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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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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.

Executive Relocation in the Post-Pandemic Era

Remote and hybrid work have become standard in the past few years, and many executives have valued these work arrangements. They have found it can significantly improve work/life balance while still allowing them to be very effective in the workplace. Some insurers are beginning to bring employees back into the office, and this can be particularly challenging when recruiting executives from the external market. If you’re considering requiring executives to come into the office even once a week, here are some areas to explore to ensure you’re best prepared when recruiting external executive talent. Are you prepared to pay extra to have an executive come to the office? Having the option to live where you want and work remotely is now seen as an employee perk that delivers great value to executives. In many cases, you need to be prepared to offer a 10%-20% higher base salary to entice an executive to give up this valuable benefit.  What is the state of your local candidate pool? Americans are moving at the lowest rate since the Bureau of Labor Statistics began keeping track nearly 60 years ago. According to Challenger, Gray & Christmas, Q1 2024 saw a 2.4% relocation rate, compared to 10.6% for pre-pandemic Q1 2018, and in 2023, 3.7% of job seekers making more than $200,000 relocated for a job. Requiring in-office work at the executive level could essentially limit your talent pool to local candidates. If you’re located in a larger city, this may be less of an obstacle; however, it can have a noticeable impact on companies based in less populated areas. Remember that your local candidate pool is likely not the same as before the pandemic. Many executives work remotely for companies based elsewhere, even if they reside locally, so additional compensation may still be required to bring them into the office. Does this position need to be in the office frequently? If so, why? Our Q3 2024 Insurance Labor Market Study found that just 4% of companies are requiring most of their employees to be in the office full-time throughout the next six months, down 2 points from Q1 2024. Nearly three-quarters of respondents shared the majority of their employees will be working hybrid schedules. However, even if you’re asking more junior-level employees to come to the office on a regular or hybrid basis, determine if this is necessary for members of your executive team. Would coming in less frequently – even once a month – provide the same face-time and collaboration opportunities as once a week (primarily if teams work staggered schedules)? Consider alternative ways your executives can remain present and influential regardless of location. Have your relocation packages evolved with the current market? Relocations were essentially paused during the pandemic, providing cost savings for many companies. In the post-pandemic climate, relocation packages that may have been desirable before 2020 will likely need to be reexamined and re-budgeted. While tangible costs have increased, they are further inflated by the opportunity cost of foregoing fully remote work. Executives have become more discerning regarding relocation, even at the vice president level. Currently, homeowner relocation costs start around $97,000, and full-service options are optimal, especially for those more hesitant to move. One way to offset some of the increased compensation demands for in-office relocation is to provide a more costly one-time white glove executive relocation package. Are there ways you can be creative? We’ve seen individuals turn away opportunities simply because of the in-office requirements. Is there a way you can be creative in your working arrangements to gain the desired benefits of in-person work without requiring relocation or limiting your candidate pool? Perhaps this means an executive primarily works remotely and travels one week a month – negating the need for relocation. Additionally, determine if you’re open to promoting an individual into the role. There’s little incentive for a senior vice president from one carrier to accept a similar senior vice president position at another. However, a vice president or senior director has additional reasons to consider the role – taking a step in their career, an increased salary and a higher title. This often serves as an opportunity to extend your candidate pool to individuals more likely to consider relocation or in-office work, given the longer-term impact on their careers. Requiring executives to be in the office may come at a cost—monetarily and in terms of available talent. By considering creative options, being realistic and competitive with your offer and relocation packages, and ensuring you’re intentional with in-office requirements, you’ll attract the best candidate to your leadership seat.

Q3 2024 Insurance Labor Market Study Results Infographic

The results of the third quarter iteration of the 2024 U.S. Insurance Labor Outlook Study are now available. The study, led by The Jacobson Group and Aon.

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. Download the white paper to explore tips to ensure your company represents itself as an employer of choice.

Q3 2024 U.S. Insurance Labor Market Study Results

The Jacobson Group and Aon - STG Performance Benchmarking conducted a study to investigate hiring trends within the insurance industry.

Labor Market Study: 14% of Carriers Plan to Reduce Headcount

Published in Carrier Management Carrier Management examines the findings from our Q3 2024 Insurance Labor Market Study. While the results reveal an increase in insurers planning to reduce employee headcount in the next year, our co-CEO Greg Jacobson noted that specific sectors within the industry are driving many of these reductions.

Compass 17.3: 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. The latest issue of our Compass newsletter offers tips to ensure your company represents itself as an employer of choice.

August 2024: Labor Market PULSE

The BLS data reflects a relatively stable insurance workforce as we move through August. The unemployment rate for insurance carriers and related activities rose slightly in July, yet remains low at 1.9%, while employment continues to increase. Within the larger finance and insurance sector, voluntary quits in June* were at their highest level since December 2022; however, job openings decreased compared to May. Meanwhile, the larger U.S. economy is experiencing its highest overall unemployment rate since 2021. As you recruit and retain talent in the current environment, view our recent blog post for ways to stand out against the competition. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector slightly increased to 1.9% in July. The insurance carriers and related activities sector gained 2,700 jobs in July. At more than 3 million jobs, industry employment increased by approximately 41,900 jobs compared to July 2023. The U.S. unemployment rate slightly increased to 4.3% in July and the overall economy added 114,000 jobs. INDUSTRY HIGHLIGHTS On a year-to-year basis, June* insurance industry employment saw job increases in agents/brokers (up 3.3%), reinsurance (up 1.9%), claims (up 1.2%), life/health (up 1.1%), TPAs (up 1%), and property and casualty (up 0.6%).  Meanwhile, jobs decreased in title (down 2.6%). On a year-to-year basis, June* saw weekly wage increases in title (up 11.1%), agents/brokers (up 9.9%), TPAs (up 8.1%), reinsurance (up 6%), life/health (up 3.1%) and claims (up 2%). Meanwhile, wages within property and casualty were unchanged. BLS Reported Adjustments: Adjusted employment numbers for June show the industry saw an increase of 8,900 jobs, compared to the previously reported increase of 8,600 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.

5-Year Report Card: How the Insurance Industry Is Doing at Attracting New Talent

5-Year Report Card: How the Insurance Industry Is Doing at Attracting New Talent

Featured on Risk & Insurance News In today's dynamic recruiting landscape, the insurance industry needs evolving strategies for attracting and retaining talent. A recent Risk & Insurance article cites The Jacobson Group’s insights on the talent gap to discuss how the industry's approach has changed over the years.

Experiencing Summer Burnout? Here are 4 Tips for Staying Motivated at Work

With summer comes warmer weather, sunnier days and often more packed schedules. Vacation plans, family activities, childcare needs and the allure of summertime leisure often compete with work priorities and deadlines, leading to increased stress and pressure (sometimes further fueled by decreased motivation). Below, a few of our colleagues at The Jacobson Group share how they’re managing a healthy work-life balance and staying focused when summertime distractions are at their peak. We hope these insights provide inspiration and ideas for avoiding burnout, while also making the most of your summer! Set clear boundaries. Nikki St.Martin, Vice President of Marketing and Sales Enablement Since Jacobson offers flex hours, I set a specific summer work schedule and commit to it. I communicate this with my colleagues and family in advance, so everyone is aware of my availability and helps me stay accountable. This ensures my work does not encroach on family time and that my daughter knows when I am available to be her summertime chauffeur! Take regular breaks and refresh your environment. Judy Busby, Senior Vice President and Managing Director I like to step outside for a few minutes several times a day to enjoy the sun, flowers and dog walkers. These short breaks provide clarity and time to think in between meetings, ultimately enhancing my performance. Sometimes, I even take calls outdoors to break the monotony of sitting at my desk. Janet Foor, Assistant Vice President and Client Relationship Manager Starting my day earlier allows me to get a jump on work, leaving more time to enjoy the outdoors later. I also incorporate quick walks into my routine, handling some calls on the go. Working outside when possible is a great way to take advantage of the summer days. Plan and take vacation time. Joanna Kruzel, Client Development Manager It's important to take time off during the summer to recharge and prevent burnout. I always plan at least one week-long vacation to ensure I balance work and play. I love traveling, so even if it’s a trip to a state park nearby or back home to Chicago, it’s always beneficial to disconnect and spend quality time with loved ones! Kellan McCormick, Communications Coordinator I plan my personal activities in advance and spread them out over the summer. This way, I have something to look forward to, which keeps me motivated during the workweek. I also make sure not to overload myself, prioritizing time to relax and enjoy the summer. Celebrate small wins. Judy Busby, Senior Vice President and Managing Director Staying motivated is about the small things. Find those wins that make you feel proud of yourself and others and state them loudly! Remember, having fun and working hard can go hand in hand. The right mindset, clear boundaries and advance planning are essential for avoiding burnout and maintaining productivity – not just during the summer, but year-round. No matter what your summer plans may bring, we hope you are able to recharge and enjoy! Have a vacation coming up? Check out our post on making the most of your time off.

July 2024: Labor Market PULSE

Unemployment for insurance carriers and related activities continues to trend downward, while the overall U.S. unemployment rate rises. In June, the U.S. unemployment rate hit a two-and-a-half year high of 4.1%, while the insurance industry experienced its lowest unemployment rate this year at just 1.4%. Insurance employment is also on the rise, with the industry adding nearly 24,000 jobs since the start of the year. In our Q1 2024 Insurance Labor Market Study, 52% of carriers shared they expected to add staff this year. What will the next 12 months bring? Share your organization’s plans in our Q3 2024 survey, which is open through July 28, and gain complimentary access to the results. We invite carriers across all verticals to participate: https://jcbsn.gr/2024q3-laborstudy. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector decreased to 1.4% in June. The insurance carriers and related activities sector gained 8,600 jobs in June. At more than 3 million jobs, industry employment increased by approximately 46,800 jobs compared to June 2023. The U.S. unemployment rate slightly increased to 4.1% in June and the overall economy added 206,000 jobs. INDUSTRY HIGHLIGHTS On a year-to-year basis, May* insurance industry employment saw job increases in reinsurance (up 2.9%), agents/brokers (up 2.4%), life/health (up 1.1%), TPAs (up 0.6%), and property and casualty (up 0.4%).  Meanwhile, jobs decreased in title (down 3.8%) and claims (down 1.2%). On a year-to-year basis, May* saw weekly wage increases across all areas: agents/brokers (up 11.9%), title (up 11.2%), TPAs (up 7.7%), reinsurance (up 7.6%), life/health (up 3.6%), claims (up 2.3%), and property and casualty (up 1.4%). BLS Reported Adjustments: Adjusted employment numbers for May show the industry saw an increase of 4,600 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.

Navigating Job Interviews: 7 Questions to Assess Fit and Stand Out

Navigating a job interview goes beyond showcasing your qualifications to the employer—it’s a pivotal opportunity to evaluate if the role and organization are the right fit for you.  Thoughtful questions can deepen your understanding of the job and company culture, while helping you stand out as a well-prepared and engaged candidate. While you likely have your own set of specific questions in mind, I’ve compiled a list of universally valuable questions to ask during your next interview. These will help garner the insights you need for an informed decision and leave a lasting impression: Can you walk me through a day in the life in this role? The job interview is your opportunity to gather insights beyond the static job description. The answer to this question will provide a practical sense of what the job will actually entail, helping you visualize the daily tasks and challenges. You’ll gain insights into the team dynamics, the tools you'll be using and the pace of work. Understanding the daily routine will help you assess if the job aligns with your work style and career goals to ensure you’ll find satisfaction in the day-to-day responsibilities and long-term career development. Ask more specific follow-up questions, if necessary, to deepen your understanding of the role and its fit for you. How do you measure success in this role? Success in the workplace is more than just completing tasks; it's about meeting and exceeding expectations. This question reveals the employer’s valued performance metrics and how progress will be tracked, helping you understand what will be expected of you. By asking about the specific key performance indicators your manager will use, you can gauge if the desired objectives are clear, realistic and achievable and if they will provide the right amount of challenge to foster growth and development in your career.   Can you describe the typical career path for someone in this role? To evaluate whether the company is a fit for your desired career trajectory, ask the interviewer to help you envision your long-term future at the company. Their response can reveal whether opportunities for training, mentorship and progression into more senior roles exist. This question also signals to the employer that you're motivated and ambitious, qualities that are highly valued in any employee. Understanding the potential for growth allows you to assess if the company is a good fit for your career aspirations and professional development goals. What is the biggest hurdle I might encounter in this role? Every job comes with its own set of challenges, and being aware of these from the onset can help you prepare effectively. Whether it's industry-specific knowledge, system complexities or managing high-stress situations, knowing the obstacles you might face allows you to evaluate if you are equipped to handle them and if you want to! Asking follow-up questions to understand the company's support system for overcoming these challenges—such as training programs or team guidance—can give you confidence in your ability to succeed. If this team had a mascot to represent it, who would it be and why? Depending on the level of the role and the tone of the interview, consider asking an out-of-the-box question to help reveal the team’s culture and dynamics. Asking the hiring manager to identify a celebrity, fictional character or well-known figure that accurately represents the department can provide unique insights. The mascot and, more importantly, the rationale behind it, will offer a glimpse into the team’s spirit, values and how they view themselves. It’s a lighthearted, yet insightful, way to understand the team’s personality and work environment, helping you assess if their culture aligns with your preferences, work style and values. Alternatively, you could ask “how would you describe the team dynamics?” or “how does the team collaborate together?” In what ways do you see yourself contributing to the company's mission or vision on a daily basis? Seek insights into the interviewer’s experience at the organization to understand their candid perspectives. Asking about their personal alignment with the company’s mission, vision or values provides valuable insights into the company's culture and dynamics. It also demonstrates your interest in understanding how your potential role aligns with their strategic objectives. Is there anything on my resume I can explain further? Offering to clarify any points on your resume demonstrates your openness and willingness to discuss your qualifications in detail. This question gives the interviewer the chance to address any uncertainties they might have and provides you with an opportunity to elaborate on your experience. It's an impressive way to ensure the interviewer gains a complete understanding of your background and how it aligns with the role. Interview Reminders In any interview, the goal is to walk away with a clear understanding of whether the role and organization is a fit for you. To achieve this, it is key to stay engaged throughout the interview and keep your questions clear and relevant. Here are some additional tips to help maximize your interview experience: Approach the interview with a clear understanding of the information you need to make an educated decision about the role’s suitability for you. Inquire about the length and robustness of their training process, typical work hours, overtime expectations, peak periods, and any additional information you need to assess fit with your capabilities, preferences and lifestyle. Preparation is key. Research the company and the interviewer. Preparing five to six questions for the interviewer will ensure you can respond to their prompt for questions, even if some are covered during the interview. This will also help you ask insightful follow-up questions. Make the interview conversational and don’t hesitate to ask questions naturally as they arise or during conversation pauses. Ask follow-up questions if you need the interviewer to be more specific or if you were looking for a different response. Fostering a genuine exchange of thoughts demonstrates your genuine interest in the role. Print a copy of the job description and bring it to the interview. Use it to reference key points, ask informed questions and take notes. Write down any additional insights or key details to help you craft a thoughtful post-interview thank-you message that reflects your engagement. If you plan to inquire about compensation, demonstrate your interest in the role and company first. Then, when the time is right, ask about compensation while showing that you have done your research on local market rates and your own worth. This approach allows for a more informed discussion about benefits and growth opportunities. Being prepared with knowledge of compensation in your area will help you navigate this conversation effectively without giving the impression that compensation is your sole focus. As the interview concludes, express enthusiasm for the opportunity and inquire about the next steps in the process. Frame your inquiry around your positive impression of the discussion so far, saying something like, "Everything I've heard today sounds great. Could you please share with me the next steps?" Follow up by asking about the number of interviews expected and who you will be meeting with in those stages. This demonstrates your genuine interest and readiness to move forward in the process. By asking thoughtful, purpose-driven questions, you can gain a comprehensive understanding of both the role and organization, while also showcasing your preparedness and engagement. Remember, an interview is a mutual exploration; it’s just as much about you determining if the role is the right fit for you as it is about the employer evaluating if you are the right fit for them. Your goal is to leave with a clear picture of whether the role aligns with your professional goals and values, empowering you to make an informed career decision.