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The insurance industry has created 60,200 new jobs since April 2011, according to the U.S. Bureau of Labor Statistics. But at the same time, there are headwinds when it comes to acquiring top-level technology talent. Source: Insurance Market Study, Q1, 2015 Reproduced with the permission of The Jacobson Group and Ward Group.
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• On a scale of 1 to 10 (10 being most difficult), companies responded that positions are still moderately difficult to fill and recruiting is slightly less difficult in most disciplines than it was a year ago. • Positions rated 5 or above are considered moderate or difficult to fill. • Product line has a significant impact on the ease of filling positions. Source: Insurance Market Study, Q1, 2015 Reproduced with the permission of The Jacobson Group and Ward Group.
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• After Technology, large companies are most likely to increase staff in Analytics and Sales/Marketing, while small companies look to Claims. Medium-sized companies are looking to Underwriting then Technology. • Commercial lines companies have a higher need for Underwriters in the next 12 months compared to personal lines companies. • Life/Health companies have the greatest need in the Technology function followed by Analytics. • Technology has had the greatest likelihood to increase staff in 11 of the past 12 surveys for P&C companies. Source: Insurance Market Study, Q1, 2015 Reproduced with the permission of The Jacobson Group and Ward Group.
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Since 2009, the number of insurers planning to increase headcount has been steadilly on the increase, while the number planning to maintain or reduce staff has declined. Source: Insurance Market Study, Q1, 2015 Reproduced with the permission of The Jacobson Group and Ward Group.
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• 88% of P&C companies expect an increase in revenue growth, while 71% of Life/Health companies said the same. • 2.5% of all P&C companies expect a decrease in revenue during the next 12 months. Life/Health companies do not expect a decrease. • Both Life/Health and P&C companies responded that the primary driver for expected revenue changes will be market share rather than pricing or expansion/contraction. • 63% of national/multi-national companies expect market share to drive revenue changes compared to 60% of regional carriers. Source: Insurance Market Study, Q1, 2015 Reproduced with the permission of The Jacobson Group and Ward Group.
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Source: Insurance Market Study, Q1, 2015 Reproduced with the permission of The Jacobson Group and Ward Group.
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• 74% of commercial P&C companies expect to increase staff during the next 12 months. This is 10 and 17 points higher than balanced and personal lines companies, respectively. • Of the companies that plan to add staff during the next 12 months, 89% expect an increase in revenue with almost 67% responding that it will be due to a change in market share. • 69% of small companies (<300 FTE) expect to increase staff in the next 12 months compared to medium (300-1000 FTE) and large-sized companies (>1000 FTE) at 66% and 62%, respectively. Source: Insurance Market Study, Q1, 2015 Reproduced with the permission of The Jacobson Group and Ward Group.
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Source: Insurance Market Study, Q1, 2015 Reproduced with the permission of The Jacobson Group and Ward Group.
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See related article.Source: Insurance Market Study, Q1, 2015 Reproduced with the permission of The Jacobson Group and Ward Group.