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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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Insurance Labor Study Results: Employment Outlook Remains Strong

While the past year has brought on challenges for all industries, insurance has remained relatively stable. Our recent Q1 2021 Insurance Labor Market Study, conducted in partnership with Aon plc, uncovered a hiring environment not drastically different from January 2020. The semi-annual study examines data collected on insurance industry hiring, as well as revenue trends and projections. Now in its 13th year, the Q1 2021 study ran from January 12 through February 5, 2021, and attracted participation from insurance carriers across all sectors of the industry. Highlights from the study’s findings are below. View the full report here. Ninety-one percent of respondents plan to maintain or increase their headcounts in the next 12 months: 56% percent intend to add staff and 35% plan to maintain staff size. Nine percent anticipate a decrease in staff, which is down 8 percentage points from 17% six months ago. Of those expecting to reduce staff, fewer than 3% report the reduction will be by 2% or more. The most common driver for anticipated staffing reductions is reorganization, while areas currently understaffed is the most common reason provided for anticipated increases. Given modernization initiatives, an increased focus on automation and AI, and the transition to remote and socially-distanced work environments, it’s not surprising technology and analytics roles are anticipated to be in the highest demand. The study found a notable increase in the demand for operations roles as well, which is also the function most in need of entry-level employees. Steady employment growth and the need for experienced staff will continue to propel a challenging recruiting environment. Roles in the majority of insurance functions continue to be difficult to fill and seven of the 11 functions surveyed have seen recruitment difficulty increase in the past year. Analytics roles are the most challenging to fill, followed by actuarial and technology. In regard to revenue, 67% of companies plan to grow revenue in the next 12 months, up from 58% in July. Less than 3% of insurers anticipate a decrease in revenue. Shifts in revenue are expected to be primarily driven by a change in market share. As the pandemic continues, the industry is becoming more comfortable with non-traditional work environments and schedules. Nearly all respondents (95%) indicated shifting expectations around employee schedules and hours when physical offices reopen. Fifty-six percent plan to offer full-time remote work, a slight increase from the July 2020 study. Seventy-seven percent will provide occasional work-from-home opportunities and 47% will offer flexible hours. For more results and analysis, view the full results summary and listen to the webinar recording. You may also find our recent articles on leading through change and managing in the remote environment to be of value.

Evolving Compensation Practices to Meet Changing Employee Needs

Published in Insurance Journal: From adapting interview processes to confidently making a final offer to someone they've never met, hiring managers have risen to the challenge and expanded their comfort zones. In order to attract and retain top employees in the evolving environment, organizations should also be taking a fresh look at how they approach compensation.

Open Enrollment: Lessons Learned for Success

Although next year’s open enrollment and annual enrollment periods are still several months away and 2021’s OEP has been extended, it’s not too early to plan. As you determine your staffing strategy for OEP/AEP, there are several considerations to keep in mind. We reached out to a few health plans to hear firsthand how they’ll be approaching enrollment and the tips they’ve uncovered for success. Plan ahead. Don’t wait until the summer to plan for OEP/AEP. Consider your internal team’s bandwidth and areas where you may require additional support. Think about potential workload fluctuations and contingency plans for various scenarios. Often, top talent is contracted several months before OEP begins, and acquiring appropriate licensures can slow the process even further. Having the right team in place is key. “Choosing the right people to be on your team from day one is crucial. You need to have folks who embody your company’s values and believe in your products,” shared a health plan based in the Northeast. Be strategic with your resources.Will your internal staff be stretched too thin during OEP? Are there ways interim resources could help them remain productive and avoid burnout? A regional health plan shared the following about last year’s experience when interim support was finally brought in to help, "Our internal staff said it was one of the best years they can recall: a smooth process, great staff and wonderful communication meant our team could focus on the tasks at hand. Previous years were more demanding; even executives were asked to step in and take calls on occasion, since they could not find the right local support.” Work with a knowledgeable staffing partner.Whether or not you have partnered with a staffing firm in the past, take a fresh look at the firm’s breadth and depth of experience. Firms that are well-networked within the industry and truly understand your business and the unique challenges being faced during OEP/AEP will be more likely to provide the right talent when you need it. As a field marketing organization shared about their experience, “The greatest value add was finding a significant number of skilled agents in a short amount of time to fill our needs.” Proactively seek areas of improvement.As you make your plans for next year’s enrollment periods, talk with your team about what could be done to increase efficiency. Are there any potential lapses in processes or communication? “We could improve by getting a better understanding of the implications of agents being previously contracted with other carriers and how easy it will or won’t be to obtain a release,” shared the field marketing organization. The Northeastern health plan shared the following advice, “Having one electronic source of truth that houses all of the resources your team will need through OEP will keep everyone on the same page, and allow them to be feel empowered to help themselves and their teammates.” Stay ahead of industry best practices.In addition to providing qualified talent, the right staffing firm can help you understand how other companies are handling similar experiences. For instance, if forecasting is a concern due to the pandemic, your staffing firm can help you better understand how other companies are responding and the tactics that are and are not working. Address onboarding needs early on.Successful onboarding takes time and consideration. Prior to this year’s OEP, reflect on what has been successful in past years and how you may be able to smooth any potential bumps. For instance, onboarding forms may need to go through an agency and be reviewed by legal and human resources, in addition to being signed and returned by the employee. Gain an understanding of employees’ past and current licensure to ensure they’re able to be productive right away. From a technology standpoint, and especially in today’s remote environment, equipment will need to be purchased, prepared and often shipped. Consider the specific systems employees will need to access and ensure they are up and running prior to an employee’s start date. Consider using incentives.During times of heavy workloads, it’s even more important to build a sense of camaraderie and energy among employees, no matter their employment status. Build opportunities for recognition into your team culture and encourage healthy competition. “Sharing weekly enrollment updates and ‘top sellers’ among your team sparks healthy competition through OEP, and helps sales agents hold themselves more accountable,” shared the Northeastern health plan. There are several considerations to take into account as you prepare for 2022’s OEP/AEP. By identifying your staffing needs, reaching out to the right partner, and working through licensures and other potential hurdles early on, you’ll be prepared to best service your members this fall.

Q1 2021 Labor Market Study Results Infographic

The results of the first quarter iteration of the 2021 U.S. Insurance Labor Outlook Study are now available. The study, led by The Jacobson Group and Aon, examines insurance industry labor and hiring trends. View this infographic for the highlights.

February 2021: Labor Market Pulse

The insurance industry saw unemployment decline in January, starting the new year with a 2.2% unemployment rate. This is lower than 2020’s overall average unemployment rate of 3% and even January 2020’s 2.9% unemployment rate. At the same time, the industry lost 9,300 jobs in January, marking its first decline since May 2020. However, it’s not uncommon for these numbers to be revised over time by the BLS. In total, the industry is starting 2021 with 53,300 more jobs than January 2020. Throughout 2020, the industry also saw average weekly earnings rise by 6.8%. This is compared to an annual increase of just 2.8% in 2019. While the insurance industry remains relatively strong, the overall U.S. economy increased by just 49,000 jobs in January, maintaining a deficit of nearly 9.6 million jobs compared to January 2020. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector decreased to 2.2% in January.  The insurance carriers and related activities sector lost 9,300 jobs in January. The U.S. unemployment rate decreased to 6.3% in January with an increase of 49,000 jobs. At roughly 2.9 million jobs, industry employment increased by approximately 53,300 jobs compared to January 2020.   INDUSTRY HIGHLIGHTS On a year-to-year basis, December* insurance industry employment saw job increases in title (up 8.5%), claims (up 5.8%), property and casualty (up 2.4%), life/health (up 2.1%), and agents/brokers (up 1.8%). Meanwhile, job decreases were seen for reinsurance (down 4.3%) and TPAs (down 1.9%). On a year-to-year basis, December* marked the sixth consecutive month of industry-wide wage increases: reinsurance (up 26.8%), property and casualty (up 9.2%), title (up 6.8%), life/health (up 7.2%), agents/brokers (up 6.7%), TPAs (up 2.6%) and claims (up 1.0%).      BLS Reported Adjustments: Adjusted employment numbers for December show the industry saw an increase of 4,600 jobs, compared to the previous reported increase of 4,900 jobs. *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. For more insight on the industry’s labor outlook, join us for a complimentary webinar revealing the results of our Semi-Annual Insurance Industry Labor Market Outlook Study, conducted in partnership with Aon plc. The presentation will take place on February 11, 2021, at 1:00 p.m. CST. Register here.

Q1 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 first quarter of 2021...

Creating An Effective Personal Brand for the Virtual World

In today’s primarily remote work environment, professionals have had to adjust how they approach daily interactions. Face-to-face meetings, impromptu hallway conversations, and in-person lunches are relatively nonexistent. Additional effort is required to meet colleagues, build relationships and make an impact in virtual meetings. Even as physical office locations begin to reopen, remote work and virtual interactions will likely continue indefinitely. In these hybrid work environments, it’s important individuals build and maintain consistent personal brands that reflect who they are both in person and on screen. It can be a challenge translating even well-developed personal brands to the virtual world. Here are a few ways to make sure your brand is a clear and consistent reflection of who you are and the story you want to tell, even in the remote environment. Stay relevant. If it’s been a while since you’ve taken a fresh look at your professional values and goals, dedicate time to reevaluating your brand. Have your priorities or career goals shifted in the past year? As personal and professional lives continue to blur, are you comfortable sharing more information about your family or personal hobbies in order to build stronger connections? What are your current strengths and what areas need work? Refresh your elevator pitch. If you’ve already honed your personal brand, consider any tweaks that will help it best translate to the online space. If you’re asked to introduce yourself on a video call, is your elevator speech prepared? How does it differ if you are talking to a broad group versus in a smaller, more focused meeting? There will be many situations when you have to deliver your brand story to a virtual audience and preparation is key. Keep your content shorter than what you would typically share in person. Strive for something memorable, but also remember sarcasm, tone and facial expressions may not always come across how you intend. Update your social media profiles. Does what people see online match up with the brand you want to convey? If you haven’t updated your LinkedIn profile recently, take some time to review and make sure it is consistent with the story you’re telling around your brand. Ensure your professional accomplishments are up-to-date and you’re sharing any articles you’ve recently written or have found valuable. Schedule time to regularly interact with posts from others in your network at least once a week to remain active and relevant. Seek out networking opportunities. In the virtual world, initial introductions may not happen as organically as they do in real life. When attending a conference or networking event in person, it is easier to control who you speak with and which conversations you join. You may even catch someone in between sessions to introduce yourself or discuss a specific topic. The virtual environment is different and break out rooms, online networking events, private LinkedIn Groups and other tools are being used to help recreate these more intimate interactions. Proactively talk to colleagues and individuals already in your network to find opportunities that fit your needs and will help you move toward your goals. Dress the part. If you are typically dressed in business casual attire for work and meetings, consider dressing similarly for video calls. At the same time, your background in video calls should reflect your professional self, similar to your physical office or cubicle space. Avoid clutter and aim for a space that reinforces who you are and further builds your brand. Focus on your body language and remember individuals can see you and your reactions, even if you are not speaking. Follow up. Following up is key to making networking and relationship-building efforts worthwhile, whether in person or online. If you’re attending a virtual conference or networking session, organizers may create Excel sheets where individuals can add and share their contact information with one another. Or, attendees may be placed into smaller breakout rooms, where they can focus on meeting a select group of people. Don’t hesitate to ask about connecting on LinkedIn, or even if individuals would be open to virtual lunches or coffee to continue conversations more in depth. One-on-one meetings are often where longer-term relationships can be built and strengthened. As individuals return to work and restrictions ease, it may even be possible to meet new online connections face-to-face. As you continue to grow as a professional in the virtual environment, creating and maintaining a consistent personal brand that transcends both face-to-face and virtual environments is paramount. For more on effectively presenting yourself in the virtual environment, view “Lights, Camera, Action! Putting Your Best Virtual Foot Forward.”

Emotionally Intelligent Leadership

In today’s complex and often tumultuous environment, high emotional intelligence is one of the hallmarks of a great leader. By being emotionally aware, leaders can better engage their teams, communicate more effectively, enhance performance and increase retention. The term emotional intelligence has been around since the mid-80s, but became prominent in 1995 due to the work of Daniel Goleman. Emotional intelligence is the ability to understand your own emotions and the emotions of others, and then use this awareness to manage your behavior and relationships. According to Goleman, IQ is only responsible for 20% of one’s success. The other 80% is due to emotional intelligence (or EQ). However, unlike IQ, EQ can be learned and continually improved. In a recent issue of Compass, Senior Vice President of Executive Search and Corporate Strategy Judy Busby discusses the four quadrants of emotional intelligence and tools for growth in each area. Self-awareness enables you to understand and recognize your own emotions and triggers. By accurately identifying your feelings and why they are occurring, you are able to create a more neutral response to a situation, rather than being controlled by emotion. Self-management is the ability to redirect or neutralize your emotions in a positive way. Both self-awareness and self-management skills make up your personal competence. Once you have a better understanding of yourself, you can begin to understand others in a way that builds stronger relationships. Social awareness is accurately identifying others’ emotions. This is through listening and observing. Relationship management is how you use this knowledge of your own emotions, as well as the emotions of others, to effectively interact. By focusing on relationship management, leaders are able to tackle challenging conversations in a proactive and productive way, rather than avoiding conflict. As you strengthen your abilities in each area, you’ll be able to collaborate and communicate more effectively, ultimately leading to better business outcomes. For more on how to incorporate emotional intelligence into your leadership strategy, view our recent issue of Compass. 

Leadership Reflections for Moving Forward in 2021

It’s the start of a new year and most individuals have started taking steps toward achieving their professional goals and resolutions. Last year was one like no other; goals and priorities shifted, managers led newly remote teams and external stressors weighed heavily on professionals of all levels. However, the events of 2020 also provided several lessons that will prove valuable as we enter 2021. Recently, we asked a few of our Jacobson managers about the impact the past year had on their management styles and how they are approaching management in the new year. As a whole, these leaders are focused on better connections, stronger relationships and enhanced empathy. Here are some of their key insights and words of advice as they reflect on lessons learned and plans for moving forward. Emotional intelligence is essential. Jennifer Shorr, Assistant Vice President of Operations: Emotional intelligence continues to be important. The environmental restrictions of not seeing colleagues and staff, combined with the different sets of circumstances everyone is juggling these days, makes the ability to have meaningful and productive virtual connections vital. Not only is it central to accomplishing the work at hand, but also to supporting and caring for coworkers and our clients. Get to know employees on a more personal level. Judy Busby, Senior Vice President of Executive Search and Corporate Strategy: My biggest takeaway from the past year was learning to grow relationships when not in the physical presence of others. I thought I would feel less connected with employees through Zoom, but feel more connected than ever. I learned to pay better attention to individuals’ tones and facial expressions, and to ask more questions about how they are doing – which I intend on continuing long after the pandemic. Two of my employees have children at home and seeing them brightens my day. Another loves to garden and I get to see beautiful backyard photos. Several others took up new hobbies. Getting a glimpse into employees’ lives outside of work was one positive part of COVID and will bond us forever. All managers will need to be more intentional about integrating productivity and personal well-being in 2021, while also establishing ways for individuals to convene regularly, both within and outside of their teams. Focus on relationships. Tanya Rinsky, Senior Account Manager, Health: My advice to any first-time managers in 2021 is to build relationships focused on support and transparency. Be clear in expressing your expectations of an employee, while also asking what their expectations are for you. Build rapport by asking appropriate personal questions such as how their day is going and if they did anything fun over the weekend. Employees will be more likely to open up to you about work challenges if there is a foundation of familiarity and trust. Additionally, approach professional conversations from a place of support. Asking “How can I support you in achieving your goals?” or “What questions can I answer for you?” are great ways to invite more challenging dialogue and work toward solutions in a positive way. Be aware of individual needs. Dave Coons, Senior Vice President: Everyone is different in how they embrace and adapt to change. As a manager, it’s important to understand everyone doesn’t arrive at the same place at the same time. It’s necessary to adjust your approach to coaching and mentoring in order to help individual employees through the process and achieve optimum productivity. While the pandemic was a disruptor on many levels, as a manager I learned how to be more creative and thoughtful in addressing employee concerns and problems. Despite truly adverse challenges, our team is stronger and more resilient than ever. Continue to grow and empower employees. Nikki St.Martin, Vice President of Marketing: No matter what is going on in business or the world around us, developing and continually challenging employees should always stay top of mind. If you are not growing your employees, you are not nurturing your greatest asset. At the same time, managers must remember creative and powerful ideas don’t always come from the top. Build a culture of brainstorming and teamwork. Create a safe and nonjudgmental space for your employees to share their ideas. Intentionally solicit ideas from all your employees, making a point to ask for the opinions of those who might not speak up on their own. Managers have been thrust into uncharted territories in the past year. Read our recent Insurance Journal article for more on the leadership qualities that will be valuable now and in the future. And, as you look back on your employees’ performance in 2020 and solidify their professional goals for 2021, our recent blog post, “Performance Management in the New Reality,” may be helpful in refocusing expectations.

Compass 14.1: Emotional Intelligence – Effective Leadership in the New Workplace

This quarter’s Compass feature article explores the four areas of emotional intelligence, as well as tools and techniques to strengthen and grow existing leadership skills. The newsletter also includes an overview of the industry's current labor market and recent executive-level job changes.

Effective Management in the New Normal

In 2020, leaders faced a multitude of challenges along with a number of opportunities. Connecting with and engaging employees, while simultaneously maintaining productivity, requires new skills and leadership techniques. Learn insights for successful remote management in the new normal.

January 2021: Labor Market Pulse

In December, the U.S. economy saw total employment drop for the first time since April, following several months of slowed job growth. However, the insurance industry ended the year strong, adding 4,900 jobs in December, for a total of 26,400 net new jobs in 2020. Industry wages continued to increase year-to-year and insurance unemployment remained low, rising just 0.2 percentage points.   AT-A-GLANCE NUMBERS INDUSTRY HIGHLIGHTS On a year-to-year basis, November* insurance industry employment saw job increases in title (up 6.3%), claims (2.5%), agents/brokers (up 1.9%), life (up 1.5%), health (up 0.6%), and property and casualty (up 0.3%). Meanwhile, job decreases were seen for reinsurance (down 6.0%) and TPAs (down 1.2%). On a year-to-year basis, November* marked the fifth consecutive month of industry-wide wage increases: reinsurance (up 21.8%), title (up 8.8%), property and casualty (up 6.8%), agents/brokers (up 5.5%), life/health (up 3.7%), claims (up 2.9%), and TPAs (up 1.4%).      BLS Reported Adjustments: Adjusted employment numbers for November show the industry saw an increase of 3,300 jobs, compared to the previous reported increase of 600 jobs. *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. As we begin the new year, we invite carriers across all sectors of insurance to participate in our Q1 2021 Insurance Labor Outlook Study, conducted in partnership with Aon. Since 2009, the study has provided valuable insights on insurance labor trends and is regarded as an accurate predictor of the industry’s staffing outlook. The Q1 survey is open through January 29 and detailed results will be distributed to all participants. Additionally, as you adjust your management techniques for what 2021 may bring, view our recent guide, “Effective Management in the New Normal,” for valuable insight and best practices.