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Q1 2022 Insurance Labor Study Results: Record High Percentage of Insurers Plan to Hire

Job openings reached an all-time high in January, retirements are accelerating, and new roles are continuing to emerge within the industry. "A candidate’s market” has never more accurately described the insurance industry’s recruiting climate. According to our recent Q1 2022 Insurance Labor Market Study, conducted in partnership with Aon plc, 72% of insurers are planning to increase staff this year — a record high percentage and a 16-point increase from July 2021's study. If you’re looking to make a career move within the industry, now is an opportune time to start exploring your options, refresh your resume and ensure you’re prepared if your dream job presents itself. As the industry experiences the most intense labor market many have ever seen, candidate expectations are setting the tone and driving the market. With a current industry unemployment rate of 1.8% and a record number of open finance and insurance jobs, talent is being pursued aggressively and savvy insurers are focused on how they can best meet shifting needs to increase fill rates and retention. According to our study, anticipated growth in business volume is the primary reason to add staff. Three-quarters of insurers seek experienced professionals, followed by 24% who aim to hire entry-level employees. Operations and claims are the functions most likely to hire entry-level individuals, at 45% and 33% respectively. Technology roles continue to be the most in-demand, followed by claims positions. Overall recruiting difficulty is now at its highest level in the study's 13-year history. Every functional area was reported more challenging to fill than one year ago. Not surprisingly, technology roles continue to be the most difficult, followed by actuarial and analytics, respectively. As recruiting becomes more challenging, the use of temporary staff is also increasing. The majority of insurers plan to maintain their current use of temporary employees and 19% plan to increase their temporary staff in 2022. This is the largest demand for temporary staffing in the study’s history. As you explore opportunities within the industry, consider what you need from an employer and the roles and organizations that best match those needs. As offices reopen, the majority of insurers plan to offer flexible work options. Eighty-nine percent plan to offer hybrid work and 45% will allow employees to work remotely full-time. Geography is becoming less of a limitation and enabling candidates to broaden their job searches without entertaining relocation. The Q1 2022 Insurance Labor Market Study took place from January 12 through January 30, 2022, with participation from insurance carriers across all industry sectors. The semi-annual survey collects and examines data on insurance industry hiring, as well as revenue trends and projections. For more insight on the industry’s hiring plans and additional labor market details, view the full report.

Insurance Labor Study Results Reveal Record-Breaking Recruiting Difficulty

Throughout the past year, insurers have faced a tight – and often tumultuous – labor market. More seasoned professionals are continuing to retire, individuals of all levels are leaving the workforce amid “the Great Resignation” and we’re experiencing “the Great Reshuffle” of talent. Our recent Q1 2022 Insurance Labor Market Study indicates the recruiting climate has reached record difficulty and will likely become more challenging as we continue through 2022. The study, conducted in partnership with Aon plc, found 72% of insurance carriers (the highest percentage in the study’s 13-year history) plan to increase their headcounts this year. This is a 16-point increase over July 2021 and an 11-point increase over January 2020’s pre-pandemic expectations. The primary driver for adding staff in 2022 is anticipated increases in business volume; this is a shift from the July and January 2021 results, which attributed understaffed areas as the main reason for insurers to add employees. Not surprisingly, technology roles continue to see the most demand, followed by claims and analytics positions. Experienced staff is the industry’s greatest need across all functional areas, with three-quarters of respondents sharing they were planning to hire experienced employees. However, while insurers are primarily targeting experienced individuals, this mid-level gap demonstrates the value of growing junior-level employees and building a strong internal bench of talent. Although the majority of insurers aim to hire this year, overall recruiting difficulty has reached a peak. According to the Bureau of Labor Statistics, the number of job openings in finance and insurance is at an all-time high. This is further compounded by a low industry unemployment rate. Insurers are experiencing increased difficulty in not only finding, but also retaining the right talent. Technology roles remain the most difficult to fill, followed by actuarial and analytics positions. However, all functions increased in recruiting difficulty compared to July 2021, with the exception of executive positions. Demand for temporary staff has also grown amid these recruiting challenges and can help insurers fill immediate employment gaps, lessen the impact of attrition and maintain productivity. Nineteen percent of carriers plan to increase their use of temporary employees in 2022 – another high watermark for the study. As the industry continues to respond to shifting employee expectations, 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% anticipate fully remote options. As long-term hybrid work becomes the norm and insurance leaders evaluate their talent strategies, flexibility in all areas is essential for long-term success. Listen to our recent podcast, featuring Greg Jacobson, co-CEO of The Jacobson Group, and Jeff Rieder, head of Ward Benchmarking, for more insight and commentary on the study’s findings. To download the full report or view the results webcast presentation, click here. The Semi-Annual U.S. Insurance Labor Market Study has collected revenue and hiring projections from carriers across all sectors of the industry since 2009. The next iteration of the survey will take place in July 2022. To be notified when it opens, follow this link.

Episode 6: Exploring the Current State of the Insurance Labor Market: Q1 2022

The results of The Jacobson Group and Aon plc’s Q1 2022 Insurance Labor Market Study indicate record-setting staffing expectations and recruiting difficulty. Jeff Rieder, head of Aon’s Ward Benchmarking, and Greg Jacobson, co-CEO of The Jacobson Group, discuss the study’s key findings and provide insight on what insurers can expect from a talent standpoint in 2022.

March 2022: Labor Market Pulse

According to the Bureau of Labor Statistics, January* saw the largest number of open finance and insurance jobs in at least two decades. Hires and quits are also relatively high, further illustrating the industry reshuffling that has occurred throughout the last several months. The industry unemployment rate remains low; and while employment for insurance carriers and related activities is still below pre-pandemic numbers, it has steadily grown since July 2021. This, paired with the high number of open jobs, indicates insurers are unable to fill their open positions. Additionally, in our recent Q1 2022 Insurance Labor Market Study, conducted in partnership with Aon plc, both demand for talent and overall recruiting difficulty were at the highest ever measured. Insurers are continuing to combat one of the most challenging and competitive labor markets many have ever experienced. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector slightly increased to 1.8% in February.  The insurance carriers and related activities sector gained 6,300 jobs in February. At roughly 2.8 million jobs, industry employment increased by approximately 13,300 jobs compared to February 2021. The U.S. unemployment rate decreased to 3.8% in February and the overall economy added 678,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, January** insurance industry employment saw job increases in claims (up 13.7%), title (up 6.3%), agents/brokers (up 2.6%) and TPAs (up 0.4%). Meanwhile, job decreases were seen for reinsurance (down 5.8%), property and casualty (down 3.8%), and life/health (down 2.2%).  On a year-to-year basis, January** saw weekly wage increases in TPAs (up 3.1%), life/health (up 1.6%), title (up 1.3%), and claims (up 0.1%). Meanwhile, wage decreases were seen for reinsurance (down 1.4%), agents/brokers (down 0.2%), and property and casualty (down 0.1%).      BLS Reported Adjustments: Adjusted employment numbers for January show the industry saw an increase of 2,300 jobs, compared to the previously reported increase of 4,800 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled. *This is the most recently available information from the BLS JOLTS report, which began collecting data in December 2000. **The BLS reports on wages and employment for the industry category are only available for two months prior. The source for the data represented in PULSE is the U.S. Bureau of Labor Statistics. Insurance data is derived from the insurance carriers and related activities sector.

Jacobson Employee Spotlight – Q1 2022

As a people-focused organization, The Jacobson Group believes every employee’s contributions matter and impact the success of our organization, clients and candidates. In honor of Employee Appreciation Day, we’re shining the spotlight on three featured employees.  Learn about more of our Jacobson colleagues by viewing past editions of our Employee Spotlight here. For monthly Employee Spotlights, follow our Facebook page. PHOKHAM O'CONNOR Talent Delivery Manager, 11 years at Jacobson Hometown: Elgin, Illinois Alma Mater: University of Illinois Describe Your Role: As a talent delivery manager, I manage a team of recruiters who recruit candidates for our clients in need of temporary support. Personal Mantra: Do better, be better. Jacobson in Three Words: Professional, Energetic, Caring When You Grew Up, You Hoped to Become: An archaeologist First Concert: Eminem Best Place You Ever Visited: Bocas Del Toro, Panama One Thing You Are Grateful For: My adorable daughter GILLIAN GRYZ Research Team Lead, 5 years at Jacobson Hometown: Glenview, Illinois Alma Mater: University of Illinois at Urbana-Champaign Describe Your Role: I am the research team lead for executive search and I do my best to find the best insurance leaders for our roles. Favorite Dessert: My favorite dessert is a deep dish cookie with ice cream. Favorite Thing About Working at Jacobson: My favorite thing about working at Jacobson is my team – I am so grateful to work with all of them! First Concert: Britney Spears Best Place You Ever Visited: Lake Atitlán in Guatemala When You Grew Up, You Hoped to Become: A museum curator Jacobson in Three Words: Collaborative, Warm, Hard-working JESSE DEVER Recruiter, 8 months at Jacobson Hometown: Lake Zurich, Illinois Alma Mater: Miami University in Oxford, Ohio  Describe Your Role: I am a recruiter for Jacobson’s temporary staffing team. My job involves working with qualified candidates who are seeking new opportunities throughout the insurance industry. Jacobson in Three Words: Supportive, Dependable, Ambitious Favorite Movie: Braveheart How You Stay Motivated while Working From Home: Daily communication and collaboration with my team First Concert: Tom Petty and the Heartbreakers Fun Fact About Yourself: I was a competitive D1 college cheerleader. Want to join our team? View our corporate careers page here.

Q1 2022 Labor Market Study Results Infographic

The results of the first quarter iteration of the 2022 U.S. Insurance Labor Outlook Study are now available. The study, led by The Jacobson Group and Aon, plc, examines insurance industry labor and hiring trends. View highlighted stats in our infographic.

2022 Actuarial Talent Trends Guide

As we move through 2022, we are seeing a number of significant talent trends within the actuarial space. This challenging environment is compounded by shifting business priorities, the emergence of new roles and technologies, and increasing employee expectations. Download our guide to learn about the actuarial trends we expect will have the most impact in 2022.

Generation Z: Attracting and Retaining the Youngest Members of the Workforce

As the insurance industry continues to face a tight labor market, attracting and retaining members of Generation Z is essential for a successful talent strategy. Explore these best practices to ensure you're well-positioned to recruit and retain tomorrow's insurance leaders.

Episode 5: Attracting and Retaining Young Talent – Insurance Careers Month

It’s Insurance Careers Month, the hallmark event of the Insurance Careers Movement, a grassroots effort with a goal of inspiring young people to choose a career in insurance. In celebration of this event, host Greg Jacobson sat down with Marguerite Tortorello, managing director of the Insurance Careers Movement; John Glomb, president and CEO of Philadelphia Insurance; and Al Crook, head of HR business partners and apprenticeship at Zurich, to discuss how they are engaging young talent in unique and innovative ways. These industry leaders explain how they are expanding the industry’s visibility among young professionals and successfully recruiting the next generation of insurance talent. Learn more at insurancecareerstrifecta.org.

Q1 2022 U.S. Insurance Labor Market Study Results

The Jacobson Group and Aon-Ward conducted a study to investigate hiring trends within the insurance industry. The following presents the findings of an insurance labor survey conducted in the first quarter of 2022...

Insurance: The MVP of the Big Game

This year, the Cincinnati Bengals and the Los Angeles Rams will meet at the SoFi Stadium in Inglewood, California to compete for the ultimate football victory. While the players on the field and a love of the game are what attracts the crowds, insurance is one of the many moving parts that keep the game running smoothly - both in the stadium and on TV. Here are some insurance facts about the Big Game you might not have known: Insuring the Big Game is a multi-layered process costing hundreds of millions of dollars overall, but without it the game could not go on. Are you planning to host your own celebration for the Big Game this year? Share your game day plans with us in the comments below.

February 2022: Labor Market Pulse

While employment for insurance carriers and related activities has been on the rise for the past six months, revised BLS numbers* show average employment for 2021 was roughly 2.8 million, about 57,000 fewer jobs than originally reported. However, the tight labor market persists, and industry hiring is not keeping pace with its number of quits. This is evidenced by lower annual industry averages for both unemployment and jobs in 2021, compared to 2020. At the same time, wage increases were extremely high year-over-year. Overall, industry wages increased by 7% from December 2020 to December 2021. Life/health experienced a 6.5% increase and property/casualty experienced an 8.7% increase in that timeframe. As salaries rise and the war for talent continues, insurers must focus on ways to expand both their total rewards packages and their talent pools. To learn more about the industry’s hiring outlook, join us February 10 for a complimentary webinar analyzing the results of our Q1 2022 Insurance Labor Market Study. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector decreased to 1.7% in January.  The insurance carriers and related activities sector gained 4,800 jobs in January. At roughly 2.8 million jobs, industry employment decreased by approximately 2,200 jobs compared to January 2021. The U.S. unemployment rate increased to 4% in January and the overall economy added 467,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, December** insurance industry employment saw job increases in claims (up 16.1%), title (up 7.5%), agents/brokers (up 4.9%) and TPAs (up 1.4%). Meanwhile, job decreases were seen for life/health (down 4.6%), property and casualty (down 5.5%) and reinsurance (down 7.1%).  On a year-to-year basis, December** saw weekly wage increases in reinsurance (up 24.8%), TPAs (up 9%), property and casualty (up 8.7%), agents/brokers (up 6.6%), life/health (up 6.5%) claims (up 4.4%), and title (up 3.8%).      BLS Reported Adjustments: Adjusted employment numbers for December show the industry saw an increase of 4,500 jobs, compared to the previously reported increase of 3,100 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled. *The BLS made its annual revisions on February 4, adjusting employment numbers for the past five years.* **The BLS reports on wages and employment for the industry category are only available for two months prior. The source for the data represented in PULSE is the U.S. Bureau of Labor Statistics. Insurance data is derived from the insurance carriers and related activities sector.