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The Human Element of AI Transformation

Discover ways to effectively navigate through AI transformation. Only 4% of companies say they’re creating real value from their AI investments. The key differentiator is how well organizations manage the human side of implementation. 

Download the white paper to explore best practices for taking a human-focused approach as you lead through change.

Recruiter Report: Find the “Perfect” Candidate

Finding top talent remains difficult in today’s labor market. However, holding out for the “perfect” candidate may mean losing out on high-potential individuals that would thrive in the role.

Read our blog post gain insights on redefining what the ideal candidate looks like and share how to take a realistic and future-focused approach to making the right hire.

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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.

Setting Meaningful Goals for 2021

January is around the corner and most individuals are reviewing their professional goals and development plans for the coming year. In the past, these annual goals may have been linear and inspired by natural paths for career progression. However, the events of the past year have made it apparent the focus should shift to more agile goals and account for a professional reality that continues to blur into personal responsibilities and home life. Recently, I had the opportunity to hear future-of-work strategist Heather McGowan speak. For years, she has been writing on the changes happening in the working world and the importance of connecting ourselves to a sense of purpose, rather than measuring success by job titles. Additionally, becoming comfortable with ambiguity and vulnerability is key in order to learn and adapt at a rapid pace. This is perhaps more important than ever before, as individuals work to set meaningful goals for the new year, in an uncertain and volatile time. While goal setting likely looks different this year, there are a few areas you can focus on to grow transferable skills and prepare for whatever 2021 has in store. Be forward-thinking. How can you use this year to best set yourself up for a largely unknown future? Embrace continual learning and upskilling, rather than titles and seniority. Perhaps this is the year you seek out mentors and spend time positioning yourself for a future next step. How can you build better relationships with key individuals in your company? Is there a way you can help create organization-wide impact, such as volunteering for emerging committees? Which of your previous longer term goals need to be adjusted to remain relevant? Be creative and innovative while looking for areas of opportunity the past year has created. Focus on soft skills. Perhaps last year you had plans to take additional exams, build your credentials or spearhead new projects. While this is still possible, focusing on soft skills is also vital for career success in 2021. The past year introduced many of us to a completely virtual working world. Zoom meetings became the norm and impromptu hallway conversations were nonexistent. Being able to build working relationships in the remote environment is no longer optional. Even as individuals begin to return to the office, remote interactions will remain frequent and the ability to effectively communicate through a screen and via written communication is vital. Incorporate ways to build soft skills into your 2021 goals. This could include honing your active listening skills, emotional intelligence, leadership skills and more. Seek out feedback from trusted colleagues and mentors to consider the best way to strengthen these skills. Sit in on virtual meetings with those who have mastered specific skills, read relevant books or ask for feedback from colleagues. Work with your manager, mentors and others in your professional network to determine the skills that will have the largest impact in your current role and the ones you’ll need to master to advance. Build a plan around productivity. Now that we’re adjusting to the next normal, reevaluate how you can be most productive moving forward. If you focus best at night, with no distractions, but need the mornings to get your kids situated in online learning, bring it up to your manager. Perhaps there is a way to adjust your hours or flex your schedule so you can be most effective. If you are having difficulty with your internet connection or would benefit from multiple screens, don’t hesitate to be your own advocate and ask for the resources that will enable you to be most productive. How are you setting yourself up for success at the beginning of your day? If back-to-back meetings aren’t possible with young children at home, build breaks into your calendar. Schedule specific project time during the day to ensure you’re able to hit important deadlines, rather than letting less vital meetings fill your calendar. Determine how long you can focus and be effective before taking a break, and then schedule time to walk away for a few minutes and refresh. Give yourself grace. For many of us, the first few months of the pandemic were focused simply on survival. While professionals are settling into these new routines, parents are still juggling work schedules with virtual school. Those living alone are finding ways to counteract feelings of loneliness and isolation. Some are faced with family members, friends or themselves battling health issues, while others are taking financial hits. The pandemic has impacted everyone and created a new level of authenticity and connection. Offer yourself the same grace and empathy you’ve been extending to others. If you haven’t made the professional progress you set out to achieve at the beginning of 2020, it’s ok. Focus on your ability to adapt to change, to refocus your priorities and to help teammates move forward. Perhaps you worked long days and 50-60 hour weeks prior to the pandemic. If that’s not possible now, know that you are doing your best and make the most of the hours you are working. For many, it may be important to rebuild your professional identity within the current landscape. The coming year will offer its own set of challenges and opportunities. Take a step back as you goal-set for 2021 and consider the skills that will help you be successful and productive. Be open with your manager, ask questions, and be authentic and proactive in developing future-focused goals.

Leadership Skills for Future Success

As we enter 2021, business leaders are tasked with providing a sense of stability and direction amid much uncertainty. Modernization projects are moving forward, remote work is still the norm, and the line between personal and professional continues to break down. Strong leadership is vital for success in 2021. Those at an organization’s helm must inspire innovation, foster growth and serve as a north star for their employees. In their recent Insurance Journal article, “Key Qualities for Tomorrow’s Leaders,” senior vice presidents Judy Busby and Dave Coons discuss the skills that will be essential for moving organizations toward a successful future. Here are a few of the characteristics they shared. Empathy All individuals have taken on a lot this year, emotionally, financially and psychologically. Those with school-age children may be managing online learning and reduced or non-existent childcare. Some are battling health issues or caring for sick family members. Individuals living alone may be dealing with feelings of isolation. Effective leaders need to be aware of these challenges and lend an empathetic and compassionate ear. By seeking feedback from employees, listening to their needs and building creative solutions, leaders enhance engagement while creating a more productive atmosphere. Agility The ability to pivot and gracefully change course has never been so important. The past year has embodied a VUCA (volatile, uncertain, complex, ambiguous) landscape. The pandemic, along with modernization projects, remote work and evolving customer behaviors has made it essential for leaders to quickly respond to changes and navigate shifts. As we move into the new year, it’s important to re-evaluate all areas of business and determine how to most effectively and proactively move forward. Commitment to Inclusivity Diversity, equity and inclusion should be at the forefront of leaders’ strategies moving into 2021. By serving as a champion for inclusion and ensuring all voices are represented and heard, leaders can impact culture from the top down. Work to create a strong pipeline of diverse talent and be intentional about including professionals from under-represented groups in the leadership ranks. For more on these and many other necessary traits, read “Key Qualities for Tomorrow’s Leaders.” To hear how you can continue to grow and develop leaders, view our recent whitepaper, “Reinvigorating Leadership Development Plans for the Virtual Age.”

Boardroom View 2.4: Recruiting Future-Focused Directors

Insurance organizations and their boards are looking to the future. Recruiting new board members will inevitably be a board focus at some point. Learn important considerations for appointing new directors and building a future-focused boardroom.

8 Talent Trends to Watch in 2021

The past year was one of ongoing change, redirection and flexibility. Insurers faced many challenges and had to evolve their ways of operating, communicating and servicing customers. As we enter 2021, priorities are continuing to shift and companies are adjusting their talent strategies to be most impactful. Empathy, agility, inclusivity and innovation are all key themes for the coming year. Below are a few areas to explore with a fresh lens as your organization continues to adapt to the next normal. For more on the trends impacting 2021, download our full Insurance Talent Trends Guide. Leaders champion change and drive innovation.Business as usual is no longer an option. The most successful companies will embrace change and emerge evolved, stronger and ready to compete in the new landscape. Successful leaders will be able to motivate their employees and encourage new ways of thinking and operating. Culture is redefined to accommodate the virtual environment.A strong corporate culture is built around company values, communication, inclusion and empowerment. While this may have occurred more naturally in a physical office, achieving the same impact within virtual and hybrid environments requires enhanced creativity and commitment. Insurers become comfortable with remote hiring.For many insurers, the transition to remote recruiting began in March. However, while the first few months likely brought hiccups and temporary fixes, hiring managers will need to approach virtual recruiting with a long-term lens in the new year. Onboarding plans are restructured.Insurers have had to reevaluate their onboarding programs to ensure individuals are set up for long-term success. Without the energy of a brick-and-mortar space, managers must determine how to best build momentum and keep individuals engaged with their roles from day one. DEI is more important than ever before.If DEI hasn’t been a priority these past several months, it should be front and center moving into 2021. A variety of backgrounds and perspectives provides a competitive edge and more accurate insight into an organization’s customer base. However, organizations must approach diversity efforts with intentionality and a focus on equity and inclusion to make an impact. Executives become more accessible and transparent.The coming year will continue to show the human side of leadership as organizations build trust and provide reassurance through transparency and empathy. By being accessible and open, leaders can help encourage employees to talk openly about their challenges and needs, while helping to ease fears about the state of the company and the security of their own roles. Hybrid workforces become the rule.The COVID-19 pandemic has made hybrid workforces the rule, not the exception. Departmental and team leads will be tasked with understanding their short- and long-term needs, while determining the appropriate staffing solutions to achieve their overall goals. Professional and personal lives continue to be intertwined.Organizations are meeting the expectations of their staff and providing flexible schedules, adjusted work weeks and remote options. Rather than attempting to revert to traditional 9 to 5 workdays, forward-thinking insurers will instead focus productivity. View the full 2021 Talent Trends Guide for more on how insurers are adapting their talent strategies to remain competitive in the new year.