NAVIGATING THE INSURANCE CAREER PATH: Strategies for Success Presented By: Alicia Morris Assistant Vice President The Jacobson Group

TODAY’S TALENT LANDSCAPE

The unemployment rate for insurance carriers increased to 2.2 percent in February. Source: Bureau of Labor Statistics, February 2018

or above are considered moderate or difficult to fill. TOP RECRUITING CHALLENGES Positions rated 5 or above are considered moderate or difficult to fill. Source: The Jacobson Group and Ward Group Semi-Annual Insurance Labor Outlook Study, January 2018

400,000 insurance positions need to be filled by 2020. GROWING TALENT CRISIS 400,000 insurance positions need to be filled by 2020. Insurance is tied second to last with the defense industry in terms of overall public image. Eight out of ten Millennials are unfamiliar with insurance as a career path. Less than one in ten young professionals are interested in working in insurance. 40% of demand for managerial and technical talent will be met by current staff. Nearly six percent of the industry is aged 65 and older. The number of insurance professionals aged 55 and older is nearly 30% higher than the rest of the economy. The median age for insurance professionals is 45 years. This compares to a median age of 42 years for all occupations. [BLS] The number of insurance workers aged 55 and older is nearly 30 percent higher than the rest of the economy. [McKinsey & Company] In total, there are 169,000 professionals aged 65 and older currently employed in the insurance field. This is nearly 6% of the industry. 28% of industry workers are under the age of 35 compared to 35% in the general economy. Nearly 25% of the insurance workforce will be reaching retirement by the year 2018. Baby Boomers are retiring at an average pace of 10,000 per day. Only 28% of industry workers are under the age of 35, compared to 35% in the general economy. The number of insurance professionals aged 55 and older has increased 74% in the past 10 years. http://www.aamga.org/files/hr/BuildingaTalentMagnet.pdf 400,000 25% of industry employees will be nearing retirement by 2018. insurance positions need to be filled by 2020. Only 15% of the industry’s staffing needs will be met by graduates from risk and insurance programs. Source: McKinsey & Company; PropertyCasualty 360

ACTUARIAL TALENT GAP The employment of actuaries is projected to grow 26% by 2022. 400,000 insurance positions need to be filled by 2020. Insurance is tied second to last with the defense industry in terms of overall public image. Eight out of ten Millennials are unfamiliar with insurance as a career path. Less than one in ten young professionals are interested in working in insurance. 40% of demand for managerial and technical talent will be met by current staff. Nearly six percent of the industry is aged 65 and older. The number of insurance professionals aged 55 and older is nearly 30% higher than the rest of the economy. The median age for insurance professionals is 45 years. This compares to a median age of 42 years for all occupations. [BLS] The number of insurance workers aged 55 and older is nearly 30 percent higher than the rest of the economy. [McKinsey & Company] In total, there are 169,000 professionals aged 65 and older currently employed in the insurance field. This is nearly 6% of the industry. 28% of industry workers are under the age of 35 compared to 35% in the general economy. Nearly 25% of the insurance workforce will be reaching retirement by the year 2018. Baby Boomers are retiring at an average pace of 10,000 per day. Only 28% of industry workers are under the age of 35, compared to 35% in the general economy. The number of insurance professionals aged 55 and older has increased 74% in the past 10 years. http://www.aamga.org/files/hr/BuildingaTalentMagnet.pdf The current number of actuarial graduates outnumbers open entry-level actuarial positions. However, it is estimated that the current demand for mid-career actuaries is approximately twice the current supply. Source: Bureau of Labor Statistics; SOA; International Actuarial Association

NEED FOR EMERGING TALENT Millennials and Generation Z are the logical solution for filling the growing talent gap. 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. Source: PwC; University of North Carolina; Department of Labor

HOT ACTUARIAL CAREERS

ANALYTICS: DYNAMIC NEW DISCIPLINE 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. Source: Accenture Institute of High Performance; Department of Labor

REGULATORY/COMPLIANCE: CREATING OPENINGS Regulatory changes are creating a demand for skilled individuals capable of analyzing and monitoring. Regulatory actuary is an emerging position within the field. Source: Accenture Institute of High Performance; Department of Labor

NON-TRADITIONAL ROLES The reach of the actuarial profession is becoming increasingly wider. Enterprise Risk Management Weather Risk Management Sports Analysis E-Commerce Risk Source: Society of Actuaries

DESIRED SKILLS AND COMPETENCIES

THE ACTUARY OF THE FUTURE MUST… Connect business to the actuarial sciences. Have strong presentation and communication skills. Have strong collaboration and interaction across business units. Be capable of translating complex information. Take a proactive stance. Be adaptable.

KEY JOB SKILLS Technology Social Media Savvy Adapting to new tools Social Media Savvy Following new trends Verbal/Written Communication Growing soft skills Critical Thinking Making decisions and solving problems

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 socializing their 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 EMPLOY THESE CAREER-BOOSTING PR TACTICS: Create a buzz! Act as your own agent. Talk yourself up! Get active in social media. Stay connected!

SOCIAL NETWORK 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! What do you see when you Google yourself?

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.

INSURANCE CAREER TRIFECTA INSURANCE CAREERS MOVEMENT LEARN MORE ABOUT THE INSURANCE CAREER TRIFECTA BECOME THE FACE OF INSURANCE 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! Source: Accenture Institute of High Performance; Department of Labor

Thank You! QUESTIONS? Alicia Morris Assistant Vice President, Health Sales The Jacobson Group amorris@jacobsononline.com +1 (312) 884-0413 For more information, visit jacobsononline.com.