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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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2019 Actuarial Trends

What changes will the actuarial industry see in 2019? As modernization and a talent gap continue to disrupt the industry, actuaries must prepare their teams to thrive despite these ongoing challenges. Our guide features the top six trends we expect to see this year.

8 Popular Insurance Talent Myths Debunked

Odds are you have probably heard us talk in length about the insurance talent crisis. You have likely also heard us discuss the importance of upgrading salaries, culture and more in order to recruit and retain top talent. Were you listening? And more importantly, have you pivoted your strategies as a result? Follow along as we debunk eight popular insurance talent myths. Then take action to gain an upper hand in securing the best talent. MYTH: Let’s wait until more candidates apply for our position. Stop waiting for purple unicorns to submit their resumes. Even if your organization may be the respectable industry leader everyone is dying to work for, you should not wait even a second to hire the right candidates when you find them. MYTH: We don’t need to make a quick hiring decision on a passive candidate. Why do you think it’s safe to wait? Remember how you came across that candidate. Think about how much you enjoyed talking to him or her during the interview. Is it realistic to think your competitors have not done the same? What are you waiting for? MYTH: Company culture trumps salary. Company culture is certainly important, but it doesn’t pay the bills. Culture is not going to make a dent when candidates need to pay tuition for their children, the mortgage for their three-bedroom condos or the lease on their sedans. Be ready to pay the right price for the right candidate. MYTH: We can pay a candidate a lower base salary because the cost-of-living is lower here. Who would want to take a step backwards? Lower cost of living is a perk, so why would they accept less than what they are making now? Relocating for a lower base salary is arguably the easiest way for a professional to negatively influence his or her earning potential. MYTH: Counteroffers are rarely successful. Research does show half of those who accept counteroffers from their current employers still leave within 24 months. But that is not going to help your hiring efforts. Counteroffers significantly disrupt your recruiting efforts, forcing you to start your search all over again. Don’t be offended when a candidate you want to hire receives a counteroffer. Hiring is competitive, so be prepared to reasonably negotiate. MYTH: We are open to relocation for the right candidate. Not many candidates today feel the same way you do. With advances in technology, people simply don’t have to relocate to find a great job anymore. They can work from home for the same opportunity, so why move? MYTH: We don’t need to hire job hoppers. Surely a resume filled with five to six two-year-long tenures does not look good on paper, but hear them out before jumping to conclusions. A person’s job-hopping history may mean the person has an impeccable combination of skills and experience. Or, the candidate may have left for personal reasons, like a loss in the family. MYTH: Millennials are disloyal and self-entitled. “Disloyal” and “self-entitled” inversely mean Millennials are self-confident, ready-made professionals. How is that a bad thing? Isn’t this what you ultimately look for in your search for talent? Don’t disparage Millennials as sour grapes.

The Rise of Telecommuting: Embracing the Virtual Workforce

Remote work is becoming common practice in a variety of industries. Though many insurers hesitate to join the revolution, employees consider work-at-home options a major benefit. To combat industry-wide issues like low employee engagement and morale, it is increasingly necessary to embrace the virtual workforce trend.

Defend Your Yards for the Big Game

The screen is up and running, burgers are sizzling on the grill and the beers are taking an ice bath. You even have chips and dip ready along with the number for a local pizzeria in case the food runs out. But is that all you need to prepare for your Super Bowl party? Is there anything you are missing? Mercedes-Benz Stadium will attract 71,000 football fans from all over the country for this year’s Super Bowl and that’s quite a number. But the truth is, nine out of 10 viewers are going to be watching from home, whether theirs or a friend’s or relative’s. Why yes, watching the biggest game of the year from the comfort of your own home may seem like the safest way to enjoy the show, but hosting a Super Bowl party comes with its fair share of risks. You can’t be completely party-ready until you have the right insurance in place to properly respond to accidents. Read on to learn why insurance should be on your list of party must-haves: 1. Interceptions Can Happen Off the FieldIt is easy to lose track of who’s at your party when your guests decide to bring along a few friends of their own. After the game is over, the celebratory mood may not last long when you discover your jewelry or other valuables are missing. Personal property coverage and renters insurance can help you replace those items up to your policy’s limits. Remember to also take a personal contents inventory before the party and immediately contact your insurer if you discover anything is missing. 2. Fire Up! But Not Your HouseSome people may think grilling isn’t very popular on Super Bowl Sunday because of the weather. But surprisingly, football championship night is the most popular grilling day of winter, as 62 percent of owners fire up grills for burgers and steaks. Everyone likes grilled goods, but not when it comes with a house bursting into flames. Before you start stacking up coals and lighter fluid for your party, make sure to check your home insurance’s dwelling coverage to seek help with repairs or reconstruction if fire erupts. 3. Refreshments Get Red Flagged?Super Bowl Sunday is the second-largest food consumption day of the year, following Thanksgiving. Football fans consume eight million pounds of guacamole while watching the game and spend more than $50 million on food during the four days prior to the Super Bowl. But what if the food has turned bad and causes illnesses? Even if it was the grocery store that may have sold expired or poisonous ingredients, you may be responsible for your guests’ medical fees if you host the party and serve food. Be sure to follow handling instructions to avoid a claim. Also revisit your standard home insurance policy and see if it includes medical payments coverage. 4. Guests are Injured. Is this 4th Down for You?Parties can get wild. We get that. Fans can get rowdy and touchdowns are definitely something to celebrate. But mix that level of excitement with alcohol and you have a recipe for accidental injuries. Who is responsible? While you may not be held accountable for every spill or tumble, in some cases, you are likely to be asked to pay for injured guests’ hospital fees and more. Check to be sure your homeowners or renters policies are up-to-date. Your standard home insurance policy should include medical payments and/or liability coverage, which can protect you in case of party-goer injury. 5. Block Partygoers from Driving Up the FieldAlcohol is often a huge component of Super Bowl festivities. In fact, ever year Americans consume 51.7 million cases of beer on Super Bowl Sunday. You need to make sure your guests do not drive after the party if they consumed too much alcohol. It might be a good idea to enlist designated drivers, so everyone gets home safe and sound. But it is also crucial to check your current insurance policies. Many states have enacted laws or have case laws that hold hosts who serve liquor liable for any injuries or deaths resulting from crashes. Liability insurance with your homeowners policy may be able to help you pay for the damages or injuries depending on the case. 6. Is Your Home Safety on the Line When You’re Away?While many people host their own parties or visit their friends’ houses for Super Bowl Sunday, some homeowners see the game as an opportunity to make extra cash. Through companies like Airbnb or HomeAway, some decide to rent out their homes for the weekend and let guests enjoy the Super Bowl for a fee. But what if the guests cause damages to your property or get involved in accidents? Check with your insurer to see if your renters policies cover medical and liability coverage while you are away from your property.

Reengaging Gen X: The Forgotten Talent

Retaining and developing Gen X professionals are vital steps to ensuring the industry's success, so insurers must offer competitive compensation programs and development opportunities geared toward Gen X employees. By doing so, organizations can sustain their executive talent pipelines to position themselves for a bright future.

Reengaging Gen X: The Forgotten Talent

For the past several years, insurance industry thought leaders have publicly promoted and emphasized the importance of attracting Millennials and Gen Zers to the insurance industry. Citing the looming talent crisis and young professionals’ lack of interest in insurance careers, the industry collaborated across organizations and gave birth to numerous publicity campaigns. But has our laser focus made us lose sight of the importance of other professionals in the workplace? Specifically, what about Generation X? Although Millennials and Gen Zers are cannot-miss talent groups for any insurer, the “forgotten generation” is poised to be the face of the industry. They are quickly assuming key leadership and executive positions and playing a critical role in the industry’s future. It is essential for insurers to retain their knowledgeable Gen X employees by understanding what motivates this group and committing to meeting their expectations. Organizations can also cultivate their leadership pipelines with Gen Xers by providing them development opportunities and integrating them into enterprise succession plans. To stay competitive in the marketplace, carriers need success-ready Gen X professionals, who can leverage their experience and expertise to successfully lead and drive impact. In our latest edition of Compass, senior vice president Abbe Sodikoff shares her unique insights into best practices and strategies for retaining and engaging Gen X employees. For an insider’s look at retention and engagement best practices, along with an update on the insurance industry's talent market, download Compass.

Report: Insurance Industry Faces ‘Talent Crisis’

Published on GLT There are two reasons for the highly competitive recruiting climate in today's insurance industry: low unemployment and an increasing number of retirements. To avoid losing quality candidates to competitors, companies should be ready to hire quickly and pay more.

Compass 12.1: Gen X: The Forgotten Talent

This issue's feature article explores the importance of retaining and developing Gen X professionals for future success. We suggest insurers offer competitive compensation programs and provide extensive development opportunities specifically geared toward Gen X employees. By doing so, organizations can sustain their executive talent pipelines and position themselves for a bright future.

Q1 2019 U.S. Insurance Labor Market Study Results

The Jacobson Group and Ward Group conducted a study to investigate hiring trends within the insurance industry. The following presents the findings of an Insurance Labor Market survey conducted in the first quarter of 2019...

Insights into the Insurance Talent Marketplace: Trends for 2019

The insurance industry stands amid a rapidly evolving talent market. Insurers are now face-to-face with the rise of innovation, emphasis on corporate culture, push for inclusivity and growing temporary workforce. Is your organization prepared? Here are top the nine insurance industry trends we expect to see in 2019: Insurers Revisit Recruiting and Hiring Practices Amidst Candidate-Driven Market: The current candidate’s market requires insurers to reevaluate their recruiting and hiring practices in order to expand their talent pools and appeal to the top talent needed to succeed. Salaries Reevaluated as Talent Market Competition Heats Up: Insurers must revisit their compensation plans to gain a competitive position in the challenging talent marketplace. Talent Management Strategies Broadened as Temporary Workforce Continues to Grow: Understanding the value of a seamlessly blended workforce and making it a reality organization-wide yields endless benefits in terms of productivity and innovation. Future of Work Calls for Soft Skills Proficiency: The future of work ignites a need for soft skills only humans can possess. Refining employees’ soft skills will be critical for insurers looking to stay competitive in the marketplace. Evolving Industry Demands New Type of Leader: The evolving business reality requires a different kind of leader, one who can courageously and effectively navigate their teams through the challenges the transforming industry presents and inspire continued success. Modernization Draws Attention to Retention Strategies: Insurers often find it challenging to motivate and retain employees during innovation. Organizations should focus on retaining and training their current employees to stay ahead. Culture Seen as Long-Lasting Solution to Employee Benefits Focus: Merely implementing creative benefits as a means to improve retention and engagement is a temporary fix. A holistic approach to workplace culture will result in long-term value. Emphasis on Diversity Influences Recruitment Plans: As it has now become evident that diversity is good for business, recruiting professionals of diverse backgrounds and perspectives must be a priority for insurers to stay competitive in today’s marketplace. Human Resources Embraces Potential of Marketing: The candidate-driven market requires insurers to integrate the fundamentals of marketing into recruiting strategies to approach the candidate journey the way marketing professionals manage the customer experience. Want to learn more about the top insurance industry trends anticipated in 2019? Download our full trends guide for an inside look. 

Holistic Talent Strategies for the Future of Health Insurance

Written by Joanne Turner, Assistant Vice President, and Blake Grimm, Client Development Manager The future of healthcare is upon us and it’s offering a chance for payers to lead the industry through innovation and expansion. Global healthcare spending is projected to reach $8.7 trillion by 2020. Organizations are continuously finding smarter and more innovative ways to deliver efficient and effective patient care. The unprecedented growth commands additional job opportunities. According to the Bureau of Labor Statistics, the healthcare industry is expected to add four million new jobs and account for approximately a third of total job growth by 2026. Yet like providers, most payers do not have enough qualified professionals to take advantage of the endless opportunities. The general population is growing and aging, increasing demand for healthcare services across the country. Meanwhile, 61 percent of life and health insurers plan to increase staff by July 2019, according to The Jacobson Group and Ward Group’s Semi-Annual Insurance Labor Outlook Study; and recruiting difficulty still persists for nearly all functions. No matter how many business opportunities are within reach, payers cannot take advantage of them without the right talent resources in place. Analyzing Opportunities and Risks Many cite innovation as a driver of the healthcare industry’s exponential growth. Technological advances now allow organizations to make better informed, high-impact business decisions. Digitalization has revolutionized the sector, not just for back-office activities such as billing and claims processing, but also on the front lines of patient care. Health sensors, wearables and trackers collect patient data efficiently and quickly derive actionable insights. As a result, insurers are tasked with finding innovative talent to reimagine their futures and ultimately stay ahead of the competition. While technology presents the opportunities and can streamline many tasks and increase efficiencies, organizations still need creative talent in place to rethink business plans and strategies and execute change. Big data, especially, has become the “backbone” of healthcare by providing a foundation for payers to build effective, personalized preventive care systems. Payers are increasingly forming joint ventures with hospital systems, sharing data and collectively deriving preventive care insights. Shared clinical data allows both parties to minimize preventable risks and provide more cost-efficient services. Experts predict payer-provider partnerships will continue to gain momentum. To cultivate the most from these provider partnerships, insurers are increasingly searching for clinical talent with expertise in both the insurance and hospital space. These well-rounded employees are the perfect ambassadors for the new age of venture partnerships. Leveraging their first-hand knowledge and expertise of the care delivery system, clinical professionals can help insurers better understand their insureds’ history and needs, improving their services and, ultimately, the wellbeing of their customers. However, the looming industry talent shortage is preventing payers from acquiring the necessary human capital to fulfill all these growing demands. As the need for creative, tech-savvy and versatile professionals is shared across nearly all industries, health insurers encounter significant hiring challenges. To retain a lead in the healthcare market, organizations must find ways to build a sustainable talent infrastructure for years to come. Preparing a Comprehensive Talent Strategy It is crucial organizations rethink their overall talent management plans in order to overcome human capital risks and thrive in the age of innovation. One way payers can start tackling the talent crisis is through retention. Insurers can provide creative benefits, such as flexible work arrangements or voluntary time-off programs, to prevent employees from leaving in search of more appealing benefits. The importance of revisiting and reinvigorating staff development programs should not be overlooked. In fact, employees who feel their companies are invested in their development and success are more likely to stay and to remain engaged. Launching internal mentoring and networking initiatives for young professionals can also minimize organizational knowledge loss brought on by mass retirements. At the same time, providing personalized training modules catered to each employee’s strengths and weaknesses will help payers foster innovative, well-rounded workforces. By retaining top talent, insurers can reduce the cost of unexpected vacancies and minimize resulting business losses. A holistic talent management strategy starts with strong recruitment efforts. Given the tightening talent pool, payers need to look beyond their traditional talent pools in search of next-generation talent. Even without a deep understanding of the industry, the right candidates can leverage foundational expertise to provide impact once they are brought up-to-speed. As digitalization and big data continue to become more and more integral to healthcare, traditional processes are being rewritten, while historic roles are being redefined. External and internal candidates should be evaluated as a sum of their unique skills and experiences rather than defining them by past experiences to ensure they can impact the organization’s future state. Technological assets can help insurers bolster their recruitment efforts. Nearly all organizations today use predictive analytics to understand ongoing trends and improve their products and services. This must extend to human resources management. Insurers need to analyze their data to identify workforce trends and adjust recruitment plans throughout the year. Analytics can help organizations predict their resource needs and map out their staffing strategies. As the value of personnel increases at an unprecedented pace and solidifies its position as a competitive differentiator, the availability of top talent has become scarcer than ever before. To overcome the tight talent market, health insurers should vet search and staffing firms to ensure they have the right partner in place to help overcome today’s challenging recruitment reality when needed. It is important that payers look to industry-specific staffing experts to thrive in the age of innovation. Quality staffing partners possess expansive talent networks and are open to collaborating with clients to actually solve problems by providing both long-term staffing solutions and temporary stop gaps. With their years of industry experience and keen understanding of the market, strong niche partners can provide personalized talent solutions that cater to a client’s missions, values and corporate culture and specific needs whether they are permanent or temporary in nature. Establishing and maintaining a strong connection with the right staffing firm can help an organization stay ahead of the talent curve for years to come. An increasing consumer base and technological advances are presenting payers with an opportunity to reinvent the industry as we know it. Yet the opportunity also presents significant talent hurdles insurers must overcome in order to pursue their innovation agendas and future business initiatives. Organizations should employ a holistic talent management strategy from recruitment and training through to retention. Additionally, they can build partnerships with external parties to help expand talent pools and better position themselves to find and attract top talent. As all significant accomplishments come with great responsibilities and challenges, payers must proactively overcome the talent crisis to stay competitive in the future of healthcare.

Follow, Like and Share Your Way to Next-Gen Talent

Written by Diana Shay Milazzo, Assistant Vice President Picture this: young job seekers spent their mornings flipping through local newspapers, combing its pages for new listings and eagerly scanning the copy for responsibilities and requirements to which they were a match. When intrigued, they would package their resumes neatly with a cover letter and drop it in the mail and then patiently wait to be called for an interview. Furthermore, it was not uncommon to be in the dark about an employer until the day of the interview. Employers, on the other hand, were limited to paying for help wanted ads to attract candidates; and until resumes started rolling in, they were limited to internal candidates and referral lists. Fast forward thirty years and now employers are advertising their open positions through various online platforms, AI is notifying candidates of open positions and candidates are submitting job applications through their smart phones. The internet opened up channels, like job sites and forums, social media networks and alumni associations, through which to find work. Among them, social media is arguably the most reliable tool for attracting candidates, as 79 percent of job seekers reportedly use social media in their job search. Platforms, such as Twitter, LinkedIn and Facebook, have expanded from beyond personal status updates to encompass an agora of personal interactions between businesses and the public. Social media is no longer “nice to have.” Rather, social recruiting is now a key component of any employer’s talent strategy. It is important that organizations harness the full potential of social media to attract Millennials and Generation Z – the protagonists of the future workforce. According to the Pew Research Center, Millennials already occupy 35 percent of all employees today and Generation Z is two-thirds the size of the Baby Boomer generation. However, their lack of interest in insurance careers is a challenge that insurers have to solve to ensure future success. Virtually nonexistent unemployment and looming mass retirements are complicating the industry’s talent crisis; and engaging emerging professionals is essential for forward-looking insurers. Social recruiting provides an opportunity for organizations to promote the industry and its promising opportunities to emerging talent. The lack of interest in insurance careers is not because the industry doesn’t offer opportunities that align with what young professionals seek. It is because the industry does not tell its story in a way that resonates with them. Social recruiting is a means for organizations to stay connected to the younger generations. What must insurers do to leverage social media to attract top talent? How can organizations effectively appeal to the newest generations entering the workforce? Provide Relevant Content Social media is a powerful way to illustrate an organization’s missions and values, and this starts by sharing relevant branded content with potential candidates. It is crucial that insurers post not only internal updates and jobs, but also curate inspiring and relevant external content to improve its employer brand and reach. Insurers need to start by considering who their audience is. Published content should align with both the viewers’ interests and organizational talent initiatives. Emerging professionals who have had positive interactions with a company, including through social media, are more likely to apply for open positions. Posts also provide a simple channel for professionals to recommend their employers to their friends, increasing chances for referrals. Referred employees tend to have longer company tenures than non-referred ones. Share Content Often Just like any relationship, a firm connection with a social media audience is an adequate balance of sharing and listening. Although there are many research studies on best practices for corporate social media, it is important that employers experiment with posting frequencies to cultivate the best results and determine their own best practices. Too many posts or too little may drive followers away. Social media strategy must be unique to each organization’s audience. Analyzing engagement rates, such as number of likes or shares, and reviewing comments for each post can give an organization insight into what and how often to promote to different audiences. Raise Brand Ambassadors Social media usage should not be limited to corporate pages maintained by marketing or even recruiters, hiring managers and human resources specialists. Employers already believe social media marketing will be the most in-demand HR skill by 2020, but much more could be accomplished through active participation from employees in all areas. As a matter of fact, every employee must be trained to leverage social media as a means to authentically amplify their employers’ content and job postings. Traditional marketing strategies have proven less effective for Millennials and Gen Zers, who demand authenticity from potential employers. Personal, honest stories from individuals have proven to be more compelling, as 92 percent of people trust recommendations from friends and family over promotional campaigns. Leaders should encourage employees to tell their own stories using their own uncensored voices. All team members must be full-time brand ambassadors who promote the organization’s content and open positions to their networks. They should be encouraged to share their employers’ modernization projects to illustrate their companies’ visions for the future of work and appeal to innovative talent. Evaluate Candidates’ Online Activity As much as candidates can evaluate their potential employers through their social media activities, the platform also serves as a tool for organizations to evaluate potential hires. Scrolling through candidates’ public profiles instantly saves hiring managers’ time and resources. Although they may not be professionally branded, the profiles convey the behavioral and cultural preferences of individual candidates. By evaluating a candidate’s social media presence, organizations can effectively gauge if a potential employee is the right fit for the position in question. In the process, employers should ask themselves the following: Are the candidates retweeting the company’s thought leadership pieces? Did their professional contacts endorse specific skillsets the organization needs for the position? What type of content are they sharing or publishing? How positive/negative are their social media posts? Monitor the Employer Brand In addition to maintaining a social media presence, organizations should consistently monitor their employer brands on all relevant platforms and diligently engage with candidates. Candidates should be able to easily research a company’s career opportunities, leaders, employee benefits and company culture. At the same time, company information needs to be regularly updated in recruiting websites, such as Glassdoor and Indeed. Negative reviews on such platforms tend to heavily influence a job seeker’s decision to apply for a position or accept an offer. In fact, more than half of job seekers decide against applying for a position after reading a negative review about the employer. Employers should treat every review as a personalized email and provide consistent and fair feedback. Make Careers Page Mobile-Friendly However engaging and inspiring a company’s social media posts are, social recruiting cannot live up to its true value when the company’s careers page is not mobile-friendly. In today’s age of technology, people use their smart phones not only to access social media and browse information, but also to actively search and apply for jobs. In fact, 45 percent of job seekers use a mobile device to search for jobs at least once per day. As a result, most smart phone users who access social media on their mobile devices expect the same accessibility for other parts of the job search. With just a few clicks on an organization’s website, candidates already start forming personal opinions in regards to the company and its application process. Candidates are less likely to stay on a website where they cannot find relevant information quickly. Some of them may never revisit in the future. Employers must create and maintain a responsive, mobile-friendly website for candidates to learn more about the company and its positions. Attention spans for Millennials and Gen Zers are becoming increasingly shorter. An engaging mobile-friendly webpage filled with relevant content allows applicants to quickly find relevant jobs that fit their requirements and submit resumes and cover letters within minutes.