Insurance Labor Market Study Finds 72% of Companies are Planning to Increase Staff

The latest iteration of the Semi-Annual U.S. Insurance Labor Market Study, conducted in part by The Jacobson Group, the leading provider of talent to the insurance industry, found a record percentage of insurers plan to increase their headcounts in 2022 amid an already challenging labor market.

“In terms of acquiring and retaining insurance talent, we’re in the most competitive environment many of us have ever experienced,” said Gregory P. Jacobson, co-chief executive officer of The Jacobson Group. “New roles and opportunities are emerging, job openings are near an all-time high, and retirements are accelerating. As insurance leaders evaluate their talent strategies, flexibility in all areas is essential for long-term success.”

Here are some of the study’s key findings:

• In the next 12 months, 72% of carriers plan to increase staff, a 16-point increase from the July 2021 study. This is primarily driven by anticipated increases in business volume. Just 3% of carriers anticipate staff reductions.
• Overall recruiting difficulty is at its highest in the study’s 13-year history. Technology, actuarial and analytics positions are considered the most difficult to fill.
• As recruiting becomes more challenging, demand for temporary staff is also reaching an all-time high; 19% of carriers plan to increase their use of temporary employees in 2022.
• The vast majority of insurers intend to offer flexible working arrangements as offices reopen. Eighty-nine percent plan to offer a hybrid work model and 45% plan to provide fully remote options.
• If the industry follows through on its plans, we will see a 1.84% increase in industry employment during the next 12 months.

For more highlights and commentary, download the full results summary and recorded webinar here.

The Semi-Annual U.S. Insurance Labor Market Study has collected revenue and hiring projections from carriers across all sectors of the industry since 2009. The study provides a valuable look at the insurance labor market outlook and hiring trends.

The study’s next survey will take place in July 2022. 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 50 years, Jacobson has been connecting organizations with insurance professionals at all levels across all industry verticals. We provide an array of services including executive search, professional recruiting, temporary staffing and subject matter experts. Regardless of the need or situation, Jacobson is the insurance talent solution. Further information is available at jacobsononline.com.

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The results are in from the Q1 2022 Insurance Labor Market Study, conducted in part by @JacobsonGroup. Get the latest insights on the insurance labor market here: https://content.jacobsononline.com/2022-q1-laborstudyresults