Q1-2023 Insurance Labor Market Study: Explores Industry’s Staffing Needs And Challenges
The Jacobson Group and Aon’s Ward Business Unit have published their “Semi-Annual U.S. Insurance Labor Market Study.
The free report examines data on hiring and revenue trends and projections within the insurance industry and highlights the difficulties in recruiting talent, the need for technology staff, and the rise of hybrid work models.
Some highlights from the report are:
Recruiting in the insurance sector remains a challenge, with nearly all positions being moderately difficult to fill. However, compared to 2022, recruiting difficulty has eased in 10 of 11 categories, including operations, compliance, sales/marketing, accounting, product management, executives, claims, analytics, underwriting, actuarial, and technology.
When it comes to hiring talent, the reports states, that 25% of companies feel that it has become more difficult compared to the previous year, down from 48% in July. Meanwhile, 24% feel it has become less difficult. Life/Health companies (29%) are experiencing more challenges than P&C companies (23%). Large companies are struggling the most, with 27% reporting more difficulty compared to 21% and 20% for small and medium-sized companies, respectively.
The industry’s greatest demand, according to the report, lies in technology staff, with technology being the area most likely to see increased staffing for large companies, followed by analytics and underwriting. Medium-sized companies are focusing on technology and underwriting, while small companies are prioritizing claims and technology.
The ubiquity of hybrid work models
The study also explores the rise of hybrid work models. Currently, 92% of companies offer hybrid work, with 69% providing full-time remote work and 52% allowing flexible hours. In the next six months, 93% of Life/Health companies and 68% of P&C companies expect employees to come into the office at least one day a week.
Report available for free!
The report, a slide deck, and webcast concerning the Jacobson and Aon’s finding can be accessed for free at “Q1 2023 U.S. Insurance Labor Market Study Results”
About Jacobson
The Jacobson Group is a leading provider of talent to the insurance industry. For more than 50 years, Jacobson has been connecting insurance organizations with professionals at all levels across all industry verticals. Jacobson provides insurance talent solutions to support virtually any human capital need including executive search and an array of staffing services including professional recruiting, temporary staffing, and interim experts. For more information about Jacobson’s talent solutions, please visit jacobsononline.com.
Aon’s Ward Business Unit
Ward, a business unit of Aon plc, is an advisory consulting and analytical firm specializing in the insurance industry providing industry benchmarking and best practices services. The unit analyzes staff levels, compensation, business practices and expenses for all areas of company operations and help insurers measure results, optimize performance, and improve profitability. For more information about Ward’s solutions for insurance companies, please visit ward.aon.com.
