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Latest Insurance Talent Perspectives

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.

Competing for Technology Talent

Technology talent continues to be in high demand as insurers work to enhance customer experience, increase operational efficiency, personalize their offerings and compete in a quickly evolving environment.

Read our blog post for ways to be strategic and intentional in overcoming this talent challenge and effectively appealing to candidates within the technology space.

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Virtual Leadership: How to Manage Remote Claims Staff

Today’s claims executives are concerned. Worry about how they will survive without their soon-to-retire skilled claims professionals keeps them up at night. Even worse, departments have fewer candidates on the bench to fill those soon-to-be vacant positions. Even when executives look outside their departments for talent, non-local candidates are less willing to relocate, as many of them consider flexible work arrangements a major benefit to consider in evaluating job opportunities. In today’s candidate-driven market, requiring physical presence for claims staff certainly complicates recruiting strategies. Work-at-home (WAH) is a popular practice for many industries already, but some insurers are reluctant to promise it to their employees and candidates. Requiring employees to commute to the office narrows the talent pool, restricting access to talented professionals who simply do not consider relocation a viable option. Some forward-thinking insurers who recognize WAH’s potential impact are making the transition to entertain a more expansive pool of candidates. What should modern claims executives consider when instituting WAH programs in order to derive the most benefit? Go Fully DigitalOf course, digitalization is already the utmost priority for any insurer looking to thrive in the evolving marketplace. Today’s policyholders expect claims departments to process applications more quickly and efficiently. They expect to handle less complex claims entirely through digital channels. Moreover, they demand to receive accurate real-time updates on their claims status online. “Patience” and “waiting” are not the cornerstone of best-in-class customer experiences. As a result, insurers understanding the value of optimizing customer experience are proactively investing in digitizing their departments and processes. But digitalization does not benefit just customers. As a matter of fact, the trend can also bring positive outcomes for claims executives who consider providing remote working options to their teams. By allowing customers to submit claims applications and supporting documents easily through their electronic devices, employees can have instant access to everything they need to process claims. It is important leaders ensure their claims department moves beyond legacy systems and closer to end-to-end digitalization, which will also reduce the need for staff members to be physically present at the office. Set Well-defined WAH PoliciesMany insurers continue to picture a typical WAH employee as a young professional with a personal laptop sitting in bed. Leaders often worry whether their employees may be tempted to slack off as a result of working too comfortably. They also question whether it is truly possible to manage WAH employees’ performance and engagement. And that is why claims executives should establish well-defined policies in regards to remote claims processors’ work environment and hours. WAH doesn’t mean people can work in coffee shops. WAH employees’ workspaces must meet technological and physical requirements. It is best if both sides set realistic guidelines on when and how certain tasks should be completed. It is also crucial leaders ensure their remote claims staff’s homes meet technological requirements. At the same time, managers must set clear and measurable deliverables and work with their employees to ensure remote staff members stay productive. For example, WAH employees should have access to high speed internet and have well-functioning phone systems installed in their workspaces to replicate what they would have in the office. In addition, the WAH workspace must be distraction-free and outfitted with any additional equipment necessary to perform job responsibilities. Invest in Onboarding and OffboardingJust because someone isn’t physically in the office doesn’t mean they require less training or onboarding. In fact, the level of training and onboarding must be same for all employees whether they work in or out of the office. Remote staff members are still critical contributors to departmental initiatives who participate in team meetings and projects as assimilated members of the organization. It is advisable claims leaders develop distinct remote employee management strategies and onboarding programs to ensure WAH professionals can quickly make an impact. At the same time, managers and supervisors should use offboarding programs as a means to evaluate their organization’s telecommuting program. Employees are likely to provide more honest feedback to their employers when leaving the organization. By conducting exit interviews and post-employment surveys, leaders can discover areas for improvement and ways to optimize their WAH programs. It is also best insurers continuously evaluate their WAH programs by regularly holding surveys or implementing open-door policies. Connect with Them, Virtually and PhysicallySome insurance leaders also worry remote employees will miss face-to-face interactions and thereby lose the connectivity and camaraderie that is prevalent in a traditional office environment. They are concerned WAH programs will lead to isolation, reduced productivity and lack of engagement. However, modern video conferencing programs, such as Skype, GoToMeeting and WebEx, can help employees facilitate strong teamwork and stay connected regardless of their locations. Online employee communication platforms, such as Yammer or Slack, allow WAH employees to build relationships with in-office and other remote staff and remain committed and connected to their work. But those video conferencing tools and corporate social platforms can only do so much. Claims teams should be spending some amount of time in-person. By holding annual company retreats, lunch gatherings or holiday parties, WAH employees and in-house staff can learn more about each other, deepen relationships and improve teamwork. Hosting in-office days would also enhance collaboration and camaraderie. As the war for talent deepens and the nature of claims continues to evolve, claims executives will need to consider providing WAH programs as a means to stay competitive in the evolving marketplace. But only with the right preparation can these programs provide substantial value for organizations. Leaders need to digitize their processes and work systems while setting clear policies and guidelines for employees working remotely. It is also crucial managers and supervisors pay keen attention when onboarding, training and offboarding their claims staff to increase efficiencies and maintain productivity. Insurers should wait no longer to embrace the virtual workforce and seize the opportunity WAH programs can provide for claims.

Boardroom View 1.1: Cultivating an Inclusive Boardroom

This issue's feature article explores the importance of diversity for future company success. By accelerating gender diversity in the boardroom, organizations across all sectors, including insurance, can begin to take the necessary steps to close the gender gap and continue to diversify the boardroom beyond gender.

2019 Underwriting Trends

How will the underwriting field change in 2019? From embracing automation to improving customer experience, underwriters must step up to meet new expectations in their organizations. Our guide discusses the top six trends we expect to see this year.

Ignite Gender Equality: Dare to Be the Spark

Elevating gender equality from mere conversations to meaningful actions and investments – truth or dare?  This International Women’s Day, we're reflecting on how to help other women step into their own power and be the inspiration to others that follow. Dare to be the spark and to push your organization to renew its commitment to achieving gender equality in the insurance industry. According to the Bureau of Labor Statistics, 61.3 percent of insurance employees are women. Moreover, a 2017 Saint Joseph’s University study found 58 percent of surveyed insurance companies had two or more women on their boards, as opposed to only 34 percent in 2013. The insurance industry is in the midst of a monumental demographics shift and at long last is breaking away from its male-dominated legacy. Despite recent progress, we have significantly more work to do to achieve true workplace equality. Men still hold the overwhelming majority of senior-level roles, and historically only a very few women end up on the path to becoming CEO. Even today in the finance and insurance industries, women’s median earnings are only 60.4 percent of those of men. The current efforts toward gender equality are not enough and we need to accelerate now. If we were building a DIY toolkit for gender balance, workplace equality and inclusion acceleration, the building blocks would be relationships and networking, mentorships, and male allies. As Inga Beale once said, “Trust goes hand in hand with inclusion.” Remarkable accomplishments are possible when women support each other. Women often believe they have to do everything on their own. We don’t. Embrace networking and build trusted communities of friends and personal advisors. By intentionally working together, we can remove biases industrywide and eliminate barriers to a truly inclusive work environment. As women climb the corporate ladder, we labor under our own impossible expectations, striving to be “the best” at all times. The pressure of the “perfect gene” deters many talented women from voicing their opinions and stepping into their own power. Instead of celebrating accomplishments, many high-achievers singularly focus on their own limitations or perceived failures.   The truth is nobody is perfect. It is OK to make mistakes and to share those lessons so others on similar journeys can learn from us and dare to take risks. This life lesson must be passed down to female students considering careers in the industry. We should educate and coach these students to speak up confidently and understand what they can achieve. It will be too late to break the perfectionist curse if we wait until they’re on the job. Mentorship may be the secret weapon to permanently shattering the gender divide. As a grassroots movement, mentorship encourages professionals to share meaningful dialogues, identify opportunities and ignite positive changes. Mentors and mentees come together to learn, challenge and lift each other, collectively serving as a catalyst to fuel shifting bias, shape industry leaders and instill confidence. Perhaps insurance can take a page from larger STEM initiatives when it comes to inspiring young women. For example, famed mentor Edie Fraser, founder of Million Women Mentors and STEMconnector, has inspired many professionals, including myself, to mentor and sponsor women for break-out careers. By connecting young women with their role models, the initiative sparks the interest and confidence of girls and women to pursue and succeed in STEM careers and C-suite leadership opportunities. Fortunately, men have joined our cause and now stand as workplace allies for gender equality. They publicly advocate for workplace inclusivity and partner with women to convert misconceptions. Men are proactively encouraging other men to participate in women employee resource groups and conferences to identify and shift underlying biases. We must continue inviting enlightened males of all generations to join us. Their candid perspectives keep us honest. We learn from their fresh outlooks and they, in turn, learn much from us.Despite recent victories, a glass ceiling still persists, but its cracks are visible and growing. Change sometimes happens one relationship at a time. Dare to build our support networks, invite male colleagues to join us and inspire female students to create a new reality. Collaborative, bold and intentional actions can ignite everlasting changes and bring true workplace equality to the industry.  

Q1 2019 Labor Market Study Results Infographic

The results of the first quarter iteration of The Jacobson Group and Aon's 2019 U.S. Insurance Labor Outlook Study are now available. A valuable industry tool, the study examines data on insurance labor and revenue trends. Explore the staffing projections and hiring plans for the insurance industry this year in this infographic.

Strong Industry Outlook Highlights the Need for Talent Solutions

The results from our latest Semi-Annual U.S. Insurance Labor Outlook Study are now available! Read on for highlights from the most recent study. The survey expectations for staffing remain positive. Although the rate of expected hiring decreased to 61 percent from 63 percent in July 2018, half of all carriers are planning to increase their staff by at least two percent in the coming year. Primary drivers for this staffing growth are the expansion of business into new markets and the anticipated increase in business volume. The post-recession recovery continues to influence staffing expectations as 43 percent of insurers reported they would be hiring to fill areas currently understaffed. Revenue growth expectations also remain high, with 79 percent of surveyed organizations expecting an increase in revenue growth in 2019, a slight decrease from 82 percent in July 2018. An increase in market share is the primary driver of the expected revenue increases. Despite a positive outlook, today’s insurers face an increasingly challenging labor market, as the demand for talent continues to surpass the current supply. Since its low in April 2011, the industry has added 108,300 new jobs, totaling 1,528,800 jobs in December 2018 – the highest since November 2003. If we add in the 278,000 insurance job openings, it is clear the labor market is in the midst of a drastic tightening. Moreover, the unemployment rate remains low. According to the Bureau of Labor Statistics, the January 2019 unemployment rate for the insurance industry was 1.9 percent, a much lower rate than the 4 percent reported for the general economy. The low unemployment rate speaks to the current talent crunch, increasing the difficulty insurers experience recruiting in the evolving talent marketplace. Companies are already reporting a challenging recruitment climate. The current labor market will become more and more challenging as the available talent pool continues to shrink due to impending mass retirements and lack of incumbent talent. Technology, executives and actuarial positions continue to top the list of most difficult-to-fill job functions. This correlates to the growing focus on technology and analytics within the industry and rise of the Future of Work. As a matter of fact, technology has had the greatest likelihood of increasing staff in 18 of the past 20 survey iterations. To combat the talent crisis and meet the growing industry needs, insurers are increasingly relying on temporary staffing solutions. Already, interim employment is up by 51,100 jobs since July 2018. During the next 12 months, 71 percent of companies surveyed expect to maintain their current number of temporary employees. Meanwhile, 18 percent anticipate an increase, which matches the highest level in the history of the study in July 2012. As the gig economy grows, insurers are tasked with overseeing a blended workforce of tenured and specialized contractors and permanent employees – adding a new layer of diversity among employee groups. Although the industry continues to enjoy growth, rising staffing demands and a shallowing hiring pool are accelerating the need for new talent solutions. For further insights into the industry’s 2019 labor outlook, download the full results of the study.  

8 Popular Insurance Talent Myths Debunked

Odds are you have probably heard colleagues talk in length about the insurance talent crisis. With the discussion of that crisis, many popular talent myths are surfacing. In order to recruit and retain top talent, those myths must be put to rest and discussions must be had about the importance of upgrading salaries, culture and more.

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.