PriyaPatel
TLDR:
- Insurers plan to increase or maintain staff this year, with technology, underwriting, and claims roles being top priorities.
- Recruitment will continue to be a challenge for the industry, with actuarial, executive, and analytics positions being the most difficult to fill.
Insurers are placing a strong emphasis on hiring technology staff, according to the Semi-Annual U.S. Insurance Labor Market Study conducted by The Jacobson Group and Aon. While only 10% of companies plan to reduce headcounts, many are cautious about hiring due to automation being the most common reason for reducing staff in the future. Companies are looking to increase staff primarily due to business volume growth and expansion of business into new markets. Large and small-sized companies are likely to hire technology staff, while medium-sized companies are focusing on filling actuarial and underwriting roles. However, recruitment remains a challenge in the industry, with positions such as actuarial, executive, and analytics being particularly difficult to fill.
Jeff Rieder, partner at Aon and head of STG Performance Benchmarking, noted that companies are taking a more cautious approach to staffing plans in the first half of 2024, as they assess growth plans and anticipate efficiency gains from technology improvements. Additionally, the study found that 82% of companies now expect most employees to be in the office at least one day a week, up from 76% last year, with only 6% requiring in-person attendance every day.
In conclusion, the insurance industry is prioritizing tech staff hiring to meet the demands of increasing business volumes and new markets. While recruitment challenges persist, companies are approaching staffing plans with caution and looking to leverage technology for efficiency gains.
