"Despite an increasingly difficult labor market, the majority of insurers plan to add to their teams in the coming year," said Gregory P. Jacobson, co-chief executive officer of The Jacobson Group. "The talent shortage persists, and we continue to see movement at all professional levels, making it critical for insurance leaders to be future-focused, flexible, and efficient in their hiring and retention efforts."
The following are some of the study's key findings:
- 68% of carriers plan to increase staff in the next 12 months, a 12 point increase from the previous year. This is being driven primarily by anticipated increases in business volume.
- Overall recruiting difficulty remains at its peak in the study's 13-year history, with technology, actuarial, and analytics positions remaining the most difficult to fill. Almost half of businesses believe their ability to hire is worse than it was a year ago.
- Temporary staffing is also in high demand, with 96% of carriers planning to increase or maintain their use of temporary workers.
- Seventy-three percent of businesses anticipate revenue growth in the coming year, owing to anticipated increases in market share. This is a 9-point decrease from the January 2022 study and a 5-point decrease from the July 2021 study.
If the industry follows through on its plans, employment will rise by 0.94% over the next year.
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 in all industries. The research offers an insightful look at the insurance labor market outlook and hiring trends.
About The Jacobson Group
The Jacobson Group is the leading provider of insurance industry talent. Jacobson has been connecting organizations with insurance professionals at all levels and across all industry verticals for over 50 years. Executive search, professional recruiting, temporary staffing, and subject matter experts are among the services we offer. Jacobson is the insurance talent solution for any need or situation. More information can be found at jacobsononline.com.