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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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Recreating the Candidate Experience through Remote Interviewing

As the business landscape rapidly evolves in light of the COVID-19 pandemic, insurers must also adapt their approach to hiring. While most individuals are accustomed to meeting candidates in person, shaking their hands and even conducting interviews over a shared meal, remote interviews are quickly becoming the norm. It’s essential for hiring managers and recruiters to adjust their talent strategies to successfully move forward in this unprecedented time. Video interviewing is not a new concept. Yet, its use is soaring as companies navigate today’s business circumstances. Reuters reports business apps – such as video conferencing – have grown nearly fivefold, from 1.4 million new users in the first week of 2020 to 6.7 million new users in the first week of March. Now that travel restrictions are in place and most physical office locations are closed, companies must embrace video conferencing technology and help employees get comfortable interviewing from behind a screen. Whether or not you and your team are accustomed to virtual hiring, there are a few best practices to make sure your remote interviews are as effective as possible. Focus on making a connection. One of the concerns we’ve heard around video interviewing is whether or not it can be as personal as a traditional in-person interview. In our team’s experience, video interviews enable you to interact, communicate and evaluate soft skills in similar ways, short of a handshake. Many insurers have shared that this form of interviewing is much more interactive and personally engaging than they had originally anticipated. Although you’re not meeting someone face-to-face, it’s still possible to evaluate their emotional intelligence, leadership capabilities, communication skills and more. While these are typically uncovered during in-person meetings, video interviews are capable of providing the information necessary to extend an offer. Develop interview guidelines. Some members of your recruiting team may already be familiar with video conferencing and remote interviews, while others may be brand new to them. Although there are likely varying levels of comfort among individuals involved in the hiring process, create a consistent set of guidelines These should include the following: Log on early and provide time for any troubleshooting prior to the start of the interview.  Select a quiet location with a neutral background. Dress the same as you would for an in-office interview. Put your computer at eye level, even if it means raising it up. Look at the camera, not the computer screen, when addressing the candidate. Pause after a candidate finishes answering a question – this accounts for lag time and helps avoid talking over each other. Practice. Hold team calls over the video conferencing system to get comfortable with its functionality. Convey a consistent employer brand. Although interviews are taking place in home offices, each individual involved in the interview process should be aligned on messaging. Discuss the goals of each interview ahead of time. What are you trying to uncover? What insight are you hoping the candidate walks away with following the interview? Make sure recruiters, as well as the hiring manager and anyone else involved in the process, have reviewed the position description, as well as the candidate’s resume. While they may seem less formal, treat remote interviews the same as you would if they were held on site. Get creative. Focusing on the candidate experience is a bit different in today’s environment. While this may no longer mean showing them around the office or saying hello to would-be co-workers, organizations must still build excitement and help candidates see how the company and position are the right fit. Consider creating virtual office tours that provide a feel for the office space and environment. You may also want to schedule shorter back-to-back interviews where candidates can meet multiple individuals from their potential teams. As with any interview situation, maintain momentum and open lines of communication, while keeping candidates informed of next steps and timing throughout the entire process. Set expectations. Be as specific as possible about what onboarding will look like, especially if the candidate will start working before your team is physically back in the office. Tell candidates what they can expect as far as orientation and training, as well as how they will be positioned for success. If certain details are still being solidified, let them know. At the same time, discuss their home office set up and expectations around availability. Communication and transparency are key to making sure both parties’ needs are met. Help ensure a successful interview. Many candidates are not accustomed to video interviewing. Additionally, with the number of different video conferencing platforms available, it’s likely they have not used your specific system before. Make sure everyone’s time is respected by working with your IT team to put together clear instructions for joining the video conference. Consider various operating systems, download requirements and log on information. Email these instructions to candidates when scheduling their interviews. Move forward with confidence. A completely virtual approach to hiring may be new, yet it should not prevent your team from extending an offer to the right candidate. The industry is still experiencing a significant demand for talent and many insurers are seeing this as an opportunity to hire top candidates at a time when their competitors may be more reluctant. Through a strategic and focused approach, you’ll be able to uncover an individual’s qualities, skills and cultural fit as well as you would in a traditional interview. This unique business climate will pass in time; however, so might the opportunity to make an ideal hire. By helping your internal team get comfortable with new systems and encouraging them to deliver a consistent message and candidate experience, you’ll be best prepared to move forward with your hiring plans.

Boardroom View 2.1: Harnessing the Strategic Potential of Boards

As business continuity and remote work capabilities take precedent, certain skills and experiences are more valuable in the boardroom than ever before. This issue's feature article explores how boards can leverage their members' strategic potential to better support the company's vision.

Best Practices for Working from Home

Most businesses have asked their employees to start working from home during the past week. As someone who works remotely on a full-time basis and oversees our own temporary employees at The Jacobson Group (many of them remote workers), I wanted to share a few best practices for effectively working at home. Whether you already telecommute on a regular basis, or if current circumstances have led you to self-isolate within a home office, here are a few tips for staying productive: Create a dedicated workspace. Designate a room or quiet corner as your home office. This space should be out of heavily trafficked areas and free of distractions and noise. Use a desk or table that’s large enough for your computer (and multiple screens, if needed), phone, printer and other essentials. Stock your office with supplies such as extra paper, pens and notebooks to ensure they are at the ready. Reserve this space exclusively for work, enabling you to “step into your office.” At the same time, this set up will allow you to mentally and physically “leave the office” at the end of the day, providing time for you to reset and refresh. Review your company’s work-at-home policies. Many companies have specific policies around working from home. Typically, this includes internet connection speed and technology requirements. You may also require video conferencing and group chat tools to connect with colleagues and clients. While your work-at-home set up may be temporary, ensure you are able to function at full capacity. Discuss any technology needs or concerns with your manager early on. Additionally, you should align with your manager on expectations, hours and communication preferences. If you are new to working from home, this may include additional touchpoints or calls to ensure projects and deliverables are moving forward as planned. Prepare for your day. To be most productive, create and stick to a schedule. Working from home is not an excuse to lounge around in your pajamas. Dressing for success (even if it’s toned down from standard business wear) has an impact on your frame of mind. Start the day by eating a nourishing breakfast, getting dressed, completing any daily morning chores and settling into your workday. This shouldn’t be too different from your standard morning routine (minus the commute). Review your to-do list and calendar first thing in the morning to prepare for the tasks at hand and plan out your day. You may even consider setting time blocks on your calendar for focused project work. Remove distractions. If you do not live alone, it’s likely other individuals will be home with you in the coming weeks. Set clear expectations and boundaries around your work hours. If necessary, consider using noise cancelling headphones or a white noise machine to limit distractions. Log out of social media accounts and keep your personal phone at a distance to discourage habitually checking for notifications. Connect with your colleagues. Especially if you are used to working in close physical proximity with your teammates, suddenly working alone may feel jarring. Many people are used to asking coworkers questions in person and receiving immediate answers. Adjusting your communication style and expectations is key. Don’t let a lack of face-to-face communication impact your ability to do your job. Identify the communication tools and methods that work best for your team. Coordinate your schedules and encourage continued collaboration through online chats and video conferencing. This can increase effectiveness and enhance team camaraderie, while also keeping you motivated and engaged in your work. Take breaks. Make sure to take breaks to clear your head and enhance your overall productivity – even if it means scheduling time on your calendar. While it can be hard to step away from the office when working from home, it’s important to shut off. Take time outside of work to exercise, walk around the block and let your mind rest. If it’s after hours and an email can wait until the morning, let it. Even in unique and precautious circumstances, remote work doesn’t have to be isolating or inconvenient. By creating a functional home office space, setting clear professional and personal boundaries, and proactively planning your day, you’ll be prepared to stay focused and productive.

Virtual Professional Resources for Remote Work Infographic

From developing your remote team to practicing mindfulness at home, this infographic highlights actionable resources for our new work-from-home reality.

Six Ways to Humanize Automation

Ongoing technological advancements offer endless possibilities for the insurance industry. However, keeping employees engaged and motivated through modernization processes is vital for success.

Business Continuity in Times of Uncertainty

The coronavirus is top-of-mind across the globe and the insurance community is starting to feel the effects, from heightened health awareness to travel restrictions and self-imposed quarantines. When we at The Jacobson Group were preparing for the potential impact of this strain of the coronavirus (COVID-19) on our employees, company and clients, we realized our perspective as a talent-focused organization might prove beneficial for others as they establish their own plans. While we’re fervently hoping the coronavirus weakens, we have highlighted four essential considerations to support ongoing employee wellness and business continuity. Determine Business Impact and PreparednessFirst, insurers should review possible ramifications of the coronavirus outbreak: Will your business be impacted? If so, how? What are the major risks, and how could they be best mitigated? For example, you likely want to consider how service levels will be affected in case of employees’ isolation or quarantine, as well as how to manage the influx of health or stop-loss claims if the virus continues to spread. In addition, off-site business meetings could be cancelled and need to be replaced by virtual alternatives. Likewise, employees may no longer be able to attend planned conferences because many organizers are postponing or cancelling events as a precautionary measure; you may want to determine alternative options for continuing education opportunities, especially if that contributes to employees’ annual performance and development goals. Travel restrictions or office closures could also impact job interviews for open positions. Consider how you can leverage phone or video interviews to keep the recruitment process moving. Determining likely areas of impact on your operations and employees, like these, and drafting a plan of response will ensure your organization is well-prepared for all possible scenarios. Communicate Clearly and OftenMake sure to inform employees of changes and expectations in detailed, precise language and keep lines of communication open to avoid the spread of misconceptions and alleviate uncertainty. Align messaging with guidelines from the Centers for Disease Control and Prevention, as well as local health authorities wherever your employees are located. Messaging should also be consistent internally so leaders – from executive team members down to individual managers – are passing along the same information and creating a united front. Sharing these best practices will show your staff you’re reliable and proactive, and you will know everyone is on the same page in case of escalation. In your notifications to employees, consider including details such as how you are currently addressing the coronavirus outbreak, what you plan to do if the situation intensifies, when and how they should expect to receive further information, and whom they should contact with questions or concerns in the meantime (e.g., their manager or an HR representative). Above all, strive to make this communication transparent and empathetic. Your employees are likely worried due to all of the unknowns surrounding the circumstances, and they will be looking to you as a source of stability and comfort in the workplace.Prepare for Remote Work ArrangementsHealth authorities have cautioned against sick employees coming into the office, and you likely are already encouraging employees to stay home if they feel unwell. Telecommuting can further reduce the spread of germs within your office. You may choose to implement remote work arrangements for employees who display potential symptoms but otherwise feel well enough to work or as a precautionary measure for those who have come into contact with someone who has potentially been exposed. Preparing for telecommuting now will enable more of your staff to continue working in such circumstances, rather than requiring them to take time off and, thus, disrupting business as usual. If you don’t already have work-from-home protocols in place, a dry run will ensure employees are well-equipped if centralized operations are suspended. Staff members should take any essential technology home to test connectivity, determine optimal communication methods and set up dedicated work spaces. Help employees stay on task while working remotely by establishing clear deliverables and boost morale by maintaining regular face-to-face contact via videoconferencing programs like Skype, WebEx or BlueJeans.Have a Back-up PlanIf your company closes offices, some employees may not be able to work at their typical capacity. In particular, parents of young children could encounter difficulty if schools close and their focus shifts to caring for their families, regardless of your organization’s ability to support remote work. Additionally, it’s possible that claims volumes and customer service needs could spike in coming weeks. Coupled with the potential for being short-staffed, some organizations may require extra help. To ease the stress of filling gaps with qualified professionals, consider engaging with a firm experienced in providing the remote insurance talent you may need. Remote claims professionals can handle an increase in stop-loss or health insurance claims, or interim customer service specialists can assist with an influx of coverage inquiries. Regardless of the ultimate impact of COVID-19, knowing contract employees are able to quickly step in can give you the peace of mind necessary to concentrate on employee health and business-critical operations. Being prepared for the unexpected is important at any time, and we hope these considerations are helpful in ensuring your business continuity now and in the future. Please know we are here to help if the United States becomes further impacted or if your company takes precautionary measures.

Jacobson Employee Spotlight – Mar. 2020

As a people-focused organization, The Jacobson Group is dedicated to our employees and their professional development. On Employee Appreciation Day 2020, we’re highlighting two of our staff members in particular. First is Caitlyn Manuel, corporate recruiting manager. Caitlyn won last quarter’s Bravo award, which recognizes individuals who have exemplified outstanding performance, service, and commitment to our core values and goals. Second is Matthew Moore, client development manager, who is new to Jacobson but has already made an impact. You can view previous editions of our Employee Spotlight here. CAITLYN MANUEL Corporate Recruiting Manager, 6 years, 10 months at Jacobson Hometown: Chicago Heights, Illinois Alma Mater: Eastern Illinois University Describe Your Role: As the corporate recruiting manager on the HR team, I'm tasked with strategically engaging and recruiting candidates for our various internal positions.    Favorite Thing about Jacobson: I love the camaraderie among the employees. There's a feeling of home and family every time I walk through the doors at work, and it's something I never take for granted. Jacobson in Three Words: Family, Collaborative, Supportive Best Advice: If you're early, you are on time. If you're on time, you are late. Favorite Movie: Jurassic Park  MATTHEW MOORE Client Development Manager, 1 month at Jacobson Hometown: Whitesboro, New York Alma Mater: Hofstra University Describe Your Role: I connect with our clients and take time to focus on understanding their needs. My goal is to be a consultant they can rely on and trust by bringing them the talent they are looking for.   Favorite Thing about Jacobson: I love the way Jacobson presents itself to clients. It's great knowing that I have a very strong brand behind me when I'm doing an introduction with a new client.  Jacobson in Three Words: Intelligent, Motivating, Engaging Favorite Food: Tomato pie from Roma Sausage & Deli Weekend Plans: You can find me playing hockey with friends. Last month was Insurance Careers Month, when insurance professionals and companies come together to share why they love insurance and inspire more people to join the industry. Though February has wrapped up, you can get more insights by viewing our Insurance Careers Month 2020 video series or subscribing to our blog using the form on the right-hand side of this page.

Insurance Labor Study Results: Continued Opportunities for Candidates

We recently completed the Q1 2020 iteration of our Semi-Annual U.S. Insurance Labor Outlook Study, and the results are now available! The study, conducted by The Jacobson Group and Aon plc, collects revenue and hiring projections from carriers across the insurance industry. We’re highlighting some of the latest findings below. Download the full results summary, recorded webinar and slide deck for additional insights and commentary. The January 2020 survey found positive revenue and staffing expectations in the insurance industry, with all segments foreseeing growth this year. Sixty-one percent of organizations polled plan to increase staff in the next 12 months, and 77 percent expect revenue growth. Though these numbers are both relatively flat compared to one year ago, many insurers are actually exceeding anticipated growth. In January 2019, 5 percent of insurers expected a staffing increase of more than 20 percent; in actuality, 7 percent grew their staffs by that amount. Again, 5 percent of companies expect to increase staff by more than 20 percent in the coming year. The latest study revealed technology, underwriting and claims roles to be most in-demand. In the past year, the need for underwriting, actuarial and compliance talent increased. For the first time, the study also surveyed companies’ recruiting plans in terms of employee levels. Overall, insurers are seeking mid-level staff (those with roughly five to 10 years of experience) at a much higher rate than entry-level or management/executive employees. This year, the majority of insurance carriers expect to maintain their use of temporary employees. However, 13 percent plan to employ more interim staff in the coming year. In part, companies may be planning to use temporary personnel to remain productive as they fill more challenging full-time positions. In fact, insurers saw an uptick in recruiting difficulty for all disciplines except claims and sales/marketing. As you explore opportunities within the industry, differentiate yourself from other professionals looking into insurance careers by creating a personal brand that emphasizes human skills; learning how to effectively share stories and connect in networking settings; and subscribing to The Career Catalyst (on the right side of this page) to be the first to read our exclusive insights into career management, professional development and more.

Insurance Labor Study Results: Insurers Remain Optimistic in a Difficult Recruiting Climate

The results from the Q1 2020 iteration of the Semi-Annual U.S. Insurance Labor Outlook Study are now available! Conducted by The Jacobson Group and Aon plc, the study has uncovered the insurance industry’s revenue and hiring trends for 11 years running. We’re highlighting key statistics from the latest results below. You can download the full results summary, recorded webinar and slide deck for additional insights and commentary. January’s survey showed largely positive staffing expectations: 61 percent of respondents plan to increase staff in 2020, down just 1 point from July 2019. Life and health lines and property and casualty (P&C) balanced lines are leading this effort as 71 percent and 67 percent expect staff growth, respectively. Forty-eight percent of companies planning to add staff expect an expansion of business or entry into new markets. In total, only 8 percent of companies anticipate a decrease in staff this year. Expectations to grow revenue remain high across the industry, at 77 percent, decreasing just 2 points from our July survey. Seventeen percent of companies expect revenue to remain flat in 2020, unchanged from our July report. Both P&C and life and health companies responded that expected revenue shifts for 2020 will be driven by changes to market share, at 54 percent and 67 percent, respectively. Across the board, recruitment difficulty is still increasing, fueled by “continued low unemployment, mass retirements and job growth incited by modernization efforts,” according to Gregory P. Jacobson, co-chief executive officer of Jacobson. As in our July 2019 survey, actuarial, technology and executive positions are the most difficult to fill. Nine of the 11 categories measured in the study increased in recruiting difficulty, and accounting surpassed the threshold for moderate difficulty for the first time. A variety of trends will impact the talent landscape in 2020. However, prioritizing succession planning for long-term success; developing a culture of change to support modernization; and engaging with efforts like the Insurance Careers Movement, which shares why young professionals should consider a career in insurance, can help your organization remain competitive. While the insurance industry grew 0.72 percent in 2019, versus an anticipated rate of 1.19 percent, we are seeing continued growth. If the industry stays true to its plans for the next year, employment will again increase. To access the latest growth projection, along with additional insights into the labor outlook for the next year, download the full results of the study.

Q1 2020 Labor Market Study Results Infographic

The results of the first quarter iteration of the 2020 U.S. Insurance Labor Outlook Study are now available. The study, led by The Jacobson Group and Aon, examines insurance industry labor and hiring trends. View this infographic for the highlights.

Goal Setting: Taking a SMART Approach in 2020

As we near the end of February, it’s an ideal time to reflect on your department’s 2020 goals and expectations. Has your team made any progress toward achieving those goals? Are you on track to hit milestones? It is easy for employees to get distracted by smaller, but perhaps more pressing, tasks throughout the workweek. If your longer-term goals have been moved to the back burner, you’re not sure how to measure your team’s progress, or you’re not aligned with enterprise-wide initiatives, it’s time to reevaluate the goals you set at the beginning of the year. By taking a fresh look, you can redefine those goals to make them strategic, SMART and positioned to make a larger overall business impact. It’s likely you’ve encountered SMART goals at some point in your professional career. To review, these are goals created with the following criteria: Specific - Think through who, what, when, where and why as you set your goals. Make them as specific as possible.  Measurable - How will you know when your goal is accomplished? This should be stated in a way you can tangibly measure.  Attainable - Given the timeframe and your resources, is this something you can accomplish? If so, how will you get there?  Relevant - Make sure your goal is a priority and will have an impact once you accomplish it. How will meeting your goal impact you? Your team? Your company? Timely - Have a timeframe for meeting your goals. This may mean breaking a larger goal up into smaller pieces to ensure it remains a priority. The SMART goal framework should be at the foundation of the priorities and activities you set for your department or functional area. By creating SMART goals for your employees, you’ll be able to set your team up for success and generate the greatest impact. With this in mind, also consider the following in your goal-setting process. Larger Business Goals To be most relevant and impactful, your team’s goals and priorities should be working toward larger goals set by the department and company. If you haven’t already, take a look at your organization’s enterprise-wide goals for the year and analyze how those goals cascade down to your department or function. What part of each goal is your team responsible for? Is it a particular percentage of revenue? Helping to get a new product or project off the ground? Determine the role your team plays in meeting overall business goals and build your department goals from that information. Then, define the activities that need to occur in order to move the needle. This could be reducing the time it takes to complete certain tasks, implementing new project management systems or increasing customer satisfaction ratings, to name just a few. Once these goals and activities are clearly defined, consider the contributions each employee will need to make in order to collectively achieve them.  Sense of Employee Ownership Employees should always be advancing the goals of the company. Once your department goals are set, ensure employees also have clear and personalized individual goals for the year. By setting SMART goals for your team members, they will clearly understand expectations and have well-defined paths forward. Explain what the company is trying to achieve, how your team’s goals support those goals, and the pieces each employee is responsible for. Encourage employees to participate in creating their goals; proactively ask for their ideas and feedback, while ensuring the goals are clearly understood and agreed upon. Build excitement by highlighting how employees’ individual contributions support the success of the larger department and company. And, ensure they know their specific roles are a valuable component of the overall organization’s success. Checkpoints and Celebrations  Once you set goals, it’s important to periodically check in on your team’s progress. Afterall, it’s much easier to course correct if there are six months left in the year than just a few weeks. Your checkpoints may be monthly, quarterly or before major milestones. Consider each of the specific goals and how much guidance and support an individual employee may need. At the same time, celebrate reaching major milestones or tracking ahead of your initial projections.   Goals are not meant to be set and forgotten. Clearly define how you expect to grow from the past year and the activities that need to take place to reach your 2020 goals. As a manager, it’s important to understand what the company is aiming to accomplish and your team’s responsibility in meeting those goals. Keep the larger business picture at the forefront as you prioritize projects and ensure all employees are clear on how they can make the greatest organizational impact.

2020 Actuarial Trends

The actuarial field is expected to see a variety of new trends this year. From technology redefining actuarial roles to the tight recruiting climate, the actuarial function must adapt to a changing industry. Learn which upcoming trends will drive the industry forward this year.