Q3 2023 Insurance Labor Market Study Indicates a Strong Market
- Insurance carriers plan to increase staff
- Technology, claims, and underwriting roles in high demand
- 72% of companies expect revenue growth
- Revenue growth expectation down 7 points
“While the labor market appears to be settling compared to last year, recruiting remains difficult and the majority of insurers aspire to add staff,” said Gregory P. Jacobson, co-chief executive officer of The Jacobson Group. “Carriers must be doing everything they can to position themselves as an employer of choice from a compensation, benefits and flexibility standpoint.”
“Many insurers have been challenged over the past year to achieve profit targets due to inflation, weather events and rising loss costs. However, the industry remains very resilient and we still see a high demand for the core claims, underwriting and technology functions,” said Jeff Rieder, partner at Aon and head of Ward Benchmarking.
Some of the study’s key findings include the following:
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In the next 12 months,
63% of insurance carriers plan to increase staff and27% expect to maintain their current staff size. Technology, claims and underwriting roles remain the industry’s most in demand positions. - Seventy-two percent of companies expect to grow revenue during the next 12 months; this is down 7 points from the January 2023 study.
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Currently,
92% of companies offer hybrid work and68% offer fully remote work to their employees. More than half of respondents offer flexible hours. - All roles are considered at least moderately difficult to fill, with technology, executive and analytics positions considered the most challenging.
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If the industry follows through on its plans, we will see a
0.66% increase in employment during the next 12 months.
For more highlights and commentary, download the full results summary and view the recorded webcast here.
The insurance labor market study has been conducted semi-annually since 2009. Collecting revenue and hiring projections from carriers across all sectors of the industry, it provides a valuable look at the insurance labor market outlook and hiring trends.
The study’s next iteration will occur in January 2024. To be notified when it opens, follow this link.
About The Jacobson Group:
The Jacobson Group is the leading provider of talent to the insurance industry. For more than 50 years, Jacobson has been connecting insurance organizations with professionals at all levels across all industry verticals. Jacobson provides insurance talent solutions to support virtually any human capital need. We offer executive search services and comprehensive staffing solutions, including professional recruiting, temporary staffing and interim experts.
Follow The Jacobson Group on LinkedIn, Twitter and Facebook.
About Aon:
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries and sovereignties with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.
Follow Aon on LinkedIn, Twitter, Facebook and Instagram. Stay up-to-date at the Aon Newsroom and sign-up for News Alerts here.
Aon
View source version on businesswire.com: https://www.businesswire.com/news/home/20230906379352/en/
The Jacobson Group
Whitney Stephens
+1 (312) 628-0376
wstephens@jacobsononline.com
Aon plc
Andrew Wragg
+44 (0) 7595 217168
andrew.wragg@aon.com
Source: The Jacobson Group
