Insights

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.

Explore Our Full Thought Leadership Library

  • Reset

Redefining the Workplace: the Road to Modernization

Modernization projects driven by artificial intelligence are permeating all functions industry-wide. Only those organizations that effectively adapt to the new modern-infused workplace will experience continued success. Incorporating this new structure into corporate culture will also ensure no humans are left behind and help employees realize their potential in this stage of the revolution.

Top Talent Considerations for CAT Season

When disaster strikes, your organization's response is only as good as your workforce. Is your company prepared for the unpredictable?

Benefits of Using an Executive Search Firm

It’s no secret we’re currently experiencing a candidate-driven market. Overall U.S. unemployment is at a near-50-year low and within the insurance industry, there are more job openings than qualified individuals to fill them. As the war for talent continues and Baby Boomers retire, many insurers are challenged with recruiting new leaders in an increasingly competitive market. Often, these roles require unique skill sets and new types of leadership qualities, making it challenging to find professionals who are a match from both the talent and culture standpoints. Not surprisingly, our 2019 Q1 Insurance Labor Outlook Study uncovered that executive roles are tied with technology as the most difficult to fill. However, leaving long-term vacancies or bringing on the wrong talent can be detrimental, both financially and culturally, for organizations. Recently, we shared considerations for selecting a professional recruiting partner. In an industry facing widespread retirement at the leadership level, it’s also important to understand the benefits of retaining insurance executive recruiters and how these partnerships can help fill crucial positions. Here are a few reasons why to use an executive search firm.     Consultative Approach Executive search firms typically provide much more than just a slate of candidates. These firms can also serve as advisers, helping to define role requirements, delineate strategic objectives and provide an accurate view of the recruiting landscape. Search firms may also help your team create compelling position profiles that focus on necessary skills, while appealing to a broad range of qualified talent. Are there any barriers for filling a position? Any cultural issues or concerns that need to be explored? What transferable skills and roles should be considered? How does this position fit into larger succession planning efforts? The right firm will help you answer these questions and focus your efforts to be most effective. Access to an Extensive Talent Pool Reputable search firms have unique access to networks of industry professionals, which are often continually evolving and replenishing. As a result, the right search firm’s connections extend far past those of an internal HR department. This is especially true for niche firms, which have spent years building networks of referrals and interacting with professionals of all levels both in and out of the industry. Their exclusive access to the highest quality talent, coupled with a strong industry reputation, opens the door to reach candidates who may have otherwise been inaccessible. Presentation of Well-Vetted Candidates Part of the benefit of using an executive search firm is its ability to align with your needs and serve as a laser-focused extension of your organization. It’s important to bring an executive search firm in early on in the process so they can take a comprehensive look at the overall candidate pool. This enables the search team to develop a strategic plan that includes passive candidates. A true search partner can then evaluate these candidates based on business and technical expertise, cultural fit, soft skills, and other necessary criteria. The result is a slate of candidates who are well-suited to the position and ready for the hiring organization’s own internal review. Search teams may also assist with on-site interviews and evaluations, reference checks, and negotiation of compensation packages and start dates. Extensive Insurance Industry Knowledge Effective executive search firms, especially those that specialize in a niche industry like insurance, have a unique insider’s perspective of the marketplace. They frequently attend industry events, serve as talent thought leaders and are well-respected members of the insurance community. In addition to providing unparalleled insight, this often means they are well-known and respected throughout the industry, making it likely candidates will be willing to hear what they have to say about a position and company. Further, a knowledgeable consultant should be able to provide insight into the talent needs required to meet objectives, taking industry trends into account.  Experience with Similar Positions In addition to a deep and broad network, quality executive search firms bring extensive experience recruiting for specific positions. For instance, in the past five years, Jacobson’s executive search practice has conducted more than 50 insurance industry CEO searches. By retaining an executive search firm – especially one with a solid history and foundation – you are gaining a wealth of experience and lessons learned. While your team may only hire for a chief operating officer or chief technology officer once every five or ten years, successful search firms have vast experience uncovering talent for these roles and can provide insight on motivators, challenges and competitive offers, among other key topics.   When determining questions to ask when interviewing executive search firms, make sure you understand the full extent of the relationship, outside of simply bringing forth candidates. Additionally, your partnership shouldn’t end after an offer is accepted. The right firm will help ensure a smooth transition and provide guidance and support as the new leader assimilates into your organization. Hiring for executive-level positions is a rigorous process that can take a toll on internal teams. To find top talent, job postings, employee referrals and a company’s internal network may not be enough. In today’s highly competitive market, it’s vital organizations are able to reach passive talent, who may be happy in their roles and not actively looking. By partnering with the right executive search firm, your team will gain a thorough understanding of the marketplace, reach a deep and broad pool of talent, and be set up to hire high performing executives who can lead your organization into a successful future.  

Compass 12.3: What Does the Candidate-Driven Market Really Mean for Insurers?

This issue's feature article discusses the importance of considering the candidate's perspective and motivations. Jacobson discusses how insurers can remain competitive in a candidate's market including how to be strategic about offers and counter offers.

Health Insurers Must Get Creative with Benefits to Fill Critical Vacancies

Published in Healthcare Finance: The healthcare labor market is experiencing a staffing shortage due to competition, an aging workforce and an outdated industry image. By offering creative benefits like flexible work environments, student loan reimbursement and professional development opportunities, health insurers can better appeal to talent and fill these positions.

Recruiting for Skills, Not Experience

There is not enough talent to meet the current industry's hiring needs, and a common mistake organizations make is narrowing the candidate pool with specific experience requirements. It is important for companies to look beyond a candidate's experience and instead focus on finding talent with the skills necessary to drive future success.

Top Considerations in Care Management

With many priorities shifting within the managed care industry, organizations are working to adapt to a variety of changes such as value-based care and an influx of newly insured individuals. Focusing on teamwork and customer service is the key to success. Companies must embrace cross-functional collaboration, value-based care and a customer-centric emphasis to best service their members.

5 Keys to Unlocking the Optimal Customer Experience

In today's customer-centric market, perfecting the customer experience has become vital to success. Insurers can gain an edge by building faultless processes and cultivating genuine, knowledgeable employees. Forward-thinking organizations are developing teams of versatile representatives to provide a seamless customer experience.

Succession Planning: How the Board Can Drive Success

It is important to increase the visibility of an organization's succession planning and make it a boardroom priority. By doing so, companies can improve their chance for continued success.

Insurance Careers Movement: Open Letter to College Graduates

The Jacobson Group is proud to partner with a number of industry organizations in leading the Insurance Careers Movement (ICM). Dedicated to engaging emerging talent and educating them about the industry, ICM continues to raise awareness of insurance as a desirable career choice. Already, we have helped to grow this movement to more than 850 insurance carriers, agents/brokers, trade associations and industry partners worldwide. As insurance experiences nearly non-existent unemployment rates, now is the time to encourage young professionals to join the industry. Wondering how to make your case? Jacobson's Co-CEO Gregory P. Jacobson recently wrote an Open Letter to College Graduates outlining the many opportunities in insurance. Read his letter below, and share your own on social media during the month of June using #InsuranceCareersMovement and #OpenLetterToCollegeGraduates. You can download the letter here.

Boardroom View 1.2: Succession Planning – How the Board Can Drive Success

This issue's feature article explores the importance of having the board of directors oversee and prioritize the succession planning process. By doing so, companies can dramatically improve their chance for continued success.

Succession Planning: What to Expect

Planning for succession often starts early and can take years to effectively complete. Well-designed plans identify talent gaps and include a timeline for action. By developing an effective succession process, organizations can promote the long-term sustainability of business goals and talent retention.