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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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Prioritizing Potential to Build Future-Focused Teams

Published in Carrier Management As the business climate continues rapidly evolving, teams need a variety of skills and adaptability to be successful. Organizations must shift their recruiting and talent functions to seek diverse, qualified candidates to accommodate for the industry's future needs.

2021 Mid-Year Actuarial Trends

The past several months have brought on many changes for insurers. Within the actuarial realm, the ability to adapt to shifting regulations and structures has become vital and new skill sets are setting the most successful individuals apart.

May 2021: Labor Market Pulse

The insurance industry saw the unemployment rate fall to just 2% in April, its lowest since March 2020 and comparable to 2019’s pre-pandemic numbers. The Bureau of Labor Statistics also reported a loss of 7,000 insurance jobs; however, it’s likely these numbers will be revised in subsequent months’ reports. The overall U.S. economy saw unemployment remain relatively flat and added 266,000 jobs; unfortunately, this is far from the 1 million job increase many economists were anticipating. Conversely, we’re feeling an uptick of activity in the industry, as insurers focus on their next steps, move forward with new technology and automation, and begin to orchestrate returning to the office. At the same time, there’s a renewed emphasis on effectively managing hybrid teams in a way that respects alternate work schedules and accommodates individual comfort levels and needs. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector decreased to 2% in April.  The insurance carriers and related activities sector lost 7,000 jobs in April. At roughly 2.9 million jobs, industry employment increased by approximately 21,900 jobs compared to April 2020. The U.S. unemployment rate increased to 6.1% in April and added 266,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, March* insurance industry employment saw job increases in title (up 8.8%), claims (up 3.3%), agents/brokers (up 1.8%) and life/health (up 1.5%). Meanwhile, job decreases were seen for reinsurance (down 4%) and TPAs (down 3.6%). Property and casualty did not change. On a year-to-year basis, March* saw weekly wage increases in reinsurance (up 15.3%), property and casualty (up 6.7%), agents/brokers (up 5.5%) and life/health (up 5%). Meanwhile, wage decreases were seen for claims (down 1.6%), TPAs (down 0.8%) and title (down 0.7%).      BLS Reported Adjustments: Adjusted employment numbers for March show the industry saw an increase of 9,600 jobs, compared to the previously reported increase of 11,200 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.

10 Ways to Energize Your Employees

Published in IA Magazine: With an abundance of opportunities available for top talent, employers are faced with the challenge of engaging and energizing their employees to decrease the risk of losing them to a competitor. From new hires to tenured professionals, it's essential to cultivate a meaningful employee-employer dynamic to maximize long-term impact.

7 Questions to Ask to Help Gauge Company Culture

While most professionals have been working remotely for more than a year, it’s likely those aiming to make a career move are facing a fully remote interview process for the first time. In this new virtual journey, candidates must reevaluate how to make a positive, lasting impression, while also determining whether a position and company are a good culture fit. Without the ability to physically visit an office and experience its energy and employee interactions first-hand, how can prospective hires effectively gauge company culture? Outside of job responsibilities and day-to-day tasks, your success and overall satisfaction with a new role is also dependent on factors such as manager and co-worker relationships, available support, empathy, and opportunities for growth and development. Even though the interview process may take place through a screen, asking strategic questions and being aware of non-verbal cues can provide a more realistic view of what it would be like to work for an organization. The interview is a two-way street, and it is your chance to make sure your values and expectations around culture align with the company’s. If you are currently looking for a new role, here are a few questions to ask throughout the interview process to gain insight on a company’s culture. What are examples of ways your company values are demonstrated on a regular basis? Why Ask It? Your pre-interview research should include reviewing a company’s mission, vision and values. Yet, while it’s easy to put something on paper, how these values are demonstrated outwardly can be much more telling. In what ways would the responsibilities and expectations of your potential role reflect these values? How does leadership instill these values within the organization? How have your views on flexible work arrangements evolved in light of the pandemic? Why Ask It? Most companies have shifted their outlook on flexible work arrangements in the past year and 75% of professionals would give up at least one other benefit to have flexibility around where they work. While this shouldn’t be the first area you discuss in an interview, it is a valid topic and vital for accurate expectation-setting. In addition to understanding boundaries in hours and location, the response to this question can provide insight into ways the company has supported and adapted to the shifting needs of its employees. How does your team (and organization) celebrate success? Why Ask It? Celebrating company, team and individual wins is a key factor in maintaining an engaged and vibrant workforce. Do your potential teammates acknowledge the successes of their colleagues? Does the company celebrate its employees’ contributions toward reaching enterprise-wide goals? In what ways do managers and teammates show their appreciation for a job well done? This insight can help you better understand the value an organization places on its employees and their contributions. Additionally, you can gauge the company’s ability to adapt and transform these programs for the virtual environment. How has your company dealt with and moved on from failure? Why Ask It? Failure is inevitable, but how company and team leaders manage and work through failure reflects on their management styles and overall resilience. Asking questions around failure will help uncover how teams learn from past lessons and incorporate changes to more effectively move forward. Additionally, this can provide a glimpse into how leaders reengage individuals and boost morale following challenges and setbacks. How is feedback typically given and received? Why Ask It? Different teams and managers often have varying approaches to feedback. By inquiring about the frequency and nature of these conversations, you can better understand what to expect as a future employee. Is feedback given and received freely, and in a constructive and supportive way? Or, is it less dynamic and saved for annual reviews? Frequent and direct feedback provides ongoing opportunities for employees to do their jobs better and become more confident in their skills. At the same time, recognize whether managers actively seek input from their employees to better tailor their own approach and effectiveness. In what ways have you prioritized DEI? Why Ask It? A strong commitment to diversity, equity and inclusion is more important than ever. Yet, while many companies value DEI, they haven’t invested in the framework and leadership necessary to impact change. Asking questions around what organizations have already done to ensure an inclusive and equitable workplace, as well as their next steps and aspirations, can provide valuable insight into their long-term vision. How does your company support professional development and career growth? Why Ask It? The possibility of a new role may seem exciting; however, it’s important to also consider where you want to be in one, five and 10 years. Is the organization prepared to provide support as you advance in your career? Do they currently assist with additional training, applicable courses or continuing education opportunities? Are there formal mentorship programs you may be able to participate in? Consider the potential for ongoing growth with the company and how development is woven into its culture. While these and similar questions can provide valuable insight, also pay attention to the actual interview process and any red flags: Are the job description and responsibilities consistent throughout your interview process? Do the hiring manager and other individuals you speak with seem happy to be there? Are they energetic and positive when talking about their company and team? Are you receiving the interviewer’s full attention? Emergencies and interruptions come up; however, if the interviewer is continually checking email or looking at their phone, it can be telling to the amount of attention and support you would receive as a new hire. Has the interview process been organized? Have you received clear and timely information outlining next steps? Even the most well-planned interviews may have bumps, but if the answer is “no” to any of these questions, consider whether it is an ongoing theme and cause for concern. How a company treats its candidates is typically reflective of how it treats its employees. While the interview process has dramatically changed over the past year, cultural fit remains vital for job satisfaction. By asking the right questions, you can ensure a potential employer aligns with your values and aspirations. As you embark on a remote job search, you may also be interested in our recent posts on contributing to company culture remotely and continuing your job search remotely.

Virtual Management for a Multi-Generational Workforce

Last spring, insurance leaders quickly pivoted and adjusted their management strategies to accommodate the remote environment. Now, even as some organizations begin to reopen their physical office locations, work-from-home and hybrid arrangements are here to stay. As leaders develop and evolve their virtual management skills, it’s vital to account for individual employee needs, work styles and life stages to build supportive and productive teams.   There are currently five generations in the workforce: Generation Z (born after 1996), Millennials (born between 1981 and 1996), Generation X (born between 1965 and 1980), Baby Boomers (born between 1946 and 1964) and Traditionalists (born between 1928 and 1945). At one end of the spectrum, new graduates are embarking on their first jobs in a virtual world. At the other, seasoned professionals are retiring following decades of work. And, in the middle, individuals are starting families, sending older children off to college, caring for aging parents and moving into leadership positions. To engage generationally diverse teams, leaders must focus on supporting and motivating a broad spectrum of talent. In our most recent issue of Compass, David E. Coons, senior vice president, shares techniques for effectively managing across the generations. Rather than emphasizing perceived generational differences, he focuses on ways to bring the generations together and leverage their unique attributes and strengths. This includes finding ways to build camaraderie and unite team members, while acknowledging and respecting individuals’ current situations and challenges. A few best practices he highlights include the following: Communicate frequently and directly. While communication is a hallmark of strong leadership, it is even more vital during times of uncertainty and limited in-person contact. Leverage a variety of communication channels and provide numerous opportunities to connect both informally and formally to best resonate with your multi-generational team’s different learning styles and communication preferences. Bring the generations together.The virtual environment makes it necessary to be intentional in connecting individuals across generations and professional levels as they seek out advice, knowledge and insight. In the physical office, it’s more likely team members would interact in breakrooms or catch up before and after meetings. Unfortunately, this doesn’t happen as naturally via Zoom calls and an already existing knowledge gap between the younger and more seasoned generations is growing. Create an environment where ongoing support and knowledge-sharing is encouraged and normalized. Offer support.All employees are dealing with different challenges and stressors. And perhaps surprisingly, research indicates younger generations have felt the largest impact from the pandemic. Nearly 40% of Generation Z said their mental health has been negatively affected, compared to just 15% of Baby Boomers. Many employees have likely felt isolated and overwhelmed, both personally and professionally. Take the time to understand the challenges your employees are going through and work with them to determine how you can best provide support. Even as some employees begin to return to the office, full-time remote and hybrid work arrangements will likely outlast the pandemic. In this new way of working, effective management is key for inspiring generationally diverse teams. For more insight, view the full article, “Virtual Management that Transcends the Generations,” in the most recent issue of Compass. Sign up to receive Compass in your inbox each quarter by clicking here.

Health Highlights: Q2 2021

The healthcare industry is complex and rapidly changing. New regulations, cultural shifts, legislature, technological advancements, patient needs and more have created a dynamic environment primed for ongoing opportunities and challenges. Our dedicated health team is heavily embedded in the health insurance community, regularly speaking with clients about their human capital needs.  As vaccines continue to be rolled out across the nation and business picks up within many industries, deviating from the “business as usual” of two years ago is inevitable. Here are a few key themes we’re seeing within health insurance and the potential impact on talent strategies. Emphasis on the Whole Member ExperienceThe member experience has been brought to the forefront in the past year and individuals are demanding more patient-centered care. At the start of the pandemic, about 50% of health plan members said they felt their plan wasn’t showing concern for them. Expanded telehealth offerings, enhanced communication, member education and waived testing and treatment costs were a few of the ways insurers increased member satisfaction in the following months. Insurers are continuing to focus on how they can better the member experience by providing direct and varied communication methods, increased educational resources and enhanced online tools and apps. Especially as the industry continues to move toward value-based care, a holistic and individualized member experience is crucial. Advanced Technology While most health plans had system conversions and technological advancements on their radars prior to the pandemic, these timelines were largely accelerated last year. Many modernization projects that were five or seven years out became necessities for getting ahead in the virtual environment. As members turned to online health services – the use of telehealth increased 154% in March 2020 alone – and heightened their expectations of both payers and providers, it’s been necessary for insurers to adapt. We’ve seen insurers upgrade current capabilities, overhaul entire systems, build apps, leverage insurtechs and acquire technology- and data-focused companies. Technology and analytics roles are in high demand and implementing more personalized and accessible resources is paramount for remaining competitive.Interim Support to Accelerate Business StrategiesAs insurers take on these new projects and build enhanced tools and capabilities, it is important to have a staffing plan that ensures goals are met without a disruption in day-to-day service. This could mean bringing in an expert consultant to fill a role or move a project forward as you recruit a permanent employee. Skilled interim professionals provide the ability to immediately act upon new business initiatives, while gaining outside perspective and avoiding making the wrong hiring decision in haste. Interim talent plans should be built into the overall strategy for new products, membership acquisition initiatives, technology implementations and operating procedures as a means of accelerating progress and adoption. Additionally, times of heavy workloads, such as open enrollment, are often large stressors on teams who risk burn out from long hours and being stretched too thin. Bringing in trained interim staff enables insurers to keep permanent employees retained and engaged. Additionally, through consistent and transparent communication about temporary staff’s purpose, employees can better appreciate the positive impact on their own well-being and job satisfaction. Medicare and Medicaid ExpertiseWith the pending change to Medicare, which lowers the eligibility age from 65 to 60, many insurers are considering adding this line of business and vying for an additional 23 million eligible Americans. However, to be successful, organizations need experts who understand the intricacies and unique regulations within a very complex program. Health insurers planning to expand into Medicare will need professionals to help lead the charge within the realms of compliance, planning, enrollment and much more. It’s likely payers who have not previously ventured into Medicare do not currently have this knowledge and its required skillsets in house and will need to look to outside experts. Individuals who specialize in Medicare are understandably in extremely high demand, yet vital for a successful expansion. As healthcare continues to evolve, insurers must be agile and meet the demands and opportunities brought on by changing regulations and priorities. The COVID-19 pandemic has accelerated the need to advance technology and provide an enhanced customer experience. By creating comprehensive staffing plans, payers will be able to effectively and strategically move future business initiatives forward.

Compass 14.2: Virtual Management That Transcends the Generations

This quarter’s Compass feature article explores how to identify motivators and effectively manage across the five generations. The newsletter also includes an overview of the industry's current labor market and recent executive-level job changes.

Developing a Total Rewards Program that Energizes Employees

As hiring managers evolve their recruiting processes to accommodate today’s primarily virtual work environment, they must also account for employees’ changing needs. Ninety-six percent of HR leaders say creating a great employee experience is becoming increasingly important, impacting not only retention, but the organization’s bottom line. However, exactly what individuals desire from a company is shifting, especially in light of COVID-19. In a recent article published in Insurance Journal, JoJo Harris, senior vice president of human resources at The Jacobson Group, shared insight on creating a holistic total rewards program that motivates and energizes employees. Her piece, “Evolving Compensation Practices to Meet Changing Employee Needs,” discusses key considerations for reevaluating your approach to compensation and creating innovative programs that resonate. Here are a few takeaways: Build a strong foundation. A competitive base salary, benefits and bonus structure remain foundational elements of a desirable total rewards program. Most candidates will not consider a position if the monetary compensation doesn’t reflect their worth. Once this is established, you can focus on the additional rewards that will be essential for retention and engagement. Recognize there’s no one-size-fits-all approach. All individuals have different values and motivators. Once you’ve determined the general framework for your total rewards program, uncover the elements most important to each individual. For instance, the opportunity to work remotely won’t be valuable to someone who prefers a formal office setting; on the other hand, commuter benefits have little value to a work-from-home professional. Determine how the offerings within your program can be scaled to meet each employees’ needs. Proactively communicate less tangible rewards. Communication is key in making sure individuals recognize the less tangible rewards and services available to them. Mental health and wellness resources, professional development opportunities, employee recognition programs and more can make a large impact; yet employees must be aware of them to appreciate their value within a comprehensive total rewards package. Ensure your program is always evolving. Your total rewards program should be fluid and evolve along with the needs of your staff. Continually seek feedback from employees and approach improvements and adjustments with creativity and an open mind. Work environments, priorities and expectations will continue to shift, and even small tweaks can help ensure your program remains relevant and competitive.  While monetary compensation will always be important when recruiting and retaining top talent, it is how you approach the less tangible rewards and candidates’ evolving expectations that will make your organization stand out. To read the full piece and view more considerations for refreshing your total rewards program, click here. For additional insights on what candidates are currently looking for in a new role, read our Recruiter Report: Candidate Expectations and Covid-19.

April 2021: Labor Market Pulse

The insurance carriers and related activities sector remained strong in the first quarter of 2021. Initially, the BLS reported a loss of 9,300 insurance jobs for January 2021, marking the first decline since recovery from COVID-19’s impact began in May 2020. However, the BLS revised this number to reflect an increase of 2,300 jobs in January and a loss of just 4,900 roles in February. Accounting for BLS adjustments and a reported increase of 11,200 roles in March 2021, the insurance carriers and related activities sector continues to grow, employing 31,800 more individuals than it did in March 2020. Industry unemployment slightly increased to 2.6% in March; yet unemployment remains low. For comparison, the larger financial activities industry saw an unemployment rate of 3.4% in March and professional and business services experienced a 6.7% unemployment rate. The general economy is also gaining momentum in relation to job growth. Nearly 1 million positions were added in March and unemployment decreased to 6%. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector increased to 2.6% in March.  The insurance carriers and related activities sector added 11,200 jobs in March. The U.S. unemployment rate decreased to 6% in March with the addition of 916,000 jobs. At roughly 2.9 million jobs, industry employment increased by approximately 31,800 jobs compared to March 2020.   INDUSTRY HIGHLIGHTS On a year-to-year basis, February* insurance industry employment saw job increases in title (up 6.8%), agents/brokers (up 1.7%), life/health (up 1.2%) and property and casualty (up 0.2%). Meanwhile, job decreases were seen for claims (down 10.4%), TPAs (down 4.4%) and reinsurance (down 3.9%). On a year-to-year basis, February* saw weekly wage increases in reinsurance (up 13.7%), property and casualty (up 8.7%), agents/brokers (up 4.7%) and life/health (up 2.8%). Meanwhile, wage decreases were seen for claims (down 1.8%) and title (down 1.6%). TPA wages did not change.      BLS Reported Adjustments: Adjusted employment numbers for January show the industry saw a decrease of 8,900 jobs, compared to the previous reported decrease of 9,300 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.

Achieving Strategic Alignment with Productive Dialogue

As stakes rise and new and perhaps uncomfortable issues are broached, engaging in productive dialogue is crucial. Discover several practices that help leaders more effectively make decisions and resolve potential issues.

Reinsurance Adjusting Program Gives Mutuals a Leg Up

Published in Grinnell Mutual Even after a year of record unemployment, the supply of professional claims adjusters cannot meet the needs of the industry, and claims talent remains difficult to recruit. Grinnell Mutual examines claims trends from The Jacobson Group and Aon plc's Semi-Annual U.S. Insurance Labor Study.