Q1 2023 Insurance Labor Market Study Indicates Continued Growth

CHICAGO, Feb. 23, 2023–(BUSINESS WIRE)–The latest edition of the U.S. biannual Insurance Jobs Study conducted by The Jacobson Group, the leading provider of talent to the insurance industry, and Aon plc, a leading global professional Services company that offers a wide range of risk, retirement and healthcare solutions found that 90% of respondents plan to retain or increase their workforce in 2023.

“Overall, recruitment remains a challenge and employee retention is a key focus for 2023,” said Gregory P. Jacobson, co-CEO of the Jacobson Group. “Transportation companies are adapting to meet changing business needs while remaining competitive in terms of employee expectations and preferences. The vast majority of insurers plan to continue offering flexible work arrangements, with a quarter of the companies that share most employees staying completely remote.”

“Although the insurance industry is still addressing financial challenges related to inflation, rising reinsurance costs and volatile stock markets, most companies have a positive outlook for revenue growth in 2023,” said Jeff Rieder, partner at Aon and head of Ward Benchmarking. “Insurance companies are expected to continue hiring throughout 2023 to support their growth goals and meet customer service expectations.”

Some of the key findings of the study are:

Over the next 12 months, 67% of insurance carriers plan to increase staffing and 23% plan to maintain current staffing levels. Technology, claims and underwriting roles are the biggest needs of the industry.

79% of companies expect revenue growth over the next 12 months; that is 6 points more than in the July 2022 study.

92% of companies currently offer their employees a hybrid working model. In the next six months, 72% of companies expect their employees to be in the office at least one day a week, only 4% expect employees to be in the office every day.

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Almost all positions remain relatively difficult to fill, with technology, actuarial and underwriting positions seen as the most challenging.

If the industry goes through with its plans, we will see a 1.67% increase in employment over the next 12 months.

The story goes on

For more highlights and commentary, download the full results summary and watch the recorded webcast here.

The labor market study for insurance companies has been carried out every six months since 2009. It collects revenue and hiring forecasts from insurance companies across all sectors of the industry, providing valuable insight into insurance job market prospects and hiring trends.

The next iteration of the study will take place in July 2023. To be notified when it is published, follow this link.

About the Jacobson Group:

The Jacobson Group is the leading provider of talent for the insurance industry. For more than 50 years, Jacobson has been connecting insurance organizations with professionals at all levels across all industry verticals. Jacobson provides insurance talent solutions to meet virtually any human capital need. We offer executive search and a range of staffing services including professional recruiting, temping and interim professionals.

Follow the Jacobson Group on LinkedIn, Twitter and Facebook.

About Aon:

Aon plc (NYSE: AON) exists to shape decisions for the better – to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries and sovereignties with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.

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Follow Aon on LinkedIn, Twitter, Facebook and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230223005837/en/


The Jacobson Group
Whitney Stephens
+1 (312) 628-0376
[email protected]

aon plc
Andrew Wrag
+44 (0) 7595 217168
[email protected]