Insurance Labor Market Study Reveals Revenue on the Rise
The Jacobson Group and Ward Group recently conducted a study to investigate hiring trends within the insurance industry for the third quarter of 2017. The Insurance Labor Market study revealed that positive market expectations have increased optimism for revenue, specifically for mid-sized and large companies, with 85 percent and 84 percent predicting future growth over the next 12 months. Along with this increase, 62 percent of companies plan to increase staff over the same time frame, driven by 73 percent in personal lines and 69 percent in Life/Health segments. While staffing numbers and revenue for many firms continue to rise, study findings also highlight the highest level of staffing reductions that the industry has seen in the past five years, driven largely in part by emerging trends in digitization and automation.
“Expectations to grow revenue are ten points higher than in January, at 81 percent,” says Greg Jacobson, CEO of The Jacobson Group. “This is the first time since July 2012 that expectations increased from the January to July survey period.”
Additional Key Findings:
· The P&C industry grew 1.97 percent versus an anticipated 1.40 percent.
· The L&H industry grew -0.78 percent versus an anticipated rate of 1.35 percent due to the current uncertainty in health care.
· Currently, carriers have the greatest challenges recruiting for analytics, executive, and actuarial roles.
· The industry’s greatest staffing demand lies in technology.
· If the industry follows through on its plans, we will see a 1.14 percent increase in employment during the next 12 months.
For more hightlights, download the full reuslts summary, or view the webcast.
The Insurance Labor Outlook Study has been conducted semi-annually since July 2009. The next iteration will occur in Q1 of 2018. For details, contact Vince Albers of Ward Group at email@example.com.