Insurance Labor Market Study Indicates Continued Growth Amid Recruiting Difficulty
The latest iteration of the Semi-Annual U.S. Insurance Labor Market Study, conducted in part by The Jacobson Group, the leading provider of talent to the insurance industry, found 95% of respondents plan to increase or maintain their headcounts in the next 12 months.
"The majority of insurers are planning to add to their teams in the next year, despite an increasingly challenging labor market," said Gregory P. Jacobson, co-chief executive officer of The Jacobson Group. "The talent shortage persists and we're seeing continued movement at all professional levels, making it essential for insurance leaders to be future-focused, flexible, and efficient in their hiring and retention efforts."
Here are some of the study's key findings:
- In the next 12 months, 68% of carriers plan to increase staff, up 12 points from one year ago. This is primarily driven by anticipated increases in business volume.
- Overall recruiting difficulty remains at its highest point in the study's 13-year history, with technology, actuarial and analytics positions continuing to be considered the most difficult to fill. Nearly half of companies feel their ability to hire is worse than one year ago.
- Demand for temporary staffing also continues to peak, with 96% of carriers planning to increase or maintain their use of temporary employees.
- Seventy-three percent of companies expect revenue growth over the next year, driven by anticipated increases in market share. This is down 9 points from January 2022's study and down 5 points from July 2021.
- If the industry follows through on its plans, we'll see a 0.94% increase in employment during the next 12 months.
For more highlights and commentary, download the full results summary and recorded webinar here.
Since 2009, the Semi-Annual U.S. Insurance Labor Market Study has collected revenue and hiring projections from carriers across all sectors of the industry. The study provides a valuable look at the insurance labor market outlook and hiring trends.
The study's next survey will take place in January 2023. To be notified when it opens, follow this link.
About The Jacobson Group:
The Jacobson Group is the leading provider of talent to the insurance industry. For more than 50 years, Jacobson has been connecting organizations with insurance professionals at all levels across all industry verticals. We provide an array of services including executive search, professional recruiting, temporary staffing and subject matter experts. Regardless of the need or situation, Jacobson is the insurance talent solution. Further information is available at jacobsononline.com.
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