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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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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.

‘Stay Interviews’ Emerge as Retention Strategy for Insurers

Featured on AM Best TV In today's competitive labor market, the insurance industry must adopt innovative talent strategies, with retention being a critical yet often overlooked challenge. In a recent AM Best TV interview, Cody Fincher explores the effectiveness of stay interviews in uncovering what truly motivates employees.

Recruiter-Report-Competing-for-Top-Talent-in-Todays-Environment

Recruiter Report: Competing for Top Talent in Today’s Environment

While the hiring landscape may be less active than it was a few years ago, we’re still in the midst of a competitive labor market. However, in our conversations with hiring managers, we’re noticing there’s a frequent misconception about the availability of talent, leading to a lack of urgency throughout the employment process. This can result in insurers losing out on top candidates at the point of an offer – if not before. As the market continues to evolve, standing out against the competition should remain a priority. In this edition of Recruiter Report, we’re exploring the question, "How can insurers secure top talent in the current climate?" Recognize the job market is tighter than some may think. The finance and insurance sector is experiencing its lowest rate of voluntary quits since 2020 (coined “the Big Stay” across the broader economy). There are a limited number of candidates on the market; and those who are open to making a move are often speaking with several different companies at once. Organizations that require hybrid or in-person work face additional challenges, as many professionals are unwilling to consider in-office positions or relocation. At the same time, fully remote companies across the country are competing for candidates within your local market. Make every interaction count. The recruiting process starts with a professional’s first contact with your organization. Consider how your culture, people and values are outwardly reflected on your website and social media profiles. Keep your recruiting and hiring process minimal yet impactful, with the goal of extending an offer in under two weeks. Remember, candidates are likely taking time off and rearranging their schedules to meet with you. Respect their time by knowing what you want to achieve in each interview and ensuring the right individuals are in the room, enabling you to move forward quickly. Be proactive and efficient with scheduling. Especially in the summer, scheduling conflicts on both sides can further complicate timelines. Stay mindful of decision makers' PTO schedules and have backup plans ready to prevent unnecessary delays. This could mean prepping additional recruiters to screen for a role or asking another team member to step in to interview and influence the hiring decision. It’s likely candidates also have their own vacations planned; be flexible and creative with scheduling to ensure you don’t lose momentum. Know what makes a compelling offer. Throughout the interview process, ask the candidate about what they personally value in a role, as well as what would incentivize them to make a move. Your initial offer should be your strongest and take this information into account. In today’s market, strictly lateral offers are not likely to be accepted. Match a candidate’s desired compensation when possible and ensure your benefits are competitive. Highlight any additional areas that are important to them as well, be it growth opportunities, remote work, flexible schedules or other perks. Have reasonable expectations. Holding out for the “perfect” candidate can lead to a perpetually open role. Be open to professionals who may not meet all your criteria. No matter the position, finding a candidate who ticks every box is rare, making it essential to identify and prioritize your non-negotiables. Stay flexible in areas where compromises can be made and skills can be taught. To secure the best talent in today’s environment, insurers must maintain momentum throughout the hiring process, while being intentional and strategic with their offers. For more recruiting best practices, view our past editions of Recruiter Report. As a hiring manager, what offerings have been effective in securing candidates recently? View our LinkedIn poll to share your thoughts.