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

2. TODAY’S TALENT LANDSCAPE

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

4. 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

5. 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.
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

6. 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.
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

7. 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

8. HOT ACTUARIAL CAREERS

9. 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

10. 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

11. 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

12. DESIRED SKILLS AND COMPETENCIES

13. 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.

14. 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

15. KEY EDUCATION EXPERIENCE
Insurers are looking for specific fields of study
for potential talent:
Accounting/Finance
Actuarial
Business
Risk Management
STEM

16. 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.

17. EMERGING NEEDS: RISK ASSESSMENT
Actuaries have been deploying increasingly sophisticated mathematical techniques
to calculate financial risk.

18. EMERGING NEEDS: MARKETPLACE ASSESSMENT
Actuaries provide insightful decision-making statistics.
Actuaries assess the marketplace from a completely new perspective.

19. MANAGING, ENHANCING AND NAVIGATING YOUR CAREER

20. 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

21. 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.”

22. 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!

23. 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?

24. 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.

25. 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

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