With catastrophe season looming, it’s time to start strategizing your talent plan for both the expected and unexpected events this year will bring. Last year saw record-setting tropical storms and wildfires. While tornado activity was below average in 2020, 2021 is predicted to have above average activity, due to La Niña. No matter what this year’s CAT season has in store, having a strategic talent plan in place is undoubtedly key to ensuring your policyholders are best taken care of in their times of need.
As we hit the one-year mark of the COVID-19 pandemic, it’s likely your employees are accustomed to working remotely. While video calls and group chats have become the norm for communication, the remote environment can present challenges for effective onboarding. As new employees join your team, it’s important to make them feel welcome from day one, while providing the tools and resources to do their jobs well.
The health insurance landscape continues to rapidly evolve, presenting new regulations, challenges and opportunities. One of the areas many health plans are continuing to refine is their approach to risk adjustment. While risk adjustment is commonly viewed from the perspective of compliance and cost savings, a well-defined strategy, fine-tuned structure and function-specific expertise can evolve it into a revenue generating area within your organization.
The insurance industry saw unemployment hold steady at 2.2% in February. However, the industry also experienced its second consecutive month of job losses since recovery from the COVID-19 pandemic began. The majority of losses appear to be in life/health and claims roles. In our Q1 2021 Insurance Labor Outlook Study, conducted in partnership with Aon plc, 14% of life/health insurers shared they were planning to decrease staff in the next 12 months. However, it’s likely this decline is temporary, as 43% of life/health insurers reported plans to increase staff in the same time period. Claims roles also saw a notable decrease, with a 9.5% decline in employment in January* 2021.
While the past year has brought on challenges for all industries, insurance has remained relatively stable. Our recent Q1 2021 Insurance Labor Market Study, conducted in partnership with Aon plc, uncovered a hiring environment not drastically different from January 2020.