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Insurance Industry Labor Study Reveals Continued Focus on Hiring

According to the latest iteration of the Semi-Annual U.S. Insurance Labor Outlook Study conducted by The Jacobson Group and Ward Group, 65 percent of companies polled intend to increase staff in 2015. This is the second highest rate in the history of the survey and represents an increase of seven points over the July 2014 survey response. In addition, the Bureau of Labor Statistics has reported the unemployment rate for the insurance industry is at 1.6 percent, continuing the recent trend of low industry unemployment.

“The survey results show revenue growth predictions dropping to their lowest rate in three years,” says Gregory P. Jacobson, co-chief executive officer of Jacobson. “Despite this drop, staffing predictions are at their second highest rate since the economic downturn. The industry is clearly focused on filling positions and growing staff. The result is an increasingly competitive labor market.”

The study found that organizations are experiencing increased difficulty in recruiting for most positions. Though product line has a significant impact on the ease of filling positions, companies responded that most roles remain at least moderately difficult to fill.

Some additional key findings include:

• Nearly 79 percent of organizations expect an increase in revenue throughout the upcoming year, the lowest level since the July 2012 survey.
• Technology, claims and underwriting positions continue to be the most in demand and are expected to grow the greatest during the next 12 months.
• Analytics, actuarial and executive positions continue to be the most difficult to fill.
• If the industry follows through on its plans, we will see a 1.98 percent increase in industry employment during the next 12 months, creating new jobs.

The study’s next iteration will occur in January 2016. For details on how to participate, contact Vince Albers of Ward Group at vincent.albers@wardinc.com.

Source: The Jacobson Group and Ward Group