Interest rates may be low, regulators may be tough, sales of many of life, health and annuity products are flat — but life, health and annuity issuers say they’re hungry for workers, and much hungrier than issuers of property and casualty insurance.
Life, health and annuity issuers expect to increase employment about 2.3% in the coming 12 months, according to the Jacobson Group and Aon PLC’s Ward unit.
The Jacobson Group is a Chicago-based recruiter, and Ward is a benchmarking survey firm.
A year ago, life, health and annuity issuers told the companies that they were expecting to increase staffing 1.3% in the coming 12 months.
The issuers turned out to be more likely to increase staffing than they had predicted: About 61% had predicted that they’d expand staffing. In reality, 69% expanded their staff.
Life, health and annuity issuer hiring appears to be stronger than P&C issuer hiring.
P&C issuers are predicting they’ll increasing staffing 1.2% over the coming 12 months. A year ago, P&C issuers were predicting they’d expand staffing 0.5%.
About 63% of the issuers were predicting a year ago that they’d add staff; 67% ended up increasing their staff size.
About 11% of the P&C issuers cut their staff size. Only 8% of the life, health and annuity issuers cut their staff size.
Analysts from the Jacobson Group and Aon PLC’s Ward benchmarking study unit reported these findings in a summary of results from a voluntary carrier survey.
The analysts did not say how many carriers participated, but they reported that the participating carriers employ about 142,000 people, account for about 10% of total carrier employment, and have an average of 1,734 employees. About 15% of the participating carriers were said to be life, health and annuity issuers.
That means that the survey attracted about 82 carriers, and about 12 life, health and annuity issuers, according to ThinkAdvisor calculations based on the reported data.
Life, health and annuity issuers were less likely than P&C carriers to be in the market for claims, underwriting and analytics people, and much more likely to be looking for compliance, actuarial, operations, and sales and marketing people.
The issuers said they were especially likely to hire actuarial, operations, and sales and marketing people.
Links to documents summarizing the latest Jacobson U.S. Insurance Labor Outlook Study results are available here.
— Read Increased Business Volume Expected to Spur Hiring, on ThinkAdvisor.