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A large majority of carriers intend to increase or maintain staff sizes in the next 12 months, according to Jacobson’s Q3 2024 Insurance Labor Market Study.

While the industry continues to add jobs, the employment growth remains relatively modest, according to the . For the first time in the study’s 15-year history, technology positions are not the industry’s greatest need. Underwriting and claims roles are currently in highest demand, with technology ranking third.

Just over half (52%) of companies intend to grow teams in the next 12 months, unchanged from January 2024. Meanwhile, 34% plan to maintain current headcounts.

The main drivers for growth are expected increases in business volume and expansion into new markets, the semi-annual survey of insurers found.

However, 14% of companies expect a reduction in staffing—up 4 points from one year ago—with automation continuing to be the most common reason. No respondents plan to decrease staff size by more than 10%.

Of the companies planning to hire, 77% said they’re most in need of experienced professionals, followed by entry-level individuals at 21% and executives at 2%. Entry-level positions are most needed within operations (62%, which is 14 points higher than one year ago), claims (38%), and underwriting (21%).

Compliance and loss control/risk management departments are the areas most likely to add executive-level positions, according to the study. Actuarial, executive and analytics roles remain the most challenging positions to fill.

Flexibility continues to be an important consideration for many professionals. Seventy-two percent of companies shared that they have a hybrid model (38% one to two days in office; 34% three to four days in office). Just 4% said most employees are in the office full time. The vast majority (94%) of companies do not plan to make changes to their work models within the next six months, the report found.

Topics Market