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Insurance Labor Study Indicates Challenging Recruitment Environment

August 16, 2017
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 plc (NYSE: AON), 62 percent of companies polled intend to increase staff during the next 12 months. In addition, the Bureau of Labor Statistics is reporting the insurance industry’s employment rate at 2 percent, which continues the trend of virtually non-existent unemployment.

“We stand amid an increasingly volatile labor market,” said Gregory P. Jacobson, co-chief executive officer of Jacobson. “Growing staffing demands, low unemployment and a tightening labor pool have created the most challenging talent recruitment market in recent history.”

 Some additional key findings include the following:

  • Eighty-one percent of organizations expect an increase in revenue during the next 12 months. This is the first time since July 2012 that expectations increased from the January to July survey period.
  • Technology, analytics and claims roles are expected to grow the greatest during the next 12 months.
  • Analytics, executive and actuarial positions are considered 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 2018. To sign up to participate in upcoming studies, visit http://jcbsn.gr/2vI7rl0 or 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 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. Ward Group is part of Aon plc (NYSE: AON). For more information, please visit 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