For the past 12 years, The Jacobson Group and Aon plc have conducted a semi-annual study to uncover valuable information around insurance industry hiring and revenue trends. The Q3 2020 Semi-Annual U.S. Insurance Labor Outlook Study results have recently been released. A few key insights are highlighted below. To view the full report, click here.
Despite the tumultuous overall economic climate, the insurance industry remains relatively stable. Eighty-three percent of insurance carriers intend to maintain or increase their staff sizes in the next year. The primary reasons for adding staff are anticipated increases in business volume and currently understaffed areas. Technology, underwriting and analytics positions are the most in demand. Operations and actuarial are the functions most likely to hire entry-level employees and underwriting is the function most in need of executive-level talent. If the industry follows through on its expected plans for the next 12 months, we should see a 0.99 percent increase in industry employment, creating new jobs.
It’s likely the shift to remote work is here to stay for many insurers. The Q3 2020 iteration of the study explored the options available to employees as physical offices begin to reopen. More than three-quarters of carriers plan to allow employees to occasionally work from home, 53 percent plan to provide flexible hours and almost half will offer full-time remote work. In addition to contributing to employee satisfaction and allowing individuals to manage personal responsibilities, this shift will enable professionals to work across geographic locations.
In terms of revenue, 58 percent of companies expect growth, 19 percentage points lower than January 2020. Thirty percent of companies expect revenue to remain the same, compared to about 17 percent six months ago. Large companies are the most optimistic for the coming year, with 73 percent expecting revenue growth.
For more insight on the industry’s hiring plan, view the full report or infographic. For tips on job searching in the remote environment, read our recent blog post.
View open industry positions here.