Insurance Labor Study Highlights a Competitive Labor Market

CHICAGO – According to the latest iteration of the Semi-Annual U.S. Insurance Labor Market Study conducted by The Jacobson Group and Ward Group, a part of Aon Hewitt, a business unit of Aon plc (NYSE: AON), 65 percent of companies polled intend to increase staff in 2017. In addition, the Bureau of Labor Statistics has reported that the unemployment rate for the insurance industry is at 3.3 percent, which remains significantly lower than the national average.

“Expected increases in business volume and expansion into new markets are driving continued hiring,” says Gregory P. Jacobson, co-chief executive officer of Jacobson. “This organizational growth, coupled with a shallow talent pool and virtually non-existent industry unemployment, results in an increasingly competitive labor market.”

The study found that openings are still moderately difficult to fill and recruiting is slightly more difficult in most disciplines than it was one year ago.

Some additional key findings include the following:

• Seventy percent of property and casualty and life/health companies expect an increase in revenue growth, down nine points from the July 2016 survey. Expected revenue growth is at its lowest level since the January 2012 survey.
• Actuarial, analytics and technology positions remain the most difficult to fill.
• If the industry follows through on its plans, we will see a 1.56 percent increase in industry employment during the next 12 months, creating new jobs.
• Eleven percent of organizations expect to increase their use of temporary employees in 2017, the highest anticipated increase in temporary staff usage since the January 2014 survey.

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

The Insurance Labor Market 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 2017. For details on how to participate or to request more information about the survey, contact Vince Albers of Ward Group at [email protected].

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
[email protected]
 
Ward Group
Vince Albers, Manager
+1 (513) 746-2422
[email protected]