Insurance Labor Study Uncovers Difficult yet Optimistic Recruitment Environment
The latest iteration of the Semi-Annual US Insurance Labor Outlook Study, conducted by The Jacobson Group and Aon plc, found 92 percent of respondents intend to maintain or increase staff in the next 12 months.
“Recruitment difficulty is still increasing in the insurance industry, driven by continued low unemployment, mass retirements and job growth incited by modernization efforts,” says Gregory P. Jacobson, co-chief executive officer of Jacobson. Though revenue growth rates are slowing slightly in the industry, study participants still reported relatively high expectations as compared to the general economy. “Overall, insurers remain optimistic.”
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Some of the study’s key findings include the following:
- Seventy-seven percent of companies expect increased revenue growth, 2 points lower than six months ago. As in July 2019, 17 percent of companies expect flat revenue growth.
- Most vacant positions are still moderately difficult to fill; nine of the 11 functions reported on increased in recruiting difficulty compared to one year ago. For the first time since the study began in July 2009, accounting met the condition for moderate difficulty.
- In 2020, technology will be the function in which companies will be most likely to increase staff.
- Automation will be the primary driver behind staff reductions in the next year, though only 8 percent of companies expect to reduce staff.
- If the industry follows through on its plans, we will see a 0.77 percent increase in industry employment during the next 12 months, creating new jobs.
The insurance labor outlook study has been conducted semi-annually for 11 years. Collecting revenue and hiring projections from carriers across all sectors of the industry, it provides a valuable look at the insurance labor market outlook and hiring trends.
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