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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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Many Life Insurers Plan to Add Employees: Jacobson

Published on ThinkAdvisor explores the impact of The Jacobson Group and Aon plc's Q3 2020 Insurance Industry Labor Market Outlook Study on life, health and annuity issuers.

Insurers Plan to Hire But Recruitment Struggles Remain

Published on Carrier Management: Carrier Management takes a look at the results of The Jacobson Group and Aon plc's Q3 2020 Insurance Industry Labor Market Outlook Study results.

Insurance Recruiting Difficulty Remains High, Despite the Pandemic

The Q3 2020 Semi-Annual U.S. Insurance Labor Outlook Study results have been released. Conducted by The Jacobson Group and Aon plc, the study examines data collected on insurance industry hiring, as well as revenue trends and projections. It has provided valuable information to the industry for more than a decade. A few key insights from the most recent iteration of the study are highlighted below. To view the full report, click here. Despite the tumultuous overall economic climate, the insurance industry remains relatively stable. Eighty-three percent of the study’s respondents intend to maintain or increase their staff sizes in the next 12 months. The primary drivers of staffing changes are anticipated shifts in business volume and adjustments to areas currently over or understaffed. For the companies planning to add staff, technology, underwriting and analytics roles are the most in demand. The operations and actuarial functions are the most likely to add entry-level employees and underwriting is the function most likely to add executive-level talent. If the industry follows through on its expected plans for the next 12 months, we should see a 0.99 percent increase in industry employment, creating new jobs. “There’s been a pause, but not necessarily a change in direction, at a lot of companies,” said Gregory P. Jacobson, Jacobson’s co-CEO, in a webinar presentation.However, recruiting difficulty will persist. According to the study, recruiting has become at least slightly more difficult for eight of 11 functional areas, compared to one year ago. Actuarial, technology and analytics positions are considered the most difficult for carriers to fill, with product line having a significant impact on the ease of filling positions. While employment will continue to grow in the next 12 months, it will be at a significantly slower pace. In terms of revenue, 58 percent of companies expect growth, which is 19 percentage points lower than January 2020. Thirty percent of companies expect revenue to remain the same, compared to about 17 percent six months ago. Large companies are the most optimistic about revenue for the coming year, with 73 percent expecting growth. The Q3 2020 iteration of the study also explored the options available to employees as physical offices begin to reopen. More than three-quarters of carriers plan to allow employees to occasionally work from home, 53 percent plan to provide flexible hours and almost half will offer full-time remote work. It’s likely these flexible work options will help level the playing field for smaller companies looking to attract top talent. For more insight on the industry’s hiring plan, view the full report or infographic. To learn how to best attract, hire and onboard talent in the evolving insurance environment, view our recent white paper, Effective Recruitment Strategies for a Remote Reality.

Q3 2020 U.S. Insurance Labor Market Study Results

The Jacobson Group and Aon-Ward conducted a study to investigate hiring trends within the insurance industry. The following presents the findings of an insurance labor survey conducted in the third quarter of 2020...

The Insurance Industry Continues to Hire, Despite the Pandemic

For the past 12 years, The Jacobson Group and Aon plc have conducted a semi-annual study to uncover valuable information around insurance industry hiring and revenue trends. The Q3 2020 Semi-Annual U.S. Insurance Labor Outlook Study results have recently been released. A few key insights are highlighted below. To view the full report, click here. Despite the tumultuous overall economic climate, the insurance industry remains relatively stable. Eighty-three percent of insurance carriers intend to maintain or increase their staff sizes in the next year. The primary reasons for adding staff are anticipated increases in business volume and currently understaffed areas. Technology, underwriting and analytics positions are the most in demand. Operations and actuarial are the functions most likely to hire entry-level employees and underwriting is the function most in need of executive-level talent. If the industry follows through on its expected plans for the next 12 months, we should see a 0.99 percent increase in industry employment, creating new jobs. It’s likely the shift to remote work is here to stay for many insurers. The Q3 2020 iteration of the study explored the options available to employees as physical offices begin to reopen. More than three-quarters of carriers plan to allow employees to occasionally work from home, 53 percent plan to provide flexible hours and almost half will offer full-time remote work. In addition to contributing to employee satisfaction and allowing individuals to manage personal responsibilities, this shift will enable professionals to work across geographic locations. In terms of revenue, 58 percent of companies expect growth, 19 percentage points lower than January 2020. Thirty percent of companies expect revenue to remain the same, compared to about 17 percent six months ago. Large companies are the most optimistic for the coming year, with 73 percent expecting revenue growth. For more insight on the industry’s hiring plan, view the full report or infographic. For tips on job searching in the remote environment, read our recent blog post. View open industry positions here.

The Importance of People Analytics in the COVID-19 World

Work environments have shifted dramatically in the past six months and human resources leaders are tasked with evaluating new team compositions, productivity measures, hiring techniques and more. As insurers work to understand the short- and long-term impacts of the pandemic on their teams, people analytics can play an important role in making informed talent decisions. By leveraging data and analytics, strategic HR teams can predict future needs, evaluate employee engagement levels, better identify flight risks and much more. Recently, JoJo Harris, senior vice president of human resources at The Jacobson Group, shared the role people analytics can play in adapting to the current business reality. As organizations move past the initial shock and immediacy of pandemic-imposed shifts, it’s time to focus on paving a path forward. In her Insurance Journal article, “People Analytics in the Age of COVID-19,” she explores how people analytics can be leveraged as leaders adjust their human resources strategies. Productivity measurement: Have you adjusted productivity measures to account for a remote and/or blended work environment? By gathering data around productivity, you can better understand how individuals work and where you should prioritize your efforts. Employee engagement: Are your employee engagement programs effectively translating to the remote environment? Make sure you have methods in place to gauge your employees’ attitudes around work and collect real-time feedback. Hiring tactics: Has your team effectively adapted to virtual recruiting methods? Collect data and trends to improve the candidate experience and help ensure positive outcomes. Logistics for returning to the office: What new protocols and processes will need to be put in place as individuals return to brick and mortar offices? Consider how you can determine employee readiness to return to the office, as well as the safety measures that will need to be implemented.As your organization moves forward in the age of COVID-19, data and analytics play an important role in guiding strategic decisions. To learn more about how people analytics can influence the above areas and more, click here.

Study: Insurers Pessimistic On Revenue Growth, More Likely To Trim Workforces

Published on WGLT reports on The Jacobson Group and Aon plc's Q3 2020 Insurance Industry Labor Market Outlook Study results.

Hybrid Workforces: Evolving Strategies for Evolving Teams

Many organizations are embracing hybrid workforces − comprised of on-site, remote, full- and part-time employees, contract workers and more − as an effective solution to these challenging and evolving times. Learn the benefits a blended workforce offers and how to effectively manage hybrid teams for success.

Best Practices for Negotiating Salary

There are several factors to consider when contemplating a job offer. Company culture, flexibility, benefits and advancement opportunities, among many other components, should all be taken into account. However, many people find the idea of negotiating an offer – especially the salary component – to be awkward and unnatural. Others may feel like they’ll be perceived as ungrateful or greedy for bringing it up, or that they’ll no longer be considered for a role if they attempt to negotiate. It’s important to feel comfortable with an offer before accepting it and if necessary, asking for adjustment on the areas that are not in line with your (realistic) expectations. CareerBuilder found 73 percent of employers would be willing to negotiate salary, yet 55 percent of employees don’t bring it up. Unfortunately, the likelihood for individuals to negotiate also varies by gender. According to one report, 7 percent of women MBAs attempted to negotiate their salaries when receiving offers, compared to 57 percent of their male counterparts. Advocating for fair compensation is especially important for women and often crucial in helping close the gender salary gap. If you’re considering an offer, it’s important to do your due diligence and ensure you’re accepting a salary that will benefit both you and your employer in the long run. Here are a few best practices for entering a salary negotiation prepared and with a respectful and mutually-beneficial mindset. Understanding Your Value One of the most vital parts of salary negotiation is the prep work. Do your research and understand a fair salary range. There are several ways you can go about uncovering this information: Leverage networking organizations and inquire about salaries for similar roles and backgrounds. If you don’t feel comfortable, you can always say you are asking to help out a friend or family member. Reach out to your own professional network. Consider past colleagues, professors and friends who may be willing to discuss how they handled salary negotiations in the past and are able to offer perspective. Set up informational interviews with recruiters. As you're exploring new roles or considering next steps in your career path, informational interviews can help you gain insight and information in a lower risk setting, while also helping build your network. Negotiating Your Salary If you’ve done your research and feel like an offer is misaligned with the value you’d bring to a role, you may want to attempt to close the gap. Effective negotiation can help you come to an agreement that both you and your potential employer are happy with. On the other hand, it can help you understand if the position and company are ultimately not the right fit. If you are interviewing directly with an employer, here are a few best practices to consider during the negotiation process. When asked about salary expectations, rather than share what you’re making in your current position, share your desired range. This should be based off your research and understanding of the role and its responsibilities. For women, this knowledge can also help close the gender salary gap. Remain enthusiastic. Let the hiring manager know you are interested in the role and set the stage for a positive negotiation process. Understand constraints. Some roles will have salary caps and limited negotiation room. Rather than try to change these external constraints, focus on what is most important to you and how you might be able to get creative around bonuses and pay for performance. Consider asking how the employer has successfully closed the gap for individuals in similar situations. Be positive and respectful throughout the entire process. While it’s important to clearly ask for what you want, it’s also important to come across as someone people will want to work with. Asking for a Raise If you have been in your position for a while, are doing strong work and/or have taken on new responsibilities, it may be an appropriate time to ask for a raise. This also provides an opportunity for your employer to pay fair market value and contribute to your retention and loyalty to the company. Ask at the right time. If your organization has annual performance reviews at the same time each year, plan your ask around it. Bring up the topic with your manager a few months in advance to provide time for them to consider the proposition and gain the necessary approvals. Be prepared. Throughout the year, record positive feedback from your manager and other superiors, peers and employees. Quantify your accomplishments and provide concrete evidence of your impact. Frame your conversation. Express your enthusiasm for your current role and company. Be respectful and gracious as you state your appreciation for the opportunities you’ve been given, your commitment to the organization and how an increase in salary is aligned to your current contributions. While the topic of salary may seem awkward, preparation and thoughtfulness are key to a respectful negotiation. Understand your worth, work toward a mutually-beneficial solution and don’t be afraid to ask. 

Compass 13.3: Reimagining Your Organization to Thrive in a Post-Pandemic World

Explore how leadership can provide guidance and support as they inspire employees to move forward and reimagine their organizatons for success.

Management Techniques for CAT Season Success

As we continue through CAT season in the midst of a global pandemic, being prepared for the unknown is more important than ever. In order to best accommodate unforeseen circumstances and increased workloads, claims departments are leveraging hybrid teams that include a variety of employment types, including full-time and part-time employees, as well as interim resources. However, for these teams to be truly effective, insurers must understand how to best manage their blended teams. Even as restrictions begin to lift and individuals physically return to the office, it’s likely many of your employees are working remotely for the foreseeable future. It’s vital that all employees, whether they are full-time or interim, remote or onsite, are able to effectively work together in a well-organized and productive way that best services your customers. Recently, Karen Lopez, client advisor at The Jacobson Group, shared how claims managers can best support blended teams during CAT season. In her Insurance Journal article, “Managing Blended Teams for CAT Season Success,” she shares several best practices for remaining productive during this unpredictable time. Be strategic. Determine what you are trying to accomplish and build the right team to get you there. Include full-time employees in the process. Ask about their pain points and explain how new team members will complement their current jobs. Set clear expectations around roles and responsibilities. This will help you avoid future misunderstandings and mitigate potential conflict. Develop a comprehensive onboarding plan for all employee types. Welcome individuals to the organization and make sure they are set up for success from day one. Help all employees feel included, supported and involved. Consider how your communication channels may need to evolve to accommodate various employment types and locations. Immerse all employees – even freelancers and contract employees – in your team and company culture. This helps instill a sense of ownership and purpose. To read the full piece and learn more about how to maximize the potential of a blended workforce, click here.

People Analytics in the Age of COVID-19

Published in Insurance Journal Insurance organizations have recently been navigating a number of talent shifts. Data and analytics can provide the insights necessary for navigating next steps and making informed talent decisions as organizations move forward in the new reality