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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.

Unlocking the Strategies for Successful Executive Evaluation

It is my pleasure to introduce a guest blogger for this latest post. My brother and co-chief executive officer Greg is head of The Jacobson Group’s executive search team. His insights into evaluating executive candidates are worth a read. Enjoy… Perhaps it’s a Chief Executive Officer retiring after nearly 30 years of service. Or maybe it’s a newly created Chief Innovation Officer position. Regardless of the circumstances, filling executive openings is critical to ensuring the continued success of an organization. But organizations shouldn’t rush into an executive hire. Poor hiring decisions can have startling ramifications on an organization’s productivity and, ultimately, its bottom line. With 69 percent of companies reporting bad hiring decisions, it is clear this is an important issue. When it comes to executive candidates, making the right hiring decisions is critical. The key is to take a multi-pronged approach, using a myriad of strategies and tools to create a data set from which to assess candidates. It is a blend of art and science. How can organizations ensure they are effectively evaluating their potential executives? The answer to this question is increasingly critical in today’s rapidly evolving business environment. In order to compile a list of strategies and best practices, I’m sharing my team’s most valuable insights: Incorporate behavioral interviewing: Behavioral interviewing is a good way to get to the core when evaluating a candidate. Organizations should utilize situational questions to probe for real-life examples and stories of how candidates handle challenges and unexpected events. Focus on open-ended queries such as, “describe the biggest challenge you’ve had in your career and how you navigated it.” Present executives with questions that prompt them to share how they think about various situations. The way they respond to these questions will help you determine how they handle decisions, prepare strategies and execute practices. Utilize psychometric testing: Testing can add value to the interview and selection process. Psychometric tests, in particular, leverage proven psychological theory and scientific research to identify and evaluate candidates’ behaviors and thought models. Successful testing and assessments focus on unique client position requirements to provide an in-depth look at how the individual measures up to the critical behaviors required in the executive role. Testing can be an excellent, unbiased tool to gain the insights needed to select a candidate with confidence. Assign “homework”: Once you have narrowed down your list of finalists, consider providing a “homework assignment” for candidates. Incorporate portfolio reviews, case studies or work sample tests in order to gain real-time insights into how they would execute and perform the work required in a given role. Writing samples and presentations allow organizations to determine how candidates respond to assignments and how well they present to audiences. Your candidates are busy individuals, so make sure to give them adequate notice and reasonable timelines. Seek out multiple perspectives: Use a holistic team interview. Including a multitude of potential colleagues will help you gain insights into how the candidate works across and with others. This format also provides different perspectives of the candidate and lets you see how they interact with different personalities. Move to a less formal locale: Incorporate an informal stage that allows you to shift the interview process away from the formal environment and enables you to interact in a more relaxed setting. This can be a lunch or dinner interview or even coffee. The change in environment will allow you to see how they engage with those around them. Observe the candidate, as well as how the people they interact with respond to them. ­ Evaluating and selecting executives is a critical task. Making a poor hire at the executive level can drastically impact the organization’s morale, productivity and, ultimately, its bottom line. In order to effectively evaluate potential executive candidates, companies need to embrace a multi-pronged strategy that enables them to gain insights into these individuals on many levels.

Three Tips for Improving the Health Insurance Customer Experience

It is my pleasure to introduce a guest blogger for this latest post. An assistant vice president with The Jacobson Group’s health temporary staffing and subject matter experts team. Her insights into the importance of the customer experience are worth a read. Enjoy... Customer experience—it’s a term that is making waves within the business world. This growing focus on the holistic customer journey is poised to be a key point of differentiation for today’s organizations. In fact, some experts are already pointing to customer experience as the single most important factor in achieving business success. For the insurance industry, standing out from the crowd is critical. Recent regulatory changes have made it easier for customers to research, compare and switch carriers when they are unsatisfied. As a result, many consumers now view insurance companies as easily replaceable. Further compounding the issue is the industry’s struggle with expanding customer expectations. According to Temkin’s Customer Experience Ratings, top insurers earned only a 75 percent rating—ranking them 52nd out of 293 companies. In fact, with an overall average of just 66 percent, the insurance industry is listed as one of 14 industries with declining ratings. Within the industry, health insurers fare the worst. A recent survey by the American Customer Satisfaction Index ranked health insurers as the least customer-centric of all insurance providers, and even less customer-centric than the beleaguered airline industry. Nearly 25 percent of survey respondents indicated a high likelihood of switching health insurers following a poor or disappointing customer experience. Providing a positive customer experience is critical to promoting loyalty and engaging new consumers. Amid today’s increasingly competitive business environment, health insurers must focus on building an enticing customer experience in order to ensure success. But what can organizations do? Here are three tips for developing a successful customer experience: Promote ease of access: We have entered into the digital age. As a result, today’s customer experience expectations are being influenced by the digital opportunities encountered across all industries—particularly retail and communications. Current consumers want to be able to research, compare and select health plans via digital platforms. They want to manage their plans online. They desire self-service features that allow them to easily schedule appointments, print ID cards, find treatment estimates and submit claims. Insurance organizations should embrace new digital offerings and the key features customers are looking for. Rethink the customer service journey: Traditionally, customer service has focused on a specific customer action—usually when the individual is reaching out to the company with an issue. While this has long been seen as a cornerstone of developing a successful customer relationship, it is only a single component of the overall customer experience. The true customer experience goes beyond service alone. It spans from the initial awareness of an organization up to the point of purchase and the use of the products and services. With this in mind, health insurers should focus on creating and delivering a holistic and enticing experience with each touchpoint—from start to finish. Improving customer service, personalizing marketing communications, encouraging continued interactions and facilitating productive encounters are critical to building a successful customer journey. Introduce transparency: Consumers want to be informed. They want to make informed and intelligent decisions. Within the healthcare sector, consumers want to choose the best provider for their care. As a result, health plans and members are pushing for increased transparency. In addition, this openness will encourage organizations to provide the same services at the same price and quality. In order to build a competitive edge, today’s insurers must invest their resources in developing a customer-centric experience. Improving the customer experience will help drive overall satisfaction, decrease membership turnover and promote renewals. As a result, those organizations that focus on building deeper relationships with their customers will continue to capture ever-larger shares of the market.