The crunch is on! As analytics and big data shape the future of the insurance industry and the demand for high-quality talent continues to grow, insurance organizations are faced with the difficult task of finding experienced data and analytics professionals amid a challenging recruiting climate. Already, the U.S. is expected to see a shortfall of more than 260,000 analytics professionals as early as next year.
The results are in!
The results from our third quarter iteration of the U.S. Insurance Labor Outlook Study are now available. Compared to the January 2014 survey, the rate of expected hiring experienced a slight decrease, down to 58%; however, this remains the second highest reading since we started the semi-annual survey back in 2009. In addition, unemployment continues to be low, with the BLS reporting the August 2014 rate for insurance at 2.4%. The industry is clearly enjoying an extended period of relative stability.
As more and more insurers find the value in leveraging data analytics throughout their organizations, the demand for high-quality, experienced data and analytics professionals is on the rise. Alas, the insurance industry is not the only one looking to expand its analytics presence. With a shallow pool of qualified analytics talent, insurance organizations are facing an increasingly challenging recruiting climate as they attempt to address their analytics and big data needs.
As mentioned in our recent analytics blog post, the demand for actuarial talent in 2014 was surpassed by analytics for the first time in the history of The Jacobson Group and Ward Group’s Semi-Annual U.S. Insurance Labor Outlook Study. In addition, analytics ranks in the top five most in-demand job functions, as well as in the top five areas where companies are planning to increase staff throughout the year.
From analytics to big data, red-hot technology buzzwords are sweeping across the insurance industry and companies are beginning to realize the significant value of these trends. Progressive insurance organizations are embracing these groundbreaking applications of technology and changing the way the industry does business.
For many insurance organizations, the use of analytics has become a tool allowing them to differentiate themselves, stay ahead of the curve, build their brands, enhance profitability and gain a leg-up in today’s competitive market.
It’s almost that time again. Open healthcare enrollment for 2015 is quickly approaching. With the recently announced postponement, enrollment is now slated to run from November 15, 2014, through January 15, 2015. Despite the one-month delay, most insurers already fear that the 2015 enrollment period will prove to be rockier than the inaugural Patient Protection and Affordable Care Act (PPACA) enrollment period.
It is my pleasure to introduce a guest blogger for this latest post. Dave Coons is a senior vice president here at Jacobson, providing leadership to our professional recruiting, emerging talent, RPO and temporary and temp-to-hire staffing practices. His insights into interview strategies are worth a read. Enjoy…
The insurance industry is way behind the times. There are no opportunities for me to advance my career. It’s a stale industry that fails to embrace change.
We’ve heard it all before.
The first half of 2014 is looking strong for the insurance industry talent market. Employment is on the rise and the current unemployment rate has reverted to levels the industry has not seen since before the Great Recession.
While continued economic recovery (albeit slow) has driven gains in throughout the insurance industries, the health insurance industry has seen the second greatest gains so far this year, following agencies/brokerages. Driving this momentum is the wave of hiring that has accompanied the implementation of the Patient Protection and Affordable Care Act (PPACA). While the new health insurance law officially took effect in March of 2010, many of its major provisions—including the health insurance exchanges—were phased in this past January.
You dedicated time to create a welcoming and enticing work environment. You have positioned your company as innovative and cutting-edge with social media and new technologies. You have embraced a fresh company culture that is appealing to young talent. You have worked hard to attract the younger generation into your organization. Now what?
With 60 percent of Millennials expected to leave their employers within the first three years, what can organizations do to keep these future leaders engaged?
The insurance industry is aging. According to the Bureau of Labor Statistics, nearly 50 percent of the industry workforce is older than 45 and only 26.67 percent of employees are under the age of 35.
In order to prepare for the future and successfully build a bench of bright, young talent, insurers must focus on engaging and recruiting young professionals and recent college graduates, yet recruiting this emerging group of talented individuals is challenging. The Wall Street Journal ranked insurance 97th out of the 100 most desirable industries for college graduates. The insurance industry is seen as behind the times and offering little in terms of career development. Young professionals are looking for an industry that is fresh, exciting, edgy, modern and trendy—and insurance is falling behind.