In the next 12 months, 56% of insurance companies plan to increase staff while 37% plan to maintain their current staff size, according to The Jacobson Groups’ latest labor study.
Technology, claims and operations roles are expected to see the greatest growth.
“We’re seeing a lot of movement within the insurance industry, as professionals reevaluate their current roles and consider new opportunities,” commented Gregory P. Jacobson, co-chief executive officer of Jacobson.
If the industry follows through on its plans, there be a 1.81% increase in employment during the next 12 months, according to Jacobson.
According to the study, industry employment will continue to grow in the next year and recruiting has become more difficult across all functions.
The latest iteration of the semi-annual study by the insurance talent recruitment firm found 93% of respondents plan to increase or maintain their head counts in the next 12 months.
For the first time in the study’s 12-year history, all functional areas were considered moderately difficult or difficult to fill. Technology, analytics and actuarial roles are considered the most difficult, followed closely by executive positions.
Just 7% of insurers plan to decrease staff in the next 12 months, driven by larger companies. This is down from 9% in January 2021 and 17% in July 2020.
Seventy-eight percent of insurers anticipate revenue growth in the next year, which is 11 points higher than the January 2021 study. Only 1% of insurers expect a decrease in revenue.
Source: Q3 2021 Semi-Annual U.S. #Insurance Labor Outlook Study
Topics Carriers
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