“The insurance industry has proven relatively stable in comparison to the overall economy and insurers continue to compete for top talent,” says Gregory P. Jacobson, co-chief executive officer of Jacobson. “Recruiting difficulty has not eased during the pandemic and has even increased slightly for most insurance functions. Though employment will continue to grow in the next 12 months, it will be at a significantly slower pace.”
Some of the study’s key findings include the following:
Most vacant positions are still moderately difficult to fill; of the 11 functional areas reported on in the study, eight have increased in recruiting difficulty compared to one year ago.
Fifty-eight percent of companies expect increased revenue growth, 19 points lower than six months ago. Thirty percent of companies expect flat growth, 13 points higher than January 2020.
In the coming year, companies are most likely to increase staff within the technology function, followed by underwriting and analytics.
The primary drivers of staffing changes in the next 12 months are anticipated shifts in business volume and adjustments to areas that are currently over or understaffed.
If the industry follows through on its plans, we will see a 0.99 percent increase in industry employment during the next 12 months.
For more highlights and commentary, download the full results summary and the recorded webcast here.
The insurance labor outlook study has been conducted semi-annually since 2009. Collecting revenue and hiring projections from carriers across all sectors of the industry, it provides a valuable look at the insurance labor market outlook and hiring trends.
The study’s next iteration will occur in January 2021. 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 nearly 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.
About Aon:
Aon plc is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.