The U.S. insurance industry continues its hiring spree in 2018, with 63 percent of companies saying that they plan to increase staff during the next 12 months, according to a new Jacobson and Ward Group survey.
The primary reason cited for hiring is the expectation of an increase in business volume – 66 percent of companies listed this as the primary reason-to-hire. Business expansion and/or entry into new markets was listed as the second most popular reason for hiring (43 percent).
The most difficult to fill positions are executive, technology, and actuarial, while the biggest growth is expected in technology, claims and underwriting roles.
“The insurance industry is coming face to face with an unprecedented talent reality,” says Gregory P. Jacobson, co-chief executive officer of Jacobson. “Virtually non-existent unemployment, an emerging skills gap and impending mass retirements of the industry’s continually aging workforce are challenging insurers to reevaluate their current staffing strategies. This survey will provide a baseline from which insurers can make necessary adjustments to build a successful workforce.”
When it came to reducing staff, 11 percent of companies reported that automation will be the primary reason for reductions in staff during the next 12 months followed by reorganization at 9 percent.
The Jacobson Group and Ward Group conducted a webinar to review the trends uncovered by the survey. The webinar can be viewed here.
The I.I.I. tracks insurance industry employment trends here.