66% Of Insurers Plan To Add Staff
February 26, 2015 by Chris McMahon
Demand for technology, claims and actuarial positions is skyrocketing — but those positions are the hardest to fill, according to The Jacobson and Ward Groups.
Two-thirds of insurance companies intend to increase staff in 2015, according to the “Semi-Annual U.S. Insurance Labor Outlook Study,” conducted by recruiting firm The Jacobson Group and industry benchmarking firm Ward Group. That is an increase of eight points since the July 2014 survey and the highest rate since 2009, when the survey began.
The unemployment rate for the insurance industry now stands at 2.3 percent, according to the Bureau of Labor Statistics, continuing the recent trend of low industry unemployment.
Insurers find recruiting for most positions to be difficult, according to survey participants. “We are seeing a market stabilization and increased confidence in the industry,” said Gregory Jacobson, co-CEO of Jacobson. “The result is a leveling-off of staffing and revenue forecasts.”
Highlights from the survey:
- 84 percent expect revenue to increase throughout the upcoming year, the fourth highest level since the beginning of the survey
- Technology, claims and underwriting positions are most in demand and are expected to grow further during the next 12 months.
- Technology, actuarial and executive positions continue to be the most difficult to fill.
If insurers follow through on hiring plans, the industry will experience a 1.48 percent increase in industry employment this year.
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.