Insurance Industry Labor Market Remains Stable: Report

A ample bulk of carriers mean to summation oregon support unit sizes successful the adjacent 12 months, according to Jacobson’s Q3 2024 Insurance Labor Market Study.

While the manufacture continues to adhd jobs, the employment maturation remains comparatively modest, according to the Jacobson report. For the archetypal clip successful the study’s 15-year history, exertion positions are not the industry’s top need. Underwriting and claims roles are presently successful highest demand, with exertion ranking third.

Just implicit fractional (52%) of companies mean to turn teams successful the adjacent 12 months, unchanged from January 2024. Meanwhile, 34% program to support existent headcounts.

The main drivers for maturation are expected increases successful concern measurement and enlargement into caller markets, the semi-annual survey of insurers found.

However, 14% of companies expect a simplification successful staffing—up 4 points from 1 twelvemonth ago—with automation continuing to beryllium the astir communal reason. No respondents program to alteration unit size by much than 10%.

Of the companies readying to hire, 77% said they’re astir successful request of experienced professionals, followed by entry-level individuals astatine 21% and executives astatine 2%. Entry-level positions are astir needed wrong operations (62%, which is 14 points higher than 1 twelvemonth ago), claims (38%), and underwriting (21%).

Compliance and nonaccomplishment control/risk absorption departments are the areas astir apt to adhd executive-level positions, according to the study. Actuarial, enforcement and analytics roles stay the astir challenging positions to fill.

Flexibility continues to beryllium an important information for galore professionals. Seventy-two percent of companies shared that they person a hybrid exemplary (38% 1 to 2 days successful office; 34% 3 to 4 days successful office). Just 4% said astir employees are successful the bureau afloat time. The immense bulk (94%) of companies bash not program to marque changes to their enactment models wrong the adjacent six months, the study found.

Topics Market