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 Groupamorris@jacobsononline.com+1 (312) 884-0413

For more information, visit jacobsononline.com.

QUESTIONS?