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The Jacobson Journal: An Insurance Talent Blog

October 2021: Labor Market Pulse

Posted by The Jacobson Group on Oct 13, 2021 2:16:32 PM

The insurance industry’s unemployment rate dropped a full percentage point to 1.9% in September, reaching its lowest since the start of the pandemic. However, while the unemployment rate is low, industry employment also continues to drop. This is likely due to the complexity of the job market, and the effects of not only the Great Reshuffle, but also the Great Realignment. As vaccine mandates are implemented within some organizations and we enter the winter months, individuals are likely to continue adjusting their priorities, expectations and goals.

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Topics: Labor Market, PULSE

September 2021: Labor Market Pulse

Posted by The Jacobson Group on Sep 9, 2021 7:11:11 PM

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.

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Topics: Labor Market, PULSE

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

Posted by The Jacobson Group on Sep 1, 2021 1:48:20 PM

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.

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Topics: Labor Market, Retention, Recruitment

August 2021: Labor Market Pulse

Posted by The Jacobson Group on Aug 10, 2021 2:46:25 PM

The overall economy saw an optimistic employment report in July, gaining nearly 950,000 jobs and exceeding economists’ predictions. The national unemployment rate is also encouraging, reaching its lowest since the start of the pandemic.

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Topics: Labor Market, PULSE

Combatting the Underwriter Shortage

Posted by Chad Record and Taylor Dever on Aug 6, 2021 2:11:33 PM

There’s currently a severe talent shortage across all industries and insurance is no exception. Despite the pandemic, the insurance carriers and related activities sector has added nearly 16,000 new jobs since March 2020 and has continued to experience a low unemployment rate, according to the Bureau of Labor Statistics. One of the areas where the talent shortage is highly noticeable for many insurance organizations is underwriting.

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Topics: Labor Market, Retention, Recruitment, Underwriting