Technology, analytics, claims staff to grow, study
Product management and technology are the top two areas where companies are looking to hire experienced staff, according to the Q1, 2022 U.S. Insurance Labor Market Study results from The Jacobson Group, a recruiting firm, and Ward Benchmarking, a part of Aon.
Nearly three-fourths, 72%, of companies are planning to increase staff in the next 12 months, according to the study, which investigates the hiring trends happening within the insurance industry. The survey includes responses from small, medium and large life and health insurers, property and casualty insurers and reinsurers.
Jeffrey Rieder, partner and head of Ward Benchmarking at Aon, says the most surprising finding in the study was how many companies plan to add staff.
“With 76% of positions expected to be filled by experienced staff, this will put more pressure on companies to retain staff,” says Rieder. “For technology, the impact is even greater. Only 13% of positions filled are expected to be entry-level.”
The primary reason companies plan to increase staff is related to an increase in business volume. Over half, 60%, of companies listed that as the reason to hire staff followed by being understaffed.
Companies responded that most positions are still moderately difficult to fill. The positions most difficult to fill include technology, actuarial and analytics roles, which are also the roles expected to see the most growth in the next 12 months, according to the study.
“Technology is the area most likely to increase staff for large companies, followed by underwriting and analytics,” the study states. “Medium-sized companies are looking toward technology then analytics in the next 12 months. After technology, small companies have the greatest need in claims.”
The industry has hit a record number of job openings as candidate expectations and recruitment challenges have increased. However, if companies follows hiring plans there will be a 1.84% increase in employment across the industry in the next 12 months.
