Insurance Labor Study Highlights Competitive Labor Market
According to the latest iteration of the Semi-Annual U.S. Insurance Labor Outlook Study conducted by The Jacobson Group and Aon, 61 percent of companies polled intend to increase staff in 2019. In addition, the Bureau of Labor Statistics reports the unemployment rate for the insurance industry is 1.7 percent, which continues the trend of virtually non-existent unemployment. This remains significantly lower than the national average—reported at 3.9 percent.
“Anticipated increase in business volume and expansion into new markets are driving continued hiring,” says Gregory P. Jacobson, co-chief executive officer of Jacobson. “This organizational growth, coupled with a shallow talent pool and virtually non-existent industry unemployment, results in an increasingly competitive labor market.”
The study found job vacancies are still moderately difficult to fill. However, recruiting is slightly less difficult in some disciplines than it was one year ago.
Some additional key findings include the following:
- Seventy-nine percent of companies expect an increase in revenue growth, down three points from the July 2018 iteration of the survey. Sixteen percent of companies expect flat revenue growth, down one point from January 2018.
- The need for technology, claims and sales/marketing staff is expected to grow the greatest in the next 12 months.
- Technology, executive and actuarial positions are the most difficult to fill.
- If the industry follows through on its plans, we will see a 1.74 percent increase in industry employment during the next 12 months, creating new jobs.
- Companies are requiring more temporary staff. Eighteen percent of companies are planning to increase their use, up from 12 percent in January 2018.
The 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 the labor market outlook and hiring trends.
The study’s next iteration will occur in July 2019. For details on how to participate or to request more information about the survey, please follow this link or contact Vince Albers of Aon at +1 (513) 746-2422 or email@example.com.
Nicole M. St.Martin, Vice President and Marketing Communications Director
+1 (312) 884-0491
Vince Albers, Manager – Ward benchmarking
+1 (513) 746-2422