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Labor Study Indicates Positive Industry Growth Trends

August 17, 2016
CHICAGO – According to the latest iteration of the Mid-Year U.S. Insurance Labor Outlook Study conducted by The Jacobson Group and Ward Group, a part of Aon Hewitt, a business unit of Aon plc (NYSE: AON), more than 66 percent of companies polled intend to increase staff during the next 12 months, the highest intent in the history of the study. The primary reason driving this increase is the expectation of an increase in business volume. 59 percent of companies listed this as the primary reason-to-hire, followed by 45 percent who reported expansion of business and new markets as the trigger.

“If the industry follows through on its plans, we will see a 1.37 percent increase in industry employment during the next 12 months,” said Gregory P. Jacobson, co-chief executive officer of Jacobson. “The continued focus on increasing staff paired with mass retirements and virtually non-existent industry unemployment will only further interfuse an already challenging recruiting environment.”

The study indicated that 75 percent of small companies plan to increase staff during the next year, which is nearly 34 points higher than large companies. However, large companies remain optimistic in terms of revenue increases—expecting growth as high as 82 percent, compared to 79% and 77% for small and mid-sized companies.

Some additional key findings include:

  • Four percent of companies expect a decrease in staffing during the next 12 months— the 3rd lowest percentage since 2009.
  • Sixty-one percent of companies stated that change in market share will drive their expected revenue changes.
  • Technology, claims and underwriter roles are expected to grow more than any other industry position during the next 12 months.
  • Executive, technology and actuarial positions are the most difficult to fill.

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 2017. For details on how to participate, visit http://jcbsn.gr/labor-study-info-sign-up.

About The Jacobson Group:
The Jacobson Group is the leading global provider of insurance talent. For more than 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 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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