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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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Top 7 Industry Sectors Experiencing Growth

The post-recession recovery has seen monumental growth within the insurance industry. In fact, according to a recent PropertyCasualty 360 article, the industry has added more than 100,000 new jobs in roughly five years. The industry’s historical vitality is helping to make an insurance career more appealing to job seekers looking for stability in the wake of the recent downturn. In addition, our position of continued growth and demand for new talent is a great story to share with Millennials and recent grads looking to enter a thriving industry. As our demand for professionals continues to outpace our supply, there are a number of opportunities that exist industry-wide. Independent Claims-Adjusting Firms: In the past year, independent claims-adjusting firms have seen employment increases of 0.5 percent. With the addition of nearly 300 new employees, the sector has now reached 56,000 total professionals employed. This is a significant growth following the recession years, which saw employment numbers dip below 50,000. Property and Casualty Carriers: Property and casualty carriers have seen a record jump since the recession period. Total sector employment now stands at 519,000 compared to 2010, where employment hovered below 470,000. During the past twelve months, 3,000 new employees have been added to the sector, representing a growth of 0.6 percent. Third-Party Insurance Administrators (TPAs): TPAs have seen steady growth in recent years. Since April 2015, employment numbers have grown by 0.7 percent as 1,300 new employees were added to the sector. In total, there are now 175,000 TPAs actively employed in the insurance industry. Agents and Brokers: Following a dip below 650,000 between 2009 and 2012, total agent/broker employment now stands at 772,800. The addition of 16,500 new employees in the past year represents a job growth of 2.2 percent. Despite predictions that the number of agents is going to shrink, the sector has seen a recent rapid expansion of job opportunities and continues to grow. Life Insurance and Annuity Carriers: Since 2015, the industry has seen life insurance and annuity carriers add more than 12,000 jobs to reach a total of 331,100 employed professionals. Job growth numbers in the past year have reached 3.8 percent and are on the rise. Reinsurance Carriers: Despite a steady decrease in reinsurance employment during the past 25 years, the industry has seen employment grow by nearly four percent. The addition of 100 employees since 2015 has resulted in a total sector employment of 24,700. Health Insurance Carriers: Thanks, in part, to the Patient Protection and Affordable Care Act and other industry regulations, health insurers have been steadily adding jobs in recent years. Employment increases of four percent during the past 12 months reflect the addition of 20,600 professionals. Total sector employment is nearly 540,000. Looking at employment growth, it is clear that insurance is an industry on the rise. For young professionals, recent graduates and others looking for job openings, these seven fields continue to see strong growth. Interested in learning more about the insurance industry talent landscape? Make sure to participate in our upcoming Mid-Year Labor Outlook Study. Register for the webinar to get the latest insights into the state of the insurance labor market.

When Disaster Strikes: Top 5 Questions to Ask Your Temp Staffing Partner

A wildfire that rapidly spreads across state borders, a tornado that cuts across a city leaving broken buildings and homes in its path, an earthquake that topples buildings and injures thousands, or an unexpected hurricane that devastates a coastal area: natural disasters are unforeseen and unpredictable, often leaving a path of devastation and destruction in their wake. If faced with the sudden—and often overwhelming—demand that so often accompanies a disaster situation, is your organization prepared? As the industry enters into catastrophe (CAT) season, your organization should evaluate your current staffing situation and CAT plan to ensure you are prepared for the worst. Following the recent recession, many insurance organizations embraced a “doing more with less” mindset and continue to maintain a “run lean” staffing plan. They are challenged to find the resources necessary when a disaster hits. Sometimes, no matter how proactive an organization is being, resources are simply tapped out in a time of disaster. As a result, disaster situations are one of the most common causes for insurance organizations to turn to interim staff for immediate support and assistance. In order to be prepared for the upcoming CAT season, your organization should begin building a relationship with a temporary staffing firm that can react quickly when the need arises. Research available service providers and ensure that they understand your business well enough to provide efficient and effective talent on an immediate basis. Consider partnering with a boutique firm that has access to a database of insurance professionals and can easily provide your organization with highly skilled temporary insurance professionals ready to jump right in and get started. Make sure to do your due-diligence and vet potential staffing firm partners to ensure they can meet your needs. Here are key questions to ask potential providers: Describe your level of experience with staffing CAT events. Has the firm worked with CAT situations before or are they strictly focused on more general temporary solutions? You want to partner with an organization that has knowledge and experience with CAT staffing and the unique challenges involved. How deep is your talent network? An organization with a deep bench of positions, locations, disciplines and licensures is better able to provide your organization with the breadth of experience needed to respond to CAT event. Having a wide-range of talent in their bench is key to successfully addressing any impending CAT needs. How quickly are you able to deploy people locally and remotely? In times of crisis, you want to be able to react quickly. Policyholders expect immediacy. Make sure your temp staffing partner is able to provide talent who can be deployed immediately, don’t need much ramp-up time, and can jump in and assist in your work. How do you handle employment and travel-related issues? Does the firm conduct background checks and screenings? Will they assist in getting talent to the locations where they are needed? Make sure to have an understanding of the staffing firm’s process before the need for emergency talent arises. Do you provide any type of guarantee? What happens if a temporary employee isn’t working out? What if someone quits in the middle of the project? Your organization should ensure that a guarantee is in place to handle these situations and others that may arise during the course of the assignment. Preparedness is vital to successfully navigating the impending CAT season. The race is on to develop the most seamless response to disasters and having an emergency staffing plan is key. Interim staff provide a unique opportunity for your organization to add qualified, experienced professionals to your team for these unexpected events. Their valuable contributions can certainly make an important and lasting impact in a short period of time.

Are You Ready for Phase Two of HIPAA?

The second phase of OCR’s (the U.S. Department of Health and Human Services Office for Civil Rights) HIPAA (Health Insurance Portability and Accountability Act) is beginning. Building on the HITECH (Health Information Technology for Economic and Clinical Health) Act passed in 2009, the audits have expanded and modified many of the original HIPAA requirements for the privacy and security of PHI (protected health information). As part of this update, HITECH required that OCR establish a program to periodically audit for HIPAA privacy, security and breach notification rules. Initially launched with pilot audits in 2011 and 2012, to date, OCR has reviewed 115 covered entities for compliance. Having evaluated the success of its review mechanisms, the upcoming second phase of HIPAA will expand its audit protocol to both covered entities and their businesses associates. According to HIPAA Standards, these covered entities include health care clearinghouses that process and reformate health information, health care providers that transmit PHI, and health plans—including individual health plans, employer-sponsored group health plans, health insurers and health maintenance organizations. Individuals, organizations and agencies that meet the definition of a covered entity will now be audited to ensure that they comply with requirements to protect the privacy and security of health information, as well as provide individuals with certain rights in regards to their health information. The audit protocol has a set of procedures for documenting everything—from authentication rules and security risk assessments to policies for employee access to PHI—which will be the subject of review. The OCR will be scrutinizing a few key areas in the second phase of audits, which will likely continue into 2017. These key areas include: Breach Protocols: Does the organization have protocols in place for protecting data in the event of a breach? Is there a set policy or procedure for notifying patients, and the general public, after a breach? Organizations should take a good look at their current breach notification policies to ensure that they accurately reflect the content and deadline requirements for notification under the HIPAA standards. Risk Assessments: Have health providers and other covered entities performed a thorough analysis of their potential data breaches and loss risk? Is there a security officer in place to reduce risk? If a comprehensive risk and vulnerabilities assessment has not been recently completed, organizations should initiative a risk review. The results from this risk assessment should be used to create a robust risk management program that covers all necessary action items and outlines a reasonable timeline for completion. Organizational Processes and Practices: Are there training policies that cover PHI compliance requirements? Does the organization have policies in place for controlling and limiting employee access to PHI? All covered entities should confirm that the required HIPAA privacy and security policies are in place and up-to-date and that procedures are in place safeguard all PHI—including verbal, paper and electronic. Employee training should be documented and an inventory of all information system assets, including mobile devices and bring-your-own-devices, should be maintained in order to track potential breach opportunities. All organizations that fall under the HIPAA covered entity designation should be ready to answer these questions. With some forward-thinking, these organizations will be better prepared in case of a phase two audit. In addition, these careful reviews will go a long way in ensuring that vital health information is protected and safeguarded. Is your organization prepared for a potential phase two HIPAA audit? If not, what are your areas of biggest concern?

What’s on the Regulatory Horizon for Life Insurance Companies?

Following the financial crisis and economic recession of recent years, the life insurance industry is taking a hard look at their current vulnerabilities and risks. The resulting regulations will have a significant impact across all functions of the life insurance industry—and this trend of industry regulation is only anticipated to increase. As regulatory changes sweep across the life insurance industry, what must insurers be on the lookout for? Principal-Based Reserving Goes Live: Scheduled to start its three-year phase-in period on January 1, 2017, principal-based reserving (PBR) will impact most new products being issued—there are a few exceptions including final expense products. This relatively new method calls for life insurers to model their reserves based on a set of fundamental principles rather than one-size-fits-all rules. While PBR will not affect existing life insurance policies already bought, it will apply to all product issues after its implementation date. To prepare, insurers need to take a look at the resources necessary to implement this more dynamic approach to pricing, product development and reserving. Work should be done to determine necessary resources, put the right talent in place, and develop models and systems that will ensure they are compliant with the new requirements. DOL Fiduciary Rule Released: In April 2016, the Department of Labor (DOL) put forth a rule that will have a substantial impact on the business models of brokers, advisors and insurance agents nationwide when it goes live in 2017. Created in an effort to overhaul the set of rules governing the financial marketplace, this new rule will cover all financial professionals offering investment advice for retirement accounts that involve qualified money. Advisors and agents must now follow a “fiduciary standard” when recommending investments, putting their clients’ interests ahead of their own. As a result of the new rule, any advisor receiving compensation for making individualized investment recommendations to a retirement plan participant or IRA will be held to a higher standard than what most retirement advisers adhere to today—a lesser “suitability” standard that lets them recommend products that are suitable but not necessarily in their clients’ best interest. Life insurers may now find that their new products, processes and even internal customer service agents may be considered fiduciary and be required to fulfill these new regulatory requirements. MetLife Wins SIFI Appeal: A federal judge ruled that U.S. regulators acted unlawfully when they singled out MetLife for tougher regulatory supervision—designating it a “systemically important financial institution (SIFI)” whose failure could destabilize the economy. The judge ruled that the decision was “arbitrary and capricious” and that the Federal Stability Oversight Council (FSOC) failed to take a detailed look at MetLife’s vulnerability to financial distress and consider the financial impact of designating it a SIFI. This decision is expected to have broad implications for other firms who may be the recipient of the SIFI designation—Prudential recently announced that they would wait until the case goes through the appeals process before determining its next steps, while AIG has remained quiet on its response. Regardless of the results of any appeal, firms are now pressuring the FSOC to be more specific when it designates a firm. In addition, it is predicted that the FSOC will issue new guidance on future designations, hoping to mitigate some of the issues it ran into in the MetLife case. As regulatory changes influence the landscape of the life insurance industry, organizations must remain informed on the growing evolution. Only those who prepare for the pending changes will be able to successfully navigate the new regulatory reality within insurance. What regulation is your organization most concerned for?

The Growing Diversity and Inclusion Mandate

Today’s labor force is experiencing a break-neck evolution. Much as the nation of today looks radically different from that of 1980, so too will the United States of 2050 look very different from that of today. Already, demographic predictions paint a picture of a very different workplace in the near future, as employees “gray,” female professionals outnumber their male counterparts and we transition into a “minority majority” nation. Today’s organizations are now coming face-to-face with an increasingly diverse workforce. This unprecedented and ground-breaking phenomenon has permanently changed the reality of the business world. Further fueling these rapid demographic shifts is increased globalization and connectivity. Together, these trends are the driving force behind the growing diversity and inclusion (D&I) movement. As organizations continue to expand beyond their borders, we can no longer ignore the business case for D&I. As an industry, we must embrace a culture of D&I in order to find success in this new business reality. As we discussed in our latest edition of Compass, the topic of D&I has gone viral and vocal as the focus shifts away from not only gender inclusion but towards all facets and faces of diversity. The call to action is now. The broad-based inclusion of women and minorities across all industries and sectors is now a business imperative—and the insurance industry is no exception. D&I is no longer simply “nice to have.” Today it is a pressing issue that must be a primary topic of conversation within the workplace. No organization can find success in today’s global world without a diverse and inclusive workplace. In fact, diversity has been shown to have an immense impact on organizational success—from increased innovative capacity to expanded recruitment opportunities. Recognizing the importance of D&I in building organizational success, 97 percent of companies have already instated some sort of formal or informal diversity strategy. Unfortunately, despite the strides made in recent years, the insurance industry continues to fall short of embracing D&I in all of its forms. In order to keep pace with the growing changes, insurers must focus on implementing robust programs and policies that support and embrace diversity. The vision of a diverse and inclusive workplace must become a reality. D&I must be the new business priority. It is vital to building a flourishing business strategy, capturing new clients and ultimately succeeding as an organization. Insurers must move beyond just accepting the diversity mandate and instead embrace it, live it, challenge others to join in, and be the forward-thinking and provocative voice in the room. As an industry, this is our opportunity to lead with conviction and collective courage. For insights on the growing call for diversity and inclusion along with an update on the insurance industry's talent market, download Compass.

Compass 9.2: The Growing Diversity And Inclusion Mandate

Today's labor force is rapidly evolving. Already, demographic predictions paint a picture of a very different workplace in the near future, as employees "gray," female professionals outnumber their male counterparts and we transition into a "minority majority" nation. As an industry, we must embrace a culture of diversity and inclusion in order to find success in this new business reality. In this issue's feature article, we share our perspectives on the growing demographic changes and strategies for building a diverse workforce. This edition also includes our regular overview of the industry's current labor market and recent executive-level job changes.

Doctor, Doctor: Uncovering Today’s Wackiest Health Insurance Claims

From Christmas tree missiles to insured body parts, we have covered a number of unique insurance policies and claims. But what about in the world of health insurance? With more and more individuals electing into insurance coverage, surely there must be a growing number of exceptional claims. So what are some of the most unusual insurance claims found in the health industry? Here are three extraordinary health claims covered by insurance companies. Enjoy! Love at First Sight?: A young British tourist was vacationing in Athens, Greece, when he was distracted by a group of women walking down the street. Not looking where he was going, the tourist walked into a bus shelter and broke his nose. Despite his embarrassment, he managed to make his way to the hospital and was quickly fixed up. His insurance company covered the hospital bill. The Great Escape: While trying to exit her car, a young woman got caught in her door. Adding to her dilemma, the door locked with her keys safely tucked away in her purse—far out of reach. Thankfully, a Good Samaritan stopped by, fished out her keys and opened the door. After achieving her freedom, the woman drove herself to the hospital where she received a few stitches and treatment for severe bruising. Her insurance carrier paid for her ER visit and treatment. Down the Hatch: In less than an eight-year time span, a single Rhode Island hospital treated more than 300 cases of intentionally swallowed objects. These ran the gamut from pens and batteries to razors and knives. Combined, these cases ran up more than $2 million in medical bills. Despite knowing that their actions would result in bodily injury, the insurance companies were on the hook for payment. Only those that include clauses in their contracts that exempt them from paying for self-inflicted injuries were able to avoid coverage. Have you heard of any other bizarre health insurance claims? We’d love to hear about them!

Revive Your Recruitment and Selection Strategies: The Drive to Hire

This blog entry is part two in Jacobson’s Insurance Recruitment and Selection series, which provides insights into updated recruitment and selection processes and strategies for the modern workplace. The insurance industry is enjoying a return to its pre-recession strength. Low unemployment rates and positive revenue growth projections are resulting in an increased focus on building staff. Today, more than 66 percent of insurance organizations are looking to increase their staff—the highest percentage reported since the economic downturn in 2009. But what exactly is driving this renewed focus on hiring? What are the key motivators behind today’s insurance hirings? Since the economic recovery and the return to business as usual, insurers are taking a second look at suspended projects, organizational needs, and current gaps and discovering themselves in need of qualified talent. The hiring freezes and personnel cuts of the recent recession have created an understaffed industry. Further adding to this dearth in talent is an uptick in industry retirements fueled by the aging workforce. In fact, the industry faces a talent gap of nearly 400,000 positions by 2020. Addressing these growing skills gaps is a concern, with 30 percent of organizations pointing to understaffing as their primarily reason behind planned staffing increases. Increases in business volume and expansion top the list of staffing growth drivers at 57 and 54 percent respectively. In addition, a number of recent industrywide changes have created new mandates and regulations that insurance organizations must address. From the full implementation of the Affordable Care Act’s major provisions to new filing and reporting requirements, insurers face immense pressure to keep ahead of a growing number of new requirements and processes. Unfortunately for many insurance organizations, they currently lack the talent necessary to complete these tasks. As a result, they are looking to expand their current bench of professionals. Many insurers are also taking advantage of the positive economic climate to take a second look at their previously suspended projects and initiatives. Often, they are finding it daunting to undertake some of these larger projects at their current staffing levels. As a result, they find themselves looking for talent to successfully undertake and complete these tasks. Faced with this growing demand for talent and an increasingly challenging labor market, how can insurers fill their employment gaps? What qualities should they look for in today’s potential job candidates? Stay tuned for the next installment of our Recruitment and Selection blog series!

Staffing Continues to Dominate Industry Labor Concerns

The results from our latest Semi-Annual U.S. Insurance Labor Outlook Study are here! Check out the latest insurance industry statistics to learn what hiring and revenue trends you should be on the look for in 2016. Currently the U.S. Bureau of Labor Statistics (BLS) is reporting insurance unemployment at 3.0 percent in February—with predictions forecasting the rate will hover between one and three percent throughout the year. This is a marked difference from the high of ten percent in October 2009. As the industry “bottoms-out” in terms of unemployment, it is becoming clear that insurance organizations have finally returned to full employment levels.  Despite this staffing rebound, hiring continues to be a key focus across industry organizations. In fact, the rate of expected hiring reached the highest level in the history of the study, with 66.3 percent of organizations reporting that they are planning to grow their staffs. This focus on hiring is being driven primarily by an anticipated increase in business volume followed closely by business expansion. For the second time since 2012, revenue growth expectations hit 80 percent. Despite the slight decrease from the industry high of 87 percent reported in January 2014, revenue growth predictions for 2016 remain positive. In addition, only 2.2 percent of organizations are predicting a decrease in revenue—the lowest percentage since the start of the survey in 2009. Market share changes remain the primary driver of both revenue growth and loss in the coming year. Despite the return to full employment, the industry faces a record number of job openings as organizations focus on growing their employment numbers. In 2015, the industry saw 251,000 job openings—an increase of more than 130,000 compared to 2009. Unfortunately, this drastic increase in job openings is putting a strain on the already shallow talent pool. Looking forward, insurers are turning toward alternate staffing strategies to combat the growing talent gap. One key strategy is temporary staffing. Temporary employment continues play a bigger and bigger role in the overall economy. Currently, there are 2,919,100 contract professionals active in the national workforce. In the past six months alone, the number of interim professionals employed nationwide has grown by 43,600. According to the survey, 88 percent of insurers are planning to maintain their use of temporary professionals—the highest rate in survey history. In addition, 5 percent are planning to expand their temporary staffing usage. With both companies and individuals being drawn to the flexibility provided by temporary staffing, it is anticipated that the number of interim professionals will continue to grow. With insurance industry talent statistics highlighting a continued focus on staffing growth and a leveling-out of industry unemployment, insurers are finding themselves struggling to fill open industry positions. As organizations feel the growing talent pinch, the demand for alternate staffing solutions will only increase.

The Insurance Trifecta: Embracing a Career of Meaning and Reward

This blog entry is part two in Jacobson’s Insurance Careers Month series. Often described as old-fashioned, behind the times and an “old boy’s club,” the reality of the insurance industry as a noble career choice is being overshadowed by popular misconceptions. As a result, the true story of insurance is being overlooked. Insurance is an industry that “does good.” It provides valuable services to society and serves “the noble cause.” It has a long history of making a difference in the lives of individuals and communities—from life insurers, devoted to helping individuals through some of the most difficult times in their lives; to health insurers, helping individuals maintain their health and well-being; to property and casualty organizations, who are dedicated to protecting hard earned assets and supporting individuals touched by disaster. While insurance is an industry and a product that many individuals overlook in their daily lives, it is always there during a customer’s time of need. Today’s young professionals want to work for an organization where they can find meaning. They look for companies where they can make an impact, where they feel like they are contributing to the greater good. With this focus on social impact and a rewarding workplace, sharing the true story of insurance—as an industry that plays a vital part in ensuring that individuals, business, events and property are protected—is critical. Insurance organizations are shifting their focus toward better balancing their business needs with those of their consumers. They are placing increased emphasis and renewed focus on the customer experience. They are realigning their corporate initiatives and goals with the needs and wants of their policyholders. Looking beyond consumer relationships, insurance organizations are beginning to turn their focus inwards. They are now devoting their time and energies toward creating a company culture that engages and attracts top talent. They are renewing their professional development opportunities, including continuing education and mentorship. Insurance associations are now offering programs to gain additional certifications and experience, and insurers are lending their support through financial reimbursements and company-supported study time. New investments in technology and innovation are enabling professionals to be a part of something new and exciting—defining the future landscape of the industry! Thanks to the growing focus on the consumer experience and the shift toward corporate responsibility, the industry is making strides to promote the reality of insurance as a noble and gratifying profession. Internal changes are opening up new, positive opportunities to individuals looking to forge a successful and rewarding career. All in all, it is truly an exciting time to work within the insurance industry.

The Insurance Trifecta: Unlocking the Answer to the Career Stability Conundrum

This blog entry is part one in Jacobson’s Insurance Careers Month 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 Steve Lessaris as our Millennial guest blogger for this latest post. Steve is a Client Development Manager with our Professional Insurance Recruiting practice. Enjoy... Individuals, families and businesses nationwide share a common concern: security and stability. Following the recent economic downturn, a larger portion of the population is actively seeking stability in their personal lives, in their finances and—most importantly—in their careers. In terms of the insurance industry, most people are aware of the three basic coverage areas: health, life, and property and casualty. They have a basic understanding of these three industry pillars and how they provide a safety net within their own lives. However, insurance does so much more and goes far beyond these narrow definitions. In fact, insurance provides stability to our personal lives, as well as the global financial industry. New technological advances are happening all around us at a rapid pace. As a result, insurers are now seeing the greatest increase in market accessibility in recent history. In response, the industry is expanding its focus and changing up its routine. Insurance is now moving into new and exciting areas—providing security for our financial and personal electronic data and records. In today’s globally connected world, the industry has an obligation to expand this financial security to underinsured markets across the globe, leading to new developments in international products and risks. Beyond these new horizons, the industry is also expanding within its current markets—providing financial-service type products including mutual funds and retirement plans. However, insurance stability goes far beyond just personal and financial coverage. What most professionals fail to realize is the unparalleled stability offered by a career within the industry. As the industry expands into new frontiers, insurers will need to work to ensure they have the talent to keep up with the latest innovations and demand for new products. In fact, by 2020, the industry will create more than 400,000 job opportunities. These new positions go beyond the agent or claims adjuster roles that most think of in terms of an insurance career. Today’s modern insurance organization offers dynamic careers in accounting, finance, marketing, information technology and much more! For young professionals, recent graduates and students, the insurance industry provides a great opportunity to develop a secure and challenging career. Each year, nearly four million Baby Boomers are retiring, creating a growing executive skills gap that must be bridged. Faced with such a large talent gap, insurers will be looking to graduates and young professionals to step in and make a difference. The story of an industry career is one of stability—even in times of dire economic challenges. Individuals and businesses will always need insurance, making it one of the most stable industries in the business world. As the next generation begins to think about their careers and moves into the workforce, the advantages and stability the insurance industry provides should not be overlooked.

Are Stay Interviews the Key to Unlocking Your Employees’ Hearts?

Employee retention is essential to an organization’s success. High turnover not only hurts your bottom-line, but also damages morale among remaining employees. As the economy grows stronger and job creation continues to accelerate, workforce retention is becoming more and more important. The quit rate is quickly approaching levels not seen since before the economic recession. Thanks to renewed confidence in the labor market, employees are seeking new opportunities in order to advance their careers. Today’s insurers must shift their efforts toward engaging and retaining their valued talent. Unfortunately, according to a 2015 LHH Talent Mobility Research Report, organizations continue to struggle with identifying and addressing employee needs and aspirations. Healthy, happy and engaged employees are essential to a productive workforce. These individuals are providing positive contributions to your organization’s bottom-line, producing quality work and maintaining long tenures. But what happens when the spark fizzles out? Outside of wining and dining your employees, how can organizations continue to woo their top talent? The key may be to address the problem before it starts. Incorporating a stay interview into your retention strategy is a great way to combat attrition challenges and help your employees “feel the love.” A stay interview is focused on asking the right questions at the right time—building retention and engagement before employees become dissatisfied and look for alternative opportunities. Insurers must determine what makes outside career opportunities more appealing and incorporate those factors into their own organizations in order to retain valuable talent. Ask questions that delve into your employees’ motivations. What is important to you in your job? What would cause you to leave? What part of your job were you most excited about when you started? Has that changed? What made you choose to work for us? Unlike annual reviews and other once-a-year touchpoints, stay interviews should be a constant practice. This will ensure you are fostering honest and open communication on a regular basis. In fact, your culture should be built around these continuous stay interviews. While the process may start out more structured, with practice, it should become an informal cultural company activity. Devoting management efforts toward conducting stay interviews allows your organization to keep a pulse on what is happening with your employees and identify the factors that are creating potential turnover. Armed with these insights, your organization will be better prepared to engage and retain its valuable talent.