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Insurance Labor Study Highlights Continued Staffing Growth

February 24, 2016
CHICAGO – According to the latest iteration of the Semi-Annual U.S. Insurance Labor Study conducted by The Jacobson Group and Ward Group, a part of Aon Hewitt, a business unit of Aon plc (NYSE: AON), 66.3 percent of companies polled intend to increase staff in 2016. In addition, the Bureau of Labor Statistics has reported the unemployment rate for the insurance industry is at 2.1 percent, continuing the trend of low industry unemployment.

“The staffing prediction was the highest anticipated rate in the 7-year history of our survey,” says Gregory P. Jacobson, co-chief executive officer of Jacobson. “It is clear that the insurance industry is focused on building staff, resulting in an increasingly competitive labor market.”

The study found that organizations are still facing moderate difficulty in filling open roles across all disciplines. However, insurers are reporting that recruitment is slightly less difficult than it was a year ago.

Some additional key findings include:

  • 80.4 percent of organizations expect an increase in revenue throughout the upcoming year – signifying the second lowest level since the July 2012 survey.
  • Technology, claims and underwriting positions continue to be the most in demand and are expected to grow yet again during the next 12 months.
  • Technology, actuarial and analytic positions are the most difficult to fill.
  • If the industry follows through on its plans, we will see a 1.72 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 July 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 45 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, a part of Aon Hewitt, a business unit of Aon plc (NYSE: AON), 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, Manager
+1 (513) 746-2422
vincent.albers@wardinc.com

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