Insights

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.

Explore Our Full Thought Leadership Library

  • Reset

Rethinking Annual Performance Assessments

As we near the end of 2024, annual performance assessments are on the minds of many companies. Traditionally, this is a time to reflect on the year and evaluate whether individuals achieved the goals they set back in January. However, if it’s November and you’re just now thinking about performance management, you’ve fallen behind. Companies that prioritize performance are 4.2 times more likely to outperform their peers. Having just one or two formal conversations to determine whether an individual met your expectations throughout the past 12 months sets both you and the employee up for failure. In today’s workplace, building connections and committing to open communication are more important than ever. These factors also play a large role in effectively managing your employees’ performance and progress, as well as their levels of engagement and job satisfaction. If you’re having ongoing performance discussions with your team members all year, it makes the year-end review much less daunting – if necessary at all! Here are a few ways to incorporate performance management into discussions throughout the year, while helping individuals feel more confident and empowered in their roles. Recognize that people want to do well. As a manager, having the right mindset can heavily influence the tone and outcomes of your conversations around performance. Remember: most people really do want to do a good job. It’s important to help your employees clearly understand their role within the organization, provide guidelines around expectations and norms, and offer immediate feedback to course correct or celebrate when needed. Connect their work to the larger goals of the organization to help them understand the bigger picture and better align on company-wide priorities. Connect regularly. Professionals have become accustomed to instant feedback in all areas of their lives, and are often unsettled and stressed by feelings of uncertainty. Frequent check-ins are essential to accurately understand how your team members are feeling about their roles and work. Ask how things are going for them, and how they think they are doing. What makes them proud of themselves? Where do they feel like they’re not doing as well as they’d like? This is a great opportunity to understand if you’re aligned, identify potential disconnects and make any necessary adjustments in real-time. All individuals have a mental relationship and emotional connection with work; it can be a source of stress or a source of inspiration and fulfillment. Focus on what you can do to help them feel powerful, knowledgeable and confident. Listen and build trust. Performance is not a one-way conversation. If you’re the manager, ensure you’re doing just as much listening as you do talking. At the same time, recognize this can only be effective if you’ve built a foundation of trust that enables your team to be honest with you. An employee who trusts their manager has their best interests at heart will understand constructive feedback is coming from a place of tough professional love, with a goal of better meeting business objectives. An employee who doesn’t trust their manager may internalize feedback as their manager preparing to fire or demote them. Creating a safe space for open conversation and a culture where feedback is expected and embraced should be a priority. Break down larger goals. Rather than setting lofty annual goals, break them down into smaller goals with shorter deadlines. What actions need to happen in a certain month to ensure an individual is on track to be successful? Not only does this help goals seem less overwhelming, it also provides clear check-in points to ensure everything and everyone is on track for success. If not, take the opportunity to realign, remove roadblocks and clarify expectations. Be honest and make it about the work, not the person. Feedback – both positive and constructive – is essential in bettering your team and reaching your larger objectives. Often, managers struggle with delivering negative feedback, especially to an otherwise strong employee. However, individuals can’t do better until they know better. Aim to give feedback in a way that separates the individual from the results they’re getting. Clarify that your feedback is not about them as a person, but about their specific actions or approach to a project or situation. By shifting the focus off of them and onto their work, you’re also able to pinpoint actionable steps for improvement in a more objective and less emotionally charged way. Identify areas of disconnect. While many aspects of performance are focused on numbers and metrics, others may be less tangible. Inevitably, there will be a time when you and an employee have differing opinions on how something went. It’s unproductive to debate who is right or wrong, but it is valuable to understand the employee’s perspective, share your own perspective and then understand the disconnect between the two. Ask them to share the reasons why they feel something was successful or unsuccessful. If you feel a different way, don’t negate their feelings. Instead, explain how you see it and why. In addition to providing clear reasoning, this also helps shift the focus to the tasks at hand, rather than the person as an individual, and opens the conversation to discussing how you can be better aligned in the future. After you’ve shared your feedback, look forward and don’t dwell on the past. While annual assessments are likely part of your company’s formal performance review process, they shouldn’t deliver any information an employee isn’t already aware of. By having more frequent check-ins, fostering open and ongoing communication, and breaking down goals, both you and your employees will be well-aligned throughout the year. Additionally, individuals will feel more empowered, confident and satisfied in their work, positioning them for a strong future with your team and company.

November 2024: Labor Market PULSE

In October, we saw the unemployment rate for insurance carriers and related activities continue its decline from 3.1% in August, lowering to 1.5%. Meanwhile, the overall U.S. unemployment rate was unchanged at 4.1%. While the labor market may be slightly cooling, it remains stable. The Bureau of Labor Statistics reported a decrease of 1,400 industry jobs in October—and revised September numbers show a loss of an additional 300 jobs, compared to the increase of 4,800 jobs initially reported for the month. However, this is a relatively small change, and the industry has added more than 28,000 jobs since the start of the year. The larger U.S. economy also saw slowed job growth in October, with the addition of just 12,000 jobs, compared to the six-digit growth we’ve seen nearly every other month of 2024. Economists attribute this partially to some employees being temporarily off payrolls as a result of the recent hurricanes. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector decreased to 1.5% in October. The insurance carriers and related activities sector lost 1,400 jobs in October. At more than 3 million jobs, industry employment increased by approximately 36,600 jobs compared to October 2023. The U.S. unemployment rate remained at 4.1% in October and the overall economy added 12,000 jobs. INDUSTRY HIGHLIGHTS On a year-to-year basis, September* insurance industry employment saw job increases in agents/brokers (up 3.4%), reinsurance (up 1.9%), TPAs (up 1.3%), property and casualty (up 0.2%) and life/health (up 0.1%).  Meanwhile, jobs decreased in claims (down 3.8%) and title (down 0.1%). On a year-to-year basis, September* saw weekly wage increases in agents/brokers (up 9.6%), TPAs (up 9.5%), reinsurance (up 6.2%), claims (up 4.3%), life/health (up 3%), title (up 1.7%) and property and casualty (up 1.6%).  BLS Reported Adjustments: Adjusted employment numbers for September show the industry saw a decrease of 300 jobs, compared to the previously reported increase of 4,800 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.

Employee Engagement: Getting Back to Basics for 2025

Quiet quitting remains a concern, and insurers are seeking ideas to re-energize their teams in 2025. Explore ways to re-establish the connections and work environments that foster employee engagement in our latest white paper. 

Compass 17.4: Employee Engagement: Getting Back to Basics for 2025

This quarter’s Compass feature article offers ways to combat quiet quitting, enhance employee engagement and drive your organization forward in the new year. The newsletter also includes an overview of the industry's current labor market and recent executive-level job changes.

Q3 2024 Insurance Labor Market Study Results: Hiring Continues

The insurance industry remains relatively stable as we move through 2024. Our recent Q3 2024 Insurance Labor Market Study, conducted in partnership with Aon, revealed 86% of carriers intend to increase or maintain their staff sizes in the next 12 months. At the same time, the Bureau of Labor Statistics shows 11 consecutive months of job growth for the insurance carriers and related activities sector. However, while the industry continues to add jobs, this employment growth remains relatively modest. Just over half (52%) of companies intend to grow their teams in the next 12 months, unchanged from January 2024 and down 11 points compared to July 2023; while 34% plan to maintain their current headcounts. The main drivers for growth are expected increases in business volume and expansion into new markets. At the same time, 14% of companies expect a reduction in their workforce—up 4 points from one year ago—with automation continuing to be the most common reason. No respondents plan to decrease staff size by more than 10%. For the first time in the study’s 15-year history, technology positions are not the industry’s greatest need; underwriting and claims roles are currently in highest demand, with technology ranking third. Desired job levels remain relatively consistent with previous studies: 77% of those planning to hire say they’re most in need of experienced professionals, followed by entry-level individuals at 21% and executives at 2%. For individuals who are new to the workforce, entry-level positions are most needed within operations (62%, which is 14 points higher than one year ago), claims (38%) and underwriting (21%). Compliance (4%) and loss control/risk management (7%) are the areas most likely to add executive-level positions. Recruiting difficulty has eased in eight of the survey’s 11 categories; however, most positions continue to be considered at least moderately difficult to fill. Actuarial, executive and analytics roles remain the most challenging. Nevertheless, just 11% of companies report their ability to hire talent has become more difficult over the past year, down from 17% in July 2023. Flexibility remains important for many professionals, and 72% of companies shared the majority of their employees work a hybrid model (38% one to two days in office; 34% three to four days in office). About a quarter of companies say most of their staff is fully remote (up from 18% in January 2024) and just 4% report most employees are in the office full time (down from 6% at the beginning of the year). The vast majority (94%) of companies do not plan to make changes to their work models in the next six months. The remaining 6% plan to require more in-office presence, down 10 points from January. Whether you are ready to take your next professional step or looking for new opportunities in the insurance sector, the industry is continuing to grow. If you are actively interviewing, make sure to check out this post, “Navigating Job Interviews: 7 Questions to Assess Fit and Stand Out” to help guide your search and make informed decisions throughout the process. The Q3 2024 Insurance Labor Market Study took place from July 8 through July 28, 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.

Redefining the Employee Experience for Today’s Workplace

Redefining the Employee Experience for Today’s Workplace

Published in Insurance Journal Providing an exceptional employee experience is vital for organizational success, particularly in the current landscape of hybrid and remote work. In this Insurance Journal article, Jacobson's Corey Pinkham discusses how employers can support team members at every stage of the employee lifecycle—from recruitment to exit—by focusing on communication, professional growth, engagement and well-being.

MPL Carriers Face Hiring Challenges

Inside Medical Liability released part one of a two-part series on staffing challenges in the Medical Professional Liability space. In this feature article, Jacobson's Julie Czarnik shared insights on the MPL labor market, generational talent shifts, how the sector can make itself more attractive to potential hires and more.

October 2024: Labor Market PULSE

After rising to 3.1% in August, the unemployment rate for the insurance carriers and related activities sector dropped to 2.3% in September. The overall U.S. unemployment rate remains consistent, dropping just a tenth of a point. The industry also added jobs, marking its 11th consecutive month of job growth. Within the larger finance and insurance sector, job openings fell to a near two-year low in August*. The rate of retirements also slowed during August, dropping to 0.1% from 0.4% in July. Overall, the industry remains strong as we enter the final quarter of 2024. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector decreased to 2.3% in September. The insurance carriers and related activities sector gained 4,800 jobs in September. At more than 3 million jobs, industry employment increased by approximately 45,200 jobs compared to September 2023. The U.S. unemployment rate slightly decreased to 4.1% in September and the overall economy added 254,000 jobs. INDUSTRY HIGHLIGHTS On a year-to-year basis, August* insurance industry employment saw job increases in agents/brokers (up 3.7%), TPAs (up 1.6%), reinsurance (up 0.6%), life/health (up 0.1%), and property and casualty (up 0.3%).  Meanwhile, jobs decreased in claims (down 1.3%) and title (down 0.6%). On a year-to-year basis, August* saw weekly wage increases in agents/brokers (up 10.7%), reinsurance (up 9.6%), title (up 9%), TPAs (up 8.9%), claims (up 3.6%), life/health (up 2.3%) and property and casualty (up 1.1%).  BLS Reported Adjustments: Adjusted employment numbers for August show the industry saw an increase of 3,800 jobs, compared to the previously reported increase of 3,300 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.

Polling Results: What Is Influencing Recruiting Today?

Insurers continue to adapt to an evolving labor market. From interview timelines and the most important candidate traits, to desirable leadership qualities, we’ve polled our LinkedIn audience for insights on their processes and priorities. Below is a glimpse into the industry’s current attitudes and areas of focus. As market conditions shift, so do talent priorities. Retention became the dominant focus for 40% of employers in the second half of 2024. Not far behind, 37% are prioritizing employee development and 22% are most focused on hiring. When we asked the same question in 2021, hiring and development were tied as top priorities (40%) and retention was ranked lowest (17%). The shift implies a growing emphasis on keeping high performers engaged and reducing turnover. Given the perceived easing of the labor market, some hiring managers have lost their sense of urgency with regard to hiring. However, these lengthened interview processes are causing some companies to lose out on top candidates. Moving quickly during the interview and hiring process remains essential. Thirty-eight percent of hiring managers shared they typically make offers within two weeks of initial contact with a candidate. Just 13% take longer than four weeks. Flexibility in work location has become a non-negotiable for many professionals. Nearly 7 out of 10 hiring managers reported that remote work has the greatest impact when crafting an offer that stands out, outranking tailored compensation packages (16%), company culture (12%) and generous PTO (4%). Today’s recruiting processes often require hiring managers to make informed choices with fewer candidate interactions. Our poll found that 51% of hiring managers prioritize culture fit in initial interviews —outweighing leadership potential (27%), technical skills (16%) and soft skills (6%). Asking the right questions and engaging in meaningful dialogue can help provide insight on these areas and more. Leadership demands are evolving amid shifting work environments and employee expectations. Half of professionals rate integrity as the top leadership quality, followed by empathy (35%) and strategic thinking (14%). Read more about the key traits of today's most successful leaders here. For more of our LinkedIn poll results, view our past post on professionals’ current expectations. To share your thoughts in our future polls, follow us on LinkedIn. 

Jacobson Employee Spotlight – Q3 2024

We are excited to share that The Jacobson Group has once again been named one of Business Insurance's Best Places to Work in Insurance. At Jacobson, we are committed to fostering the growth and success of our team members at every stage of their careers, and we are proud to be recognized as a company where employees can truly thrive. In this quarter's spotlight, we’re featuring three exceptional individuals who help shape our positive workplace culture. Learn more about them below: Darlene Cramer Account Manager, 7 years 11 months at Jacobson Hometown: Louisville, Kentucky Alma Mater: Southern High School Describe Your Role: I am an account manager for the temporary staffing team. I have the pleasure of working not only with our internal employees but also the privilege of working with our consultants and clients. Random Fact: I have an identical twin (we are mirror images and even have rhyming names). Jacobson in Three Words: Integrity, Community, Excellence One Professional Skill You Are Actively Developing: Ongoing analytics You Are Happiest When You Are: At the beach with family, especially when the grandkids are playing in the waves Advice For Newcomers to the Industry: Learn, investigate and ask about everything Favorite Food: MEXICAN! If You Won the Lottery, What is the First Thing You Would Do? Buy an island and move my family and grandkids there What Inspires You to Excel in Your Role? The people I work with internally and their partnership inspires me to excel, along with the offerings and impact that Jacobson can contribute to the healthcare industry. Last Show You Binge Watched: "Dual Survival", series but I also love every documentary (excluding War) that is out there. Justine Haley Recruiter, 2 years 11 months at Jacobson Hometown: I was born and raised in El Paso, Texas, but now I’m getting lost in Dallas-Fort Worth! And trust me my lack of directional sense means I get lost A LOT! Alma Mater: I earned my bachelor's degree in business administration from DeVry University. Describe Your Role: As a recruiter in the contingent workforce solutions department, I love connecting skilled professionals with dynamic insurance companies. Random Fact: I love to crochet. Beanies are my go-to. One Professional Skill You Are Actively Learning: Right now, I’m working hard to expand my resume-writing skills. Favorite Food: I grew up on the border; of course, my favorite food is Mexican food! Last Book You Read: That is a LOADED question! I am that annoying reader who reads more than one book at once! I just finished "Malibu Rising" (the book chosen by our Jacobson Book Club) and I’m trying hard to finish "Fourth Wing". In Your Time at Jacobson, What Has Been Your Favorite Project? I love being a member of the activities committee and playing a small part in bringing everyone together. I also love to watch the competitiveness of my co-workers! If You Won the Lottery, What is the First Thing You Would Do? I would buy a yard for my dog. The house is just a bonus! You Are Happiest When You Are: In my pajamas, drinking a pumpkin cream cold brew and watching shark documentaries What Inspires You to Excel in Your Role? I’m a really big fan of being able to pay my bills! Cody Fincher Client Advisor, 1 year 7 months at Jacobson Hometown: Lakeside, California Alma Mater: Lindenwood University, B.A., MBA Describe Your Role: I am a client advisor for our life insurance team, I build and maintain relationships with clients to help them achieve their business goals by accessing the right talent at the right time. Last Book You Read: "The Busy Brain Cure" by Romie Mushtaq, M.D. Favorite Jacobson Project: Speaking at the IASA Xchange Conference, which included an interview with AM Best TV Favorite Food: El Potro Mexican food Advice For Newcomers to the Industry: Consistency is king. Random Fact: I represented the USA in an international lacrosse tournament. View previous editions of our Employee Spotlight. For monthly Employee Spotlights, follow our Facebook page. 

Recruiter Report: Your Interview Timeline’s Influence on Hiring Outcomes

A perceived slowing of the job market has led some companies to become disillusioned about the availability of candidates. As a result, they’re adjusting their approach to hiring, often elongating the interview process, missing out on qualified individuals and ultimately being unable to effectively fill their open roles. Candidates who were initially enthusiastic about an opportunity are losing interest, becoming disengaged and often accepting other opportunities. We frequently emphasize the importance of streamlining the interview process in our discussions with hiring managers – both to better meet their candidates’ expectations and to achieve better hiring outcomes. In this edition of Recruiter Report, we’re exploring the question, "Why does your interview timeline matter?" Your candidates will receive other offers. Strong candidates often speak with multiple companies and are unlikely to wait around if another desirable opportunity arises. Even individuals who were initially passive candidates often start considering their options when they realize there’s a market for their skills or the potential to make more money. There’s a frequent misconception that fewer companies hiring will lead to an influx of eager and available candidates. However, for most positions, there’s still a limited candidate pool – especially for roles that require highly specific skillsets or in-office work. This presents a challenge not just for full-time roles, but also for temporary positions. Specialized subject matter experts and positions driven by seasonality (such as claims adjusters during CAT season or customer service representatives during open enrollment) have a high demand, further limiting available talent. Today's professionals lose interest. The best hiring experiences are organized and maintain momentum, ideally spanning two weeks or less from initial contact to offer. In fact, 55% of professionals still expect an interview to be arranged within a week or less of applying for a job and 43% of candidates are abandoning the process if it takes too long to schedule interviews. Professionals want to feel like they’re your top choice and that there’s a mutual level of enthusiasm. Telling them you need to see other candidates or dragging things out will often result in them losing interest. The interview process is a reflection of what it’s like to work at your company. The overall employee experience starts with recruiting and reflects on your team and organization as a whole. Put your best foot forward with consistent communication, a clear process and efficient interviews. Minimize paperwork, avoid unnecessary assessments and tests, and aim for a streamlined experience – both during the interview process, as well as throughout offer negotiations and onboarding. How you use your current and potential team members’ time and energy throughout the hiring process is a strong indicator for how you will operate as their manager. Candidates are more likely to accept when the opportunity is top of mind. The few days immediately following an interview are when candidates are most likely to accept your offer, as the opportunity is still fresh and exciting. As time passes between the interview and the offer, they are less likely to remember specific conversations and what is attracting them to the role and company. Even if they left the interview ready to accept on the spot, their enthusiasm will likely wane as other options are presented. Unfilled positions affect your existing team. In addition to the hours spent interviewing candidates and reading resumes, open roles often result in other team members stepping in to fill the gaps. While shifting work around during a vacancy can be expected, it’s not sustainable long term and often leads to burnout among existing employees. Consider the holistic impact of your open role and adjust your expectations and requirements accordingly. Here are a few ways to speed up your interview process: Define your criteria – what skills and traits are non-negotiable and which would be nice to have? Use this information to streamline the initial screening process and align everyone involved. Have a back-up plan in place for potential conflicts or PTO, ensuring you’re able to move forward if certain decision-makers are unavailable. Be efficient and intentional with scheduling, focusing on who candidates will meet with and why, while also communicating this information to others involved in the process. Rather than looking for reasons to disqualify candidates, focus on their potential fit and success within the organization. Stop looking for “the perfect candidate.” If you find someone you like and who is qualified, avoid waiting to explore other possibilities. Be prepared to be decisive. The pace of hiring has a greater impact than many realize. Moving quickly in today’s market better engages top talent, positively influences your employer brand and ultimately improves the likelihood of offer acceptance. For more on this topic, view our recent post on securing top talent. For additional recruiting best practices, check out our Recruiter Report archive. As a hiring manager, what is your average timeline for making an offer? View our LinkedIn poll to share your thoughts.

September 2024: Labor Market PULSE

While the insurance carriers and related activities sector saw an uptick in unemployment for August, the next few months will reveal whether this is a notable trend. The industry experienced two similar spikes last year, in December (to 3.4%) and in June (to 3.2%). However, in both instances the unemployment rate quickly lowered back to its more typical 1.5-2% range. Industry employment is continuing to grow, and hit a new peak in August, with July* numbers showing agents and brokers are experiencing the highest percentage of both month-to-month and year-to-year job growth. For the larger finance and insurance industry, July* saw an increase in both retirements and layoffs, as well as hires. For insight on what you can expect for the remainder of the year and into 2025, view our Q3 2024 Insurance Labor Market Study Results.   AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector increased to 3.1% in August. The insurance carriers and related activities sector gained 3,300 jobs in August. At more than 3 million jobs, industry employment increased by approximately 42,500 jobs compared to August 2023. The U.S. unemployment rate slightly decreased to 4.2% in August and the overall economy added 142,000 jobs. INDUSTRY HIGHLIGHTS On a year-to-year basis, July* insurance industry employment saw job increases in agents/brokers (up 3.4%), reinsurance (up 1.3%), claims (up 0.6%), life/health (up 0.5%), TPAs (up 0.5%), and property and casualty (up 0.5%).  Meanwhile, jobs decreased in title (down 2.3%). On a year-to-year basis, July* saw weekly wage increases in reinsurance (up 11.4%), title (up 9.8%), TPAs (up 8.6%), agents/brokers (up 8%), claims (up 6.5%), life/health (up 3.1%) and property and casualty (up 0.3%).  BLS Reported Adjustments: Adjusted employment numbers for July show the industry saw an increase of 3,300 jobs, compared to the previously reported increase of 2,700 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.