Insights

Latest Insurance Talent Perspectives

The Human Element of AI Transformation

Discover ways to effectively navigate through AI transformation. Only 4% of companies say they’re creating real value from their AI investments. The key differentiator is how well organizations manage the human side of implementation. 

Download the white paper to explore best practices for taking a human-focused approach as you lead through change.

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.

Explore Our Full Thought Leadership Library

  • Reset

Health Highlights: Q4 2023

The healthcare space continues to evolve amid ongoing challenges, pressures and shifts. In our team’s recent conversations with leaders across all areas of health insurance, creating comprehensive human capital strategies remains top of mind. Today’s pace of change and challenging market requires the ability to be creative and flexible in leveraging talent and meeting members’ needs.  Below are a few foundational areas that contribute to today’s strategic and holistic talent strategies. Shifting NeedsAs the industry evolves in response to changing demands, regulations and customer expectations, it’s important for organizations to think about their current talent and those individuals’ potential to meet future organizational needs. This includes considering how to laterally move employees into different areas of the business and broaden their skillsets to span a variety of scenarios. Especially as artificial intelligence and automation open new doors, employing professionals who can flex to take advantage of these opportunities is essential. Additionally, member experience and accessibility remain priorities across the industry. Individuals are demanding more digital-first solutions and roles such as chief experience officer are becoming more prominent within healthcare. Not surprisingly, technology roles are currently the most in demand positions within life and health insurers, according to our Q3 2023 Insurance Labor Market Study. The most astute health plans are focusing on future needs and connecting these to their current talent strategies and employee development initiatives. Long-Term Talent GapsAdding to the complexities of an evolving marketplace, the talent shortage persists for both payers and providers. Demand is increasing as the overall population ages, compounding the current workforce shortage. A recent PwC study found 82% of health industry executives consider the ability to attract and retain talent as a moderate to serious business risk, compared to 71% of executives across all industries. In the past 12 months, the primary reason life and health insurers added staff was due to areas being understaffed. Remedying this staffing shortage is a key focus, especially as burnout becomes more common and employees’ mental health suffers from feeling overworked. To build a stronger talent pipeline and grow individuals from within, insurers may consider bringing back more structured internships and training programs. Additionally, it may be necessary to focus on reskilling and upskilling from complementary areas of the business to consistently help alleviate shortages and balance workloads. Short-Term Labor ShortagesAlong with the persistent talent shortage, worker activism has been on the rise in recent months, with strikes taking place in a variety of industries, including healthcare. The inability of wages to keep up with inflation, coupled with a tight labor market, have had a hand in catalyzing multiple strikes around the country. Overall, employees are becoming more vocal in terms of their expectations around working conditions, pay and benefits. Being proactive and having contingency plans in place in the event of a work stoppage can be crucial in preventing harmful lapses in care and member experience. Temporary staffing firms that specialize in the health insurance industry can provide the necessary talent to bridge these gaps when needed, as well as alleviate standard fluctuations in workload, contributing to the work-life balance and mental wellness of current employees. In fact, 33% of life and health insurers plan to increase their use of temporary employees, compared to 14% in January 2023.    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.  As both expected and unknown changes take place in healthcare, creative, thoughtful and future-focused talent strategies can help set the stage for ongoing success. For more insights, view our past edition of Health Highlights. 

October 2023: Labor Market Pulse

The industry continues to face layered complexities and pressures, further compounding an already difficult talent landscape. The unemployment rate for insurance carriers and related activities continues to decline, dropping to 1% in September, compared to 3.8% for the overall U.S. economy. Given month-to-month fluctuations and a limited BLS sample size, the three month rolling average of 1.3% may paint the most accurate picture of the current situation. Job openings for the larger finance and insurance industry jumped by 100,000 in August*, reaching 417,000 – the highest we’ve seen since April. Industry employment continues to rise; yet, recruiting remains challenging amid a tight labor market.      AT-A-GLANCE NUMBERS   Unemployment for the insurance carriers and related activities sector decreased to 1% in September.  The insurance carriers and related activities sector gained 3,900 jobs in September. At nearly 3 million jobs, industry employment increased by approximately 43,000 jobs compared to September 2022. The U.S. unemployment rate stayed at 3.8% in September and the overall economy added 336,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, August* insurance industry employment saw job increases in reinsurance (up 4.7%),  life/health (up 2.1%), TPAs (up 2.1%), property and casualty (up 0.9%), and agents/brokers (up 0.6%). Meanwhile, job decreases were seen in title (down 7.9%) and claims (down 1.4%). On a year-to-year basis, August* saw weekly wage increases in title (up 10.4%), property and casualty (up 9.1%), TPAs (up 5.5%), life/health (up 5.7%), agents/brokers (up 3.5%) and claims (up 4.8%). Meanwhile, wage decreases were seen in reinsurance (down 6.3%).      BLS Reported Adjustments: Adjusted employment numbers for August show the industry saw an increase of 3,100 jobs, compared to the previously reported increase of 7,600 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.

Q3 2023 Insurance Labor Market Results: Majority of Insurers Adding Staff

The insurance industry’s 12-month hiring outlook is bright. Unemployment remains low at 1.4% and job openings are abundant, according to Bureau of Labor Statistics’ data. As we move through 2023, the insurance talent landscape is strong and stable. Our recent Q3 2023 Insurance Labor Market Study, conducted in partnership with Aon-Ward, found the majority of insurers plan to add staff and increase revenue in the next year. Sixty-three percent of insurers expect to add to their headcounts and 27% plan to maintain their current staff sizes. The most common reason for this anticipated growth is an increase in business volume, followed by expansion of business/new markets. Technology roles are the most in demand industrywide, followed by claims and underwriting positions. All functional areas are considered at least moderately difficult to fill, with technology being the most challenging. However, recruiting difficulty has eased in the past year for seven of the 11 areas surveyed. Experienced staff continues to be the industry’s greatest need overall, with 78% of respondents sharing they are most likely to hire experienced individuals, followed by entry-level employees (20%), and executives (1%). Entry-level staff is in highest demand within operations (48%), followed by claims (27%) and underwriting (23%). The vast majority of insurers are continuing to offer flexible work options and just 4% of companies expect the majority of their staff to be in the office every day. Ninety-two percent of carriers currently offer a hybrid model and 68% offer fully remote work. Through the end of the year, 65% of carriers expect the majority of employees to be in the office at least one day per week, down from 72% in January 2023. Thirty-two percent of carriers shared they expect the majority of employees to be fully remote, up from 25% at the beginning of the year. For those companies offering a hybrid work option to employees, 73% consider employee input when determining the days required in office. As the industry comes out of “the Great Reshuffle” and insurers determine their plans for moving forward – whether that’s remaining remote or asking employees to return to the office – professionals have a lot to consider when contemplating future moves and long-term career plans. If you’re considering a career move in today’s market, or just looking to hone your current skills, view this recent post, “Taking Charge of Your Professional Development.” The Q3 2023 Insurance Labor Market Study took place from July 10 through August 6, 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.

Recruiter Report: Planning for a Long-Term Hybrid Workforce

Recruiter Report: Planning for a Long-Term Hybrid Workforce

The data in this blog was updated in September 2024. In our conversations with insurance leaders, an increasing number of companies are sharing their plans to remain hybrid for the long term. In fact, our Q3 2024 Insurance Labor Market Study found 72% of insurers currently offer hybrid work, with more than three-fourths expecting employees to be in the office at least one day per week through the end of the year. If your organization is aiming to maintain or implement a hybrid work model moving forward, there are several factors to consider. This includes the potential impact on recruiting efforts and expectations, especially now that many of today’s professionals are accustomed to fully remote work. In this edition of Recruiter Report we address the question, "How can you prepare to recruit for long-term hybrid environments?" Understand the impact on your candidate pool. Hybrid work may sound like an effective compromise between fully in-person and fully remote environments. However, know that requiring employees to come into the office even once per week limits your candidate pool to your local market. At the same time, local candidates may have been abundant pre-pandemic, yet many professionals have since taken on fully remote positions with companies in other parts of the country. Outside of these blurred geographic boundaries, we’re also seeing candidates push back on positions that require going into the office at all, even when they live close by. As you’re recruiting for open positions, ensure you are transparent with candidates – regardless of where they currently reside – about your organization’s longer-term plans. If you are marketing an open role as remote, but there are talks of returning to the office in a hybrid or full-time capacity, tell candidates that information up front to avoid surprises on either side. Consider how you can provide flexibility while achieving your goals. Candidates are still largely seeking remote work and often requiring larger salaries if they’re being asked to come into the office on a regular basis. However, regardless of how much money you can offer, flexibility remains a high priority and common deal breaker for top candidates. In many organizations, it’s common for positions to be vacant due to individuals seeking more flexibility and fewer in-office requirements. This not only impacts your current workforce, but also may leave holes in your succession planning efforts. Determine how you might be able to meet the needs of a broader array of professionals while still satisfying your in-office goals. For instance, perhaps you ask employees to come in for a few consecutive days a month and dedicate this time to in-person meetings and team building, rather than requiring everyone to come into the office once or twice each week. This achieves the same objectives, while also expanding your talent pool to different geographic locations. Additionally, consider letting local employees come into the office for in-person meetings when needed, with the option to return home to finish their workday. Focus on what you are trying to achieve and then develop your in-office requirements with those goals in mind. The more flexibility you provide employees, the more receptive they will be to coming into the office when necessary. Focus on young professionals and growing talent from within. If you are intent on requiring at least one day in the office per week, consider revisiting your approach to recruiting and developing recent graduates and entry-level talent. Many insurers have sunset their once robust internship and trainee programs. However, reinstating these opportunities can cultivate a strong bench of local talent that can be grown into more senior-level roles. Young professionals are also more likely to appreciate the opportunity to be in the office, valuing the exposure, networking and hands-on learning experiences these in-person interactions provide. Candidates’ mindsets have evolved in the post-COVID world; personal time is valued over commute time, and employers’ expectations may need to be reevaluated and reset. No matter how often you plan to require employees in the office, recognize the potential impact on your candidate pool and be as flexible and creative as possible in accommodating individual needs. What has your experience been with recruiting hybrid talent? Share your insight in our LinkedIn poll below. For more recruiting best practices, view our past editions of Recruiter Report.

Select Jacobson Employee Spotlight – Q3 2023 Jacobson Employee Spotlight – Q3 2023

Jacobson Employee Spotlight – Q3 2023

We are thrilled to announce that The Jacobson Group has once again been named to Business Insurance's list of the Best Places to Work in Insurance. At Jacobson, we’re dedicated to our team members’ growth and success throughout all stages of their careers, and are honored to be recognized as a workplace where employees can thrive. In this quarter's spotlight, we’re highlighting three of the many dedicated individuals who contribute to our workplace culture. Discover more about them below. HANNAH MATTALIANO Senior Visual Design Coordinator, 2 years at Jacobson Hometown: Chicago, Illinois Alma Mater: Flagler College Describe Your Role: I work on the marketing team as the visual design coordinator. I’m responsible for designing all our thought leadership and collateral pieces.  Favorite Sports Team: I grew up in Pennsylvania so I’m very loyal to Philly teams, including Eagles, 76er’s and Phillies! Jacobson in Three Words: Experts, Professional, Hardworking Weirdest Job You Have Ever Had: I delivered newspapers in high school. It was an absolute nightmare of a job! Favorite Thing About Working at Jacobson: Working with such a great team and the work-from-home flexibility One Thing That Recently Made You Smile: My cat, MJ. He sleeps on my desk next to me while I work. Last Song You Listened To: "Shake It Off" by Mariah Carey GABRIELLE PLOESSL Account Representative, 1 year at Jacobson Hometown: Dubuque, Iowa Alma Mater: University of Dubuque (BBA in Human Resources Management) and Upper Iowa University (MBA in Human Resources Management) Describe Your Role: I am an account representative on the contingent workforce solutions team. I work with both clients and candidates to coordinate and create successful engagements. Jacobson in Three Words: Family, Unique, Hardworking  Career Advice You Would Give to Your Younger Self: Never stop learning and be a team player. Last Song You Listened To: "Heat Waves" by Glass Animals Favorite Sports Team: Green Bay Packers One Thing That Recently Made You Smile: My adorable nephew, Rowen

September 2023: Labor Market Pulse

Unemployment continues to decline within the insurance carriers and related activities sector, falling to 1.4% in August, despite a slight increase in the overall economy’s unemployment rate. Job openings within finance and insurance remain elevated compared to pre-pandemic numbers and total separations have declined compared to last year. The previously volatile labor market appears to be settling; however, recruiting remains a challenge.  Our Q3 2023 Insurance Labor Market Study, conducted in partnership with Aon-Ward, found carriers are finding it at least moderately difficult to recruit for positions across all areas of insurance. Yet, the majority of insurers are planning to increase their staff sizes in the next 12 months. View more of the study’s findings here.  AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector decreased to 1.4% in August.  The insurance carriers and related activities sector gained 7,600 jobs in August. At more than 2.9 million jobs, industry employment increased by approximately 39,400 jobs compared to August 2022. The U.S. unemployment rate increased to 3.8% in August and the overall economy added 187,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, July* insurance industry employment saw job increases in reinsurance (up 4%), TPAs (up 2.9%), life/health (up 1.9%), agents/brokers (up 1.3%), and property and casualty (up 1.1%). Meanwhile, job decreases were seen in title (down 8.7%) and claims (down 2.9%). On a year-to-year basis, July* saw weekly wage increases in property and casualty (up 9.4%), title (up 9%), TPAs (up 6.9%), life/health (up 5%), agents/brokers (up 4.4%) and claims (up 0.2%). Meanwhile, wage decreases were seen in reinsurance (down 7.9%).      BLS Reported Adjustments: Adjusted employment numbers for July show the industry saw an increase of 9,800 jobs, compared to the previously reported increase of 8,300 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.

Q3 2023 Labor Market Study Results Infographic

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

Q3 2023 U.S. Insurance Labor Market Study Results

The Jacobson Group and Aon-Ward conducted a study to investigate hiring trends within the insurance industry. The following presents the findings of an insurance labor survey conducted in the third quarter of 2023...

A Renewed Approach to Recruiting and Retaining Talent

The pandemic has played a unique role in transforming business as we know it. Employee attitudes and expectations have shifted, making it essential for talent strategies to evolve. In this Insurance Journal article, Jacobson's Mike Abate shares insight on taking a renewed approach to attracting and retaining high performers and building a loyal workforce ready to take on tomorrow's challenges.

August 2023: Labor Market Pulse

Despite rising costs for health insurance and profitability issues within property and casualty, the industry’s talent landscape remains strong. The unemployment rate for insurance carriers and related activities dropped by more than 1.5 points last month, following a brief spike in June. Industry employment also continues to grow, with the sector adding nearly 30,000 jobs since the beginning of 2023.  While wages are rising in most areas, this growth appears to be slightly slowing. The number of open jobs within the broader finance and insurance industry has dropped in the past few months, and average total turnover is at its lowest level since 2016. Yet, there is still an excess of jobs in relation to the individuals available to fill them.  For more insight on the current labor market and what insurers can expect throughout the next 12 months, join us for our complimentary Q3 2023 Insurance Labor Market Study results webinar, taking place on Aug. 17 at 1 p.m. CT. Register here: https://jcbsn.gr/2023q3-webinar.    AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector decreased to 1.6% in July.  The insurance carriers and related activities sector gained 8,300 jobs in July. At more than 2.9 million jobs, industry employment increased by approximately 33,900 jobs compared to July 2022. The U.S. unemployment rate decreased to 3.5% in July and the overall economy added 187,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, June* insurance industry employment saw job increases in reinsurance (up 2.6%), TPAs (up 2.2%), life/health (up 1.6%), property and casualty (up 1.3%), and agents/brokers (up 1%). Meanwhile, job decreases were seen in title (down 9.6%) and claims (down 4.5%). On a year-to-year basis, June* saw weekly wage increases in property and casualty (up 10.9%), title (up 6.2%), TPAs (up 6.2%), life/health (up 4%), agents/brokers (up 3.5%) and claims (up 0.9%). Meanwhile, wage decreases were seen in reinsurance (down 6.1%).      BLS Reported Adjustments: Adjusted employment numbers for June show the industry saw a decrease of 700 jobs, compared to the previously reported increase of 3,200 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.

Compass 16.3: Onboarding for Long-Term Success

This quarter’s Compass feature article explores strategies for creating a thoughtful and strategic onboarding process to set employees up for long-term success. The newsletter also includes an overview of the industry's current labor market and recent executive-level job changes.

Contingent Workers: Top 8 Mistakes to Avoid

The insurance industry is in a unique labor market, continuing to face a talent shortage, while talk of a looming economic recession continues. In today’s evolving and uncertain economy, temporary talent – whether it’s project-based teams or interim expertise – is often necessary to effectively meet business demands and accommodate shifting needs. If you’re revisiting projects that were shelved during COVID, striving to remain flexible and not committing to additional full-time staff, or simply aiming to take advantage of new opportunities, contract workers are often an efficient and cost-effective solution.  As more and more of our clients consider temporary employees to help meet their business goals, we’ve been providing a few key recommendations to get the most out of these relationships. We’ve also identified the top eight mistakes companies make that can hinder the impact of a temporary team or consultant.  Thinking temporary employees are less qualified than full-time professionals. Many highly trained and qualified workers are choosing contract work for a wealth of reasons, including its flexibility and variety. In fact, the gig economy continues to grow across all industries, with research projecting half the U.S. workforce will be contract workers by 2027. Not considering the many ways interim staff can support business needs. Traditionally, organizations have leveraged interim professionals to cover unexpected vacancies or to assist with backlogs. However, contract workers can impact your business in a number of other ways: Quickly take advantage of new opportunities by using contractors with specific expertise                   who require minimal ramp-up time. Reduce the impact of the tight labor market by hiring skilled workers that fill gaps at any                 professional level, while providing you the time necessary to find the right full-time hire. Implement new technology and leverage contract workers to train your current team on                   processes and best practices without sacrificing service levels. Failing to clearly define needs and goals. Before bringing temporary staff onboard, it’s important to have a clear understanding of what you want to achieve, as well as how you are defining and measuring success. If you’re using a staffing firm, ensure this information is also communicated to them at the onset of a project to ensure everyone’s prioritizing the same goals.  Limiting your talent pool. In today’s environment, many highly-skilled individuals prefer working from home and are less likely to travel for an assignment. If it’s not necessary for an individual to physically be in the office, provide the opportunity for them to work from home. Embracing remote workers provides you with access to a vast network of talent with unique and specialized skill sets. Having unrealistic expectations. Consultants do not always need to check the same boxes as full-time hires to excel at their job. Focus on the expertise, skills and attributes specific to your project’s goals and prioritize a “must have” list, separating additional characteristics into a list of preferences. Not prioritizing communication. Whether it’s with a consultant, project team or your staffing firm, timely feedback and open communication is essential to ensure ongoing success and progress. Speak up if your expectations are not being met or you feel there’s a lack of alignment. Having an ineffective onboarding process. Onboarding temporary individuals is less involved than it is for full-time hires; yet, should still be thoughtful and thorough. Determine the resources, team-specific processes and other information vital for success and include this within your onboarding plan. Identify and proactively remove roadblocks, while ensuring you’re periodically checking in and staying aware of any challenges. Using a staffing firm that isn’t insurance-specific. The ability to quickly and efficiently find qualified individuals with the insurance-specific skills necessary for success is often dependent on your staffing firm. Ensure your partner has a broad network of industry talent to enable you to find the right individuals in a short timeframe. Contract workers and interim project teams can help bridge potential gaps, quickly take advantage of opportunities, and much more, ensuring your team continues to operate as effectively as possible – no matter what comes your way. By being creative, focusing on your goals and committing to consistent communication, you’ll be set up to take full advantage of these relationships and their many benefits. For more on contract work best practices, view our blog posts on ensuring project success and remote onboarding.