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.

Competing for Technology Talent

Technology talent continues to be in high demand as insurers work to enhance customer experience, increase operational efficiency, personalize their offerings and compete in a quickly evolving environment.

Read our blog post for ways to be strategic and intentional in overcoming this talent challenge and effectively appealing to candidates within the technology space.

Explore Our Full Thought Leadership Library

  • Reset

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

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

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

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

2023 Actuarial Talent Trends Guide

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

March 2023: Labor Market Pulse

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

Jacobson Employee Spotlight – Q1 2023

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

How To Spot and Avoid A Fake Job Posting

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

P/C Carriers Losing Ground to MGAs in Talent War

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

Q1 2023 Labor Market Study Results Infographic

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

Jacobson Sees Life and Health Labor Demand Cooling

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

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

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

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...