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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. 

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Focus on Culture: Engaging Employees in the Remote Environment

Published in Insurance Journal: As remote work continues to be the standard way of operating for most businesses, insurers must strive to keep individuals connected by taking a proactive and intentional approach to remote employee culture. Explore ways to develop long-term strategies around virtual engagement to keep employees engaged, productive and loyal.

Recruiter Report: Creating an Optimal Candidate Experience

For most insurers, the hiring process continues to be primarily virtual, bringing with it new obstacles and best practices. Candidates expect streamlined experiences tailored to the remote environment and have become less forgiving of avoidable missteps. Employers must be strategic about engaging candidates at every touchpoint, and presenting open roles and their organizations in the best light possible. Our professional recruiting team works closely with both insurers and candidates, understanding the challenges of virtual interactions and helping create interview experiences that strengthen an organization’s employer brand. In this edition of Recruiter Report, we’re answering an essential question: How can organizations create an optimal remote candidate experience? The majority of insurers (56%) are planning to hire in the next 12 months, according to our Q3 2021 Insurance Labor Market Study. In this candidate-driven market, it’s important for hiring managers and recruiters to cultivate excitement and interest around their company and its open roles. However, interviewing in a virtual environment may seem unnatural to some individuals and requires different interactions and communication methods than meeting candidates face-to-face. At the same time, failing to create an optimal experience can tarnish an organization’s reputation, making recruiting difficult in the future. Here are a few best practices for ensuring candidates maintain a favorable perception of your brand, even if they don’t receive a final offer. Put your best foot forward. Keep your employer brand intact by being professional, responsive and prompt in your candidate communication. Today’s fast-paced employment market requires hiring managers to move quickly at all stages of the recruiting process. If you have an opening, ensure you can dedicate the necessary time and energy to filling the position. Otherwise, you risk appearing disengaged and unprofessional, impacting whether candidates and those in their networks continue considering opportunities with your company. Or worse, you could put candidates through the process and then decide not to move forward with filling the role. If it’s not possible to prioritize recruitment efforts, hold the position until you are able to dedicate the appropriate time and resources. Make candidates feel wanted. It can be difficult to gauge interest and chemistry through a computer screen. Remember candidates want to feel like a company is excited about what they bring to the table and willing to invest in their success. Discuss how their skills would fit in with your team and company, as well as opportunities for long-term growth with the organization. Additionally, provide frequent and transparent communication throughout the hiring process. Outline what candidates can expect up front, from a phone screen to who they will be interviewing with and any other required steps, such as taking a work style assessment or providing references. Be consistent. Understand what is important to individual candidates and be candid about whether your organization can meet their expectations. For instance, if candidates share they want flexible hours and you’re not able to meet these needs, let them know up front. Don’t continue the interview process in hopes they’ll change their minds following a formal offer. Additionally, ensure anyone candidates meet with is prepared to talk about the position, team structure, and responsibilities and expectations. Demonstrate you’ve been thoughtful about the role and ensure those involved in the interview process are also prepared and aligned. Close the loop. You may be hiring for just one open position, but how you treat candidates now could impact your recruiting success later. Let individuals know if you won’t be offering them a position and when appropriate, provide feedback explaining why. Even if they weren’t right for a current opening, it’s likely they may be a fit for future positions. Additionally, insurance is a close-knit industry and if your department or organization gains a reputation for poor communication, it may deter others from applying in the future. The remote environment and competitive hiring market make it vital hiring managers roll out the virtual red carpet for candidates. Commit to ongoing communication, be aligned and clear on processes and expectations, and move quickly. Focus on maintaining your employer brand and providing a positive and streamlined hiring process. For more on what our team is seeing and hearing within the industry, view our past editions of Recruiter Report.

Boardroom View 3.2: The Inside View of Board Searches: Determining the Right Skills

The insurance industry has undergone dramatic transformation in recent years, and numerous shifts and challenges are still on the horizon. In this issue, Greg Jacobson discusses taking a deliberate and strategic approach to board refreshment and succession to ensure your boardroom continually aligns with near- and long-term organizational goals

AIRROC Results of the Q3 2021 Insurance Labor Outlook Study: Employment Growth Amid a Difficult Recruiting Market

Published in AIRROC: Now in its 25th iteration, the Semi-Annual Insurance Labor Outlook Study collects and examines data on insurance industry trends and projections. AIRROC highlights a few trends and insights from our Q3 2021 Insurance Labor Outlook Study.

Q3 2021 Labor Market Study Results Infographic

The results of the third quarter iteration of the 2021 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.

September 2021: Labor Market Pulse

The insurance industry saw unemployment drop from 4.2% in July to just 2.9% in August. This came with a slight decrease in industry jobs, continuing a five-month decline. While the Bureau of Labor Statistics reports industry employment is just shy of where it was one year ago, our Q3 2021 Insurance Labor Outlook Study indicates growth in the coming year; 93% of insurers plan to maintain or increase their staff sizes in the next 12 months. Today’s labor market continues in a state of flux and is undergoing several layers of change, all playing out at varying levels of intensity. It’s likely the BLS numbers will adjust in the coming months to reflect these shifts. Professionals are reevaluating their long-term goals and being more proactive in making career moves. Many have shifted their priorities and expectations when it comes to balancing their work and personal lives. Additionally, vaccination requirements and other COVID-19-related measures will likely influence how employees view their current and potential employment opportunities. We’re continuing to see accelerated activity within the insurance labor market and recruiting remains a challenge for most roles, especially for companies requiring employees to relocate or be in the office regularly. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector decreased to 2.9% in August.  The insurance carriers and related activities sector lost 800 jobs in August. At roughly 2.9 million jobs, industry employment decreased by approximately 300 jobs compared to August 2020. The U.S. unemployment rate decreased to 5.2% in August and the overall economy added 235,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, July* insurance industry employment saw job increases in title (up 13.7%), agents/brokers (up 2.2%) and claims (up 1.4%). Meanwhile, job decreases were seen for reinsurance (down 4.8%), property and casualty (down 3%), TPAs (down 1%) and life/health (down 0.4%). On a year-to-year basis, July* saw weekly wage increases in reinsurance (up 10.8%), agents/brokers (up 3.7%), life/health (up 2.5%), property and casualty (up 1.2%) and TPAs (up 0.5%). Meanwhile, wage decreases were seen for title (down 1.1%) and claims (down 1%).      BLS Reported Adjustments: Adjusted employment numbers for July show the industry saw a decrease of 3,200 jobs, compared to the previously reported decrease of 1,500 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled. *The BLS 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 – Q3 2021

Recently, The Jacobson Group was named to the 2021 list of Business Insurance's Best Places to Work in Insurance. As a talent-focused organization, we’re dedicated to our employees’ growth and success throughout all stages of their careers. This quarter, we’re shining the Employee Spotlight on some of Jacobson’s newest faces. We’re thrilled to have them on the team and look forward to the value they’ll bring to our organization and clients. Learn about more of our Jacobson colleagues by viewing past editions of our Employee Spotlight or following our Facebook page. SAMANTHA BANES Recruiter, 9 months at Jacobson Hometown: North English, Iowa Alma Mater: University of Iowa Describe Your Role: As a recruiter, I find qualified individuals to fill a variety of needs for insurance organizations across the country. What Motivates You? Cher. Just listen to any of her songs, and you're ready to take on the world. Jacobson in Three Words: Supportive, Progressive, Lively Random Fact: I helped build three houses in Guatemala when I was 14. Bucket List Item: Have a private reading with Theresa Caputo ANN-MARIE MCMANAMAN Administrative Assistant, 7 months at Jacobson Hometown: Leeds, England Alma Mater: The University of Cambridge (BA), The University of Chicago (MA) and The University of Illinois at Chicago (PhD) Describe Your Role: I work as an administrative assistant for the executive search team. My primary duties include branding resumes, scheduling travel and interviews, and documenting business development. What Motivates You? Supporting the team and keeping things moving and in order Random Fact: I make costumes as a hobby. Jacobson in Three Words: Hard-working, Welcoming, Supportive Bucket List Item: I want to visit every Disney park in the world! I've gone to the California, Florida and Paris Disneyland locations so far. JENNIFER MOHAMED Marketing Coordinator, 7 months at Jacobson Hometown: Schererville, Indiana Alma Mater: Indiana University Bloomington Describe Your Role: I am the marketing coordinator at Jacobson and I work on our social media, conference activities, speaking engagements and email creation. Jacobson Superpower: Creating social posts within the 280 character limit on Twitter Favorite Dessert: Dairy Belle ice cream from Northwest Indiana Ideal Lunch Break: Updating my dog's Instagram story Random Fact: I speak fluent Vietnamese and it was my first language. We’re excited to be celebrating our 50-year anniversary! View our anniversary post for more reasons our team loves working at Jacobson. Interested in joining these employees? View our corporate careers page.

P/C Carrier Job Tally Down 14K So Far in 2021

Published in Carrier Management: Carrier Management examines employment trends from The Jacobson Group and Aon plc's Semi-Annual U.S. Insurance Labor Study and webinar.

Building Hybrid Teams Ready for New Challenges

As catastrophe season continues, insurers are responding to recent devastating events while also preparing for what the next few months may bring. The year has already seen hurricanes, earthquakes and wildfires, meaning the ability to adapt to increased workloads has become a vital part of insurers’ claims management strategies. Hybrid workforces – which are comprised of remote and in-office workers, as well as part-time and full-time staff, temporary teams, consultants, and more – have become common practice in light of the pandemic. Now, the flexibility of these blended teams enables insurers to rise up to CAT season’s challenges and most effectively service members in their times of need. Here are a few best practices: Strategic Planning While it is difficult to predict specific future events, it’s possible to be prepared for a variety of scenarios. Discuss these possibilities and their corresponding action plans with your internal team early on, enabling you to address questions and identify potential challenges. Do you have a staffing partner in place that can quickly deliver skilled talent? Are any current employees able to cross-train or work extra hours to fill gaps? Consider available tools and options and develop action plans that can be quickly mobilized. Clear Communication Transparent communication and well-defined expectations are key, especially when working in a hybrid environment. Start creating a sense of shared purpose among your team from day one by outlining organizational values and goals in your onboarding process. Even temporary team members will benefit from visibility into their role’s impact on the larger department and organization. At the same time, encourage your team to maintain open lines of communication with their managers and teammates to quickly solve problems and work together most effectively. Intentional Meetings Hybrid teams often comprise multiple time zones, different work schedules and varying employment arrangements. Be thoughtful when planning meetings or other events and try to accommodate team members’ schedules to the best of your ability. Cultivate opportunities to openly communicate with teammates through weekly or bi-weekly team meetings. This provides a platform for employees to share wins and lessons learned, build relationships, innovate, and gain a deeper sense of camaraderie. To prepare for what CAT season may bring, insurers must adapt and evolve to the shifting landscape and cultivate flexible teams ready to take on any challenge. For more on crafting your CAT season talent strategy, check out this piece on five essential questions to ask. For additional insight on virtually managing your workforce, view “Virtual Management that Transcends the Generations.”

Results of the Q3 2021 Labor Outlook Study: Insurance Remains in a Candidate’s Market

For the past 18 months, job seekers have experienced a shifting labor market and many uncertainties. Now, as professionals feel a greater sense of stability, many are reevaluating their current roles and priorities, and seeking out employers who can best meet their needs. Although insurance industry unemployment rose to 4.2% in July, we’re seeing an increasingly active recruiting climate. According to our recent Q3 2021 Insurance Labor Outlook Study, conducted in partnership with Aon plc, 56% of insurers plan to increase staff in the coming year and 37% plan to maintain their current headcounts. The most common reasons for anticipated increases in staff are understaffed departments and increases in business volume. Technology, claims and operations roles are expected to see the greatest growth. In fact, during the past two years, operations has moved from the sixth to the third area where insurers are most likely to add staff. For the first time in the study’s history, respondents shared that all functional areas are moderately difficult to difficult to fill. Technology, analytics and actuarial roles are considered the most challenging. Of those insurers planning to add to their operations teams, more than half are most in need of entry-level employees. This may be due to insurers now competing with service roles and other industries for opportunities that require less experience. Overall, three-quarters of insurers reported they are most likely to add experienced-level professionals. Almost one quarter plan to add entry-level staff and the remaining 2% are most likely to add executives. Just 7% of insurers plan to decrease staff in the next 12 months, which is down 2 percentage points from January 2021 and 10 points from July 2020. Reorganization and automation are the primary reasons cited for staffing reductions. It’s likely many of these reductions will come in the form of early retirements or not backfilling positions left open due to standard attrition. Most insurers are adjusting their approach to flexible work options to accommodate employees’ needs. Just 4% don’t foresee changes to their pre-COVID working arrangements as offices reopen. About half are planning to offer full-time remote work. The Q3 2021 Insurance Labor Outlook Study took place from July 14 through August 1, 2021, with participation from insurance carriers across all industry sectors. Now in its 25th iteration, the semi-annual survey collects and examines data on insurance industry hiring, as well as revenue trends and projections. For more insight on the findings, listen to our latest episode of The Insurance Talent Podcast. To download the full report or view the results webcast presentation, click here. As you consider your next career move, check out our recent posts on gauging company culture in the interview process and continuing to develop as a leader in the remote environment.  

Top Insurance Employers: The Evolution of the Workplace

Published in Insurance Business America The Jacobson Group is honored to be named to the Business Insurance's 2021 Best Places to Work in Insurance List. Judy Busby shares her insights on the evolution of the workplace for the list's introductory piece.

Results of the Q3 2021 Insurance Labor Outlook Study: Employment Growth Amid a Difficult Recruiting Market

As we move through the second half of 2021, insurers’ employment outlooks remain strong. Our recent Q3 2021 Insurance Labor Outlook Study, conducted in partnership with Aon plc, found 93% of insurers plan to increase or maintain their headcounts in the next 12 months. Now in its 25th iteration, the semi-annual study collects and examines data on insurance industry hiring, as well as revenue trends and projections. The Q3 survey took place from July 14 through August 1, 2021, with participation from insurance carriers across all industry sectors. A few highlights from the study’s findings are below. Greg Jacobson, co-CEO of The Jacobson Group, and Jeff Rieder, partner at Aon and head of Ward, provide additional insight on the findings and what the industry can expect in the coming months in the latest episode of The Insurance Talent Podcast. Most businesses are feeling a renewed sense of stability, following nearly 18 months of remote work and pandemic-related challenges. Of the companies surveyed, 56% plan to increase staff and 37% anticipate maintaining their current headcounts in the coming year. The most common reasons for expected increases in staff are understaffed departments and increases in business volume. Technology, claims and operations roles are expected to see the greatest growth. Just 7% of insurers plan to decrease staff in the next 12 months, which is down 2 percentage points from January 2021 and 10 points from July 2020. Fewer than 3% of companies plan to decrease staff by 4% or more, with reorganization and automation being the primary reasons cited for staffing reductions. It’s likely many of these reductions will come in the form of early retirements or not filling positions that become open due to standard attrition. Yet, while the majority of insurers are planning to hire, the industry is facing a difficult recruiting climate. For the first time in the study’s history, all insurance functions were ranked as moderately-difficult to difficult to fill. Technology, analytics and actuarial roles are considered the most difficult, followed closely by executive positions.Seventy-eight percent of insurers anticipate revenue growth in the next year, which is 11 points higher than the January 2021 study. Only 1% of insurers expect a decrease in revenue, compared to 7% who anticipate staffing reductions. Given the remote environment and investment in technology, many insurers are seeing productivity increases among current staff, which may account for the lack of correlation. If the industry follows through on its staffing plans, we will see a 1.81% increase in employment during the next 12 months. Listen to our recent podcast, below or at this link, for additional insights and further discussion. To download the full report or view the results webcast presentation, click here.