According to the latest iteration of the Semi-Annual U.S. Insurance
Labor Outlook Study conducted by The
Jacobson Group and Ward
Group, 58 percent of companies polled intend to increase staff in
2014. This is the second highest rate in the history of the survey and
represents a slightly moderated response from the survey high at the
beginning of 2014. In addition, the Bureau of Labor Statistics has
reported the unemployment rate for the insurance industry is at 3.4
percent, continuing the recent trend of low industry unemployment.
Nearly 85 percent of organizations expect an increase in revenue
throughout the upcoming year, the third highest level since the
beginning of the survey.
Technology, underwriting and claims positions continue to be the most
in demand and are expected to grow the greatest during the next 12
Technology, actuarial and analytics positions continue to be the most
difficult to fill.
If the industry follows through on its plans, we will see a 1.01
percent increase in industry employment through the final half of
2014, creating new jobs.
“The industry is settling into its return to pre-recession rates,
resulting in growing confidence and the leveling-off of staffing and
revenue forecasts,” says Gregory P. Jacobson, co-chief executive officer
of Jacobson. “The market is stabilizing and organizational predictions
are following suit.”
The study found that organizations are experiencing difficulty
recruiting for most positions. Though product line has a significant
impact on the ease of filling positions, companies responded that most
roles are still moderately difficult to fill.
“The substantial demand caused by the severe skills gap, combined with a
diminishing pool of talent, is creating a competitive market for
companies looking to find experienced individuals to fill their open
positions,” according to Jacobson.
Some additional key findings include:
For more highlights, download the full insurance labor market study results
summary. For commentary, view the recorded webcast.
The Semi-Annual Insurance Labor Outlook Study has been conducted
semi-annually since July 2009. Collecting revenue and hiring projections
from organizations across all sectors of the industry, the survey
provides a valuable look at labor market outlooks and hiring trends.
The study’s next iteration will occur in January 2015. For details on
how to participate, contact Vince Albers of Ward Group at email@example.com.
About The Jacobson Group:
The Jacobson Group is the leading global provider of insurance talent.
For more than 40 years, we have been connecting insurance organizations
with professionals from the board room to the back room on both a
permanent and temporary basis. We offer a variety of solutions including executive
matter experts, and onsite
and work-at-home operations support. Regardless of the need or
situation, Jacobson is the insurance talent solution. Further
information is available at www.jacobsononline.com.
About Ward Group®:
Ward Group is the recognized leader of benchmarking and best practices
studies for insurance companies. The firm analyzes staff levels,
compensation, business practices and expenses for all areas of company
operations and helps insurers measure results, optimize performance and
improve profitability. For more information about Ward Group, visit www.wardinc.com.
The Jacobson Group
Nicole M. St.Martin, Vice President and
Marketing Communications Director
+1 (312) 884-0491
Vince Albers, Senior Consultant
+1 (513) 746-2422
Source: The Jacobson Group