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Q3 2023 Insurance Labor Market Study Indicates a Strong Market

  • Writer: Stylite Media
    Stylite Media
  • Sep 25, 2023
  • 2 min read

The latest iteration of the Semi-Annual Insurance Labor Market Study, conducted by The Jacobson Group, the leading provider of talent to the insurance industry, and Aon plc (NYSE: AON), a leading global professional services firm, found the majority of respondents plan to increase staff in the next 12 months.

The results of the Q3 2023 Insurance Labor Market Study, conducted in part by The Jacobson Group, are now available: https://content.jacobsononline.com/2023-q3-laborstudyresults #InsLaborStudy Tweet this

“While the labor market appears to be settling compared to last year, recruiting remains difficult and the majority of insurers aspire to add staff,” said Gregory P. Jacobson, co-chief executive officer of The Jacobson Group. “Carriers must be doing everything they can to position themselves as an employer of choice from a compensation, benefits and flexibility standpoint.”

“Many insurers have been challenged over the past year to achieve profit targets due to inflation, weather events and rising loss costs. However, the industry remains very resilient and we still see a high demand for the core claims, underwriting and technology functions,” said Jeff Rieder, partner at Aon and head of Ward Benchmarking.

Some of the study’s key findings include the following:

  • In the next 12 months, 63% of insurance carriers plan to increase staff and 27% expect to maintain their current staff size. Technology, claims and underwriting roles remain the industry’s most in demand positions.

  • Seventy-two percent of companies expect to grow revenue during the next 12 months; this is down 7 points from the January 2023 study.

  • Currently, 92% of companies offer hybrid work and 68% offer fully remote work to their employees. More than half of respondents offer flexible hours.

  • All roles are considered at least moderately difficult to fill, with technology, executive and analytics positions considered the most challenging.

  • If the industry follows through on its plans, we will see a 0.66% increase in employment during the next 12 months.

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Referenced from Businesswire.com

 
 
 
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