Insurance Labor Study Indicates Continued Growth Amid a Difficult Recruiting Market
The latest iteration of the Semi-Annual U.S. Insurance Labor Outlook Study, conducted in part by The Jacobson Group, the leading provider of talent to the insurance industry, found 93% of respondents plan to increase or maintain their headcounts in the next 12 months.
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“We’re seeing a lot of movement within the insurance industry, as professionals reevaluate their current roles and consider new opportunities,” said Gregory P. Jacobson, co-chief executive officer of Jacobson. “According to our study, industry employment will continue to grow in the next year and recruiting has become more difficult across all functions. To stay competitive, it’s vital insurers are strategic, intentional and future-focused in their hiring and retention plans.”
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Some of the study’s key findings include the following:
- In the next 12 months, 56% of companies plan to increase staff and 37% plan to maintain their current staff size. Technology, claims and operations roles are expected to see the greatest growth.
- Just 7% of insurers plan to decrease staff in the next 12 months, driven by larger companies. This is down from 9% in January 2021 and 17% in July 2020.
- Seventy-eight percent of insurers anticipate revenue growth in the next year, which is 11 points higher than the January 2021 study. Only 1% of insurers expect a decrease in revenue.
- For the first time in the study’s 12-year history, all functional areas were considered moderately difficult or difficult to fill. Technology, analytics and actuarial roles are considered the most difficult, followed closely by executive positions.
- If the industry follows through on its plans, we will see a 1.81% increase in employment during the next 12 months.
Now in its 25th iteration, the Semi-Annual U.S. Insurance Labor Outlook Study collects revenue and hiring projections from carriers across all sectors of the industry. Since 2009, the study has provided a valuable look at the insurance labor market outlook and hiring trends.
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