Nearly 62 percent of insurers polled intend to increase staff in 2014, according to the latest iteration of the Semi-Annual U.S. Insurance Labor Outlook Study conducted by The Jacobson Group and Ward Group. This is the highest rate in the history of the survey. In addition, the Bureau of Labor Statistics has reported the unemployment rate for the insurance industry is at two percent, the lowest we have seen since March of 2007.
“The industry is seeing a return to its pre-recession state, bringing increased confidence, optimistic staffing and robust revenue forecasts,” says Gregory P. Jacobson, co-chief executive officer of Jacobson. “We are seeing a smoothing effect in the market as things begin to stabilize.”
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.
“With the diminishing unemployment rate and the severe skills gap throughout the industry, companies are struggling to find experienced individuals to fill their open positions,” according to Jacobson.
Some additional key findings include:
- The number of companies expecting to see a decrease in staffing during the next year is at four percent, the lowest point in the history of the survey.
- Technology, underwriting, sales/marketing and claims positions continue to be the most in demand.
- Actuarial, analytics, executive and technology positions continue to be the most difficult to fill.
- If the industry follows through on its plans, we will see a 0.89 percent increase in industry employment during 2014, creating new jobs.
Source: The Jacobson Group/Ward Group
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