The Changing Workforce: Future Talent Trends Impacting Pooling and the Insurance Industry. Managing Partner

Similar documents
NAVIGATING THE INSURANCE CAREER PATH: Strategies for Success. Assistant Vice President The Jacobson Group

GAME-CHANGING ACTUARIAL RECRUITMENT AND ENGAGEMENT

Session 32 PD, Design Your Future with the Competency Framework. Moderator: Curtis Lee Robbins, ASA, ACA, MAAA

Insurance Labor Market Study

Insurance Labor Market Study

G LO B A L TA L E N T T R E N D S S T U D Y

Solving the Cross-Generational Workforce Puzzle

The gig economy. Achieving financial wellness with confidence.

The Insurance Industry s Talent Battle WHITE PAPER

The agent of the future

Increase career awareness Build the pipeline Foster retention and development in the career Improve and strengthen the organization

The gig economy. Achieving financial wellness with confidence. BMO Wealth Institute

Innovation and the Future of Tax

Harnessing the 'Bang': from Digital Disruption to Digital Transformation

Retired Executives: e Untapped Resource for Tackling Tough Business Challenges

Increasing Challenges in Workforce Dynamics

B U I L D I N G A F R I C A N - A M E R I C A N A N D L A T I N O P I P E L I N E S F O R T H E F I N A N C I A L S E R V I C E S I N D U S T R Y

LULAC Federal Training Institute June 27, 2012 Jeffrey Vargas Chief Learning Officer Commodity Futures Trading Commission

How next wave independent workers are preparing for self-employment:

National Family Office Forum: Adapt, innovate, and transform 2018 survey report

Betterment s 2018 Report: GIG ECONOMY AND THE FUTURE OF RETIREMENT

Changes in Agent Distribution Tuesday, September 29, 2015

Future Trends 2017: The Shift Gains Momentum

FIVE LEVELS OF DIGITAL DISRUPTION IN INSURANCE

people and culture are key to our success

Operational Excellence / Transformative Strategies for Insurers

F U T U R E O F W O R K

06/24/ /25/2018. Suggested Arrival Date. 9:00 am - 10:00 am Registration Opens for ACE 2018

Accenture Business Journal for India Digital Insurance: How new technologies are changing the rules of the game for a traditional industry

2016 CIO Agenda: A Nordic Region Perspective

F U T U R E O F W O R K A N D I M P L I C A T I O N S F O R S O U T H A U S T R A L I A

Managing Risk in a Changing Landscape

GENERAL MEETING 3 MAY Arnaud Lagardère General and Managing Partner

State Profile: Utah. Utah Indicators: Aging & Work. State Perspectives. State Profile Series. Quick Fact Check for Utah.

Are you ready to be an Insurer of Things? How the Internet of Things is changing the rules of the game for insurers

JITR Just IT Recruitment Group. Salary Expectations Report

THE MARKET THAT MOVES AMERICA FINDINGS FROM THE NCMM S Q3'17 INDICATOR SURVEY

The Connected Home: Trends and Implications for Insurers. CAS Centennial Celebration November 10-11, 2014

State Profile: Colorado

5 STEPS TO DESIGNING AND LAUNCHING A STUDENT LOAN REPAYMENT PROGRAM A PRACTICAL GUIDE

Domini social equity fund and MSCI KLD 400. Source: Bloomberg.

State Perspectives. Virginia Indicators: Aging & Work years 22.5% 41.3 years 62.8% 21.8% 2.7%

State Profile: Montana

U.S. Industry Development and Current Personnel Implications: An Update. James Stockard Senior Technical Consultant Fisher Arnold Engineering

L E A D I N G T H R O U G H D I S R U P T I O N W E B I N A R :

Fit for growth

Digital insurance: How to compete in the new digital economy

State Profile: Delaware

Technological Innovations: Challenges for Insurance Supervisors

AI Strategies in Insurance

INSURTECH OUTLOOK. Executive Summary september 2016

State Profile: Vermont

State Perspectives. Kansas Indicators: Aging & Work years 23.2% 41.6 years 66.3% 25.1% 3.0%

State Profile: South Carolina

Introduction. The Assessment consists of: A checklist of best, good and leading practices A rating system to rank your company s current practices.

BACK TO MERCER.CA BR ACE FOR CHANGE IN THE CANADIAN RETIREMENT LANDSCAPE

Robots join the team. Automation, transformation and the future of actuarial work for insurers

Insurance Position Paper UBI

2015 Letter to Our Shareholders

People First: The Primacy of People in the Age of Digital Insurance

State Profile: Iowa. Iowa Indicators: Aging & Work. State Perspectives. State Profile Series. Quick Fact Check for Iowa.

TD Ameritrade Institutional 2019 RIA Sentiment Survey

THE TRANSFORMATION OF INSURANCE

Agenda. Research findings: From Not Enough Jobs to Not Enough Workers Business implications Q&A

State Profile: Michigan

the working day: Understanding Work Across the Life Course introduction issue brief 21 may 2009 issue brief 21 may 2009

ECONOMIC IMPACT OF THE OKANAGAN TECH SECTOR: 2015 EDITION

MILITARY FRIENDLY COMPANIES AWARDS

FINANCIAL OVERVIEW. Jim Groch. Chief Financial Officer

18 th Annual Transamerica Retirement Survey Influences of Household Income on Retirement Readiness. June 2018 TCRS

2014 EY US life insuranceannuity

The New Retirement " WELCOME

Actuarial 20/20 Transform the function

Enabling the future of underwriting

Policy Directions to Challenge Ageism

CHRO & CFO: A DYNAMIC DUO, CREATING VIABILITY WITH DATA

RECRUITING MILLENNIALS. Has Collective Bargaining Hurt Us in the New Labor Market?

TAX AND ACCOUNTING SERVICES

#WHENWOMENTHRIVE. Carole Jackson Principal, Denver

INSURANCE INNOVATION EXECUTIVE BOARD

Among the contributions women make to a company, stock performance may be the most overlooked.

2016 CIO Agenda: A China Perspective

Insurance in the digital era: use cases

DEBT BRITAIN 2018 UPDATE. Debt Britain - The Changing Landscape in 2018

2017 NAMIC EXECUTIVE PAY PRACTICES STUDY

MERCER S 2016 COMPENSATION PLANNING SEMINAR

GETTING BACK ON TRACK: Financial Wellness IN THE PUBLIC SECTOR

UK Gender Pay Gap 2017/2018

Overview of MGA Operations and Marketplace. By: Christopher L. Pesce January 2015

Introducing Deloitte s 2017 Global CPO Survey report Key findings

Employment Trends & Salary Survey

Innovation in a digital world March 29 th, 2017

Retirement Solutions. Engaging the Next Generations in Retirement Savings

MEDIA KIT. Connecting Members. Building Careers. insuranceprofessionals.org

Financial Sustainability: Mutual Trust for Communitywide Benefit. Government Finance Officers Association

The Digital Insurer. The Art of the Possible. 10/02/17 Avril Castagnetta, Senior Manager

Point of View. The CIO Point of View ASIA PACIFIC. The New Agenda for Transformative Leadership: Reimagine Business for Machine Learning

Boomer, Gen X, Millennial Women: Do they give differently?

A world in transition: PwC s 2017 APEC CEO Survey, November APEC CEO Survey. Australia s findings.

2018 Annual Salary Guide Accounting and Finance

Transcription:

The Changing Workforce: Future Talent Trends Impacting Pooling and the Insurance Industry Presented by: Margaret Resce Milkint Managing Partner

AGENDA Market Trends Changing Dynamics Industry Solutions

Market Trends

UNEMPLOYMENT RATE Overall 4.4% Insurance 2.0% Source: Bureau of Labor Statistics, August 2017

RECRUITING DIFFICULTY Analytics, executives, actuarial, technology and underwriting, are the top five most difficult functions to recruit for. Analytics Executives Actuarial Technology Underwriting Source: The Jacobson Group and Ward Group, Mid-Year Insurance Labor Outlook Study July 2017

STAFFING PLANS Technology Analytics Claims Sales/Marketing Underwriting Source: The Jacobson Group and Ward Group, Mid-Year Insurance Labor Outlook Study July 2017

AGING WORKFORCE 28% of industry workers are under the age of 35 vs. 35% in the general economy. 74% increase in the number of insurance professionals aged 55 and older in the past 10 years. 169,000 professionals aged 65 and older are currently employed in insurance. Source: U.S. Bureau of Labor Statistics; McKinsey & Company

GROWING TALENT CRISIS 25% of industry employees will be nearing retirement by 2018. 40% of demand for technical and managerial talent will be met by current supply. 15% of the industry s staffing needs will be met by insurance graduates. insurance positions need 400,000 to be filled by 2020. Source: U.S. Bureau of Labor Statistics; PropertyCasualty 360

How are you leveraging your multi-generational workforce?

RECRUITMENT CHALLENGES Eight out of ten Millennials are unfamiliar with insurance as a career path. Insurance is tied second to last with the defense industry in terms of overall public image. Less than one in ten young professionals are interested in working in insurance. Source: PwC; The Institutes

EMERGING MARKET ISSUES Technology and the Rise of Analytics There is explosive demand for tools and talent. Aging technology infrastructures exist and the industry is playing catch up. Analytics is a MUST HAVE for survival. Technical Knowledge Much of the industry s technical knowledge is held by older workers. Younger workforce may not have or be ready to assume the technical acuity to assume management positions.

EMERGING MARKET ISSUES Succession Planning Insurance companies have not been planning for the inevitable loss of their aging staff. Cost of Knowledge Transfer Knowledge transfer projects in much of the industry tend to be ad hoc and ineffective as the full cost are not understood or allocated. Diversity/ Inclusion Gender is still diverse in insurance. Inclusion initiatives are growing but much work needs to be done. Enlightened males and sponsors are crucial.

Changing Dynamics

NEW WORKFORCE ENVIRONMENT The new workforce is changing it is becoming more complex and challenging. ü Volatile ü Uncertain ü Complex ü Ambiguous

CHANGING NATURE OF CAREER Career redefined as a life journey 84% of organizations are moving to horizontal, vertical and diagonal pathways. Source: Deloitte; InspiraWork

RISE OF THE COMPLEX LEADER ü Boundary-less ü Collaborative ü Self Aware ü Networked ü Adaptable

THE GIG ECONOMY 20% of the workforce will be contractors or temporary workers by 2022. Source: PwC

GROWTH OF ANALYTICS 25% of insurers are now investing in big data and analytics. Big data and analytics jobs are forecast to increase 92%. New roles include: Chief Analytics Officer Marketing Analytics Team Analytics Scientist Data Engineer/Data Scientist Source: Gartner; RCR Wireless News; Strategy Meets Action

EMERGING DISRUPTION Private Equity Influx Usage-Based Insurance (UBI) AI Artificial Intelligence BREXIT Sharing Economy Driverless Cars Drones Technology Advancement Remote Monitoring Cyber Risk Telemedicine Commoditization Telematics

What dynamics are having the biggest impact on your organization?

Industry Solutions

ESTABLISH A FLEXIBLE WORKPLACE Promote work/life balance: ü Live where you choose ü Work from home ü Flex time ü Flex PTO

PROVIDE CAREER PATHING Provide assignment-based career trajectories. Implement personalized development plans. Offer 12- to 24-month rotational programs.

PROMOTE EMPLOYEE EXPERIENCE 21% of companies believe employee experience plays a vital role in attracting and retaining talent. ü Disrupt leadership. ü Promote diversity and inclusion. ü Define employee experience strategies. ü Undergo a digital transformation. Source: Deloitte

BUILD YOUR BRAND A strong talent brand enhances an organization s reputation and results in faster hires and better recruitment results. Create a talent brand that engages and provides a collective sense of purpose. Incorporate video engagement to highlight employee stories. Utilize first-hand testimonials and brand ambassadors.

PROMOTE CORPORATE CITIZENSHIP Engage in community service and volunteer opportunities. 61% of Millennials consider community commitment when making a job decision. 64% of young professionals want to make a difference. Source: Deloitte

EMBRACE TECHNOLOGY Promote innovation to keep up with tech changes. Participate in technology and analytics events. Engage with analytic think tanks.

PROVIDE DEVELOPMENT OPPORTUNITIES Provide personalized development programs, diverse opportunities and numerous career path possibilities. 55% of young professionals are unsatisfied with their organization s development opportunities. 71% of Fortune 500 companies offer mentoring. Source: Huffington Post

PROMOTE EDUCATION More than 60 percent of young professionals desire a job analyzing risk and recommending solutions a key part of many insurance roles. Educate young professionals on how their experiences and degrees correlate to a job in insurance. Build awareness of insurance employment opportunities. Source: The Institutes

INSURANCE CAREERS MOVEMENT Insurers cannot challenge industry stereotypes and educate the next generation on their own. The Insurance Careers Movement is an industry collaboration dedicated to attracting a more diverse talent pool to the insurance industry. Insurance offers some of the most gratifying careers. Share the story of insurance as stable, rewarding and limitless. #careertrifecta

What innovative solutions is your organization using to recruit and engage talent?

Questions? Thank You! Margaret Resce Milkint Managing Partner The Jacobson Group +1 (312) 884-0410 mmilkint@jacobsononline.com Jacobsononline.com