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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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Q3 2020 U.S. Insurance Labor Market Study Results

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

The Insurance Industry Continues to Hire, Despite the Pandemic

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

The Importance of People Analytics in the COVID-19 World

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

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

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

Hybrid Workforces: Evolving Strategies for Evolving Teams

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

Best Practices for Negotiating Salary

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

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

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

Management Techniques for CAT Season Success

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

People Analytics in the Age of COVID-19

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

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.