting and building relationships through a computer screen. Even as physical office locations reopen, mandating employees work from the office five days a week is an outdated practice. Consider non-traditional schedules and flexible work arrangements, finding a balance that works for both you and your employees. Acknowledge preferred communication styles.You may be surprised to learn members of Generation Z typically prefer face-to-face communication or that instant messaging and emails are largely favored by Millennials. Of course, while these generalizations can help guide you, all individuals have their own personal preferences around communication methods and learning styles. Ask employees how they want to receive information and strive to communicate through these preferred channels when possible. Focus on career development.While many employees are seeking out career development opportunities, younger generations are more likely to leave a company if they do not see a clear path forward. What’s more, Generation Z sees their career paths as more fluid and lateral than the generations before them. They have interests that span several departments and skills that can be applied in a number of areas. Help them harness these interests and expose them to various roles within the larger organization. Provide the tools and formal career development programs necessary to provide them with a sense of stability and ongoing growth. The insurance industry is in a candidate-driven market and competition for top talent is fierce. Gain an understanding of your younger workers’ unique needs and tie these into your retention and development strategies. For additional insight on managing a multi-generational workforce, view “Virtual Management that Transcends the Generations.”

Compass 14.3: Coming Out Ahead in The Great Reshuffle

This quarter’s Compass feature article explores how to reevaluate your approach to onboarding and retention to improve job satisfaction, recruit top performers and create a people-focused work environment. The newsletter also includes an overview of the industry's current labor market and recent executive-level job changes.

How to Be a Standout Contract Worker

The need for interim talent is only growing. Seventy percent of executives plan to increase their use of on-site contract workers in the next two years, according to Gartner. Insurers are bringing in contractors to help handle heavy workloads, maintain productivity during new technology implementations, serve as subject matter experts in areas where they may lack in-house expertise, fill roles between full-time hires, and much more. As a contract worker, you’re able to benefit from flexibility, the ability to choose your projects, and the potential to gain insight and knowledge from a number of different teams and organizations. Whether you are currently working as a contractor or considering taking on interim projects, it’s important to be seen as a trusted and effective employee. Here are a few ways to build a reputable professional brand while positioning yourself in a way that makes you a valued part of the team: Prepare for your first few days. Prior to starting a role, make sure you’ve researched the company and know what they’re trying to achieve with your position and project. Put yourself in the employer’s shoes and consider how you can best help them meet their goals. While you should already have a general understanding of the work you’re being asked to do, think through any other details that may help you start out on the right foot. Write these down and keep them in mind as you discuss your responsibilities with your manager. Make the most of onboarding. While onboarding will likely be less thorough as a contractor than as a full-time employee, approach it with an open mind and willingness to learn. This is your time to understand the impact of your role, who you will be working with and how success will be measured. Note who you should go to with certain types of questions, ask about communication preferences and align on expectations during these initial conversations. Communicate. As with most professional situations, communication is key. Establish how your manager prefers you communicate both with them and the team for the duration of your project. Whether this is in the form of weekly one-on-ones or less formal check-ins, come prepared with an update on your progress, any questions, and any barriers or challenges you’re facing. Especially early on in your assignment, ask for feedback and adjust your approach accordingly. Be proactive in making sure you’re best meeting and even exceed expectations. Be dependable. Ensure you’re available during working hours and clear on progress and anticipated timelines. While emergencies happen, be mindful of taking time off. Employers are usually empathetic to certain situations, but while you’re working on a shorter-term project, try to schedule appointments and other obligations before or after your workday. Prioritize professionalism. Even if your position is remote, it’s important to treat your days as if you are going into an office. Designate a quiet space to work and limit any distractions. If you’re going to be on camera, dress professionally and ensure your background is appropriate and neutral. Your workspace should be free of interruptions, including pets and family members. Consider future opportunities. When future needs arise, it’s likely an organization will hire temporary workers again if they were happy with a previous outcome, often going as far as requesting contractors by name. Even if your project is scheduled to end, finish strong and keep your interactions positive. In some cases, organizations may even think of you when full-time opportunities arise. Temporary workers enable organizations to be flexible and maintain an agile workforce. By focusing on how you can be a productive and professional contractor, you’ll be someone organizations look to for future projects and needs. View these articles for more on building your professional brand and professionalism in the remote environment. If you’re interested in connecting with us for upcoming interim opportunities, learn more here.

July 2021: Labor Market Pulse

By now, most professionals are familiar with the term, “the Great Resignation.” As physical offices begin to reopen and the economy continues to rebound, the overall rate of quits in the United States was at a record high in April*. Within insurance, while relatively high, the rate of quits was still slightly below that reported for August 2020 and January 2021. “The Great Reshuffle” seems to be more appropriate for the current reality of the insurance industry. The insurance industry saw its third consecutive month of job losses in June and the industry’s unemployment rate rose by nearly 1 percentage point, to 3.4%. While this seems to indicate the industry is not growing, we’re experiencing activity that suggests the opposite. Our team has seen new opportunities double compared to Q4 2020. Additionally, given variations in working arrangements and other employment complexities, combined with lag time in reporting, the BLS numbers may not yet tell the full story. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector increased to 3.4% in June.  The insurance carriers and related activities sector lost just 200 jobs in June. At roughly 2.9 million jobs, industry employment increased by approximately 17,500 jobs compared to June 2020. The U.S. unemployment rate slightly increased to 5.9% in June and the overall economy added 850,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, May** insurance industry employment saw job increases in title (up 16.9%), agents/brokers (up 2.6%) and life/health (up 0.1%). Meanwhile, job decreases were seen for reinsurance (down 5.7%), claims (down 2.6%), property and casualty (down 1.6%) and TPAs (down 1.5%). On a year-to-year basis, May** saw weekly wage increases in reinsurance (up 13.3%), agents/brokers (up 2.6%), life/health (up 1.3%) and TPAs (up 1.2%). Meanwhile, wage decreases were seen for claims (down 4.9%), title (down 1.7%) and property and casualty (down 1.6%).      BLS Reported Adjustments: Adjusted employment numbers for May show the industry saw a decrease of 2,800 jobs, compared to the previously reported decrease of 4,800 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled. *April 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.

Creating a Best-in-Class Contingent Labor Program

In order to remain agile in today’s evolving insurance landscape, many organizations are increasing their use of contingent workers, leveraging interim talent on an as-needed basis. In fact, a recent McKinsey study found 70% of executives plan to employ more onsite contract workers in the next two years. Research from Gartner further supports this growth, sharing that employers plan to increase their use of interim employees following the pandemic, both as a cost-saving measure and to maintain flexibility. As organizations build flexible teams of talent and harness opportunities garnered from a hybrid workforce, a centralized contingent labor program offers increased visibility, control over spend and greater hiring manager satisfaction, among many other benefits. If you are considering streamlining your human capital solutions, it’s important to have a clear understanding of your current partnerships, what you’re trying to achieve and how you can best work toward those goals. Here are five key areas to explore as you develop a best-in-class contingent labor program: Understand your current state.Before embarking on any new program, it’s important to examine the current state of your organization. Understand which departments are currently leveraging interim workers and review the specifics around those arrangements. Gain a clear understanding of the suppliers currently being used, as well as their compliance measures, background check procedures, rate and contract structures, and more. Gather as many internal data points as possible to provide a benchmark as you move forward.Define success.Following your data collection phase, you should have a clearer understanding of gaps and inconsistencies within existing supplier relationships. Now, you can define what you are looking to achieve from a centralized program. All organizations will have slightly different goals and priorities. Determine what success looks like for your organization and use this information to drive your strategy. These improvements could include developing a more streamlined process, increasing the quality of your hires, lowering overall costs or other areas of improvement. Identify key stakeholders.It’s likely several individuals will be affected by a move to a more centralized process. Identify key stakeholders and gain internal buy in by educating them on the value of a more formal process. This typically includes higher quality resources, best-in-class service, competitive rates and enhanced compliance; all of which will positively impact their departments and work. In a centralized program, suppliers are able to better understand hiring managers’ needs, more easily provide qualified candidates who are the right fit for a specific role and more effectively onboard these new individuals. Additionally, rather than providing credentials to numerous organizations and independent contractors, your organization will have more control over who is accessing your systems. Ensure you’re set up for success.As you move forward with implementing a centralized contingent labor program, consider your current workforce and the processes, vendors and technology you may need to be most efficient. For instance, the right staffing firm should understand the industry and your organization’s unique goals and needs. Additionally, tools such as a vendor management system, human capital management software, vendor relationship management software or others may also be valuable, depending on the maturity and size of your program. Tapping into these technologies and understanding how to best use them can augment and support your program. Continually evaluate and improve.With any business strategy, it’s important to periodically assess your progress and have a clear path toward your goals. Determine what is most important to evaluate and when you will formally review your progress. Along with these checkpoints, continually seek feedback from stakeholders and partners. As your program matures, your technologies and other requirements may change; it’s important to keep an ongoing pulse on these needs. The demand for contingent workers is only growing. Contingent workforces grant the flexibility and agility to take on new projects and quickly respond to changing business needs. By moving toward a centralized model, insurers are able to gain more control and visibility into their programs, while gaining access to quality talent.

Recruiter Report: Candidates and Relocation

The pandemic has caused a lasting shift in candidates’ work priorities. Even as physical offices begin to reopen, employers must adjust their expectations around recruiting and be more strategic and creative regarding requirements for a role. Our professional recruiting team speaks with candidates and insurers on an ongoing basis, keeping a pulse on the shifting environment. In this edition of Recruiter Report, we’re discussing a question we’ve heard frequently in the past few months: How likely is it a candidate will relocate for a position? Relocation has always been a hurdle, especially for the insurance industry. We’re working in a field where mitigating risk is a primary goal, making it difficult to avoid the inherent risk of a relocation. Even prior to the pandemic, candidates were weighing a number of areas against the benefits of relocating for a new position. Those with families have to consider the impact on their spouse’s current job and career, as well as how their children will be impacted. Moving away from family and friends, along with overall disruption to family life, can stand in the way of an otherwise perfect role being a viable fit. The pandemic adds additional elements of uncertainty. Buying, or even renting, a new home in today’s housing market is difficult, with soaring pricing and high demand. While the insurance industry has largely recovered from the pandemic’s impact, there’s also the underlying notion of “last one in, first one out,” that is often hard for candidates to shake, given the high personal stakes. At the same time, traditional working hours are a relic of our pre-pandemic past. Today’s insurance professionals have proven they can effectively work in virtual environments. Even those currently working locally or taking new positions without relocation want to continue working from home a majority of the time. What can employers do? Think creatively.Is relocation really necessary for the role? In today’s market, individuals are looking for flexibility and the option to work remotely. Rather than mandating relocation, consider other options, such as flying new hires in for onboarding and training. Following their initial introduction to your company, would asking them to come to the office once a month or quarter suffice? Think about the underlying reasons of why someone might need to relocate for the role and then determine if and how those needs could be met through travel or other creative solutions. Evaluate the market.It’s a competitive market in insurance. The unemployment rate is at pre-pandemic lows and organizations are vying for highly-skilled individuals who can move their teams into the post-pandemic reality. Often, we see companies assume they need to offer relocation if they aren’t seeing traction in their local markets. However, this may mean job descriptions and postings don’t resonate with the market, not that the talent doesn’t exist. Highlight flexibility and be prepared to make a competitive offer, recognizing that the ability to work remotely is now expected and no longer a unique perk. Generous or unlimited paid time off and flexible hours have become a top priority for many candidates. Make sure you’re offering competitive compensation and working with final candidates to understand what is most important to them in the position. While some individuals may be up for relocating, it’s likely you’ll hit some barriers when asking most established individuals to uproot their lives and families, especially given the effectiveness of remote work. Determine if relocation is truly necessary, recognize we’re in a competitive market, and move forward in a way that creatively meets the needs of both your organization and the candidate. For more from our quarterly series, view “Recruiter Report: Candidate Expectations and COVID-19.”

Building Loyalty Among the Executive Ranks

As insurers begin to reopen physical offices and adapt to the post-pandemic workplace, strong leadership and fluid strategies are key components for successfully moving forward. However, the industry’s talent landscape remains competitive, especially in terms of attracting and retaining those at the executive level. We’re seeing increased movement in the leadership ranks, as professionals who were delaying career moves due to the uncertainty of COVID-19 are exploring their options and evaluating their long-term career plans. Organizations must remain future-focused, build loyalty among leaders and their successors, and approach executive compensation through a new lens. Growing Competition for Talent Industry unemployment has reached pre-pandemic lows and insurers are competing for talent both inside and outside the industry. The Wall Street Journal reports executive pay increased in 2020 (in an analysis of the 300 largest U.S. public companies) despite the pandemic, largely due to equity awards and cash bonuses. Even within smaller organizations, executive pay increases are less than what individuals would receive if they took on a role with a new company. Insurtechs and other startups are vying for the experience and knowledge of seasoned insurance leaders and making substantial investments in the human capital that will build their organizations. While there’s risk associated with joining a startup, it’s often outweighed by the unique experience and substantial amount of equity these companies have to offer. Consider how your executive compensation package compares not just to other carriers, but to adjacent industries, and determine how you can adjust base salaries and incentives to be most appealing. Comprehensive Succession Plans Succession planning has been an industry focus for many years, due to the aging workforce, expanding mid-level talent gap and emphasis on leadership diversity. While many companies are developing succession plans for their CEOs and other key members of the c-suite, subsequent tiers of leadership must also be prioritized. High performers in the mid-level leadership ranks are primed to continue moving up within their organizations, eventually becoming trusted and effective executives with a wealth of historical knowledge and experience. Including them in succession planning and compensating them accordingly will help ensure a strong bench of talent is ready to take on both planned and unforeseen future needs. Clear Development Opportunities In addition to a broad and deep succession plan, ensure individuals both within and nearing the leadership ranks understand their value and long-term role within the organization. Work with them to build development plans that outline how they will progress to the next level, while providing necessary support and guidance. This could include executive coaching, assistance with executive MBA programs and structured mentorships with company leaders, among other tactics. Additionally, encourage open dialogue to better understand what would compel them to accept a position with another organization and how you can best meet any unfulfilled needs. Enhanced Rewards Ensure you’re giving individuals a reason to stay, leveraging both annual and long-term incentives. Design your incentive programs to serve as a performance reward and motivation tool. Seek feedback from your organization’s leaders to understand the perquisites they value and how you can continue to evolve your executive compensation program to be most relevant. By developing goals that support long-term and annual incentives, prioritizing talent management and embracing creativity, even smaller organizations can build compensation packages that are competitive across multiple industries. Flexibility The professional world’s shift to fully remote work will undoubtedly have a lasting impact on expectations around where and how work is completed. While most organizations will offer increased flexibility for employees, consider how you can create additional space for executives to recharge and find the balance necessary for peak performance. This could be in the form of unlimited PTO, sabbaticals to pursue other interests or the ability to work from another geographic location for extended periods of time. Ongoing Disruption Of course, physically going back to the office will not mean returning to the pre-pandemic work environment. Most employees have experienced fundamental shifts in priorities and values, both from professional and personal standpoints. New technology, enhanced automation and increased transparency are disrupting all industries. Encourage new ideas and processes within your own organization and evaluate the relevance of your total rewards program and compensation structure. Aim to disrupt yourself and lean into these changes proactively, before someone or something disrupts you. As the industry adapts to a new working environment and faces new challenges, retaining effective and agile organizational leaders is crucial. Competitive compensation programs, strong talent development and retention strategies, and enhanced succession plans are vital for staying ahead now and into the future.

Jacobson Employee Spotlight – Q2 2021

Each month, we highlight a few of our corporate employees from across The Jacobson Group as they share a bit about themselves and their roles. Get to know these individuals below. Learn about more of our Jacobson colleagues by viewing past editions of our Employee Spotlight here. For monthly Employee Spotlights, follow our Facebook page. MICHELLE VELTO Operations Leader, 15 years at Jacobson Hometown: Crown Point, Indiana Alma Mater: Indiana University Describe Your Role: As the operations leader, I oversee operations, processes and administrative functions for our executive search division. I also provide general admin support to our leadership team and coordinate travel for executive search candidates. What Motivates You? Knowing my job helps keep our team coordinated, effective and able to deliver quality work to our clients Jacobson in Three Words: Professional, Hardworking, Fun Ideal Lunch Break: Grabbing a salad, then taking a walk and eating outside on a sunny day Random Fact About You: I just beat breast cancer! ALEX BACZKOWSKI Business Development Coordinator, 2 years at Jacobson Hometown: Schererville, Indiana Alma Mater: Indiana University Describe Your Role: As a business development coordinator, I reach out to clients and prospects and set meetings for various projects. I also get to work on data and Excel projects, which is a fun aspect of the job for me! Favorite Thing About Jacobson: I get to experience working on projects with different departments and understand the business better. I also love our food events. Favorite Dessert: Cheesecake with fruit Ideal Weekend Plans: Random hiking road trips with my dog Bucket List Item: Visit New Zealand and hike DOUG BURBANK Staff Accountant, 5 months at Jacobson Hometown: Valparaiso, Indiana Alma Mater: Indiana University Describe Your Role: On a weekly basis, I handle Jacobson’s daily banking items, invoicing, and accounts receivable. I ensure customers get their invoices; and when we receive payment, I make sure it is accurate and ends up in the right place. Jacobson Superpower: I would have to imagine I’m getting close to mastering Excel. Favorite Movie: Lawrence of Arabia Ideal Lunch Break: Eating outside on warm sunny days and letting my dogs run around in the yard Bucket List Item: My wife and I would love to visit Italy and Greece. Looking to join these employees? View our corporate careers page here.

June 2021: Labor Market Pulse

Unemployment for the insurance carriers and related activities sector rose slightly in May to 2.5%. While the insurance industry as a whole has lost 15,000 jobs since February, the average unemployment rate for 2021 so far is a mere 2.3%. Property and casualty, and life and health carriers have seen the bulk of the job losses at 4,000 each. The job losses may be, in part, due to the difficulty carriers are experiencing filling positions given the low unemployment and the fact that the number of job openings in finance and insurance are increasing. While this is certainly something to watch, we’re optimistic the numbers will be less drastic once the final adjusted BLS numbers are released, as is often the case. The overall U.S. economy continued its slow, but steady recovery in May with the unemployment rate dropping to 5.8%. This is the lowest overall unemployment rate since pre-pandemic March 2020 at 4.4%. As the country continues toward its goal of being fully “open,” it’s likely work arrangements and differences in expectations between workers and employers will affect job openings, turnover rates and possibly even unemployment levels. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector increased to 2.5% in May.  The insurance carriers and related activities sector lost 4,800 jobs in May. At roughly 2.8 million jobs, industry employment increased by approximately 16,300 jobs compared to May 2020. The U.S. unemployment rate decreased to 5.8% in May and added 559,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, April* insurance industry employment saw job increases in title (up 12.9%), agents/brokers (up 2.7%), claims (up 1.5%) and life/health (up 0.1%). Meanwhile, job decreases were seen for reinsurance (down 4%), TPAs (down 3.5%) and property and casualty (down 1.2%). On a year-to-year basis, April* saw weekly wage increases in reinsurance (up 13.1%), agents/brokers (up 4.2%), life/health (up 3.1%), property and casualty (up 2.8%), title (up 1.3%) and claims (up 0.5%). Meanwhile, wage decreases were seen for TPAs (down 1.8%).      BLS Reported Adjustments: Adjusted employment numbers for April show the industry saw a decrease of 9,400 jobs, compared to the previously reported decrease of 7,000 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.