Strategies for Success - The Jacobson Group · Have strong presentation and communication skills....
Transcript of Strategies for Success - The Jacobson Group · Have strong presentation and communication skills....
NAVIGATING THE INSURANCE
CAREER PATH: Strategies for Success
Presented By: Alicia MorrisAssistant Vice PresidentThe Jacobson Group
TODAY’S TALENT LANDSCAPE
The unemployment
rate for insurance carriers increased
to 2.2 percent in February.
UNEMPLOYMENT RATE
2.2%
4.1%
0%
2%
4%
6%
8%
10%
12%
Insurance Overall
Source: Bureau of Labor Statistics, February 2018
TOP RECRUITING CHALLENGES
Source: The Jacobson Group and Ward Group Semi-Annual Insurance Labor Outlook Study, January 2018
0 1 2 3 4 5 6 7 8 9 10
Operations
Accounting
Claims
Underwriting-Reinsurers
Compliance
Sales/Marketing
Underwriting
Product Management
Executives
Analytics
Actuarial
Technology
January 2018
Positions rated 5 or above are considered
moderate or difficult to fill.
GROWING TALENT CRISIS
Source: McKinsey & Company; PropertyCasualty 360
insurance positions need
to be filled by 2020.
25% of industry employees will be nearing retirement by 2018.
Only 15% of the industry’s staffing needs will be met by graduates from
risk and insurance programs.
400,000
ACTUARIAL TALENT GAP
Source: Bureau of Labor Statistics; SOA; International Actuarial Association
However, it is estimated that the current demand for mid-career
actuaries is approximately twice the current supply.
The employment of actuaries is projected to grow 26% by 2022.
The current number of actuarial graduates outnumbers open
entry-level actuarial positions.
NEED FOR EMERGING TALENT
Source: PwC; University of North Carolina; Department of Labor
Millennials make up 36% of the U.S. workforce and are expected
to form 46% by 2020.
Generation Z is projected to make up 36% of the U.S.
workforce by 2020.
HOT ACTUARIAL CAREERS
ANALYTICS: DYNAMIC NEW DISCIPLINE
Source: Accenture Institute of High Performance; Department of Labor
Insurers are adding analytics jobs five times faster than the overall national
employment growth.
The number of actuaries involved in analytics is
predicted to increase 21%by the end of this year.
REGULATORY/COMPLIANCE: CREATING OPENINGS
Source: Accenture Institute of High Performance; Department of Labor
Regulatory changes are creating a demand for
skilled individuals capable of analyzing and monitoring.
Regulatory actuary is an emerging position
within the field.
NON-TRADITIONAL ROLES
Source: Society of Actuaries
The reach of the actuarial profession is becoming increasingly wider.
• Enterprise Risk Management
• Weather Risk Management
• Sports Analysis
• E-Commerce Risk
DESIRED SKILLS AND COMPETENCIES
THE ACTUARY OF THE FUTURE MUST…
Connect business to the actuarial sciences.
Have strong presentation and communication skills.
Have strong collaborationand interaction across business units.
Be capable of translatingcomplex information.
Take a proactive stance.
Be adaptable.
TechnologyAdapting to new tools
Social Media Savvy Following new trends
Verbal/Written CommunicationGrowing soft skills
Critical ThinkingMaking decisions and solving problems
KEY JOB SKILLS
KEY EDUCATION EXPERIENCE
Insurers are looking for specific fields of study for potential talent:
• Accounting/Finance
• Actuarial
• Business
• Risk Management
• STEM
EMERGING NEEDS: ANALYTICAL ACUMEN
Actuaries have taken a leading role in integrating analytics and big data.
Actuaries are key in educating and socializingtheir colleagues on analytics.
EMERGING NEEDS: RISK ASSESSMENT
Actuaries have been deploying increasingly sophisticated mathematical techniques to calculate financial risk.
EMERGING NEEDS: MARKETPLACE ASSESSMENT
Actuaries provide insightful decision-making statistics.
Actuaries assess the marketplace from a completely new perspective.
MANAGING, ENHANCING AND NAVIGATING YOUR CAREER
STAY RELEVANT AND INFORMED
Participate in continuing education opportunities including insurance seminars and conferences, as well as leadership, analytics and actuarial-specific training.
Get involved with local associations and professional networking groups in order to grow your career:
• American Academy of Actuaries
• Casualty Actuarial Society
• Chicago Actuarial Association
• Society of Actuaries
EMBRACE NETWORKING
Have your 30-second introduction ready.
Always have business cards ready for networking.
Your intro should leave your contact with quality and impactful “take-aways.”
MANAGE YOUR BRAND
Manage your brand.Create a buzz!
Act as your own agent.Talk yourself up!
Get active in social media.Stay connected!
EMPLOY THESE CAREER-BOOSTING PR TACTICS:
SOCIAL NETWORK
What do you see when you Google yourself?
Join industry groups on LinkedIn, Twitter and Facebook to put your name out there.
Social networking goes beyond social media sites; look for opportunities on job boards, industry blogs, message boards, etc.
You are in control of your digital fingerprint!
ACE THE INTERVIEW
Be prepared: research the organization, prepare questions and practice answers to common interview questions.
Put your best foot forward: dress professionally, arrive early and bring extra copies of your resume.
Communicate effectively: maintain good eye contact, shake hands firmly, and answer with enthusiasm and interest.
Source: Accenture Institute of High Performance; Department of Labor
Insurance offers some of the most gratifying careers. Learn more about the story of insurance as
stable, rewarding and limitless at insurancecareerstrifecta.org.
#careertrifecta
Help the industry address the misperceptions that exist around
insurance careers. Join us on social media and other networks
as an industry champion!
LEARN MORE ABOUT THE INSURANCE CAREER TRIFECTA
BECOME THE FACE OF INSURANCE
INSURANCE CAREERS MOVEMENT
Thank You!
Alicia MorrisAssistant Vice President, Health SalesThe Jacobson [email protected]+1 (312) 884-0413
For more information, visit jacobsononline.com.
QUESTIONS?