Interactive Insights

Recruiting Insurance Claims Processors

A Deep Dive into Talent Sourcing and Recruitment Advertising Benchmarks

Insurance Claims Processors

A Bit About These Talented Professionals

These fearless professionals are the insurance industry’s gatekeepers. Armed with sharp instincts and a keen eye for detail, they determine whether claims are legit and how to handle them. From deciphering policy coverage to deciding how much moolah should be doled out, they’re there to see each and every claim through to the end.

But boy oh boy is this occupation on a roller coaster ride. In fact, brace yourselves for a 2% decline in the overall employment of claims adjusters, appraisers, examiners, and investigators from 2021 to 2031.

Why, you ask?

Well, the ever-advancing march of technology, of course! Just like in many other occupations, we’re witnessing its transformative power in action. For example, computer software can now evaluate photos of damaged property and crunch the numbers to estimate claim amounts. Likewise, data collection and processing speeds are on the rise, enhancing efficiency and productivity.

Ready to insure (that’s not a typo) more great-fit candidates in your funnel, at the optimal cost?

It’s time to let Joveo’s data do the talking!

Year-on-year decrease in CPC
Year-on-year increase in median advertised salary
Year-on-year decrease in unique postings

CPA App-lause or App-loss

CPAsCost per application (CPA) measures the cost incurred by an organization to receive one job application from a potential candidate. depend on CPCs, in addition to a number of other factors! While you can’t control everything (for example, market conditions) you can definitely work on honing that apply process.

When it comes to optimizing, there are a few key factors to consider, including application quality, CPA, employer brand, recruiter time and effort, and candidate experience. While easy apply methods yield lower CPAs, recruiters may not obtain all the required info, and applications from unqualified or unenthusiastic candidates can pile up. Conversely, lengthy applications can result in a lot of drop-off, suboptimal candidate experience, and a high CPA.

Recommendation: What info does your team need? Whether it’s the simplicity of easy apply, an enhanced ATS app process, or another option, ensure that your recruitment strategy is rooted in data.

Source: Joveo and Lightcast Research

CPC, Ya You Know Me!

Nationally, we are seeing an average CPCCost per click (CPC) is the cost incurred by an organization for each click on a job advertisement or recruitment campaign. of $.97… but that’s not going to help you plan, is it? Hawaii is the least expensive state to garner a click ($0.43), whereas Indiana is the most expensive, with an average CPC of $2.07.

Recommendation: Ensure you’re getting the best return on your investment! Capitalize on this data, gain insights into seasonality and macro trends, and be flexible. Continuously monitor and compare performance, and use A/B testingA/B testing refers to a randomized experimentation process. Two or more versions of a variable (job title, job description, etc.) are shown to different segments of users at the same time. The goal is to determine which version leaves the maximum impact and drives conversions. to enhance CPCs and conversion rates.

Source: Joveo and Lightcast Research

Demand-Supply: The Golden Ratio

There’s a definite trend in these numbers, as the ratio of hires to postings hovers very close to 4.19 over the months. What does this mean, you ask? Well, approximately four hires are made for every posting.

Recommendation: If your ratio is less than 4.19, we strongly recommend an old fashioned recruitment marketing audit. That means reviewing job titles, descriptions, compensation, and benefits compared with your competition. And don’t forget reach, ad dollars, and return on ad spend per source. Shazam!

Source: Joveo and Lightcast Research

Mind Your Demand-Supply Gap… by State

Wondering how aggressive your sourcing needs to be in a given state? Well, this chart will come in mighty handy, giving you some insight into the demand-supply gap The demand-supply gap is calculated by dividing the number of unique job postings by total employment in the occupation. The higher the number, the greater the demand-supply gap, compared with the national average., and indicating just how aggressive you need to be when it comes to talent sourcing or job advertising.

For example, if you’re looking to hire in Tennessee, Georgia, or Ohio, you shouldn’t have a problem. In fact, these three top our list of easiest to fill states when we take a look at demand and supply. On the other end of the spectrum, filling your hiring funnel in Alaska, Washington DC, or Hawaii is going to be a challenge, where we are seeing the greatest disparity.

Recommendation: If the color of your state is in the deep gold, it may indicate that you need to jazz up your job content, A/B test titles A/B testing refers to a randomized experimentation process. Two or more versions of a variable (web page, job description, etc.) are shown to different segments of users at the same time. The goal is to determine which version leaves the maximum impact and drives conversions., expand across locationsGeographic optimizations expand the targeted location to include surrounding communities. This is an easy way to extend your reach and reduce CPAs by sourcing from less competitive markets., and spend considerably more on recruitment marketing and job advertising to attract more great-fit candidates.

Source: Joveo and Lightcast Research

Who Posts the Most?

We see an average posting intensity Posting intensity is the ratio of total job postings to unique job postings. A higher posting intensity means employers are sending copies of their reqs to several job sites or other locations on the web, to reach a bigger talent pool. of 3:1 across the occupation, nationally, indicating average demand. Top employers like AAA and UnitedHealth Group distribute their jobs with the same intensity, while a few others are ahead of the pack: Federated Insurance (6:1) and CCMSI (9:1)!

Recommendation: Be sure to get your posts out to all the right job boards and on social media. We may be a little biased, but one great way to automatically post jobs across the best-performing sites is to use programmatic job advertising – plus you can take advantage of job title Job title expansion means leveraging alternative job titles, using commonly searched terms. These are published as new listings in addition to the original post. and geographic Geographic optimizations expand the targeted location to include surrounding communities. This is an easy way to extend your reach and reduce CPAs by sourcing from less competitive markets. expansions.

Joveo and Lightcast Research

Show Candidates the Money!

While the national median salary is approximately $46,000, advertised median salaries over a 12-month period are closely aligned at $45,000, as of December of 2023. We typically see advertised and actual salaries so close when the demand-supply gap is lower within an occupation. Employers advertising salaries higher than this will definitely have a competitive advantage when it comes to sourcing.

Recommendation: If you offer a great salary, don’t forget to call it out in your job description, even if your state doesn’t enforce it legally. Currently, 47% of unique job postings for insurance claims processors include wage info. This will help you attract more candidates, lower CPCs, and fill your funnel faster.

Source: Joveo and Lightcast Research

An Eye on DE&I: How Do You Measure Up?

Diversity, equity, and inclusion. We know it is important! In fact, 67% of today’s candidates take a serious look at potential employers’ DE&I programs, and what they find influences their decision making. And, as we well know, the more diverse your workforce, the better your business outcomes!

Recommendation: Check out stats from the top and bottom three states. If you find you’re falling a bit short, have no fear! There are a plethora of relevant job boards to give your DE&I program the fillip it needs.

Source: Joveo and Lightcast Research

Occupational Gain to Attract and Retain

By understanding what occupations these folks come from, you can tailor your job ad content and channels to reach the right audiences, in addition to the standard talent supply in your location. For example, many of these fine people were previously employed as customer service reps, claims adjusters, or first-line supervisors.

Recommendation: Identify the right channels with a combination of keyword research, using a programmatic job advertising partner with publisher-level historical data and expertise. Now go get those great-fit candidates!

Source: Joveo and Lightcast Research

Curious about how your own talent sourcing and recruitment advertising efforts compare? Find out what it takes to be best-in-class and leave your competition in the dust.

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