Insights

Latest Insurance Talent Perspectives

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.

Explore Our Full Thought Leadership Library

  • Reset

Virtual Management for a Multi-Generational Workforce

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

Health Highlights: Q2 2021

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

Compass 14.2: Virtual Management That Transcends the Generations

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

Developing a Total Rewards Program that Energizes Employees

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

April 2021: Labor Market Pulse

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

Achieving Strategic Alignment with Productive Dialogue

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

Reinsurance Adjusting Program Gives Mutuals a Leg Up

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

Recruiter Report: Candidate Expectations and COVID-19

Our professional recruiting team speaks with clients and candidates every day, uncovering insights and themes around hiring trends, recruiting challenges and best practices. In this new quarterly blog series, Recruiter Report, we aim to provide a pulse on the issues and questions hiring managers are exploring and share our perspective and insight. For the first article of this series, we’re highlighting a question that has become even more common in the past few months: What are candidates currently looking for in a new role? In light of COVID-19, many professionals are reevaluating their priorities. Offices are remote; relocation has become less common; and school, work and home life all take place under the same roof. In our conversations with candidates, we’ve noticed a few key themes insurers should consider when putting together their recruiting strategies. Competitive Salary and BenefitsThe insurance industry currently has a 2.2% unemployment rate and has added more than 47,000 jobs since February 2020. While it may seem like individuals would be willing to take less pay given the state of the economy, that is not the case within insurance. The BLS reports overall industry wages have risen by more than 5% in the past year. Make sure you’re offering a competitive base salary and bonus structure. It’s not likely candidates will accept a salary that doesn’t reflect their worth, especially if it’s a lateral move. FlexibilityWhile monetary compensation will always be a foundational element for attracting top candidates, flexibility has become increasingly important. Professionals have been working from home for more than a year. Many of these individuals prefer to use the time they once spent commuting to the office to be with family or continue working. Additionally, many candidates are acting as primary caregivers, facilitating virtual school and caring for parents or other family members. In our recent Q1 2021 Insurance Labor Outlook Study, we found 95% of insurers plan to adjust their expectations around employee schedules when they return to the office. Seventy-seven percent plan to offer occasional remote work, while more than half plan to provide full-time remote work options. Flexibility has become more of a non-negotiable with candidates of all levels, but especially those in mid- to management-level roles. Be upfront with candidates about where your organization and team stand as far as flexibility in hours and location. Would they be able to work from home full-time on a long-term basis or will they eventually be expected to return to the office? Are they able to do a hybrid model? How rigid are your office hours? Transparent conversations around flexibility are crucial for ensuring a long-term fit. Career Development OpportunitiesFor many organizations, career development was put on the back burner in 2020, as insurers focused on immediate business priorities and effectively operating in the remote environment. Many professionals also pivoted, focusing on how to be productive and build relationships remotely, while balancing personal responsibilities with work projects and deadlines. In an environment plagued with uncertainty, candidates were opting to stay put rather than make a move. Now, individuals are ready to take risks and move forward in their careers, more so than they were even six months ago. Professional development and advancement opportunities are high on many candidates’ must-have lists. Motivation to Leave Their Current RoleIf you’re recruiting a passive candidate, it’s vital to uncover their motivators and provide a lucrative reason for leaving their current position. While individuals actively seeking new roles typically know what is driving them, you may have to work with passive candidates to uncover what will inspire them to make a move. This could be a title change, increased responsibilities, enhanced advancement opportunities, more money or an array of other factors. Once you’ve uncovered their unique motivators, focus on how you might be able to best meet those needs. It’s still a candidate-driven market in the insurance industry. The pandemic has shifted how many individuals approach work-life balance and influenced what is most important to them in a role. By offering competitive compensation, uncovering individual needs around hours and location, and emphasizing professional development, your team will be primed to attract top industry talent.

Boardroom View 3.1: Managing High Stake Discussions in the Boardroom

As you work to resolve difficult issues, focusing on commonalities and approaching topics through a new lens can have a great impact. Explore important considerations for effectively addressing and resolving issues in the boardroom.

Insurance Pay Bumps Expected “Far in Excess of CPI”

Published in Business America Insurance: Business America examines compensation trends from The Jacobson Group and Aon plc's Semi-Annual U.S. Insurance Labor Study and webinar.

Remote Onboarding: A Checklist

As we hit the one-year mark of the COVID-19 pandemic, it’s likely your employees are accustomed to working remotely. While video calls and group chats have become the norm for communication, the remote environment can present challenges for effective onboarding. As new employees join your team, it’s important to make them feel welcome from day one, while providing the tools and resources to do their jobs well. Whether you are onboarding a new team member remotely for the first time, leveraging contract workers, or looking to strengthen your existing remote onboarding strategy, here is a checklist to help ensure success: Meet their technology needs. Connect new employees with your IT team early on, and ensure they receive any necessary equipment prior to their first day. This will help them hit the ground running and avoid stressful delays. Provide a direct line to your IT team in case individuals run into any technology issues as they set up and log on to their computer and company systems for the first time. Provide a comprehensive onboarding schedule. Starting a new job or project in the virtual environment can feel daunting. Provide a detailed schedule outlining what individuals can expect throughout their first several days or weeks, as well as your expectations for them. Creating this alignment up front can help alleviate any uncertainties and help individuals feel confident about their purpose and progress. Introduce them to members of the team. Especially in the remote environment, it’s necessary to proactively facilitate connections and start introducing new employees to their teammates on their first day. Depending on your team size and dynamics, this could mean taking a shared lunch break over a video call, or asking team members to reach out directly throughout the day. These initial meetings can help build the foundation for strong working relationships and help new employees begin to feel like a part of the organization right away. Facilitate introductions to others within the company. Whether an individual has been hired full-time or on a project basis, help them feel like a valued member of your company. Connect them with colleagues from around the organization who they will be working with closely or who can provide relevant insights. Depending on your organization’s size and culture, you may even consider sending out an introduction via a company-wide email or instant message, or posting a welcome message on your intranet. Train them on team tools and processes. Remember that although you may know your department processes well, it’s possible your new employee has used different platforms for project management, time tracking, video conferencing and more in their past roles. Schedule time for them to be trained on these tools and company-specific processes to avoid unnecessary confusion and missteps. Check in frequently. During an individual’s first week, check in at least daily to see how they’re doing. Are there any questions they have about their work? What barriers can you help remove? Do they need additional training or information on any areas? Ask for their feedback to get a general idea of how they’re feeling and to influence your approach to communication and management moving forward. Ensure they know where to go with questions. Provide contact information for the individuals they may need to connect with outside your department. This could be individuals from employee services, finance, operations or other relevant areas. You may also consider assigning a peer within their own department to help with day-to-day questions as they ramp up in their new position. A strategic and intentional onboarding process can set the tone for an individual’s entire tenure with your company. Remember they may have never entered your physical office building, will not run into individuals in the hallway and are reliant on technology to help prove themselves. By creating a thorough training schedule, welcoming questions and proactively making introductions, you can help new employees feel like a part of the team from day one.  

A Renewed Focus on Personal Leadership Development

The remote environment has brought on many unique challenges for leaders. Guiding teams, leaning into professional development and actively growing in your career all require a renewed focus and intentional approach to be effective. The Jacobson Group was proud to recently partner with Insurance Careers Month (ICM) to share how leaders can continue to thrive during the COVID-19 pandemic and beyond. Judy Busby, senior vice president of executive search and corporate strategy at Jacobson, joined Marguerite Tortorello, managing director of ICM, on LinkedIn Live to discuss how leaders of all experience levels can develop their skills and rise to the challenges of today’s evolving work environment. The session provided a number of actionable takeaways and best practices for ongoing growth. Here are a few highlights: Maintain a growth mindset. Focus on how to continually grow yourself in a way that differentiates your personal brand. Determine the capabilities and skills you need to develop to effectively move forward in your career, pinpoint areas for growth, and strategically define your next steps. This could be as simple as reading a new business book, listening to a relevant podcast or taking online assessments. It could also mean enrolling in classes or seeking new certifications. Invest in your long-term success. Most workdays are filled with an abundance of meetings, project deadlines and new requests. However, by setting aside 30 minutes a day for yourself, you’ll create the time to ensure your larger professional goals remain a priority. Use this uninterrupted time to think, take a walk or meditate. Emerge refreshed, focused and with a clear mind ready to tackle your daily and long-term projects more effectively. “Investing in yourself is one of the most important things I’ve learned in my career,” said Judy. “Whatever it is that feeds you, find it and do it in that 30 minutes.” Be proactive. Actively create opportunities and facilitate conversations that will help you grow as a leader. What information would help you do your job better? Who can answer those questions and provide the insight necessary to help you advance? Especially if you’re in middle management, initiate conversations that can help broaden your perspective and develop your network. Invite leaders to share insight with you and your team on different areas of the business, the general marketplace and your customers. Most professionals are more than willing to spend 15 minutes sharing their expertise and perspective. These brief conversations can make an impact on future success, while also sparking professional relationships. Focus on three to five things you want to accomplish. Determine the three to five things you want to accomplish each quarter and build a strategy for reaching those goals. A clear roadmap will keep you focused and help eliminate distractions. Revisit these goals frequently to monitor your progress and adjust your plan as needed. Be mindful of others. While you’re likely having work-related discussions with your employees on a regular basis, also make time for more personal conversations that don’t happen as naturally in a remote setting. Prioritize time to see how your employees are doing on a personal and emotional level. How can you best support them as they juggle new challenges at home and work? “As managers, we have to be more intentional than we’ve ever been,” Judy advised. While everyone is navigating the remote environment differently, there’s still vast opportunity for growth. Be intentional and mindful with your actions, block 30 minutes a day to focus on yourself, and be strategic with your time and energy. For more insight on how leaders can focus on growth and development, view the full livestream here. You may also be interested in our recent posts on creating an effective personal brand and building relationships in the virtual world.