The latest iteration of the Semi-Annual Insurance Labor Market Study, conducted by The Jacobson Group, the leading provider of talent to the insurance industry, and Aon plc (NYSE: AON), a leading global professional services firm, found the majority of respondents plan to increase staff in the next 12 months.
“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:
- In the next 12 months, 63% of insurance carriers plan to increase staff and 27% 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.
- Currently, 92% of companies offer hybrid work and 68% 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.
- 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.
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.
Aon UK Limited is authorised and regulated by the Financial Conduct Authority for the provision of regulated products and services in the UK. Registered in England and Wales. Registered number: 00210725. Registered Office: The Aon Centre, The Leadenhall Building, 122 Leadenhall Street, London EC3V 4AN. Tel: 020 7623 5500. #13104 has been approved until September 4th, 2025, after which time the content should not be used or distributed. Aon is not responsible for the content of the third party website.
The results of the Q3 2023 Insurance Labor Market Study, conducted in part by The Jacobson Group, are now available: https://content.jacobsononline.com/2023-q3-laborstudyresults #InsLaborStudy