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What's So Funny About Millennials?

Posted By Administration, Wednesday, February 21, 2018

A Video Take on Millennials

A Millennial Job Interview from @TheDanielBrea on Vimeo

 

Watch this Video about Millennial Myths and Truths from YPN Best Business Videos 2018 on Vimeo

Tags:  funny  humor  interview  millennials  myths  video  vimeo 

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2018 Insurance Journal Salary Survey

Posted By Andrea Wells, Wednesday, February 21, 2018

from InsuranceJournal.com, February 19, 2018

Total compensation for insurance agency management, owners, principals and support staff were up in 2017, while total comp for producers declined just slightly over the year before.

That’s according to the 2018 Agency Salary Survey, which revealed that salaries for agency owners, principals and management went up 5.3 percent in 2017, compared to a 4.4 percent jump in 2016.

Producers/sales reported average increases in salary of 3.5 percent in 2017, compared to 4.5 percent in 2016.

Salaries for agency support staff went up 3.3 percent on average in 2017, which was higher than the 2.9 percent raise they got in 2016.

This year’s Agency Salary Survey, based on responses from nearly 1,300 respondents nationwide, also revealed bumps in total income, which includes salary plus additional compensation such as profit sharing, bonuses and other income:

  • Agency owners, principals and management reported a rise in total income for 2017, which revealed an increase of 6.3 percent in total income, compared to a 5.5 percent increase in total income for 2016.
  • Producers/sales total income went down slightly to 6.2 percent for 2017, compared to a 6.6 percent increase in 2016.
  • Agency support staff total income jumped 3.3 percent for 2017, compared to 2.9 percent increase in 2016.

Satisfaction over agency compensation appears to be steadily improving as well:

  • Management/agency owners/agency principals reported a compensation satisfaction score of 3.70 in the 2018 survey, up from 3.61 in the 2017 survey, based on a scale of 1-to-5 where “5” equaled “most satisfied.”
  • Producers/sales reported satisfaction of 3.23 in the 2018 survey, up from 3.02 in the 2017 survey.
  • And support staff/CSR/account executives reported a satisfaction score of 3.08 in the 2018 survey, up from 2.97 in the 2017 survey.

Overall compensation satisfaction scored higher when agencies offered employee benefits, both hard benefits such has group health, dental coverage and stock options and soft benefits such as car reimbursement, trips and contests. (See Employee Benefit Satisfaction Index).

Employee benefit satisfaction ranked highest in the survey when agencies offered added benefits such as a company car (4.03), club memberships (3.94), cash bonuses (3.87), and profit sharing (3.77). However, the survey found that in nearly every employee benefit category, employees showed more satisfaction in regards to overall compensation.

The survey revealed that more agency management/owners/principals plan to increase compensation (45.6 percent) in 2018 compared to 2017 where only 41.4 percent said they were going to increase compensation overall.

More than half of agency management (52.6 percent) also revealed plans to increase hiring in their agency in 2018, which was slightly down from 55.1 percent the prior year.

Nearly one-third of all agency management (65.7 percent) reported giving a year-end bonus in 2017, and more than half of owners (53.5 percent) said those bonuses are distributed to all agency staff.

View an interactive chart, which shows break-downs by state or city size.

Note: Kentucky had a very low response rate, so the data may not be representative. To improve the outcome for next year's survey, PIAK urges all agency principals and employees to participate to create a better picture of how we look compared to similar markets. 

Tags:  2018  careers  insurance  salary  survey 

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Key Jobs in Insurance Remain Difficult to Fill

Posted By Administration, Wednesday, February 21, 2018

from InsuranceJournal.com, February 20, 2018

Fifty-eight percent of insurance companies plan to increase staff during the next 12 months in part due to expected increase in business and new markets, according to the Semi-Annual U.S. Insurance Labor Outlook Study conducted by The Jacobson Group and Ward Group.

A year ago, 64.1 percent of carriers said they planned to add staff.

Thirty-two percent say they will maintain their current staff this year while more than 10 percent plan to reduce staff. A year ago, 29 percent planned to maintain staff size while only six percent planned cutbacks.

“We are seeing staffing and hiring expectations level out as the industry continues to stabilize,” said Gregory P. Jacobson, co-chief executive officer of Jacobson. “Anticipated increases in business volume and expansion into new markets continue to drive hiring demands.”

Since April 2011, the insurance carriers have added 105,500 new jobs, a 7.4 percent boost, according to the report.

Finding qualified employees remains a challenge for the industry, the report notes. Of 12 job categories, all are rated as moderate or higher in difficulty to fill. Technology, actuarial, analytics and executive positions are rated the most difficult to fill.

The report identifies several reasons for the recruiting challenge including “increased staffing demands, a growing mid-level talent gap, impending retirements, virtually non-existent industry unemployment and a shallowing talent pool.

Technology, claims and analytics roles are expected to grow the most during the next 12 months. Sales/marketing is the greatest need for life/health companies while technology is for property/casualty companies.

Companies that say they will be reducing staff over the next 12 months cite automation as the main reason.

While only 58 percent of carriers expect to be hiring, 79 percent expect an increase in revenue growth, down two points from the July 2017 survey. Large companies are the most optimistic about increased revenue as 86 percent expect growth, compared to 80 percent for medium-sized and 72 percent for small companies.

Life/health insurers are more optimistic than their property/casualty counterparts about business growth. Ninety-four percent of L/H carriers said they are optimistic about revenue growth, up 13 points from the last semi-annual report from July 2017, while optimism among P/C companies fell three points to 77 percent.

The study collects revenue and hiring projections from all sectors of the industry.

Source: Jacobson Ward Insurance Labor Study Summary 2018 Q1

Tags:  careers  employment  hiring  insurance  management  recruitment 

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Insurance Jobs Among the Most Stressful

Posted By Administration, Wednesday, February 21, 2018

from CarrierManagement.com, April 6, 2017

Jobs in the insurance industry are among the most stressful, ranking No. 2 in a recent study by staffing firm Robert Half.

The legal profession provides the most stress, according to the study by Robert Half and analytics firm Happiness Works, which surveyed more than 12,000 U.S. and Canadian workers to identify the most stressful jobs. On the other end of the spectrum, technology professionals reported the lowest stress levels.

The most stressful jobs by profession:

  • Legal
  • Insurance
  • Healthcare and wellness
  • Hospitality and food services
  • Financial services
  • Education and training
  • Administrative
  • Manufacturing
  • Accounting
  • Human resources
  • Marketing or creative
  • Finance
  • Technology

The Robert Half study also measured how stress differs based on job role, finding that semi-skilled or agricultural workers were the most stressed. Staff-level professionals were in the middle of the pack, while senior executives reported being the least stressed.

Beyond industry and role, the blog posting noted that workplace culture, leadership, workload demands and a host of other factors each have an impact on job-related stress.

Tags:  career  insurance  stress 

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6 Ways to Tackle the Insurance Industry Talent Gap

Posted By Danielle Ling, Wednesday, February 21, 2018

from PropertyCasualty360.com, February 16,2018

February is Insurance Careers Month, and for the next few weeks, Insurance Careers Trifecta is focusing their efforts on appealing to the millennial workforce.

Millennials are now the majority of the U.S. workforce and are projected to make up 50% of the global workforce by 2020.

With 4 million baby boomers retiring nationwide each year, the looming talent crisis facing the insurance industry is a cause of concern for many organizations. With nearly 400,000 open positions projected by 2020 and less than 5% of millennials interested in working in insurance, Insurance Careers Trifecta says the industry needs to come together to find a solution.

"Insurers are facing a growing war for talent, the focus needs to shift toward recruiting and engaging the next generation of talent and bringing millennials into insurance," Greg Jacobson, co-CEO for The Jacobson Group said in a statement. "Insurers must join together and re-brand insurance as the industry of choice for young professionals." 

To help companies in this effort, Insurance Careers Trifecta has compiled a list of ways insurance professionals can engage the next generation workforce.

Here are 6 steps your organization can take to attract the next generation of insurance professionals:

Revamp your internship program

Internship programs allow organizations to find potential employees who can help grow the business, and they are an excellent way to introduce young professionals to the industry. A quality internship program will enable you to attract bright and ambitious young people. 

Insurance Careers Trifecta recommends using a program called MyPath. MyPath is a collaborative industry initiative dedicated to educating students and young professionals about the insurance industry and can help organizations reach job seekers early and often. 

Exhibit at a career fair or local job fair

Appeal to current students and young professionals when they are looking for internships or entry-level positions in a location that is convenient for all parties.

Career fairs are popular on college campuses — they expose students to potential opportunities, as well as employers that they may not have known existed. At the same time, these job fairs allow organizations to gain access to a large pool of candidates in one place, and they can help increase brand, and industry, awareness.

Inspire young professionals

Insurance Careers Trifecta suggests showing current students what a day in the life of an insurance professional is like. By giving emerging talent a first-hand look at the everyday activities, you can share what makes this industry a great one to work in.

Volunteer in the classroom. Schools across the country have been inviting local professionals into the classroom for decades to talk about their work and careers. Arrange to visit a classrooms to help students understand the relevance of their classroom work and gain exposure to industry jobs and careers.

Allow students to job shadow. Job shadows introduce students to the realities of today’s workplace and the skills they need to succeed, while providing employees with an enriching opportunity to share their knowledge and experience.

Participate in career day at schools. Teach students about insurance and introduce them to careers in the industry. By sharing your experience, you can help students understand insurance and provide insight on how a career in insurance might be the right path for them.

Utilize technology

Appeal to young professionals with the technology they use every day.

Launch a video challenge. Encourage your employees, especially the millennials, to create videos describing why insurance is a great industry. Post the videos on your social media sites to attract viewers. 

Conduct a hack-a-thon. Get your employees together and host a competition encouraging them to come up with solutions to the talent gap. You can even invite local college students to attend.

Hold a virtual meet and greet. Appeal to a young demographic by utilizing virtual technology. Encourage students and young professionals to get to know your company by Skyping in. 

Be active on Twitter and the other social sites that millennials frequent. Throughout Insurance Careers Month, Insurance Careers Trifecta suggests making every Tuesday #TalentTuesday, and advises companies to follow and use the overarching hashtag: #careertrifecta.

Follow the hashtag #careertrifecta and share the published content. Publish the posts included in this document on your social media channels. Write your own posts with the #careertrifecta hashtag and Insurance Careers Trifecta will share your content. 

You can also utilize this social media guide for more social media tips.

Connect the dots for young professionals

There is more to the insurance industry than meets the eye. The opportunities and benefits are truly limitless. Oftentimes though, students don’t understand how their college focus can intersect with the insurance industry. 

Show young professionals that there are insurance careers for every major with MyPath’s brochure, “Uncovering Career Paths in the Risk Management and Insurance Industry.”

"Some of the ways insurers are innovating is by developing new solutions to meet the demands of cybersecurity, green technology, the sharing economy and other emerging trends. To attract millennials into our industry, we need to better tell our story and connect on issues important to this generation." June Holmes, COO and Treasurer, at PCI.

Audit communication channels

Before targeting young professionals, make sure your marketing materials will make an impression and update your social media strategy.

Think of your audience. When creating marketing materials, think of what would appeal to your target audience. Make sure your images are diverse and depict other young professionals.

Keep up with the trends. Is your organization keeping up with the latest trends? Are you on Twitter, Facebook, Pinterest, or Snapchat? It’s vital to monitor the latest social media outlets. Subscribe to publications and blogs that can help you stay informed. 

Ask your millennials. Not sure where to look to keep up with the latest social media tool? Look in your own office! Your organization’s millennials can be a great resource and can point you in the right direction.

Tags:  careers  employees  insurance  recruitment  talent 

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2018 Independent Agent Study: Carrier Ratings

Posted By Shawn Moynihan, Thursday, February 15, 2018

from PropertyCasualty360.com, February 1, 2018

Flaspöhler's Business Capabilities Index (or “BCI,” seen here) is a revealing analysis that shows how each of the top 34 commercial lines carriers is perceived, relative to one another, on two key axes.

 Travelers has done the best job of leveraging its strong ratings into a deep and positive market presence. Liberty Mutual, Chubb and Cincinnati are well-positioned to achieve greater positive market position with proper leveraging of their strong BCI scores.

 

 

Tags:  carriers  independent agent  survey 

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2018 Independent Agent Study: Who's Talking?

Posted By Shawn Moynihan, Thursday, February 15, 2018

from PropertyCasualty360.com, February 1, 2018

2018 NU/PIA Independent Agent Study respondent demographics.

 

 

 

 

Tags:  demographics  independent agent  respondents  survey 

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Agents Speak Out: Video

Posted By Danielle Ling, Thursday, February 15, 2018

The 2018 Independent Agent Study: Agents speak out on carrier relationships, challenges and their future plans  

from PropertyCasualty360.com, February 6, 2018

In 2017, NU forged an alliance with the National Association of Professional Insurance Agents (PIA) and Flaspöhler | NMG to conduct the inaugural Independent Agent Study — a research project designed to annually take the pulse of independent Property & Casualty insurance agents throughout the U.S. and provide revealing insight into the demographics, books of business and challenges they face, and reveal their most highly rated carrier partners.

Among the insights gleaned this year: The exodus of talent on the agency side remains concerning. Forty-five percent of our independent-agent study respondents, most of them principals or owners, said they planned to retire in the next nine years.

Only about 1 in 4 (24%) of PIA members who responded said their insurance carrier relationships were improving; 19% said their relationships had declined.

Despite 56% being armed with agency smartphones, only 41% of respondents said they can provide quotes to prospects while out in the field.

View video for more insights.

Tags:  independent agent  survey  video 

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2018 NU/PIA Independent Agent Study

Posted By Shawn Moynihan, Thursday, February 15, 2018

from PropertyCasualty360.com, February 1, 2018

In 2017, NU forged an alliance with the National Association of Professional Insurance Agents (PIA) and Flaspöhler | NMG to conduct the inaugural Independent Agent Study — a research project designed to annually take the pulse of independent Property & Casualty insurance agents throughout the U.S. provide revealing insight into the demographics, books of business and challenges they face, and reveal their most highly rated carrier partners.

Here's a summary of the insights gleaned from this year's survey of independent insurance agents.

 

Tags:  careers  independent agent  study  survey 

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Does Working in Insurance Pay? Results of the 2017 Claims Salary Survey

Posted By Patricia Harman, Wednesday, December 27, 2017

by Patricia L. Harman, PropertyCasualty360.com, December 21, 2017

Much has been made about the changes the insurance industry will be experiencing in the coming months as a significant number of professionals (approximately 25% according to McKinsey & Co.) begin to retire or cut back on their hours. The world of insurance is already full of disruptors that will change how insurance is sold and priced, and how claims are reported.

Technology is changing how insurers capture information from the first notice of loss (FNOL) to the way claims data is gathered both onsite (think drones and iPad apps) and from policyholders who can upload information from their cell phones. As service providers like Lemonade and Amazon disrupt how insureds make purchases, those changes are having a direct impact in the insurance space as they change customer expectations.

Insurers have known for two decades that they would have to grapple with an employment shortage as baby boomers began to age out of the industry. And while technology can help mitigate some of the loss, the institutional knowledge walking out of the door should be enough to encourage insurers to capture as much of that information as possible be it is too late.

 

(Image: Claims magazine)

Today's Insurance Industry

Like so many industries where workers are expected to do more with less, the insurance claims industry is no different. A review of the results from the 2017 Claims Salary highlights some of the issues that concern adjusters and other insurance professionals.

The respondents comprised primarily insurer claims staff (51%) and independent adjusters/claims managers (17%). The balance were appraisers (3%), special investigators (3%) and other professionals (26%), which included brokers, risk managers and retired claims adjusters.

They’ve worked in the industry anywhere from two to 40+ years, with 81% spending between 11 and 40 years in some aspect of insurance. The majority of respondents (62%) were between the ages of 50-70, but 35% were 49 or younger. They held positions ranging from owner/president/CEO (6%); vice president (8%); adjuster (40%); manager or supervisor (30%); appraiser (1%); and other (15%).

Working Harder and Smarter

Insurance continues to be primarily a male-dominated industry according to the survey results. Of the respondents, 74% were male and 26% were female. Staff adjusters who responded work full-time, which ranges from 39 to 65 hours per week, and for the most part were not paid for overtime, as indicated by 76% of the respondents. However, 13% said they work five or less hours of overtime each week; almost 8% said they work 6-10 hours of overtime, and 3% said they work 11-20 hours more weekly.

For 66% of the staff respondents, the number of hours they work has remained consistent from last year. Only 4% said they had decreased and 30% said they had increased either somewhat or substantially.

For the independent adjusters (IAs), 77% said they worked full-time and 23% worked part-time, and their hours ranged from 10 to 60 per week. Like the staff adjusters, 77% of the IAs said the number of hours they were working had remained basically the same. However, a greater number (15%) said their hours had decreased somewhat and only 8% said that their hours had increased substantially.

Approximately 30% of the IAs believe that the economy has had a substantial impact on their hours, while 54% did not think it had affected the amount of work they received. Almost 16% thought the economy had a negative effect on their business.

Benefits and Salaries

 (Image: Claims magazine)

Insurers provide a substantial number of benefits to their employees such as life insurance, health insurance, dental insurance, long- and short-term disability and some sort of pension plan. Independent adjusters also receive these benefits, just not to the same degree.

Staff adjusters are also more likely to receive profit-sharing, stock options, a company vehicle, supplemental life and health insurance, a cellular phone, an iPad and/or laptop computer, and air travel reimbursement than independent adjusters.

The primary benefits for IAs according to the survey were medical and dental insurance, life insurance and a 401K plan, followed by some degree of short- and long-term disability coverage.

Both staff and independent adjusters were offered the ability to telecommute: 60% of the staff adjusters and 54% of the IAs. Forty percent of the staff adjusters and 46% of the IAs said this was still not an option for them within their companies.

Salaries for full-time insurance staff ranged from $41,500 to $180,000 and broke down as follows:

 (Image: Claims magazine)

Salaries for independent adjusters fell into every salary category, with 54% of the respondents falling between $60,000 and $125,000.


While in past surveys, adjusters felt that they were fairly compensated despite long hours, respondents in this year's survey voiced their displeasure and frustration about working longer and harder while not being adequately compensated. Some felt that supervisors had unrealistic expectations when it came to the level of work and the effort required to close their claims. A very small percentage felt they were fairly compensated, but the vast majority of respondents did not. Some predicted that salaries will need to increase in order to recruit and keep a talented workforce in the future.

Another challenge for adjusters involved the increase in administrative tasks with little or no support staff to help manage the workload. Cost-cutting efforts such as the loss of a company car or less administrative support are also increasing the frustration for many claims professionals.

Is Insurance Still a Viable Career Choice?

Despite these frustrations, 51% of the respondents still rated the outlook for the adjusting professional as positive, a 12% increase over last year. In addition, 28% thought the industry had a negative future, a 5% drop compared to 2016.

Among the concerns expressed though were the unrelenting work load, the continuous need to work more with fewer resources, the increasingly aging workforce that is not being offset by the addition of younger staff members, and the belief that technology is a substitute for proper claims handling and evaluation by knowledgeable adjusters.

When asked if they would recommend this profession to others, the answer was a resounding “yes” from 70% of the respondents, 1% higher than in 2016.

The concern about the workforce retiring soon comes clearly into focus with this survey as 29% of the respondents said they expected to retire in five years or less. Twenty percent will retire in 10 years or less; 14% in 15 years or sooner; while 17% said they still had 20 years before they could retire and 20% said they’d be working for at least the next 20 years or more. The survey confirmed that retirement is looming for a significant portion of the adjusting profession, which will force insurers to find creative solutions to this loss of trained, knowledgeable personnel.

Training, which has changed dramatically in the last 10 years with the advent of online options, will begin to take on a greater significance as insurers attempt to transfer some of this knowledge from one generation of workers to the next, while teaching their newer employees about the business. The extremely active hurricane season this fall highlighted the need to educate adjusters on how to handle a wide variety of catastrophes in a very short period of time.

Even with improved technology and an influx of independent adjusters to help mitigate the shortage, many new adjusters had not experienced a major catastrophe before. In addition, insurance professionals encountered significant issues due to a lack of resources and infrastructure in multiple areas simultaneously, as well as language barriers with policyholders because of the areas impacted.

 (Image: Claims magazine)

Issues that may have seemed fairly distant in the future are now demanding the industry's immediate attention in terms of staffing, training and technology upgrades. How prepared the industry really is will become evident in the customer satisfaction numbers following these catastrophes.

Four hurricanes, multiple wildfires, and several terror-inducing and terror-related attacks have stretched the industry in many directions recently, while highlighting any weaknesses within. Insurers will feel the pain from all of these issues for the immediate future and the solution will not be an easy fix for anyone.

Tags:  career  careers  insurance  profession  salary  survey results 

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