Insurers Say They’re Having Trouble Recruiting New Employees

September 2, 2020

About 83 percent of respondents said they will either maintain or increase their staffs over the next 12 months, the study found. But of the 11 functional areas reported on in the study, 8 have experienced more recruiting difficulty compared to one year ago.

“The insurance industry has proven relatively stable in comparison to the overall economy and insurers continue to compete for top talent,” Gregory Jacobson, co-CEO of Jacobson, said in prepared remarks. “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.”

If the industry follows through on its hiring plans, the next increase in staffing will still be relatively small. Insurance industry staffing will grow at 0.99 percent over the next 12 months if hiring plans stay in place, according to the study.

Hiring Areas

Respondents said they’ll be most likely hiring more staff in areas such as technology, underwriting and analytics. Factors driving staffing changes include anticipated shifts in business volume and adjustments to areas that are currently over or understaffed.

Just under 60 percent of companies say they are expecting higher revenue growth, 19 points lower than six months ago. Approximately 30 percent of companies expect flat growth, 13 points higher than January 2020.

The Jacobson/Aon Semi-Annual U.S. Insurance Labor Outlook Study has been conducted twice-yearly since 2009. Organizers collect revenue and hiring projections from carriers in every insurance sector, with a goal of providing a valuable look at the insurance labor market outlook and hiring trends.

The study’s next iteration will occur in January 2021.

The Jacobson Group provides talent to the insurance industry. Aon is a global professional services firm.

Sources: The Jacobson Group/Aon

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Latest Comments

  • September 4, 2020 at 7:19 am
    PolarBeaRepeal says:
    FZE didn't complain about ANYONE and EVERYTHING ELSE. It's clear that you've stepped in it again by your hyperbole to try to salvage your credibility. But you have no credibil... read more
  • September 3, 2020 at 11:30 pm
    Former Zurich Emp says:
    Hey Jon. You are nothing but a troll. I started at Ace Hardware making $3.05 an hr being a stock boy when I was 14 and worked my ass off to retire at 53. My first raise was ... read more
  • September 3, 2020 at 4:20 pm
    Craig Cornell says:
    His results suggest they DO know how to recruit better. Results.
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