The semi-annual Insurance Labor Outlook Survey examines industry labor trends and future staffing expectations for the insurance industry. (Photo: Shutterstock)
Amidst a recovering economy and a struggling job market, the question is, what will the job landscape be for the insurance industry in 2011?
That is the question insurance staffing firm The Jacobson Group and insurance consulting and benchmarking firm Ward Group tried to answer in their semi-annual Insurance Labor Outlook Survey, which examines industry labor trends and future staffing expectations for the insurance industry based on data and information it receives from up to 150 insurers.
Now in its fourth iteration, the study's results and findings were announced today via web seminar. PropertyCasualty360.com spoke with Greg Jacobson, co-chief executive officer of The Jacobson Group, and Jeffrey Rieder, president of the Ward Group, to discuss some of the surprising results, look at staffing figures from the Bureau of Labor Statistics, examine the influences on labor trends in the industry, and determine the insurance positions that are most likely to be in high and low demand.
Here's a preview of some of the comments the two executives made during the podcast:
Greg Jacobson, Co-CEO, The Jacobson Group
"I think the P&C industry is slightly more optimistic now versus six months ago, which is positive. Looking at our results, we're seeing 17 percent more companies increasing staff versus decreasing staff over the next 12 months. In our study a year ago, only seven percent more companies were planning on increasing their staff versus decreasing their staff."
"I believe our survey is showing that there has been a greater amount of hiring that has gone on in the industry beyond what the Bureau of Labor Statistic is showing, and that is primarily in temporary staffing. These hires do not show up on the BLS insurance industry payrolls."
Jeff Rieder, President, The Ward Group
"As soft market continues, particularly in the commercial lines sector, we're seeing that companies that have a focus on commercial lines are less optimistic from a revenue growth standpoint, and there is a correlating decline in total staffing."
"It looks like technology, claims, and sales and marketing are the [positions] most in demand, in that order. Technology is certainly geared around the system development that companies are doing and particularly in new system development for most areas."
To listen to the entire conversation, click the play button below.
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