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.

Explore Our Full Thought Leadership Library

  • Reset

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.

Insurance Careers Month: How You Can Make an Impact

The Jacobson Group is proud to be a co-founder of the Insurance Careers Movement, a grassroots initiative committed to inspiring young people to choose a career in insurance, sharing what makes the industry a great place to work and retaining its emerging leaders. More than 1,000 global industry organizations have come together to support this movement. And, as you may know, February marks Insurance Careers Month, the hallmark event of the Insurance Careers Movement.   This month is about raising our collective voices to inspire young talent to choose a career in insurance. In the video below, our co-CEO, Greg Jacobson, invites insurance leaders to join us in supporting this important cause. To learn more about the Insurance Careers Movement, visit https://insurancecareerstrifecta.org/. 

Q1 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 first quarter of 2023...

February 2023: Labor Market Pulse

The insurance labor market remains strong as realignment persists. Although the industry saw a slight decrease in jobs from December to January, revised numbers* from the Bureau of Labor Statistics show 2022 average monthly employment for the insurance carriers and related activities sector was 2.9 million – 74,350 more positions than previously reported. This annual BLS adjustment also slightly impacted wages, yet general trends remain similar. After reaching a 17-month high in December, the unemployment rate for insurance carriers and related activities dropped by more than one point in January. Additionally, job openings continue to be elevated; average monthly job openings for finance and insurance hit a record of 386,000 in 2022*, compared to 296,000 in 2021.  Insurers are continuing to determine their needs and expectations for moving forward. To learn more about the industry’s hiring outlook, join us February 9 for a complimentary webinar analyzing the results of our Q1 2023 Insurance Labor Market Study.   AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector decreased to 2.3% in January.  The insurance carriers and related activities sector lost 5,100 jobs in January. At roughly 2.9 million jobs, industry employment increased by approximately 44,400 jobs compared to January 2022. The U.S. unemployment rate decreased to 3.4% in January and the overall economy added 517,000 jobs. INDUSTRY HIGHLIGHTS On a year-to-year basis, December** insurance industry employment saw job increases in property and casualty (up 4.5%), agents/brokers (up 3.3%), TPAs (up 2.5%), reinsurance (up 2.4%), and life/health (up 1.1%). Meanwhile, job decreases were seen in claims (down 12.2%) and title (down 10%). On a year-to-year basis, December** saw weekly wage increases in property and casualty (up 11.4%), life/health (up 7.5%), title (up 7.1%), TPAs (up 4%), agents/brokers (up 3.9%) and reinsurance (up 1.9%). Meanwhile, wages decreased in claims (down 0.9%).       BLS Reported Adjustments: Adjusted employment numbers for December show the industry saw an increase of 5,100 jobs, compared to the previously reported increase of 3,800 jobs.** The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled. *The BLS 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.

Search Executive: Remote Employees Entering In-Person Work Can Lack Interpersonal Skills

Published in AM Best TV: What roles do soft skills and emotional intelligence play in helping insurance leaders navigate through this agile and virtual era? Judy Busby talks with AM Best about the importance of EI in connecting, collaborating and leading in today's environment:

Talent Considerations for a Successful 2023

Published in Insurance Journal: The insurance industry continues to settle into new working environments, deal with the effects of the Great Resignation and prepare for a potential recession. While 2022 brought continued unpredictability, insurance organizations were provided an opportunity to embrace change and begin to define clear parameters around longer-term working expectations. Read this article for insight on refreshing your talent strategies and remaining future-focused.

Compass 16.1: DEI: Commitment and Belonging at All Organizational Levels

This quarter’s Compass feature article explores ways to prioritize DEI companywide to achieve lasting change on your journey toward an equitable and inclusive workforce. The newsletter also includes an overview of the industry's current labor market and recent executive-level job changes.

Stay Interviews: A Checklist

High industry turnover and quiet quitting are further compounding existing talent challenges, making it more important than ever to keep employees engaged and fulfilled. However, while most leaders understand the importance of building employee loyalty – especially among top performers and high potential individuals – few have formal retention plans in place.  Stay interviews are a valuable starting point for guiding individualized retention plan development. Unlike job interviews or exit interviews, these conversations help identify what employees value about their roles and address areas they feel are lacking. This provides a chance for managers to proactively make changes before individuals become disengaged or seek out other opportunities. Below is a checklist to help guide these conversations and ensure you’re uncovering the right information to effectively retain your top talent.  Set the stage for open and honest dialogue. One of the key success factors for stay interviews is fostering clear and transparent communication. Enter these conversations with an open mind and a goal of better understanding your employees’ motivators, any shifts that may have occurred since you last spoke, and ways that you as a manager can help them feel more valued and fulfilled at work. Consider providing the questions you’d like to cover in advance, giving employees time to reflect and prepare thoughtful responses.Determine (or reaffirm) the employee’s “why.” A retention plan’s success is dependent on identifying and supporting the areas that make an employee feel fulfilled at work – their “why.” Use the stay interview to ensure you’re aligned on what motivates them and makes them feel most satisfied with their role and the company. This will vary based on an individual’s personal and professional values, and may change over time.  Potential questions to ask:  What gives you fulfillment within your work?  What do you look forward to each day? What gives you a sense of accomplishment? What motivates you?Identify what keeps them at your organization.Asking employees what they like about their position and the company can help you better understand how their “why" plays out in the day-to-day. It also provides tangible guidance for providing more exposure to the areas they enjoy and projects that match their interests. Potential questions to ask:  What keeps you here? What do you like best about your job? Are you getting what you need from the organization?  Do you feel valued? If given the opportunity, what would you like to do more of?  Less of? When do you feel most rewarded and recognized?Understand what would make them take a new role. Conversely, inviting open conversation around why an individual would potentially leave can help avoid surprises down the road. This is also valuable in recognizing any needs that are not currently being met and enabling you to identify similar opportunities and areas of development within your organization.  Potential questions to ask:  What would tempt you to leave?Is there anything you feel is missing in your role?Are you challenged?What are your long-term and short-term aspirations?Are you able to find your desired work/life balance?Welcome feedback. Provide individuals with a chance to share how they feel about these discussions and ask if they have any ideas for making them more effective moving forward. This may include insight on frequency, location or even topics they think would be valuable to cover. Encourage them to bring ideas or concerns to you at any time, even if it’s not within a scheduled stay interview or one-on-one. Follow up. After completing your discussion, capture your notes and take time to reflect on what you learned. It’s likely there are some things – even if they’re small – you can immediately change to impact an employee’s job satisfaction. Other areas may involve additional stakeholder buy in, and it’s likely there are some things you are unable to change. Communicate with individuals about steps you are taking as a result of what they shared, letting them know they are heard and supported. Revisit these conversations every quarter or six months to check in, gauge progress or shifts, and realign. The information gained in stay interviews is invaluable for aligning with employee expectations and creating a desirable work environment. Keep in mind this is not a comprehensive list of questions (and not every question must be asked in each conversation), and it is meant to be adapted to be most relevant to your specific team and situation. For more information on building loyalty among your employees, view our recent whitepaper, “Retaining Top Talent in Today’s Competitive Labor Market.”

January 2023: Labor Market Pulse

Despite a sense of economic uncertainty, the insurance labor market does not seem to be cooling in the new year. The industry ended 2022 with roughly 40,000 more jobs than the start of the year and 10 consecutive months of wage increases. Voluntary quits and job openings within finance and insurance had slight dips in November*, but remain high.  The unemployment rate for insurance carriers and related activities saw a notable increase of 2 percentage points from November to December, yet the industry’s average unemployment rate for 2022 is just 1.9%, compared to an average unemployment rate of 3.7% for the overall U.S. economy. Given what we are seeing, it would be surprising if the insurance unemployment rate stays this elevated. It’s important for insurers to remain future-focused and flexible, emphasizing talent retention and long-term priorities in 2023. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector increased to 3.5% in December.  The insurance carriers and related activities sector gained  3,800 jobs in December. At roughly 2.8 million jobs, industry employment increased by approximately 39,600 jobs compared to December 2021. The U.S. unemployment rate decreased to 3.5% in December and the overall economy added 223,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, November* insurance industry employment saw job increases in agents/brokers (up 3.5%), TPAs (up 2.2%), property and casualty (up 1.7%),  and life/health (up 1%). Meanwhile, job decreases were seen in claims (down 12.2%), title (down 9.1%) and reinsurance (down 0.4%). On a year-to-year basis, November* saw weekly wage increases in property and casualty (up 10.1%), agents/brokers (up 5.9%), life/health (up 5.8%), TPAs (up 3.9%), reinsurance (up 2.4%), and title (up 1.5%). Meanwhile, wages decreased in claims (down 0.9%).       BLS Reported Adjustments: Adjusted employment numbers for November show the industry saw an increase of 1,500 jobs, compared to the previously reported increase of 3,800 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled. *The BLS JOLTS 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.

Talent Trends on Our Radar in 2023

Moving into 2023, insurers are continuing to navigate new shifts in employee behaviors, a persistent candidate’s market, decisions around long-term work environments and balancing organizational needs with employee expectations. Below are a few of the key trends we’re anticipating. To read more, download our complete 2023 Insurance Talent Trends Guide.  Successful talent strategies are future focused.As the industry’s pace of change accelerates, focusing on the skills required to meet future needs and aspirations is essential. This includes recruiting for transferable skills and approaching employee development through a future-focused lens.   CEOs respond to changing economy.Numerous situations are possible as we enter a potentially tumultuous year. However, the decisions leaders make now will impact their performance not just in the event of an economic slowdown, but for many years later. The need for upskilling and reskilling is emphasized.Savvy insurers are expanding and refining their employees’ skillsets to best support emerging needs and support the organization’s future goals. This includes leveraging talent in creative and non-traditional ways, and considering lateral and interdepartmental moves.   Industry reacts to pay transparency mandates.More states are adopting pay transparency laws and it’s likely others will follow suit in 2023. While this is a positive step toward reducing bias and closing the gender pay gap, insurers will need to be transparent and strategic in their approach to compensation. Virtual hiring is embraced long term.Throughout the past three years, professionals have come to appreciate the flexibility and ease of holding meetings – including interviews – through screens. Becoming comfortable extending offers without ever meeting an individual face-to-face is essential for effective future recruiting. DEIB strategies are no longer optional.For several years, DEI has been at the forefront of industry talent conversations; yet, there has been minimal change in representation. In 2023, weaving DEI and a sense of belonging into the company’s guiding values will be essential for achieving lasting change. Broad and comprehensive succession planning becomes more important than ever.The workforce is aging and voluntary quits are high; yet the majority of carriers don’t have written succession plans in place. In today’s climate it’s essential to focus on clearly defined succession plans that take a broad look at the organization and extend to middle management and even crucial individual contributor roles.   For more insight on these trends, view our full 2023 Insurance Talent Trends Guide.