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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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April 2023: Labor Market Pulse

Entering the second quarter of 2023, the insurance labor market remains relatively constant. The industry unemployment rate is low at 1.5%, and insurance employment is steady, boasting nearly 32,000 more jobs than one year ago. Finance and insurance job openings dipped slightly in February*, to 350,000; however, while this number is lower than last year’s annual monthly average, it is still notably higher than pre-pandemic levels.  Hybrid work environments have largely stabilized, industry conferences are thriving and professionals are once again connecting in person. The recruiting climate may be less intense than what we experienced in 2022, yet the labor market remains strong. For insight on whether we are still in a candidate’s market, read our latest edition of Recruiter Report.     AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector slightly increased to 1.5% in March.  The insurance carriers and related activities sector gained 4,300 jobs in March. At roughly 2.9 million jobs, industry employment increased by approximately 31,900 jobs compared to March 2022. The U.S. unemployment rate decreased to 3.5% in March and the overall economy added 236,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, February* insurance industry employment saw job increases in property and casualty (up 3.2%), TPAs (up 2.5%), reinsurance (up 2%), life/health (up 1.6%), and agents/brokers (up 1.2%). Meanwhile, job decreases were seen in title (down 11.5%) and claims (down 7.9%). On a year-to-year basis, February* saw weekly wage increases in property and casualty (up 11.7%), title (up 5.5%), life/health (up 5.2%), TPAs (up 4.1%), agents/brokers (up 3.2%), claims (up 2.5%). Meanwhile, wage decreases were seen in reinsurance (down 2.3%).      BLS Reported Adjustments: Adjusted employment numbers for February show the industry saw a decrease of 6,500 jobs, compared to the previously reported decrease of 4,200 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.

Recruiter Report: Are We Still in a Candidate’s Market?

Last year, we were in the midst of one of the most competitive labor markets the insurance industry has ever seen. Candidates gained a substantial upper hand in the hiring process, leveraging a red-hot recruiting climate and competing offers to raise their expectations around compensation, benefits and flexibility. Now, as we move through 2023 with a looming recession and economic uncertainty, we’ve been having many discussions with clients and other industry leaders around the need to continually adapt to remain competitive in an evolving market. In this edition of Recruiter Report, we’re exploring the question, "Are we still in a candidate’s market?" The Current State of the Insurance Labor Market For the past several months, questions around a potential economic downturn and its impact on the labor market have been increasingly prominent. However, the Bureau of Labor Statistics reports employment within the insurance industry reached an all-time high in January, with the larger finance and insurance sector continuing to experience elevated levels of job openings and voluntary quits. Professionals are making moves; and, at the same time, insurers are continuing to hire. Our Q1 2023 Insurance Labor Market Study found 67% of carriers plan to increase their staff sizes in 2023, which is just 1 point lower than July 2022’s study and 5 points lower than January 2022. For additional context, this is 6 points higher than January 2020, prior to the pandemic.   Shifting Candidate Expectations In 2021 and 2022, as the economy began to recover from the initial impacts of COVID-19, the industry experienced unprecedented movement. While this reshuffling seems to be slightly easing, we’re still seeing high turnover as professionals seek out companies and working arrangements that best align with their values and professional aspirations. Individuals are unlikely to make lateral moves, yet their salary expectations have become more reasonable. Companies’ flexibility around hours and locations are now key differentiators and common deal breakers for candidates – even more so than salary, especially as some insurers are asking employees to spend more time in the office. Remaining Realistic and Competitive Regardless of how the market shifts long term, professionals’ expectations around the hiring process and the employee-employer relationship have forever changed. Here are a few ways to help calibrate to the current equilibrium. Make your position stand out.  In today’s market, candidates are unlikely to make a move without a compelling reason. This could be more money, greater flexibility or the opportunity for upward mobility, among a number of other factors. Active candidates are receiving multiple offers and it is necessary to stand out among competing opportunities. Some passive candidates may also be hesitant to make moves right now, and finding out what is important to those who are on the fence is key. Use the interview process to uncover these unique motivators and accommodate individual needs to the best of your ability. At the same time, be flexible with your job requirements – if an individual already meets all the requirements of a role, there’s no room for growth. Limit relocation and in-office requirements.   Workplace flexibility has become a top priority for many professionals, even more so than bumps in compensation. While specific preferences will vary among individuals, many are reluctant to come into an office even three days a week. Relocation also remains difficult, especially given today’s housing market and the assumption that many jobs can be performed just as well remotely. Take time to fully consider the in-office requirements of a role and be creative in offering the flexibility in hours and locations that many professionals currently seek. Maintain a sense of urgency.  Providing a streamlined interview process and open lines of communication continues to be essential. While it may not be as crucial to make decisions immediately after talking with a candidate, the interview process shouldn’t extend longer than a week or two to avoid losing the candidate’s interest. Maintain momentum by clearly defining the required skills for a role within your interview panel, interviewing with intentionality, and uncovering the information necessary to create a strong and personalized offer. Do you feel we’re still in a candidate’s market? Share your thoughts in our LinkedIn poll below.    

Q1 2023 Insurance Labor Market Study Results: The Candidate’s Market Persists

Despite ongoing uncertainty throughout the U.S. economy, insurance remains in a candidate’s market as 2023 unfolds. The industry hit record-high employment in January, job openings continue to be elevated after reaching a peak in 2022 and insurance unemployment is just 1.4%. According to our recent Q1 2023 Insurance Labor Market Study, conducted in partnership with Aon plc, 90% of insurers plan to increase or maintain their staff sizes this year. Most companies also have a positive outlook regarding revenue expectations, making hiring necessary for successfully meeting their growth goals.  According to our study, 67% of insurers plan to add staff in 2023, which is just 1 point lower than July 2022 and 6 points lower than the study’s all-time high in January 2022. The primary reason for adding staff during the next 12 months is an anticipated increase in business volume, followed closely by areas currently understaffed and expansion of business/new markets. Technology roles remain in the highest demand, followed by claims and underwriting positions. Of the companies planning to add staff, 88% also expect an increase in revenue, driven by changes in market share.  While overall recruiting difficulty has slightly decreased from 2022’s record high levels, nearly all functional areas remain moderately difficult to fill. Technology positions continue to be the most challenging, followed by actuarial and underwriting roles. Overall, one-quarter of insurers shared they feel it’s harder to hire talent than it was one year ago. Organizations are continuing to find the right balance regarding where and when work takes place. Ninety-two percent of respondents currently offer hybrid environments, with 89% sharing employees have at least some input on determining the days required in the office. Sixty-nine percent of carriers offer full-time remote work, yet 76% feel the majority of employees will come into the office at least one day per week throughout the next six months. Long-term flexibility is key as insurers strive to remain competitive in today’s market and meet professionals’ preferences and expectations. The Q1 2023 Insurance Labor Market Study took place from January 11 through February 1, 2023, with participation from insurance carriers across all industry sectors. The semi-annual survey collects and examines data on insurance industry hiring, as well as revenue trends and projections. For more insight on the industry’s hiring plans and additional labor market details, view the full report. If you’re considering making a move in the current market – whether within your current company or the larger industry – check out our recent post on taking an intentional approach to professional development. 

Polling Results: Is Your Organization Aligned with Today’s Professionals?

As the talent landscape continues to shift, professionals’ behaviors and attitudes are also evolving. We’ve polled our LinkedIn audience to provide insight on individuals’ current preferences and expectations around a number of topics. Consider this information as you build out your own talent strategies and aim to effectively recruit and retain talent in the changing landscape.   Although just three years ago it was standard to come into the office each day, employees’ expectations around flexibility in location and hours have greatly shifted. 60% desire a fully remote work environment and 35% prefer a hybrid model. Just 5% would choose to be fully in person, making it vital for employers to balance organizational needs with employee preferences to remain competitive in today’s market. Many organizations are including additional benefits to entice talent, such as increased flexibility, expanded PTO, affordable healthcare, and family-friendly offerings such as childcare and parental leave. Considering these options, 56% of professionals said flexibility would be most important to them when evaluating potential employers. 29% said expanded PTO packages were most important, followed by affordable healthcare and family-friendly offerings at 11% and 4%, respectively. “Quiet quitting” – the concept of doing the minimum requirements of a role – has become increasingly prevalent. While professionals may become disengaged and quiet quit for a number of reasons, most respondents (34%) felt burn out would be the most likely cause, followed closely by lack of opportunity (25%), lack of compensation (24%) and feeling disconnected (18%). Understanding what motivates and fulfills individuals is valuable not just for retaining employees, but also for maintaining a             productive and engaged workforce.  Many hiring managers are being “ghosted” by candidates who don’t show up to an interview or even their first day of work. However, only 12% of respondents admitted to missing an interview without notifying the employer first. While it may not be possible to completely mitigate your chance of being ghosted, ask the right questions to best gauge a candidate’s sincerity around a role.   For more insights, check out our recent blog sharing polling results around how insurers are navigating the current talent marketplace. To share your thoughts in our future polls, follow us on LinkedIn.

2023 Actuarial Talent Trends Guide

Thanks to economic uncertainty, the continuing candidate's market and shifting business priorities, actuarial leaders are facing a number of talent challenges and opportunities. From 'quiet hiring' to a renewed focus on attracting young talent, we are seeing a number of trends emerging this year. Download our guide to learn about the trends that will have the most impact on the actuarial industry in 2023.

March 2023: Labor Market Pulse

The insurance labor market continued its steady growth in February with unemployment falling almost a full point to 1.4% for insurance carriers and related activities. Revised numbers for January also show the industry hit record-high employment at 2,922,000 jobs. Amid employment growth, insurers continue to face a tight labor market. Twenty-five percent of companies report hiring has become more difficult compared to last year, according to our Semi-Annual Insurance Labor Market Study. Many insurers are reevaluating hiring requirements to offer more flexible working arrangements including hybrid and situational travel (i.e., traveling into the office once a month) options to align with candidate expectations and expand their talent pools.    Meanwhile, industry wages were reported as 6% higher than last year, though wage growth did stall in January, likely indicating wage inflation may be slowing.  For more insights on hiring trends and the outlook for 2023, view our infographic highlighting the results of our recent Semi-Annual Insurance Labor Market Study. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector decreased to 1.4% in February.  The insurance carriers and related activities sector lost 4,200 jobs in February. At roughly 2.9 million jobs, industry employment increased by approximately 35,500 jobs compared to February 2022. The U.S. unemployment rate increased to 3.6% in February and the overall economy added 311,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, January** insurance industry employment saw job increases in property and casualty (up 3.6%), TPAs (up 3.3%), agents/brokers (up 2.7%), life/health (up 1.6%), and reinsurance (up 1.4%). Meanwhile, job decreases were seen in title (down 11.6%) and claims (down 8.3%). On a year-to-year basis, January** saw weekly wage increases in all categories: property and casualty (up 10.2%), life/health (up 5.8%), title (up 5.8%), TPAs (up 4.8%), agents/brokers (up 4.8%), claims (up 1.3%) and reinsurance (up 0.3%).      BLS Reported Adjustments: Adjusted employment numbers for January show the industry saw an increase of 1,700 jobs, compared to the previously reported decrease of 5,100 jobs.** The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled. *The BLS made its annual revisions on February 3, adjusting current employment statistics numbers for the past five years. **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 – Q1 2023

Jacobson Employee Spotlight – Q1 2023

As Women's History Month kicks off, we want to take a moment to celebrate the women in our own organization. The Jacobson Group is 81% women, and women make up 76% of our leadership team! Below we highlight just a few of these amazing individuals, their roles and what they love about working at Jacobson. Learn about more of our Jacobson colleagues by viewing past editions of our Employee Spotlight here. For monthly Employee Spotlights, follow our Facebook page. JOJO HARRIS Senior Vice President, Human Resources, 7 years at Jacobson Hometown: Wilkes-Barre, Pennsylvania Alma Mater: Penn State (B.A. in accounting) and Loyola University Chicago (M.A. in human resources) Describe Your Role: I oversee all human resource functions for the firm. I lead a small but mighty team of HR professionals. Favorite Book: "The Road Less Traveled" by M. Scott Peck Jacobson in Three Words: Collaborative, Driven, Personal Last Song You Listened To: "Isn't She Lovely" by Rich Tolbert Jr. Favorite Thing About Working at Jacobson: The culture. It’s come as you are, be your full and unique self, and get the work done. One Thing That Recently Made You Smile: My adorable grandson, Sebastian How Do You Balance Your Career and Family? Some days I'm a great employee, some days I'm a family member. It typically doesn't happen on the same day. Random Fact: I love to sew! RACHEL MCCOLISTER Client Advisor, 6 months at Jacobson Hometown: Tampa, Florida Alma Mater: University of South Florida Describe Your Role: As a client advisor, I partner with clients who manage their contingent labor in an internal program, MSP or VMS environment. Favorite Dessert: Key lime pie Random Fact: I majored in creative writing. Weirdest Job You Ever Had: In college, I worked as a haunted house scare actor at an amusement park. Last Song You Listened To: "Break My Soul" by Beyoncé Favorite Think About Working at Jacobson: The people, hands down! One Thing That Recently Made You Smile: My nieces and nephew always keep me smiling. NIKKI ST.MARTIN Vice President, Marketing and Sales Enablement, 20.5 years at Jacobson Hometown: Midlothian, Illinois Alma Mater: Franklin College Describe Your Role: I lead the marketing, brand and sales support functions. In short, it’s my job to ensure Jacobson is engaging in the activities needed to increase brand awareness, strengthen our market position, and ultimately drive leads and conversions. Favorite Dessert: Tiramisu Jacobson in Three Words: Collaborative, Trustworthy, Family What Career Advice Would You Give to Your Younger Self? It’s okay to say “no.” There is only so much time in the day and priority needs to be given to high value activities.  Weirdest Job You Have Ever Had: Skateboard park attendant One Thing That Recently Made You Smile: Watching our goats play tag in the pasture Random Fact: I’m a jeep girl. There’s nothing better than driving my Jeep on a warm day with the top down and doors off. Favorite Thing About Working at Jacobson: The smart, creative people I get to work with day in and day out View our corporate careers page here. 

How To Spot and Avoid A Fake Job Posting

Today, employment scams are more widespread than ever. Online scams and phishing attempts are becoming more sophisticated, which is why job seekers must be extra vigilant when responding to certain job postings. Read this article for tips on spotting potentially fraudulent opportunities.

P/C Carriers Losing Ground to MGAs in Talent War

Quoted in Carrier Management News: What is on the talent horizon for P&C carriers? Read this article to explore the latest Insurance Labor Market Study results.

Q1 2023 Labor Market Study Results Infographic

The results of the first quarter iteration of the 2023 U.S. Insurance Labor Outlook Study are now available. The study, led by The Jacobson Group and Aon, plc, examines insurance industry labor and hiring trends. View highlighted stats in our infographic.

Jacobson Sees Life and Health Labor Demand Cooling

Mentioned in Think Advisor: Life and health insurers are less optimistic about hiring now than they were a year ago, but they are still hopeful to increase headcounts. Read this article to uncover the latest life and health Insurance Labor Market Study results.

Episode 10: Discussing Key Talent Trends: Insights for a Successful 2023

What impact will a potential recession have on talent strategies? Will companies start asking individuals to come into the office five-days a week? How can you create a sense of belonging in a remote environment? Host and co-CEO of The Jacobson Group, Greg Jacobson, is joined by Jacobson colleagues to discuss what is on the talent horizon this year.