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U.S. Labor Study Indicates Increased Confidence as the Economy Continues to Rebound; Recruiting Difficulty Continues

February 20, 2013

CHICAGO –According to the Semi-Annual U.S. Insurance Labor Market Study conducted by The Jacobson Group and Ward Group, 56 percent of companies polled intend to increase staff, while an encouraging 86 percent expect to grow revenue in the next 12 months. Both of these figures are at the highest levels reported since the study’s inception in 2009.

“Increased confidence is apparent not only through these optimistic staffing and revenue forecasts,” says Gregory P. Jacobson, co-chief executive officer of Jacobson, “but also through the primary reasons behind those projections: increase in business volume and market share.”

The study found that difficulty in recruiting for most positions has also continued its upward trend. Though product line has a significant impact on the ease of filling positions, companies responded that most roles are still moderately difficult to fill.

“With the industry’s annual unemployment rate at 4.4 percent, companies are having difficulty finding the right candidates,” according to Jacobson.

Some additional key findings include:

  • The number of companies expecting a decrease in staffing during the next year is at 10 percent, the lowest point in the history of the survey.
  • Technology, sales/marketing and claims roles are expected to grow the greatest during the next 12 months.
  • Actuarial, technology and executive positions continue to be the most difficult to fill.
  • If the industry follows through on its plans, we will see a 1.21 percent increase in industry employment during 2013, creating new jobs.


For more highlights, download the full insurance labor market study results summary. For commentary, view the recorded webcast.

The Semi-Annual Insurance Labor Market Study has been conducted twice annually since July 2009. Collecting revenue and hiring projections from organizations across all sectors of the industry, the survey provides the industry with a valuable look at labor market trends and hiring outlooks.

The study’s next iteration will occur in July 2013. For more details on how to participate, contact Vince Albers of Ward Group at valbers@wardinc.com.

About The Jacobson Group:
The Jacobson Group is the leading provider of insurance talent. For more than 40 years, we have been connecting insurance organizations with professionals from the board room to the back room on both a permanent and temporary basis. We offer a variety of solutions including executive search, professional recruiting, RPO, temporary staffing, subject matter experts, and onsite and work-at-home operations support. Regardless of the need or situation, Jacobson is the insurance talent solution. Further information is available at www.jacobsononline.com.

About Ward Group:
Ward Group is the leading provider of benchmarking and best practices research studies for insurance companies.  The firm analyzes staff levels, business practices and expenses for all areas of insurance company operations to help companies measure results, optimize performance and improve profitability.  For more information about Ward Group, visit www.wardinc.com.

Contact:
The Jacobson Group
Nicole M. St.Martin, Vice President and Marketing Communications Director
(312) 884-0491
nstmartin@jacobsononline.com

Ward Group
Vince Albers, Senior Consultant
(513) 746-2422
valbers@wardinc.com

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