Labor Study Indicates a Stabilizing Insurance Industry; Recruiting Difficulty Continues
CHICAGO--(BUSINESS WIRE)--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.
“The industry is settling into its return to pre-recession rates, resulting in growing confidence and the leveling-off of staffing and revenue forecasts”
“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:
- 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 months.
- 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 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 search, professional recruiting, emerging talent, RPO, temporary staffing, subject 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.