Despite the impact of COVID-19 on the country’s economy, the latest Semi-Annual United States Insurance Labour Outlook Study, has found 83 percent of respondents intend to maintain or increase staff in the next 12 months.
The study which is carried out by recruitment specialist the Jacobson Group and broker Aon, has been carried out every six months since 2009. Collecting revenue and hiring projections from carriers across all sectors of the industry, it provides a valuable look at the insurance labour market outlook and hiring trends.
“The insurance industry has proven relatively stable in comparison to the overall economy and insurers continue to compete for top talent,” says Gregory P. Jacobson, Co-Chief Executive Officer of Jacobson. “Recruiting difficulty has not eased during the pandemic and has even increased slightly for most insurance functions. Though employment will continue to grow in the next 12 months, it will be at a significantly slower pace.”
The study found most vacant positions are still moderately difficult to fill; of the 11 functional areas reported on in the study, eight have increased in recruiting difficulty compared to one year ago.
However, a total of Fifty-eight percent of companies expect increased revenue growth, 19 points lower than six months ago. Thirty percent of companies expect flat growth, 13 points higher than January 2020.
According to the study in the coming year, companies are most likely to increase staff within the technology function, followed by underwriting and analytics. The primary drivers of staffing changes in the next 12 months are anticipated shifts in business volume and adjustments to areas that are currently over or understaffed.
“If the industry follows through on its plans, we will see a 0.99 percent increase in industry employment during the next 12 months,” added Mr Jacobson.