Insurance Labor Market Study Finds 72% Of Companies Are Planning to Increase Staff

The latest iteration of the Semi-Annual US Insurance Labor Market Study, conducted in part by The Jacobson Group, the leading provider of talent to the insurance industry, found a record percentage of insurers plan to increase their headcounts in 2022 amid an already challenging labor market.

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“In terms of acquiring and retaining insurance talent, we’re in the most competitive environment many of us have ever experienced,” said Gregory P. Jacobson, co-chief executive officer of The Jacobson Group. “New roles and opportunities are emerging, job openings are near an all-time high, and retirements are accelerating. As insurance leaders evaluate their talent strategies, flexibility in all areas is essential for long-term success.”

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Here are some of the study’s key findings:

• In the next 12 months, 72% of carriers plan to increase staff, a 16-point increase from the July 2021 study. This is primarily driven by anticipated increases in business volume. Just 3% of carriers anticipate staff reductions.
• Overall recruiting difficulty is at its highest in the study’s 13-year history. Technology, actuarial and analytics positions are considered the most difficult to fill.
• As recruiting becomes more challenging, demand for temporary staff is also reaching an all-time high; 19% of carriers plan to increase their use of temporary employees in 2022.
• The vast majority of insurers intend to offer flexible working arrangements as offices reopen. Eighty-nine percent plan to offer a hybrid work model and 45% plan to provide fully remote options.
• If the industry follows through on its plans, we will see a 1.84% increase in industry employment during the next 12 months.

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