Technology growth

Aon, Jacobson Insurance Workforce Study, Technology Growth

Product management and technology are the two main areas in which companies seek to hire experienced staff, according to the 1st quarter 2022 United States The insurance labor market study is a result of The Jacobson Group, a staffing firm, and Ward Benchmarking, a subsidiary of Aon.

Nearly three-quarters, 72%, of companies plan to increase their workforce over the next 12 months, according to the study, which examines hiring trends in 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, said the most surprising finding from the study was the number of companies planning to increase their 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 the positions filled are expected to be entry-level.

The main reason why companies plan to increase their staff is related to an increase in business volume. More than half, 60%, of companies cited this as a reason for hiring staff, followed by a lack of staff.

Companies responded that most positions are still moderately difficult to fill. According to the study, the most difficult positions to fill include positions in the fields of technology, actuarial and analysis, which are also the positions that are expected to see the greatest growth over the next 12 months. .

“Technology is the area most likely to increase the workforce of large companies, followed by underwriting and analytics,” the study said. “Medium-sized businesses are shifting to technology and then to analytics over the next 12 months. After technology, small businesses are the most in need of claims.

The industry hit a record number of job postings as candidate expectations and recruitment challenges increased. However, if companies follow their hiring plans, there will be a 1.84% increase in employment in the industry over the next 12 months.