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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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The Need for Risk Storytellers

As the business world adapts and flexes its collective muscle in the Age of COVID-19, there’s an increased focus on risk, data and communication. Chief risk officers and risk managers are emerging as in-demand and essential positions, and risk expertise is actively sought in the boardroom. Functions within the realm of risk management, such as data analytics, enterprise risk management and actuarial are also moving up many organizations’ “must have” priority lists. Risk management was in high demand even prior to the pandemic, with cybersecurity being one of the most pressing concerns. In 2019, Deloitte’s annual risk management survey found 95 percent of financial institutions employed chief risk officers, a number that has increased through the years. Additionally, 83 percent of the survey respondents said they have an enterprise risk management program in place; 10 percentage points higher than in 2018. The Bureau of Labor Statistics predicts financial managers, the category under which risk managers fall, will grow by 16 percent between 2018 and 2028, and that actuarial roles will increase by 20 percent within the same timeframe.Especially in today’s turbulent times, strong human skills enable risk management professionals to thrive. The ability to tell a story around data and translate complex concepts to a variety of stakeholders is invaluable. Additionally, human skills are necessary for leaders to inspire and guide their teams as priorities and processes shift.Beyond Functional SkillsAs the business climate continues to evolve, there are a number of non-functional skills that will set the most successful professionals apart. While strong math and analytical skills are of utmost importance, those within the risk management discipline must effectively convey numbers and insights in a way that inspires action. This includes understanding how information fits within an organization’s larger story and articulating the key details necessary to help companies and individuals get out ahead of risk. Storytelling has the potential to make information 22 times more memorable than if it were delivered as facts. By understanding an audience’s perspective and combining empathy with data, professionals can resonate with stakeholders on both a rational and emotional level.Within leadership, the VUCA landscape has been a topic of conversation for some time; however, it’s never rang truer than now. Economic uncertainty, combined with new and existing modernization projects and enhanced automation, makes strong and empathetic leadership vital. Today’s risk management leaders must have the human skills necessary to confidently guide and inspire their teams in these Volatile, Uncertain, Complex and Ambiguous times.   Vision – Embrace the vision of the organization and your department. Create clarity around your true north and what does and doesn’t align. Understanding – Seek out and strive to understand alternative points of view, working to appreciate where individuals are coming from. Courage – With constant shifts and new information, be able to boldly move forward in ambiguity. Adaptability – Be flexible and agile and inspire it within your teams. Perhaps now more than ever this will set the great leaders apart. It’s not just those in leadership roles who can benefit from sharpening their human skills. Even as restrictions lift, it’s likely remote work will continue in some form and present new challenges. Modernization projects will move forward, and existing processes will be overhauled as enhanced automation is adopted. Strong human skills are beneficial to all risk professionals as they navigate the shifting climate and hone their storytelling skills.Communication: The ability to communicate clearly and concisely has always been important. Yet, in light of the pandemic, communication methods and channels are shifting. Professionals are demonstrating their abilities to translate technical concepts and engage an audience over email, phone and video conferencing.Collaboration: The business community is coming together to share information and best practices. Additionally, many individuals may need to work across departments or reach out to experts outside of their organizations to gain input and expertise. Agility: There is no business as usual. Expectations, priorities and information are continuing to evolve. Risk management professionals must be nimble and able to quickly redirect their focus as needed.Transparency: Especially in a virtual environment where impromptu conversations are less likely to take place, being candid and erring on the side of overcommunication is key. By being transparent, individuals can build and maintain the trust necessary for strong working relationships.Empathy: Being able to connect with colleagues, clients and other stakeholders on a more personal level can build strong working foundations. This includes asking how people are doing before diving into business, along with assuming everyone has positive intentions.If you are growing your risk management team, once you’ve confirmed candidates meet the technical requirements for the role, shift your focus to their human skills. Ask questions around how they solve problems and convey those solutions to stakeholders. Inquire about how they hone their communication and storytelling skills and how they’ve responded to any mishaps that have occurred as a result of miscommunication. How do they coach team members to use their critical thinking skills or respond to changing priorities? Being able to tell a story around data and effectively conveying information to leadership and other stakeholders will enable those within risk management to thrive. It’s important for leaders to develop their own skills, while also providing opportunities for other individuals to grow. By emphasizing human skills, teams will be best positioned to move forward and rise to future challenges.

Managing Blended Teams for a Seamless CAT Season

Published in Insurance Journal: By leveraging blended workforces, which include a variety of employment types, insurance companies are best equipped to accommodate shifting priorities and workloads while providing seamless service to their customers.

How to Create a Compelling Job Post

Published in PropertyCasualty: While recruiting and hiring have evolved over the years; and fairly dramatically in just the past few months; insurers don't always give the same attention to their job postings. Templated listings or outdated formats may not present the compelling first impression you need to engage top insurance talent.

Boardroom View 2.2: Boards and the Post-Pandemic World: Paving a New Way Forward

Insurance organizations' responses have aligned to the change curve and ways boards can provide guidance as companies move to the later stages of the curve. This issue's feature article explains how boards can best support their CEOs as they position their organizations for success in the new landscape.

Creating Compelling Job Postings

While many aspects of recruiting and hiring have evolved over the years (and fairly dramatically in just the past few months), employers don't always give the same attention to their job postings. If your team has been using templated listings or doesn’t remember the last time they’ve made updates to language and format, it may be time for an overhaul. Take a fresh look to make sure you’re presenting your open positions in a way that is effective in attracting the right talent. Especially now, when networking and face-to-face interactions are limited, a job posting may be someone’s first introduction to your company. What do you want them to take away as a first impression? Are you capturing the values and culture of your organization, or do your postings seem flat and generic? Here are a few best practices to keep in mind to ensure your posts are as compelling as possible. Focus on the candidate. Instead of approaching the job from the perspective of the company and what you are looking for in an employee, consider what’s in it for the candidate. What sets your role apart from other similar positions? What will they gain if they join your team, and how will their professional needs be fulfilled? Make it readable. Today, most individuals are scrolling job openings from their phones. While dense blocks of text may be acceptable on desktops, think about how you can make your content more mobile-friendly. Include white space, headers and bullets. Additionally, don’t make your posts too long, as you’ll lose the reader’s interest. Stick to the vital information, rather than pasting in paragraphs of boilerplate copy. Use inclusive language. Be proactive in ensuring your postings are inclusive of all qualified prospects. Often posts unintentionally exclude certain groups of people by using gendered language, unnecessarily limiting geographic locations, or listing required skills that can be easily learned on the job. For instance, ZipRecruiter found 91 percent of finance and insurance job listings use words that are considered gendered. This could be using terms such as “ninja” or phrases about the company’s “dominance in the marketplace” versus the more neutrally phrased “excellence in the marketplace.” Edit your list of requirements. It can be easy to go overboard when putting together a list of requirements for a role. However, is each one really necessary for success? An expansive list of requirements and experiences may seem like it will help bring in the best person for the role, but it’s more likely it will do the opposite, by limiting applicants. Take time to reevaluate what is truly needed for someone to be successful in the position and focus on three to five “must haves.” Focus on skills. Recruit for the role’s required skills, rather than experience. For instance, if you’re searching for a customer service professional, instead of requiring a specific number of years working in customer service, you could highlight communication and problem-solving skills. This might open the door for individuals who have the right skills, even if they lack the exact former job titles. Tell a compelling story. In addition to sharing requirements and responsibilities, how can you incorporate your company’s personality and values? Has the posting been updated since it was last filled? Is everything still relevant and does it convey your company’s brand and voice? Rather than list the responsibilities of the role, share how the position impacts the company and its customers. Help applicants understand how they would be a part of something larger. Be creative. All job postings don’t have to look the same or follow a standard format. Don’t be afraid to stand out from the crowd and be creative. Consider how you can get the attention of the right individuals. For instance, if the role requires creativity and innovation, channel that as you write the description and explain the role. Update your post regularly. Continue to evolve your post as needs change or to adapt to the response it is receiving. If your job posting isn’t attracting the candidates you’d hoped, or if you are not getting many applicants, make adjustments. You may also consider including information about remote onboarding or expectations around returning to a physical office, depending on office openings and procedures. Reach the right individuals. While promoting positions on your website, external job boards and social media is important, also enlist thought leaders to help expand its reach. If there are influential people you respect within the space – especially if you have an existing relationship with them – ask if they would mind reposting or sharing the open role with their network. By reimagining your job postings, you’ll be able to better convey your employer brand and communicate the value of the role. Rather than viewing your postings as a formality or template, consider how you can give them new life, appeal to the right talent and set yourself apart from the competition.

Contributing to Company Culture Remotely

Now that organizations have been operating virtually for a few months, some of the initial novelty has worn off. Professionals are settling into their home offices and adopting new norms and expectations for operating in the current state of business. As the remote work environment becomes commonplace, it’s important to revitalize your role in propelling your organization’s corporate culture. While your company may have a thriving in-office culture, perhaps it hasn’t fully translated to the virtual environment. Or maybe it’s become deprioritized as your colleagues balance a shifting plate of responsibilities. On the other hand, it’s possible your organization has developed a strong remote culture and you’re not contributing as much as you’d like, due to time constraints or other priorities. If you’re feeling disengaged or unmotivated, connect with your coworkers on a personal level and reinvigorate a sense of team and shared purpose. Here are a few ways you can contribute to company culture remotely. Overcommunicate. One of the cornerstones of successfully working remotely is communication. How often do you check in with your teammates? Whether you’re a seasoned employee or new to the organization, find out your team members’ preferred methods of communication. Are they open to impromptu calls or would they rather have time to prepare their thoughts? Is a quick note over Skype effective, or would they prefer email? Do they look forward to video calls to help recreate a more traditional face-to-face office environment? Make sure you’re touching base with your immediate teammates and manager several times a week to help strengthen those relationships, even if it’s just to say hello. Participate. Think through the opportunities that might currently be available to you. Is your company periodically hosting virtual happy hours or lunches? It can be easy to start filling this time with work projects or other obligations. However, you can help cultivate a positive company culture and engage with your colleagues by participating at least periodically. Additionally, contribute to all-company message boards or instant message chains. By making these interactions a priority, you’ll build stronger bonds with colleagues throughout the organization. If you’re a newer employee, these opportunities are especially valuable and enable you to interact with individuals you may otherwise not meet. Share your ideas. At the same time, if your company isn’t already holding virtual events, speak up! Offer to host a themed happy hour via Zoom, or start a Skype conversation around at-home activities or favorite TV shows and books. Encourage healthy competition by starting a steps or hydration challenge. Discuss your ideas with your team or manager and work to proactively build your company’s culture and sense of camaraderie. Understand your company’s values. Take a fresh look at your company’s mission, vision and values. While it may be easy to pinpoint in-office activities that help promote these values, are there certain ways they are reflected remotely? How are your day-to-day interactions contributing to strengthening these values? If you’re unsure, perhaps enlist your manager or other team members to start discussing how these values can be better realized within your work. Share your calendar. Most employees are working a variation of their standard 8 a.m. to 5 p.m. office hours. Perhaps you’re taking advantage of no commute and clocking in early, or you’re working more fragmented days to help accommodate the needs of your family. Be transparent with your schedule and set boundaries based on your current situation. Consider sharing your calendar with your team and others you work with closely to increase transparency and build trust. Ask for help. If there are individuals within your company who are accustomed to working from home, don’t hesitate to ask for their advice. Send an email with specific questions or set up a virtual coffee date to discuss how they’ve overcome challenges and stayed connected. It can be difficult to go from a busy office environment to a quiet work-from-home set up. Seek insight from those who are more experienced. Be present. It can be tempting to multitask when you’re not meeting in person, especially during conference or video calls. However, by remaining present in the conversation, you’ll not only better absorb the information, you’ll also show your colleagues that you value their time and perspectives. Make sure you give them your full attention, similar to how you would during in-person meetings. Additionally, try to set aside some of the meeting time to check in and see how everyone is doing from a personal standpoint. While the office environment has dramatically changed in the past few month, corporate culture remains vital for engagement and overall job satisfaction. All employees play a role in cultivating and contributing to their company’s culture. By taking even small steps, you can help build a strong remote culture and continue to advance your company’s values.

Insurance Talent Beyond COVID-19

Insurance organizations are looking beyond their immediate circumstances to how they must transform in the coming months and years. As insurers develop strategies for the post-pandemic reality, a number of talent-related shifts should be considered for a comprehensive approach.

The initial effects of COVID-19 on insurance employment

Published in PropertyCasualty360 As of May 2020, the insurance sector has not experienced the mass layoffs seen in the greater economy. Though our April Survey of the Current Insurance Labor Market showed insurers were making some changes to their hiring plans, they were relatively minimal in comparison.

Creating a Culture of Inclusion That Attracts and Retains Talent

Published in IA Magazine: Insurers that work to increase company diversity tend to experience benefits like more effective decision making, enhanced problem-solving and even increased revenue. However, these improvements are not solely from achieving a diverse hire quota and result from intentional and thoughtful inclusion efforts.

Avoiding Employment Scams

For the past two years, employment scams have been deemed the riskiest type of scam for individuals ages 18-54, according to the Better Business Bureau. Through this type of fraud, individuals pretend to be recruiters, often asking for personal information and even money to move forward with a job offer. As the coronavirus pandemic creates what the BBB calls the “perfect storm” for scammers, professionals should be more cautious than ever. Research shows that when individuals are isolated from others, engaging online and financially vulnerable, they are more susceptible to a scam. At the same time, while insurance industry unemployment is still relatively low at 3.9 percent, the overall U.S. unemployment rate jumped to 14.7 percent in April. Scammers are well aware many professionals are having an emotional response to current economic and employment uncertainty and may more easily let their guards down. As an attorney working in the staffing industry, I’ve heard many stories of would-be employment fraud. In some cases, individuals have posed as hiring managers or recruiters, offering someone a job over the phone or social media and proceeding to ask for personal information to perform a “background check.” In other instances, a fake recruiter may send over a link to a website and ask individuals to fill in their personal information to complete an employment application. Others may ask for money to pay for non-existent training or equipment. No matter the method, there are several ways to help protect yourself and make sure a hiring manager or recruiter is reputable. Trust your gut. It’s not likely a credible recruiter will reach out and immediately offer you a job. Typically, there are multiple steps and a defined process prior to receiving a job offer. At a minimum, this may include sharing details of a job, reviewing your resume and setting up an interview. Put your emotions aside and listen to your instincts. If your conversation with a recruiter makes you uncomfortable or you’re asked for information that seems out of the ordinary, don’t be afraid to question it. Verify information. Be aware that information is available about you and scammers are getting smarter. They may reference your current and/or former positions and colleagues. They may even use a real recruiter’s name they found on a website or via LinkedIn. It’s ok to be skeptical. Verify their information prior to moving forward. Call the company they claim to be from and confirm the person works there. Call back the number they reached out to you from; scammers are using platforms such as Google voice, which can alter how their phone number appears. If they reached out via email, does their email address match the format of the corresponding company’s website, or are there extra letters or symbols? And, if it does match, is the website and company legitimate? Take extra care to verify a recruiter’s information if they contacted you via social media, where contact information is not readily available. Look out for common red flags. Email is the most common form of outreach for employment scams, according to the BBB. If you receive an email with bad grammar and an abnormal number of typos, proceed with caution. This is often a clear giveaway something is not right. Additionally, be wary of anyone who asks for personal information in a call or email, or via an online application. Especially in early interactions, no more information should be needed than what you would include on a resume. While recruiting continues to move forward and companies are making hires virtually, know that it’s also an ideal environment for fraud. Beware of individuals who reach out with job offers before ever talking with you. If something seems off, listen to your gut; and, never give out personal information such as your social security number or date of birth. For more resources on protecting yourself against employment fraud, view these articles from the BBB and the National Insurance Crime Bureau.

Continuing Your Job Search Remotely

Today’s remote work environment and economic uncertainty is impacting businesses and job seekers alike. However, while many industries have made significant reductions to their staffing plans, insurers continue to hire amid the pandemic. Recruiting methods have changed to accommodate physical office closures, and individuals have had to quickly adjust to interviewing over platforms such as Zoom and Skype. If you are currently looking for a new role, here are a few best practices to ensure you’re most effective in the virtual environment. Adjust your mindset. First and foremost, acknowledge that job searching in the current environment can be tough. It’s easy to get discouraged as organizations evolve their strategies and shift priorities. Certain processes may take longer than expected and needs may change. It’s important to adjust your mindset to account for the fluctuating state of business. Be accepting of the current situation and recognize your job search will be different than it may have been in the past. Create a routine. By creating a routine and planning out what you would like to accomplish each day, you’re able to remove some of the emotion from the process and track tangible progress. If you’re job searching full-time, you may choose to approach it as its own job and implement specific working hours. Or, you can set clear and attainable goals, such as sending out three networking emails, applying to two jobs and scheduling a virtual coffee date with someone in the industry. Network. As school, travel and personal calendars clear, many professionals are more willing to talk with others and share their experiences and insight. Now is a great time to reach out to individuals in your network to see how they’re doing and reestablish connections. Recognize that everyone is experiencing a time of uncertainty, even those who are gainfully employed. Think about ways you might be able to add value to their current role or professional endeavors. Don’t reach out asking for something; often this will come up organically in conversations. Evaluate your skill set. Business has quickly evolved and so have some of the attributes hiring managers look for in candidates. Individuals who are new to a role must be tech savvy, able to operate independently, and prove productive and resourceful in difficult situations. Virtual interviews also set the stage for more objective conversations and decisions. Make sure you have examples and anecdotes of how you’ve demonstrated necessary skills, worked autonomously and proven yourself to be a trustworthy colleague. Tailor your approach. Even if you are sending out dozens of resumes, consider how you can express your unique interest for each company. By personalizing your interactions, you’ll show you are driven and resourceful, even before the formal interview process begins. Research each company and if possible, the hiring managers and leadership teams. Check LinkedIn to see if you have any connections in common with the position’s recruiter or other key stakeholders. By putting in the extra effort, you can convey your enthusiasm in a genuine way. Accept new timelines. In today’s environment, it’s possible the hiring process may take longer than it would under traditional circumstances. You may be asked to talk with more individuals than in a typical interview. There may also be additional lag time between updates and next steps, as teams determine how to best move forward. Be patient and understanding, while keeping yourself top of mind by staying in close contact with recruiters and hiring managers. Make human connections. As you go through the interview process, acknowledge what is happening. The current environment has blurred the lines between work and personal and it’s OK to be empathetic. Remain professional, but ask how others are doing and don’t be afraid to make a personal connection. Express your appreciation for their time, even if you are not offered the position. These relationships can be valuable later on; if you weren’t right for one specific position, new roles may open up that are more suited to you and it will be helpful to have an existing connection within the company. Don’t be afraid to move forward. If you’re excited about a new role, don’t be afraid to accept it. There will always be an element of risk associated with taking on a new position. However, insurance is a fairly stable industry and unemployment is still relatively low. While you may be hesitant to make a move due to current circumstances, think long-term. Where would you like to be in five years and how can the role help you get there? If you are not selected for a role, don’t take it personally. A hiring manager may have really liked you, but decided someone else was a better fit. Be gracious and keep lines of communication open in case future roles arise. Especially in these unprecedented circumstances, it’s important to give yourself grace throughout the job search process. Focus on building connections, being patient, and making time for other passions and interests outside of work. For more insight on interviewing remotely, view this recent post.

Developing a Successful Remote Onboarding Program

As business continues remotely for the foreseeable future, insurers can no longer delay filling critical positions. However, onboarding employees from afar may seem like a daunting task. If you have a new employee joining your team while operating in a virtual environment, it’s paramount to have a well-thought-out remote onboarding plan in place. By being intentional about your onboarding and orientation process, you’ll be able to successfully welcome new employees to your organization and set them up to thrive. Have a clear strategy.It’s important to rethink your typical onboarding approach to fit today’s virtual environment. Structure is more critical than ever and helps assure employees you’ve put time and effort into making their first few weeks a success. Develop a tailored onboarding schedule, keeping in mind new employees may require additional details and information as a result of not physically being in the office. If you typically take new hires out to lunch on their first day, walk them around the office, and schedule a variety of training and orientation sessions, how can those activities translate to the remote workplace? Proactively make introductions.Working from home can be isolating, especially in a new position. Consider how you can make a new hire feel included and valued from day one. Depending on your company size, this could include an all-company email or instant message introducing the individual and encouraging employees to reach out and say hello. Make sure to designate time for the new hire to meet other team members, outside of formal training sessions. This could be a virtual happy hour or lunch that enables individuals to talk on a more casual basis and begin to get acquainted with one another. Strive to do this within the employee’s first week to help lay the groundwork for these relationships early on. Additionally, while much of the onboarding and training process could likely be done over the phone, encourage individuals to schedule video calls. Putting a face with a name and having the advantage of facial cues is much more engaging than speaking by phone alone.Ensure adequate technology. Introduce new hires to your IT team prior to their first day of work and discuss technology needs. Help ensure they’re able to work efficiently during their first week and alleviate undue stress by delivering physical items prior to their start date. This may include a computer, headset, camera for video conferencing and any other tools deemed necessary. At the same time, provide new employees with a direct line to IT so they can quickly rectify any tech issues that may arise. Outside of equipment, it’s likely your team uses various programs and tools to stay aligned and productive. Consider the applications you use for time tracking, project management, instant messaging, video conferencing, contact management and more. Depending on the employee’s comfort level, it may be valuable to schedule training around a program’s basic functionality. However, even if the employee is familiar with a program, make sure to hold a team-specific training session when applicable. This helps the individual understand your team’s unique processes and provides another way to incorporate various team members into the onboarding process. Highlight your company culture.Help your new hire feel comfortable and confident in a new role, while also welcoming them with open arms. Share your company’s values, as well as how those are being outwardly demonstrated. Is there an all-company Skype chat? How is formal and informal information shared? Are there any virtual meetups or competitions where they can engage with colleagues across the organization? In addition to the organization’s remote corporate culture, also share past events and anecdotes. What are some favorite in-office traditions and how can they contribute once employees start returning to the office? Encourage them to update their information. Starting a new job virtually feels different than stepping into a physical office building for a first day. Help the transition feel more tangible by encouraging new employees to update their social media profiles within the first couple weeks. Recommend they connect with individuals throughout the organization to get to know them and their backgrounds. Title and company changes on LinkedIn will likely also garner recognition and congratulatory remarks from individuals within their networks, adding to the excitement of a new role. Touch base frequently. Make it a point to check in and see how things are going. This might be a few times throughout the day when an individual first starts, then become less frequent as they settle into the role. Ask if they have any outstanding questions, if there are any meetings or introductions you can help facilitate, and how they feel about their current workload. Stay in touch and make sure they have a key point of contact for questions that may arise in various areas. Think long-term.For some, it’s harder to retain information through virtual training; and, regardless of the format, new hires are receiving a vast amount of information at once. Consider adding another layer to your traditional training sessions such as a Q&A or refresher course to help ensure they’ve grasped key information. Also, remember that offices will eventually be open again. If an individual will ultimately be in the office full- or even part-time, make sure you are talking about the office on a regular basis. The current work from home environment is likely not permanent, and they will eventually develop a more traditional routine. While onboarding may look different than it did just a few months ago, it is still possible to create a positive, employee-focused experience. By developing a clear onboarding plan, being proactive with introducing the employee to your team and company, and being available through chat and video, you’ll help create a welcoming and supportive environment. As you move forward with your talent strategy, view our recent blog posts for insight on interviewing and hiring virtually.