The post-recession recovery has seen monumental growth within the insurance industry. In fact, according to a recent PropertyCasualty 360 article, the industry has added more than 100,000 new jobs in roughly five years. The industry’s historical vitality is helping to make an insurance career more appealing to job seekers looking for stability in the wake of the recent downturn.
2016 is poised to be a year of rapid change and innovation within the insurance industry talent market. From the rise of flexible work options to the growing analytics revolution, the industry continues to be influenced by a number of key emerging talent trends. Here are the eight top insurance industry trends for 2016.
Cyber is everywhere, even earning its own CSI spin off on TV! With the well-publicized cyber attacks and data breaches at Target, NATO, JPMorgan Chase, and Anthem, cyber security and losses associated with cyber crimes are a growing concern throughout the business world. While the total number of data breaches and record exposures often fluctuates year to year, organizations are seeing a continued upward trend.
The results are in!
The results from our third quarter iteration of the U.S. Insurance Labor Outlook Study are now available. Compared to the January 2014 survey, the rate of expected hiring experienced a slight decrease, down to 58%; however, this remains the second highest reading since we started the semi-annual survey back in 2009. In addition, unemployment continues to be low, with the BLS reporting the August 2014 rate for insurance at 2.4%. The industry is clearly enjoying an extended period of relative stability.
As more and more insurers find the value in leveraging data analytics throughout their organizations, the demand for high-quality, experienced data and analytics professionals is on the rise. Alas, the insurance industry is not the only one looking to expand its analytics presence. With a shallow pool of qualified analytics talent, insurance organizations are facing an increasingly challenging recruiting climate as they attempt to address their analytics and big data needs.
As mentioned in our recent analytics blog post, the demand for actuarial talent in 2014 was surpassed by analytics for the first time in the history of The Jacobson Group and Ward Group’s Semi-Annual U.S. Insurance Labor Outlook Study. In addition, analytics ranks in the top five most in-demand job functions, as well as in the top five areas where companies are planning to increase staff throughout the year.