The Jacobson Group and the Ward Group’s annual Insurance Labor Market Study has good day-after-Labor Day news for the industry. At least in personal lines, insurers are planning on staff increases and growth for the next 12 months.
Of the insurers quizzed, 81% said they expect revenue to grow and “the primary reason to increase staff during the next 12 months is the expectation of [growing] areas being currently understaffed. 46% of companies listed this as the primary reason to hire,” the report said.
It also notes, “the industry continues to face an increasingly competitive recruitment environment. This tightening market is being driven by virtually non-existent industry unemployment, a growing talent gap, a shallowing talent pool and increased staffing demands.”
These are the three areas where growth will be the most noticeable:
Another area of employment possibility — says The Jacobson Group CEO Greg Jacobson — is replacing retiring executives. “Our executive search and professional recruiting groups tend to focus on higher level positions. Many of these roles are open due to turnover, including retirements,” he said.
However, there are areas where insurance staffs will see reductions. A bit over a quarter of those questioned — 26% — said they will be cutting staff in areas where automation can do the tasks.
Source link: Insurance Business America