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Latest Insurance Talent Perspectives

Building and Maintaining a Strong Employer Brand

In today’s competitive labor market, a strong employer brand is a key differentiator in recruiting top talent, reducing costs, enhancing the candidate pool, and retaining high performers by instilling pride in their roles and company. 

View our latest white paper for tips to ensure your company represents itself as an employer of choice.

Q3 2024 Insurance Labor Market Study Results

The Jacobson Group and Aon conduct a Semi-Annual Insurance Labor Market Study to examine industry hiring and revenue trends and projections. The findings of our Q3 2024 iteration reflect a relatively stable labor market, with modest job growth.

Download the results to explore 2024’s staffing forecasts and hiring plans for the insurance industry.

Combatting the Finance and Accounting Talent Shortage

Faced with a shallowing pool of emerging talent and a workforce nearing retirement, finding qualified accounting and finance professionals has been an intensifying challenge for the industry. A comprehensive multi-prong approach is necessary to cultivate a workforce that can meet evolving demands and ensure operational continuity.

Read our blog post for insights on staying ahead of the growing finance and accounting talent crisis.

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Being an Effective Collaborator in the Hybrid Environment

More than three years into the pandemic, it’s evident hybrid and fully remote environments are here to stay. However, effective collaboration and teamwork look a little different in the virtual world than they did in the pre-2020 office environment. Stopping by someone’s office or workspace for a question, having informal hallway conversations and making small talk in the breakroom are less possible when individuals are working from different locations. Today, it’s important to be intentional about how you’re building relationships and trust with teammates, while also being respectful of different work schedules and preferences.  Defined expectations, frequent communication and clear boundaries are essential for cultivating a positive team experience. No matter the makeup of your team, here are a few ways to be a valued colleague and collaborator in the current environment. Value your working relationships.  Focus on how you can continually build trust and strengthen your working relationships. Deliver what you’ve promised and communicate if you’re not going to be able to follow through on your commitments. At the same time, create deeper connections by periodically taking a few minutes for more personal conversations with coworkers. Even asking how they’re doing or their plans for the weekend prior to the start of a video meeting can mimic the “water cooler talk” that no longer exists at many companies. Remember co-workers and managers have families and interests outside of work – showing you care helps build a connection that further enhances your working relationship.  Respect others’ boundaries and clearly communicate your own.  It’s likely your team members are working on different schedules and from a multitude of locations. Be clear with your colleagues and manager on your working hours, as well as how they can best reach you. If your team has collectively established specific tools and best practices for working together through the day, uphold those guidelines to the best of your ability. At the same time, be conscientious about others’ work days and avoid scheduling meetings when it’s more difficult for them to be available.  Make the most of meetings. While meetings are often an important part of collaboration, be intentional about how you’re spending everyone’s time. Provide prep docs and meeting agendas in advance, as well as information around the meeting’s goals and desired outcomes. This ensures everyone is as prepared as possible and understands what’s expected of them ahead of time, leading to more impactful and efficient conversations. Be inclusive.  Schedule meetings with participants’ time zones and work schedules in mind. Consider how you can ensure everyone has an opportunity to contribute, especially if some colleagues are together in a conference room and others are dialing in from their home offices. Avoid talking over one another, repeat key points and pause for questions as needed. Additionally, directly ask those who have not had a chance to speak if they would like to contribute. This helps all voices – not just the most outgoing ones – be heard.   Get camera-ready. If your team is primarily remote, communicating only through emails and chat tools can eventually lessen the sense of human connection. During video calls, make it a habit to have your camera turned on when possible and show you’re engaged and actively participating in the conversation. Refrain from checking your phone and email or multi-tasking during this time – similar to how you would behave in an in-person meeting. Participate in face-to-face activities.  Many companies are bringing back periodic in-person events, even if their work environment is fully virtual. Make it a priority to attend, whether it’s a company-wide annual meeting, quarterly team building events or even small get-togethers with those who live close by. There is still value in meeting face-to-face in today’s environment, helping bring to life relationships that have otherwise been cultivated through screens, and creating opportunities to connect with those you may otherwise not have a chance to interact with.  Offer feedback. If something isn’t working, say something. This could be how your team is currently using its collaboration tools, timing of meetings, expectations around preparation, frequency of team interactions or many other factors. Without providing respectful feedback and potential solutions, your manager or other leaders may not be aware of the challenges or inefficiencies you’re experiencing. Especially in work environments that value collaboration, the opportunity to talk through potential improvements will be valued. Effective collaboration and increased team productivity and innovation is possible in today’s environment no matter where individuals are based. By being intentional about building relationships, embracing opportunities to connect and providing feedback, you’ll set yourself up to be a valued contributor, collaborator and teammate. 

Securing Strong Leaders for a Successful Future

The insurance industry has been in a state of transformation throughout the past three years. We’ve experienced the height of a global pandemic, the most challenging labor market on record, and now, what looks like the beginning of a more stable future. Leaders have managed through the shift to fully virtual environments, “the Great Resignation” and evolving employee/employer relationship dynamics. As insurers define their future expectations and adjust to post-pandemic norms, having the right leadership in place is essential.  However, the roles of today’s executives have evolved, as they are not only responsible for owning business strategy and priorities; they must also visibly demonstrate corporate values and culture in environments that are largely virtual. At the same time, the ability to inspire productivity and innovation, while fostering a sense of loyalty across multiple locations, personalities and time zones is essential. Whether you’re recruiting for this talent or building it from within, it’s vital to retain and grow leaders by not only offering competitive compensation, but also being intentional with development opportunities; cultivating a sense of meaning and purpose; and providing flexibility in where, when and how work gets done.  Embrace changing expectations.The pandemic has played a unique role in transforming business as we know it. Previously, employee attitudes and expectations have largely ebbed and flowed along with the health of the economy; however, the pandemic has caused a fundamental shift in professionals’ values and priorities. Despite a looming recession, it’s unlikely some of these sentiments will change – especially around desired flexibility and work-life balance. Currently, 92% of insurers are offering hybrid work options; those that maintain rigid requirements are likely to lose out on top talent – regardless of salary. Be thoughtful with in-office work and grant flexibility in hours and locations when possible, encouraging those at the helm to lead by example and set the tone that permeates throughout all organizational ranks.  Provide support for success.Many of today’s leaders have never had formal training around managing and motivating teams within virtual and hybrid environments. However, being able to foster connections and engagement across locations and varying work styles may not come naturally – and successful in-person tactics do not always directly translate. Ensure you’re providing the tools, coaching and support to help individuals hone their management styles to be effective in the current environment. This not only increases team productivity, but also contributes to engagement and retention across the entire organization. Emphasize emotional intelligence.Emotionally intelligent leaders are more likely to have strong internal relationships, contribute to productive problem-solving and effectively work through conflict. The ability to have difficult and respectful conversations – especially in virtual settings, where physical cues and body language are minimized – often sets the greatest leaders apart. Organizations may consider providing formal emotional intelligence training, while encouraging ongoing practice and growth at all levels, including middle management and individual contributors.  Take a comprehensive approach to retention andsuccession planning.The industry’s workforce is aging, with 25% of insurance professionals aged 55 and older. However, 38% of insurers have no formal succession plans in place. While CEO and executive-level succession planning is a key focus for most organizations, it’s also important to think past the top-tier of leadership and into director and middle management roles. Identify your high potential employees and consider how they can be given the exposure, growth opportunities and challenges that can mold them into tomorrow’s executives. Encourage transparent and ongoing communication in the form of “stay interviews,” and create clear career paths to ensure your goals remain aligned to their professional aspirations. As the industry settles into new ways of working, strong leadership and a focus on the future is essential. By focusing on growing and engaging leaders, while offering support, flexibility and development opportunities, you’ll be best positioned to attract and retain the talent that will move your organization forward.  

Health Highlights: Q2 2023

As we move through 2023, talent continues to be in high demand within the healthcare space. At Jacobson, our team regularly speaks with leaders across all areas of health insurance, gaining perspective into evolving talent needs and challenges. From expanding government programs to achieving quality goals and more, talent is a key factor in driving healthcare organizations forward. Below are a few current areas of focus.  Medicaid Expansion The percentage of individuals who lacked health insurance reached an all-time low in early 2022, largely due to increases in Medicaid coverage under the Public Health Emergency. However, as Medicaid disenrollments resume following the PHE’s recent end,  as many as 17 million individuals are at risk of losing their state-funded coverage. It’s important for state plans to have the right talent and strategies in place to communicate eligibility to those affected, while also best serving their members and returning to pre-COVID operations. For private plans and exchanges, additional resources will be necessary to best support the PHE’s unwinding and expand their Medicaid offerings; yet the continued talent shortage is making this difficult. Spotlight on Quality DepartmentsMany organizations continue to focus on gaining market share, fueled by maintaining a good standing with different quality measurements. In our Q1 2023 Insurance Labor Market Study, conducted in partnership with Aon plc, 50% of life/heath insurers planning to add staff this year were doing so to improve service delivery. Quality care and case management, along with a positive customer experience are paramount. However, along with understanding the intricacies of different programs such as HEDIS and Stars, it’s also vital to have internal resources who are thoughtful about putting best practices into action.  Ability to Interpret and Leverage DataTechnology roles remain in the highest demand across all lines of insurance. Data is becoming increasingly available and effectively interpreting and leveraging its insights is key. Organizations seek professionals with a rare blend of abilities to not just uncover relevant findings, but also communicate and apply this information to maintain quality and optimize pricing. Effectively utilizing and presenting data is a craft and requires multi-talented individuals who are innovative in driving business forward.  Increased Mid-Level Talent GapAmid the talent shortage, entry-level positions have become a gateway for growing a pipeline of health insurance professionals. We’re seeing organizations initially hire people as contractors, and then move them into other departments when and if they prove themselves.  Career paths and professional trajectories are also moving at an accelerated pace. In today’s market, it’s not uncommon for health insurers to fill positions with individuals who don’t have the education and training necessary to fulfill the organization’s actual need. Promotions have become more frequent, often stretching individuals beyond their capabilities and pushing them to leverage their new titles elsewhere. As a result, the mid-level talent gap is broadening even further. When leaders consider who they can move into a role, it’s also vital to pinpoint how they will provide the tools, education and mentorships for those individuals to be successful.  As health plans face new challenges and opportunities for growth, having the right talent in place will be essential to remain competitive. In the midst of the talent shortage, finding the right individuals with unique skill sets and specific expertise is often a prime differentiator. Intentional and strategic talent strategies are key in coming out ahead in the second half of 2023 and beyond. 

June 2023: Labor Market Pulse

We’re experiencing continued job growth as we reach the mid-point of 2023. The insurance carriers and related activities sector added jobs for the third consecutive month, reaching a new high watermark of 2,939,200 in May. The industry’s unemployment rate increased to 2.5%; however, it’s likely this will fall in the coming months, consistent with a previous spike in December 2022. At the beginning of the year, 67% of insurers shared they planned to hire in 2023, according to our most recent Insurance Labor Market Study. Hiring seems to be picking up, with job openings within the larger finance and insurance sector increasing by roughly 60,000 between March and April*. Overall, the industry remains strong going into the summer months.   AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector increased to 2.5% in May.  The insurance carriers and related activities sector gained 7,200 jobs in May. At roughly 2.9 million jobs, industry employment increased by approximately 33,700 jobs compared to May 2022. The U.S. unemployment rate increased to 3.7% in May and the overall economy added 339,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, April* insurance industry employment saw job increases in TPAs (up 3.4%), property and casualty (up 1.6%), life/health (up 1.4%), and agents/brokers (up 1%). Meanwhile, job decreases were seen in title (down 11.2%), claims (down 9.9%) and reinsurance (down 0.7%). On a year-to-year basis, April* saw weekly wage increases in property and casualty (up 10.5%), title (up 7.4%), life/health (up 6%), TPAs (up 5.5%), and agents/brokers (up 1.5%). Meanwhile, wage decreases were seen in reinsurance (down 2.9%) and claims (down 2.9%).      BLS Reported Adjustments: Adjusted employment numbers for April show the industry saw an increase of 13,900 jobs, compared to the previously reported increase of 15,000 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled. *The BLS Job Openings and Labor Turnover Survey report and reports on wages and employment for the industry category are only available for two months prior. The source for the data represented in PULSE is the U.S. Bureau of Labor Statistics. Insurance data is derived from the insurance carriers and related activities sector.

Jacobson Employee Spotlight – Q2 2023

Jacobson Employee Spotlight – Q2 2023

At The Jacobson Group, we believe that our employees are the driving force behind our success. This quarter, we are thrilled to highlight three exceptional team members who embody our values and contribute to our mission. Read on to learn more about them. K'LAH YAMADA Researcher, 2 years at Jacobson Hometown: Aurora, Colorado Alma Mater: Colorado College Describe Your Role: I am a researcher for our temporary staffing solutions. I use various job boards and databases in order to find the best candidates for the position. Favorite Dessert: Cheesecake with fresh strawberries Random Fact: I love musicals! Last Song You Listened To: "Horses" by Maggie Rogers Favorite Sports Team: I am an avid fan of the Colorado Avalanche.  One Thing That Recently Made You Smile: Seeing my two dogs cuddling together JACK WALSH Managing Director, 1 year at Jacobson Hometown: Elmwood Park, Illinois Alma Mater: Milikin University Describe Your Role: As a managing director, I help life insurance organizations find the leaders they need to drive their business forward.  Favorite Movie: Braveheart Jacobson in Three Words: Teamwork, Culture, Excellence Last Song You Listened To: "Logo Te Pate" from the Moana soundtrack (my son is obsessed) Favorite Book: "Can't Hurt Me" by David Goggins One Thing That Recently Made You Smile: Watching my older son Jack sing "O My Darling Clementine" to my younger son Logan Random Fact: I have been both skydiving and bungee jumping. Weirdest Job You Have Ever Had: Working at the famous Gene and Jude’s in River Grove slinging hot dogs (don’t ask for ketchup!) View previous editions of our Employee Spotlight here. For monthly Employee Spotlights, follow our Facebook page.

2023 Mid-Year Underwriting Talent Trends Guide

Amid ongoing economic uncertainty, a continuing candidate's market and shifting priorities, today's underwriting leaders are facing new talent challenges and opportunities. From the growing importance of virtual management skills, to a renewed focus on development and growth opportunities, we are seeing multiple trends unfold in 2023. Download our guide to learn about the underwriting trends the industry must prepare for in 2023.

Job Postings: A Checklist

A job posting is often a potential candidate’s first exposure to a role. In today’s environment, insurance job openings are abundant, making it essential to cut through the noise and resonate with the right individuals. If you’re included within the 67% of insurers planning to hire this year, the below checklist can serve as a valuable guide to ensure your posting is as compelling as possible.  Will it connect with candidates? Write your post through a candidate’s lens and focus on what is most important to them. Highlighting the role’s impact on the company, clients and community is more likely to pique interest than a list of daily tasks and responsibilities. Are all of the listed requirements vital for success? While it can be tempting to list all of the attributes and experiences your ideal candidate would possess, distill your post down to the ones that are most essential to the role. If something can be learned on the job or won’t directly impact their ability to succeed, it’s often best to remove it.  Does it focus on skills? Especially in today’s continually evolving environment, transferable skills are key to an adaptable and agile workforce, even more so than experience. For example, rather than mandating five years of management experience, focus on the skills you’d expect someone to have acquired within that timeframe – such as leadership, problem-solving and coaching. Is it easy to read and/or skim? According to LinkedIn, the average individual spends 14 seconds deciding whether to keep reading a job post or to move on. Use white space, headers and bullet points to your advantage, ensuring position highlights aren’t hidden within long paragraphs of text.   Is it inclusive? Gendered language, limited geographic locations, and specific past experiences and educational requirements can exclude or discourage otherwise qualified candidates. Avoid potentially polarizing terms by running your posts through online tools and having trusted individuals with various perspectives review your posting prior to pushing it live. Did you include commonly searched keywords? Similar to how you may scan applicant resumes for keywords, job seekers are doing their own searching and scanning. While it’s not necessary to pack in every potentially relevant term, do make sure your post will be found within standard search results.  Does it reflect your company’s personality, culture and values? Be creative with your job postings to better showcase your organization and the role. Even if you aren’t specifically telling the reader about your culture or corporate values, they’re indirectly conveyed through how the post is written and its chosen areas of focus.   Is it grammatically correct and error-free?Prior to pushing publish on your post, give it one final review to ensure all grammar, spelling and sentence structures are correct. This sets the tone for the rest of the recruiting process – ensure you’re starting off on the right foot.   This checklist will help create a strong foundation for your job posting; however, if your post isn’t gaining the traction you’d intended, or if it’s primarily attracting applicants who are not right for the role, continue to make tweaks and refinements. For more, view our post, “Creating Compelling Job Postings.”

Infographic: Insurance Industry’s Succession Readiness

As insurers aim to stay competitive in the challenging and volatile labor market, strategic succession planning and clear employee development opportunities are essential. Recently, The Jacobson Group conducted a study to better gauge the industry’s succession planning readiness. Below we highlight a few of the study’s key findings. View the full study results: https://jcbsn.gr/2022-succession-planning-study

May 2023: Labor Market Pulse

The U.S. labor market remains resilient – despite some economists’ predictions – as we enter May. The insurance carriers and related activities unemployment rate saw just a slight increase to 1.6%; and unemployment for the overall U.S. economy dropped to 3.4%, which along with January 2023, marks a 54-year low. Numbers from the Bureau of Labor Statistics also indicate that insurance industry employment hit a new high watermark in April, at nearly 2,937,000 jobs.  Within the larger finance and insurance sector, voluntary turnover levels have slightly lowered, along with the number of job openings. Overall, it seems we may be entering a steadier state compared to the past two years.   AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector slightly increased to 1.6% in April.  The insurance carriers and related activities sector gained 15,000 jobs in April. At roughly 2.9 million jobs, industry employment increased by approximately 25,000 jobs compared to April 2022. The U.S. unemployment rate decreased to 3.4% in April and the overall economy added 253,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, March* insurance industry employment saw job increases in property and casualty (up 2.8%), TPAs (up 2.7%), life/health (up 1.9%), agents/brokers (up 1.4%), and reinsurance (up 0.7%). Meanwhile, job decreases were seen in title (down 11.6%) and claims (down 9.9%). On a year-to-year basis, March* saw weekly wage increases in property and casualty (up 12.1%), title (up 6.2%), life/health (up 5.2%), TPAs (up 3.5%), agents/brokers (up 1.9%), claims (up 1.6%). Meanwhile, wage decreases were seen in reinsurance (down 2.7%).      BLS Reported Adjustments: Adjusted employment numbers for March show the industry saw an increase of 5,100 jobs, compared to the previously reported increase of 4,300 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled. *The BLS Job Openings and Labor Turnover Survey report and reports on wages and employment for the industry category are only available for two months prior. The source for the data represented in PULSE is the U.S. Bureau of Labor Statistics. Insurance data is derived from the insurance carriers and related activities sector.

Compass 16.2: Closing the Collaboration Gap

The insurance industry is settling into longer term hybrid and fully remote environments, and leaders are experiencing a learning curve. In this issue, we share best practices on creating a culture that promotes effective collaboration in today's virtual environment.

Q1 Insurance Labor Study Results: Continued Growth in 2023

As we move through 2023, insurers continue to face the challenges of a tight labor market. The industry’s unemployment rate remains low and job openings are high, according to the Bureau of Labor Statistics. However, 67% of insurers plan to increase their headcounts this year, according to our recent Q1 2023 Insurance Labor Market Study, conducted in partnership with Aon plc. Despite a looming recession and continued economic uncertainty, carriers have a positive outlook for the remainder of the year in terms of both staff and revenue growth.  Anticipated increases in business volume are the primary reasons for adding staff in the next 12 months, with technology roles remaining the most demand. After technology, the industry’s greatest needs are claims and underwriting staff. Unsurprisingly, technology roles are also considered the most challenging to fill, followed closely by actuarial and underwriting positions. Overall, while recruiting difficulty has eased for some roles compared to last year, the majority remain at least moderately difficult to fill. Experienced staff continues to be the industry’s greatest need overall, with 72% of respondents sharing they are most likely to hire experienced individuals, followed by entry-level employees (27%), and executives (2%). Entry-level staff is in highest demand within operations (53%), followed by actuarial (40%) and underwriting (38%). The industry is still adapting to the evolving priorities of today’s talent, with flexibility and virtual work largely influencing this shift. Ninety-two percent of carriers currently offer a hybrid model and 69% offer fully remote work. When asked how often insurers anticipated their staff coming into the office over the next six months, 72% shared they foresee the majority of employees coming in at least one day per week. While specific preferences will vary among individuals, it's important insurers determine the in-office requirements of a role and offer flexibility in hours and location whenever possible. From a revenue standpoint, 79% of insurers expect to see growth in 2023, with 40% anticipating increases of at least 10%. For many organizations, reaching both hiring and revenue goals will be dependent on their ability to attract and retain the right talent in the current market. To download the full Q1 2023 report or view the results presentation, click here. The Semi-Annual U.S. Insurance Labor Market Study has collected revenue and hiring projections from carriers across all sectors of the industry since 2009. The next iteration of the survey will take place in July 2023. To be notified when it opens, follow this link. 

Insurance Industry Still Faces Recruitment, Retention Challenges

Quoted in Health Payer Specialist: What is the insurance industry's talent outlook for 2023? Read this article for labor market insights.