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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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Underwriting Automation: Why Expectations Might Not Match Reality

The underwriting automation engine has undoubtedly become a popular approach for many insurance organizations seeking to increase efficiencies and augment their workforces. While implementing this technology is likely vital to remain competitive, there is often a disconnect between the expectations and the reality of automation’s impact on underwriting operations. Automation is not a “magic bullet,” and the technology is not going to generate immediate cost savings. Most associate automation with savings by means of staff reduction. There certainly will be less need for underwriters to evaluate every single insurance application, as insurers are increasingly relying on data and software for this task. However, the impact on headcount may not be as drastic as some expect. Some companies may simply choose not to backfill positions left vacant from retirements and other attrition. Additionally, underwriters will still be needed to personally handle the most risky, complex and time-consuming cases. Any reductions that do take place may not directly translate to cost savings, contrary to popular belief. To oversee underwriting automation, insurers will require highly skilled “hybrid” underwriters to consistently update, test, validate and maintain their automation engines. Insurers will progressively look for “renaissance employees” for these roles – professionals with a solid underwriting foundation coupled with data analysis and various technology skillsets. They will need those who understand how automation works, as well as those that can offer technical underwriting expertise coupled with a business mindset. As has been observed with the hybridization of other professions, this unique skillset will likely command higher salaries. Therefore, cost savings derived from reducing headcount may be offset by salary pressures. Automation ignites the redefinition of work and this work calls for skill sets that not all underwriting team members may have. Given that everyone is learning in the moment, leaders will need to be intentional in providing opportunities for underwriters to access their consultative instincts. Assigning projects to expand their business analysis, critical thinking and even research and communication skills will help prepare them for the new work that lies ahead. It is also important to allow front-line professionals to engage with the technology and be part of the process. Retention during automation efforts can often become challenging. Don’t let employees paint their own picture of their future work reality. Leaders must be transparent, maintaining clear communication with their staffs. Semantics are important. Focus on the people and how they might be feeling. Automation is a modernization project that is going to automate routine tasks to free up valuable resources – them! During times of change, the importance of empathy cannot be overlooked. Compounding the Knowledge Gap The introduction of automation may also inadvertently contribute to the profession’s already widening knowledge gap. Continued low unemployment and a mass exodus of underwriters to retirement continue to drive the war for talent in this area. In fact, the underwriting profession is expected to see a deficit of nearly 35,000 individuals by 2020, according to Deloitte. This expansive automation trend is challenging the traditional training methods that fostered underwriters for years. New underwriters typically spend about six months to one year undergoing initial training. Those new to the profession learn by handling simple cases, which will now be mostly in the hands of the automation engines. As a result, in the new model, organizations will be challenged to provide emerging underwriters with the same training and experience as in years past; and the talent pool for senior underwriters will be at risk of depleting. Organizations can learn from the actuarial profession when it comes to professional development. Similar to the actuarial profession, there are two underwriting-specific designations: an associateship and fellowship level, awarded by the Academy of Life Underwriting (ALU). Earning these designations requires a combination of the Life Office Management Association (LOMA) coursework and passing four ALU exams. The ALU exams are only offered once per year, requiring at least a four-year commitment for the Fellow of the Academy of Life Underwriting (FALU) designation. It has become an industry best practice to provide actuaries with paid study time as they pursue their credentials and to offer financial incentives for passing exams. Given that young professionals today rate learning and development opportunities as one of their top priorities, building an underwriting trainee program inclusive of the already available industry education will not only support training, but will also assist in the recruitment and retention of new underwriters. The talent implications of automation also provide a chance for insurers to balance effectiveness with efficiency. Organizations may be able to build the most efficient process for today with automation, but they will meet challenges tomorrow if they fail to consider the long-term consequences in parallel. Insurers have the opportunity now to build training programs that will supply their senior underwriting needs for years to come. For example, organizations may consider leveraging trainees as an additional quality assurance check on the underwriting engine. By having trainees underwrite insurance applications that were already processed via automation, they will gain foundational underwriting knowledge while the organization ensures the accuracy of their underwriting engine. With this approach, insurers can tackle the widening talent gap and have a chance to turn immediate intentional inefficiency to lasting effectiveness. Insurers must pursue automation with their eyes wide open. Automation engines will be pivotal for the future success of the industry. However, as automation grows, so does its risks. Insurers need to realign their expectations and make serious informed investments into their underwriting operations – and talent – in order to succeed. How is your organization tackling the human component of automation?

8 Creative Benefits Guaranteed to Attract Young Professionals

As Baby Boomers continue their transitions into retirement and the insurance industry becomes more dependent on Millennial and Gen Z employees, organizations need to take a good hard look at their benefits packages to make sure they jibe with the next generations. By now, most insurers have transitioned to perks like casual dress with a “dress for your day” approach where jeans, or even shorts, are acceptable as long as you are not seeing customers. To appeal to more and more young professionals, organizations must think beyond the obvious perks – to more unusual and creative benefits. What benefits can help your organization stand out to potential employees? You may want to consider one of my favorites: Student Loan Aid: With college graduates often joining the workforce with more than $40,000 in student loans, this is top of mind. Though most companies offer tuition reimbursement – which could come in handy if new hires want to pursue a master’s degree – paying off their undergraduate degrees is a much more immediate concern. Only four percent of employers in the overall economy have instituted student loan repayment programs, including a handful of life insurance and property and casualty carriers. “Fur Baby” Benefits: Millennials are getting married and having kids later, so more of them consider pets important members of the family. Zynga, a video game developer, promotes Bring Your Dog to Work opportunities and pet insurance as part of their benefits package. Please correct me if I am wrong, but I am unaware of any insurance carriers offering similar benefits. This would be a great way to differentiate your company to pet-loving candidates. In-office Wellness: A fairly new carrier in Florida included a massage room when they built their gorgeous new office. They now offer Free Massage Days to their employees. Any employee can sign up for a massage courtesy of the company. What a great way to create a healthy work environment and lower employee stress levels! Companies get bonus points if they provide on-site health services like a nurse practitioner to take care of routine needs like flu shots or blood pressure readings, saving employees a trip across town for an appointment. Insurers could also build athletic facilities on-site to help employees stay in shape. If something so grand is out of scope, encourage wellness by subsidizing a gym membership. In-office yoga and healthy snacks are also huge hits with the younger crowd. Self-development: Several large carriers have their own libraries where employees can check out business books and other nonfiction to stay “in the know” about trendy industry topics. Including some “fun” reading can’t hurt either to remind employees of the importance of work-life balance. Here at Jacobson, we stock a small library in the lunchroom. We also host a monthly book club to discuss relevant books in a social setting, helping us connect with our peers and keep up with professional development. (We even include a conference line for remote staff!) Participants vote among a few choices at the start of a quarter, so everyone is invested in the chosen book. Recent book club selections are Grit: The Power of Passion and Perseverance by Angela Duckworth and Earning It: Hard-Won Lessons from Trailblazing Women at the Top of the Business World by Joann Lublin. Flexible Work: The tech industry offers some particularly interesting benefits. Netflix, for example, has no official working hours and gives their employees unlimited vacation – employees are just expected to get their work finished. Of course, remote work options have quickly gone from a benefit to a requirement for most candidates. Millennials consistently rank flexibility as one of their key employer attributes. The better the industry can get at allowing flexibility of both time and location, the easier time we’ll have retaining employees. Many carriers already allow one or two work-from-home days a week, and a couple of carriers are focusing on recruiting and managing completely remote workers. Focus on Family: Millennials often find themselves in dual-career couples, and time to bond with their kids has become even more precious than for previous generations. As a result, some companies are starting to extend their maternity leave – and paternity leave – timeframe despite it not being legally required in the United States. Additionally, one regional carrier in Iowa houses an in-office day care that is certified among the best in the state. Given the cost and difficulty of finding a good day care and the priceless ability to see your child during your lunch break, people taking advantage of this benefit are very likely to stay with the company. At least one company I know of also provides assistance to women who want to freeze their eggs so they can focus on their career right now and not lose the opportunity to have children later in life. Specialty Time Off: Some carriers pay for a certain number of volunteer hours each year, allowing employees to give their time to their favorite charity without using precious vacation days. This is right in line with Millennials’ desire to do good in the world. Other companies offer sabbatical programs where, after a few years in the job, employees earn the right to leave for a few unpaid months to pursue an opportunity that won’t fit into a week or two of vacation time. Some organizations even offer a six-month sabbatical to pursue growth opportunities for partial pay. Even if this were only available once for every five years of employment, it could be a major retention tool. Sports Passes: Larger carriers often have a corporate suite at their local sports arenas, but tickets are rarely made available beyond the highest levels of the company. A fun benefit would be to reserve a few of those seats and give them out by lottery, regardless of position. I ran into countless other benefits while researching for this post, such as smoking cessation assistance, nap rooms and even professional dress loans. However, my favorite suggestion is to transition to a buffet-style benefits program where employees allocate a certain amount of dollars to apply to their chosen benefits. In a four-generation workforce of increasing diversity, your employees are going to have a wide range of preferences; listen to what your employees really want and give them as much choice as possible.

Compass 11.2: Overcoming Today’S Candidate-Driven Market

The war for talent is here. No longer just an ominous warning for the future, the long-predicted talent crunch is hitting the insurance industry with incredible force. While the labor market's rebound from its pre-recession state and its relative stability are certainly positive for organizations' bottom lines, it has left insurers unprepared to face what is undoubtedly the most competitive recruiting environment the industry has ever faced. Jacobson shares unique insights into the rise of a candidate-driven market. This edition also includes our regular overview of the industry's current labor market and recent executive-level job changes.

Overcoming Today’s Candidate-Driven Market

No longer just an ominous warning for the future, the long-predicted war for talent is here. The insurance industry—in particular—has been hard hit by the emerging talent crunch and insurers are now faced with more openings than potential professionals. The result is a candidate’s market. With this in mind, organizations must rethink their current hiring and staffing strategies in order to adapt to a changing market. This new business reality requires innovative thinking. No longer are the old best practices effective in bringing in top professionals. In the latest edition of our Compass newsletter, Dave Coons, Senior Vice President at  The Jacobson Group, shares his insights into adjusting hiring expectations in order to find success in today’s candidate’s market. For an insider’s look at evolving staffing and hiring mindsets, along with an update on the insurance industry's talent market, download Compass.

Life Claims Goes High Tech

Technology continues to have a drastic impact on how the business world operates. Life insurers are no exception. Within the life sector, organizations are navigating their way through a number of emerging technologies. From the evolution of InsurTech to rapidly changing customer needs, life insurance firms need to adapt to today’s quickly-changing market. The claims field, in particular, is being disrupted by continued tech advancements. What changes is technology bringing to the life claims industry? How can organizations embrace and adapt to the continued evolution? Chatbots Provide Convenience: The introduction of chatbots to the life insurance process has the potential to provide a more personalized experience to consumers. These chatbots are able to gather data in real-time and quickly respond to policyholder questions. They are able to process claims and utilize pre-determined criteria for instant claims approvals, cutting down on customer wait times. These bots are being used to compliment human interaction by handling simple requests and questions, freeing up claims professionals to assist with more complicated issues. Automated Core Processes Streamline Work: Today’s life insurers are increasingly focusing on automating and incorporating robotics into core processes, including claims. Currently, these systems handle customer data from a wide variety of sources and require significant human interaction. Automation can digitalize these programs to reduce processing time, cut back the need for manual entries and minimize human labor. In addition, robotics can be programmed to handle much of the manual work and enable companies to free up personnel. As a result, organizations are able to provide faster claims resolution and more timely settlements. Smart Contracts Enhance Efficiency: Insurers are exploring how they can leverage blockchain-based technology and smart contracts to increase claims efficiencies. These smart contracts will execute automatically when certain predefined conditions are met. This will help better automate the initiation of life insurance claims while ensuring quicker claims processing. Mobile Platforms Increase Communication: Recognizing the wide-ranging potential of mobility, insurers are using mobile applications as an alternative to traditional communication channels. Customers are now able to submit supporting documents and track the status of their claims through to completion via a mobile app. Integrated Systems Detect Fraud: As claims systems become increasingly integrated, organizations are able to utilize data analytics to comb through a wide-range of information. Pulling together customer data from multiple channels, including social media and connected devices, insurers are able to look for fraudulent behavior and patterns. Predictive models can also be used to detect anomalies in order to flag potential fraud during the claims process. In fact, fraud detection is one of the most popular uses of analytics within the insurance and claims segment. By leveraging technology, insurers are better able to compete in today’s rapidly changing business reality. The claims sector, in particular, is evolving thanks to emerging advances and innovations. What changes are you seeing in your organization?

How to Write a Resume. An Insurance Careers Month Video Series

This blog entry is part one in Jacobson’s Insurance Careers Month video series, which features our own Millennial bloggers providing their unique insights and insider perspectives into insurance as a great career choice. It is my pleasure to introduce Shelby Kling as our millennial guest blogger for this latest post. Shelby is the Executive Search Assistant for our executive search team. Enjoy...

How to Successfully Job Hunt. An Insurance Careers Month Video Series

This blog entry is part one in Jacobson’s Insurance Careers Month video series, which features our own Millennial bloggers providing their unique insights and insider perspectives into insurance as a great career choice. It is my pleasure to introduce Daniel Villa as our millennial guest blogger for this latest post. Dan is a Business Development Coordinator for our health team. Enjoy...

Insurance Careers Movement: Top 5 Ways to Get Involved

The insurance industry faces a real and immediate talent crisis. Annually, four million Baby Boomers retire nationwide. Within insurance, nearly 50 percent of the workforce will be retired by 2034. At this rate, the industry will need to fill 400,000 positions by 2020 in order to remain fully staffed. Unfortunately, less than one in ten young professionals are interested in working in insurance. To combat this growing talent gap, Jacobson and a number of industry organizations launched the Insurance Careers Movement (ICM). This grassroots movement is aimed at collectively spreading the word of insurance as the career trifecta—stable, rewarding and limitless. Dedicated to engaging, educating and enlisting the best and brightest emerging talent to 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 800 insurance carriers, agents/brokers, trade associations and industry partners worldwide. This February marks the third Annual Insurance Careers Month. Designed to encourage outreach to young professionals, Insurance Careers Month is a key cross-industry ICM initiative. Is your organization ready to make an impact? It’s not too late to join the movement! Here are some top ways to get involved in this year’s Insurance Careers Month: Promote your organization – and the industry: Career fairs, career days and local job fairs offer great opportunities to expose students and recent graduates to the insurance industry. Your presence at these events can help teach emerging talent about insurance and introduce them to careers in the industry. It also provides your organization access to a large pool of candidates who are interested in internship and entry-level positions. Make sure to check out InVEST for career fair resources. Be present: Give emerging talent a first-hand look at everyday activities in the industry. Explore opportunities to volunteer in the classroom or allow students to job shadow. By encouraging exposure to industry jobs and careers, your organization can introduce the next generation to the realities of today’s workplace. This also provides the opportunity to share the message of insurance as an exciting and rewarding industry. InVEST provides a number of resources to jump-start these learning initiatives. Host a speed networking event: Networking is a great way to get in front of potential candidates. Speed networking is uniquely designed to build relationships with an array of professionals in a short amount of time. Pair up with a local university or young professional group to connect with interested individuals and host an event. Encourage current employees to participate and help expand awareness of the many opportunities in the industry. Connect the dots: How can an engineering background be used in insurance? Is finance and accounting relevant to the industry? Many of today’s students and young professionals are unaware of the ways their college focus can intersect with the industry. Fortunately, there is more to the insurance industry than meets the eye. With limitless opportunities, insurance offers a career path for virtually every major. Education efforts will be critical to sharing this message with the next generation. Resources like MyPath are helping point emerging talent in the right direction and sharing how their skills fit into the industry. Be a storyteller: Your current young professionals are an exceptional resource to promote and highlight insurance career opportunities. Take advantage of their insights and encourage them to reach out to other emerging professionals. Provide forums and outlets to share their own stories of success. Promote these stories on your website and social media pages. Make sure to utilize the ICM hashtags—including #InsuranceCareersMonth, #ICM and #CareerTrifecta—to amplify your message. Only by working together can the insurance industry combat the impending skills gap. Isn’t it time you got involved in this critical industry-wide campaign? Learn more today!

Are you insured for the Big Game?

The chips and dip are plated, the big screen is fired up and the chili is ready to go. You may think you’re all set for the big game, but are you missing something critical? When it comes to watching the Super Bowl, nine out of 10 viewers will be viewing the game from the comfort of their own homes. While this may seem like the safest place to enjoy the show, hosting a Super Bowl bash comes with its fair share of potential insurance claims. Everyone aspires to host the perfect Super Bowl party. Learn why insurance should be on your list of party must-haves: Fired up for tailgating? The Super Bowl is a big cooking day. In fact, it is the most popular grilling day of the winter and one of the top 10 most popular grilling days of the year. Unfortunately, grilling brings potential hazards, causing an average of 8,600 home fires and $75 million in direct property damage each year. The festive atmosphere of the big game can make cooking fires one of the most common party accidents. If you plan on firing up the grill, take proper precautions. If your house is damaged or destroyed, your home insurance’s dwelling coverage should help with repairs or reconstruction. Party guests on the DL? Any party has the potential for injuries. Are you covered if one of your guests ends up on the disabled list? While not every spill or tumble exposes you to insurance liability, make sure your homeowners and renters policies are up-to-date. Your standard insurance policy should include liability coverage which will protect you in case of party-goer injury. Household items intercepted? Your party guest list can easily expand as guests bring a few friends of their own. If you find some items missing during your post-game clean-up, your home insurance can help. Personal property coverage will help to replace stolen items, up to your policy’s limit. Renters insurance often has similar policy provisions. Hors d'oeuvres get red flagged? Super Bowl Sunday is the second-largest food consumption day of the year, following Thanksgiving. As the ever-popular chicken wings and finger food sit out during the course of the day, the risk of food-born illnesses increase. As host, you may be liable if your world-famous appetizers trigger food poisoning. You should always follow proper food handling and storage instructions in order to avoid a claim. To be safe, make sure your standard home insurance policy includes medical payments coverage. Partygoers ineligible to drive? Alcohol often plays a big role in Super Bowl fan festivities. In fact, the average blood-alcohol content measured during the big game is 50 percent higher than other nonholiday Sundays. If you plan to serve alcohol at your party, you may be on the hook for what happens when your guests leave to drive home. Currently, 39 states have enacted laws or have case laws that hold hosts who serve liquor liable for any injury or deaths resulting from crashes. Liability insurance might help pay for damage or injuries, but it is not a sure thing. Keep an eye on your guests and take steps to prevent drunk driving, including enlisting designated drivers. Now that you have everything covered, it’s time to sit back, relax and enjoy the game!

Human Resources Joins the Technology Revolution

Now more than ever, we are living in a talent-led economy. Increasingly low unemployment rates, rising retirements and a tightening labor pool have created a candidate’s market. Building a positive candidate and employee experience amid this evolving economy is becoming increasingly critical. Only those organizations that focus on building effective interactions will be able to successfully attract and engage the best and brightest professionals. Fortunately, mobile computing, analytics, sensors and artificial technology are completely reinventing what human resource (HR) technology—and HR itself—can do. Growing investments reflect organizational beliefs that these HR systems will increase efficiency, decrease time-to-hire and ensure more positive experiences. How are companies utilizing new technology to recruit top talent? What role can emerging advances play in driving engagement? In our latest edition of our newsletter Compass, JoJo Harris, Senior Vice President at Jacobson, shares her unique insights into the rise of technology in HR. For an insider’s look at how new technology is being used in the HR field, along with an update on the insurance industry's talent market, download Compass.

Compass 11.1: Human Resources Joins The Technology Revolution

Increasingly low unemployment rates, rising retirements and a tightening labor pool are creating a talent-led economy. Now more than ever, a positive candidate and employee experience is critical to attracting the best and brightest professionals. Human resources are now leveraging technology to more effectively recruit, onboard, train and engage employees. JoJo Harris, senior vice president with Jacobson, shares her unique insights into the rise of technology in HR. This edition also includes our regular overview of the industry's current labor market and recent executive-level job changes.

Insights into Today’s Evolving Talent Reality: Trends for 2018

The talent market within the industry is evolving at a rapid pace. Insurance organizations face an increasingly challenging labor market, a growing talent shortage and rising turnover rates. Is your company prepared? Here are the eight top insurance industry trends forecasted for 2018: Employee Engagement to Address Rising Turnover Rates: A competitive landscape and increasingly candidate-focused labor market are resulting in rising industry turnover rates. Now more than ever, building employee engagement will be critical to retaining skilled, in-demand insurance talent. Customer Experience Demands Call for Diverse, Customer-Centric Talent: The holistic customer journey is quickly becoming a critical differentiator for insurance companies. Hiring a diverse range of professionals will enable organizations to enhance their customer experience culture. Talent Shortage is Growing for Complex, Niche Positions: The industry faces a widening gap of experienced, tenured professionals. Investing in training and development opportunities will be critical to addressing the emerging skills gap and filling these positions. Re-Imagine Work for the 21st Century: The “future of work” is here. In order to find success, insurers must adapt to this new economic cycle defined by a workforce in flux. Temporary Staffing Continues to Skyrocket: Traditional employment models are changing rapidly as more and more workers opt for flexible and diversified career opportunities. Collaboration is Key to Increasingly Flexible Workplaces: Flexible work has resulted in employees working across different locations, hours and even devices. Developing a collaborative infrastructure will be key to connecting today’s workforce. Contingent Employment Rises Amid Evolving Market: Insurers continue to face evolving market changes, emerging regulations and increased demand for talent. As a result, many organizations are turning to interim professionals as a cost-effective, proven talent solution. Human Resources to Embrace the Potential of Mobile: An increasingly connected and tech-focused workforce is driving the investment in mobile employment experiences. Want to learn more about the top insurance industry trends anticipated in 2018? Download our full trends guide for an inside look.