News > Press Releases

Labor Study Indicates Continued Focus on Staffing Growth

August 31, 2015
CHICAGO – According to the latest iteration of the Semi-Annual U.S. Insurance Labor Outlook Study conducted by The Jacobson Group and Ward Group, 65 percent of companies polled intend to increase staff in 2015. This is the second highest rate in the history of the survey and represents an increase of seven points over the July 2014 survey response. In addition, the Bureau of Labor Statistics has reported the unemployment rate for the insurance industry is at 1.6 percent, continuing the recent trend of low industry unemployment.

“The survey results show revenue growth predictions dropping to their lowest rate in three years,” says Gregory P. Jacobson, co-chief executive officer of Jacobson. “Despite this drop, staffing predictions are at their second highest rate since the economic downturn. The industry is clearly focused on filling positions and growing staff. The result is an increasingly competitive labor market.”

The study found that organizations are experiencing increased difficulty in recruiting for most positions. Though product line has a significant impact on the ease of filling positions, companies responded that most roles remain at least moderately difficult to fill.

Some additional key findings include:

  • Nearly 79 percent of organizations expect an increase in revenue throughout the upcoming year, the lowest level since the July 2012 survey.
  • Technology, claims and underwriting positions continue to be the most in demand and are expected to grow the greatest during the next 12 months.
  • Analytics, actuarial and executive positions continue to be the most difficult to fill.
  • If the industry follows through on its plans, we will see a 1.98 percent increase in industry employment during the next 12 months, creating new jobs.

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

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

The study’s next iteration will occur in January 2016. For details on how to participate, contact Vince Albers of Ward Group at vincent.albers@wardinc.com.

About The Jacobson Group:

The Jacobson Group is the leading global 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, emerging talent, 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 jacobsononline.com.

About Ward Group®:

Ward Group is the recognized leader of benchmarking and best practices studies for insurance companies. The firm analyzes staff levels, compensation, business practices and expenses for all areas of company operations and helps insurers 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
+1 (312) 884-0491
nstmartin@jacobsononline.com

Ward Group
Vince Albers, Senior Analyst
+1 (513) 746-2422
vincent.albers@wardinc.com

Close  

Get_Talent_Now