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1、Insurance Labor Market StudyAugust 17,2023Jeff RiederPartner,Aon and Head of WardJeffrey.R(513)746-2400(direct)Greg JacobsonCEOThe Jacobson GroupGJ(312)884-0407(direct)Presenters:2|The Jacobson Group and Ward Benchmarkings Insurance Industry Labor Market Study Q3,2023About WardWard,a business unit o
2、f Aon plc,is an advisory consulting and analytical firm specializing in the insurance industry and the leading provider of industry benchmarking and best practices services.We analyze staff levels,compensation,business practices and expenses for all areas of company operations and help insurers meas
3、ure results,optimize performance and improve profitability.Our services include:Expense,staffing&performance analysis for all functions Compensation and pay practices surveys Executive compensation consulting Sales and distribution effectiveness Annual evaluation of the financial performance of indu
4、stryFor more information about Wards solutions for insurance companies,please visit .3|The Jacobson Group and Ward Benchmarkings Insurance Industry Labor Market Study Q3,2023About The Jacobson Group The Jacobson Group is the leading provider of talent to the insurance industry.For more than 50 years
5、,Jacobson has been connecting insurance organizations with professionals at all levels across all industry verticals.Jacobson provides insurance talent solutions to support virtually any human capital need.We offer executive search services and comprehensive staffing solutions,including professional
6、 recruiting,temporary staffing and interim experts.For more information about Jacobsons talent solutions,please visit .4|The Jacobson Group and Ward Benchmarkings Insurance Industry Labor Market Study Q3,2023Study Objectives Analyze current labor trends and future staffing expectations Provide an ov
7、erview of staffing challenges by discipline Provide commentary on the industrys labor market5|The Jacobson Group and Ward Benchmarkings Insurance Industry Labor Market Study Q3,2023Participant ProfileRegional47%National/Multi-National53%Business Profile35%24%41%Over 1,000 Employees300-1,000 Employee
8、sUnder 300 EmployeesCompany SizeProperty/Casualty85%Life/Health12%Reinsurer3%The total average number of employees is 2,582*Percentages in chart rounded to nearest whole number6|The Jacobson Group and Ward Benchmarkings Insurance Industry Labor Market Study Q3,2023Unemployment Rates0%2%4%6%8%10%12%1
9、4%16%Insurance&RelatedOverall3.5%1.6%Source:U.S.Bureau of Labor Statistics7|The Jacobson Group and Ward Benchmarkings Insurance Industry Labor Market Study Q3,2023Insurance Carrier EmploymentSource:U.S.Bureau of Labor Statistics1,652 1,634 000In Thousands8|The Jacobs
10、on Group and Ward Benchmarkings Insurance Industry Labor Market Study Q3,2023Revenue and Staffing ExpectationsIncrease Staff63%Maintain Staff27%Decrease Staff10%12-Month Staffing PlanIncrease Revenue72%Flat Growth25%Decrease Revenue3%12-Month Revenue Plan*Percentages in chart rounded to nearest whol
11、e number9|The Jacobson Group and Ward Benchmarkings Insurance Industry Labor Market Study Q3,202312-Month Staffing Plans63%72%10%27%0%10%20%30%40%50%60%70%80%Prior Survey ResultsIncrease EmployeesDecrease EmployeesMaintain SizeJuly 2009 July 2023*Percentages in chart rounded to nearest whole number1
12、0|The Jacobson Group and Ward Benchmarkings Insurance Industry Labor Market Study Q3,202312-Month Staffing Plans Increase vs.Expected Revenue Growth72%63%0%10%20%30%40%50%60%70%80%90%100%Expected Revenue GrowthIncrease EmployeesJuly 2009 July 2023 72%of companies expect an increase in revenue growth
13、,down 7 points from the January survey and down 1 point from the July 2022 outlook 10%of companies are expecting a decrease in staff,matching January 2023 expectations 3%of companies expect a decrease in revenue growth,down 5 points from the January survey P&C companies responded that the primary dr
14、iver for expected revenue changes will be market share at 48%.Life/Health companies responded with an even distribution between market share and economic expansion/contraction as the primary reason for revenue changes*Percentages in chart rounded to nearest whole number11|The Jacobson Group and Ward
15、 Benchmarkings Insurance Industry Labor Market Study Q3,2023Prior Year 12-Month Plan vs.Actual Staffing 1%0%1%1%2%27%13%22%20%7%6%1%3%1%4%1%28%13%16%20%9%4%0%5%10%15%20%25%30%Decrease employees by 20%Decrease employees by 10-20%Decrease employees by 5-9%Decrease employees by 2-4%Decrease employees b
16、y 2%Maintain current sizeIncrease employees by 20%Actual StaffingJuly 2022 Staffing Plan62%of companies added staff since July 2022,while 10%reduced staff*Percentages in chart rounded to nearest whole number12|The Jacobson Group and Ward Benchmarkings Insurance Industry Labor Market Study Q3,2023Pri
17、or Year 12-Month Plan vs.Actual Staffing61%30%9%67%33%0%IncreaseemployeesMaintain currentsizeDecreaseemployeesLife/HealthJuly 2022 Staffing PlanActual Staffing71%25%4%62%26%12%IncreaseemployeesMaintain currentsizeDecreaseemployeesProperty/CasualtyJuly 2022 Staffing PlanActual Staffing*Percentages in
18、 chart rounded to nearest whole number13|The Jacobson Group and Ward Benchmarkings Insurance Industry Labor Market Study Q3,2023Job Openings in Finance and Insurance64289300269248296386347Source:U.S.Bureau of Labor StatisticsAnnual Averages,In Thousands14|The Jacobson Group and
19、 Ward Benchmarkings Insurance Industry Labor Market Study Q3,202312-Month Staffing Plans1%0%1%1%2%27%13%22%20%7%6%0%1%1%4%4%27%13%24%16%8%3%0%5%10%15%20%25%30%Decrease employees by 20%Decrease employees by 10-20%Decrease employees by 5-9%Decrease employees by 2-4%Decrease employees by 2%Maintain cur
20、rent sizeIncrease employees by 20%July 2023 PlanJuly 2022 Plan 75%of Balanced Lines P&C companies are expecting to increase staff during the next 12 months.This is 14 and 21 points higher than Commercial and Personal Lines P&C companies,respectively.Of the companies who plan to add staff during the
21、next 12 months,86%expect an increase in revenue with 53%responding that it will be due to a change in market share.Of those planning a decrease in staff,no companies expect a decrease in revenue 48%of companies who plan to maintain staff size during the next 12 months are expecting an increase in re
22、venue growth.5%of those companies are expecting a decrease*Percentages in chart rounded to nearest whole number15|The Jacobson Group and Ward Benchmarkings Insurance Industry Labor Market Study Q3,202365%25%10%71%25%4%Increase StaffMaintainDecrease StaffJuly 2023 PlanJuly 2022 PlanComparison to July
23、 2022 by Industry 12-Month Staffing Plans56%33%11%61%30%9%Increase StaffMaintainDecrease StaffJuly 2023 PlanJuly 2022 PlanProperty/CasualtyLife/Health*Percentages in chart rounded to nearest whole number16|The Jacobson Group and Ward Benchmarkings Insurance Industry Labor Market Study Q3,202312-Mont
24、h Staffing Plans82%15%3%50%39%11%50%32%18%Increase FTEMaintain current sizeDecrease FTESmall(Under 300)Medium(300-1000)Large(Over 1000)By Employee Size Since January,overall expectations to add staff decreased 4 points to 63%.82%of small companies are expecting an increase compared to 70%in January
25、2023.Medium-sized companies decreased their 12-month expectations from 73%in January to 50%in July while large companies decreased from 61%to 50%52%of small and 39%of medium-sized companies expect growth in revenue/premium greater than 10%over the next 12 months.This compares to 25%for large compani
26、es While all company sizes expect revenue changes to be driven by market share,large companies report an equal amount to be driven by pricing increases*Percentages in chart rounded to nearest whole number17|The Jacobson Group and Ward Benchmarkings Insurance Industry Labor Market Study Q3,2023Tempor
27、ary EmployeesIncrease14%Maintain75%Decrease11%Use of Temporary Employees During Next 12 Months89%of companies are planning to increase or maintain temporary staff levels in the next 12 months.*Percentages in chart rounded to nearest whole number18|The Jacobson Group and Ward Benchmarkings Insurance
28、Industry Labor Market Study Q3,2023Voluntary and Involuntary Turnover Percentage10.3%6.4%3.7%3.0%11.1%8.0%3.6%2.8%12-Month VoluntaryTurnover6-Month VoluntaryTurnover12-Month InvoluntaryTurnover6-Month InvoluntaryTurnoverJul-23Jan-23 At 6.4%,6-month voluntary turnover is 4 points lower than the 12-mo
29、nth average of 10.3%.6-month involuntary turnover is also slightly lower at 3%compared to 3.7%for 12-months Compared to January,voluntary turnover has decreased in the 6-and 12-month timeframes,while involuntary turnover saw a slight increase In July,Life/Health companies reported higher turnover pe
30、rcentages than P&C companies in all categories except 6-month involuntary turnover Within P&C,Commercial Lines companies had the highest 12-month voluntary turnover at 12%compared to Balanced and Personal Line companies at 9.2%and 8.1%,respectively Compared to medium-sized and large companies,small
31、companies reported the lowest 12-month voluntary turnover percentage*Results include only those companies which provided turnover percentages.19|The Jacobson Group and Ward Benchmarkings Insurance Industry Labor Market Study Q3,2023Notable Survey Trends The Total industry headcount grew 1.10%versus
32、an anticipated rate of 0.94%The P&C industry headcount grew 1.25%versus an anticipated rate of 2.14%The L&H industry headcount grew 0.83%versus an anticipated rate of 0.28%Total industry turnover,voluntary and involuntary,was 14.0%for the past 12 monthsJuly 2022 to July 2023Note:Data compares respon
33、ses from the 2022 and 2023 labor studies.Outliers have been excluded from calculations20|The Jacobson Group and Ward Benchmarkings Insurance Industry Labor Market Study Q3,2023Recruiting Difficulty Remains High On a scale of 1 10(10 being most difficult),companies responded that all positions are at
34、 least moderately difficult to fill Positions rated 5 or above are considered moderate or difficult to fill Product line has a significant impact on the ease of filling positions Compared to July 2022,recruiting difficulty has eased in 7 of 11 categories0246810OperationsComplianceAccountingSales/Mar
35、ketingClaimsProduct ManagementUnderwritingActuarialAnalyticsExecutivesTechnologyJuly 2023July 202221|The Jacobson Group and Ward Benchmarkings Insurance Industry Labor Market Study Q3,2023Ability to Hire Talent Compared to One Year PriorSignificantly Better3%Moderately Better32%About the same48%Mode
36、rately Worse16%Significantly Worse1%In total,17%of companies feel the ability to hire talent has become more difficult compared to the prior year.This is down from 48%in the July 2022 survey.35%feel hiring difficulty has eased in the past year 33%of Life/Health companies feel the ability to hire has
37、 worsened,compared to P&C companies at 15%Increased difficulty in hiring talent was consistent across all company sizes,with 18%of large and small companies and 17%of medium-sized companies feeling it has become more difficult.*Percentages in chart rounded to nearest whole number22|The Jacobson Grou
38、p and Ward Benchmarkings Insurance Industry Labor Market Study Q3,202301234567P&C BalancedP&C CommercialP&C PersonalLife/HealthMost in DemandLeast in DemandLeast Likely In total,the industrys greatest need is Technology staff Large companies are most likely to hire Technology roles,followed by Under
39、writing and Analytics in the next 12 months.Medium-sized companies are looking toward Technology then Analytics,while small-sized companies have the greatest need in Claims,followed by Technology Technology,Analytics,and Sales/Marketing are the most likely areas for hiring in the Life/Health segment
40、Likelihood of Increasing StaffBy FunctionMost Likely23|The Jacobson Group and Ward Benchmarkings Insurance Industry Labor Market Study Q3,20230123456723-Jul22-JulJul-21Jul-20Jul-19Most in DemandLeast in DemandMost LikelyLikelihood of Increasing StaffBy Function by Survey PeriodLeast Likely24|The Jac
41、obson Group and Ward Benchmarkings Insurance Industry Labor Market Study Q3,2023Employee Types Most Likely to Be Added48%27%23%23%21%20%19%16%12%7%7%52%73%77%74%74%78%81%80%88%93%93%3%6%1%4%OperationsClaimsUnderwritingAccountingSales/MarketingOverallComplianceAnalyticsTechnologyProduct ManagementAct
42、uarialBy FunctionEntryExperiencedManagement/Executive*Percentages in chart rounded to nearest whole number25|The Jacobson Group and Ward Benchmarkings Insurance Industry Labor Market Study Q3,2023Staff Increases4%4%5%19%30%34%47%OtherTo Correct the Manager to Staff RatioReorganizationImprove Service
43、 DeliveryAreas Currently UnderstaffedExpansion of Business/New MarketsAnticipated Increase in Business VolumeReason to Increase Staff During Next 12 Months26|The Jacobson Group and Ward Benchmarkings Insurance Industry Labor Market Study Q3,2023Staff Decreases1%3%4%4%6%8%9%OtherTo Correct the Manage
44、r to Staff RatioContraction of Business/Discontinuing OperationsAnticipated Decrease in Business VolumeAreas Currently OverstaffedReorganizationAutomation Improvement Requiring Fewer StaffReason to Decrease Staff During Next 12 Months27|The Jacobson Group and Ward Benchmarkings Insurance Industry La
45、bor Market Study Q3,2023Current Workplace Flexibility52%69%92%54%68%92%Flexible hoursFull-time remote workHybrid work(remote and in office)Flexible Work Options Offered to EmployeesJuly 2023January 202328|The Jacobson Group and Ward Benchmarkings Insurance Industry Labor Market Study Q3,2023Required
46、 In-Office Work for Majority of Employees4%65%32%4%72%25%Every day(full-time inoffice work)At least one day perweek(hybrid work)Rarely(full-timeremote work)July 2023January 2023During Next 6 Months During the next six months,65%of companies are expecting employees in-office,down from 72%in January.T
47、his increased expectations for full-time remote work from 25%to 32%89%of Life/Health companies and 64%of P&C companies expect the majority of employees to come in at least once per week Personal Lines companies are most likely to offer full-time remote work at 46%compared to Commercial and Balanced
48、Lines at 39%and 25%,respectively Expectations of hybrid staffing models are highest for large companies(79%)followed by medium-sized(67%)and small(52%)6%of small and 4%of large companies are requiring employees in-office every day.No medium-sized companies have those expectations*Percentages in char
49、t rounded to nearest whole number29|The Jacobson Group and Ward Benchmarkings Insurance Industry Labor Market Study Q3,2023Expected Changes for Moving Forward After the next 6 months,81%of companies expect no changes to in-office requirements.19%anticipate requiring employees to come in more 21%of l
50、arge companies expect employees to be required in the office more after 6 months,compared to small and medium-sized companies at 18%and 17%,respectively Life/Health companies expect employees to be required in the office more after the next 6 months(44%),compared to P&C companies(16%)Within P&C,Pers
51、onal Lines companies are most likely to require employees in the office more after 6 months,at 23%,compared to 19%for Commercial and 8%of Balanced Lines companies No companies responded with expectations to have employees in the office less after 6 monthsYes,require employees to be in the office mor
52、e19%No,same model81%Anticipated Requirements After Next 6 Months30|The Jacobson Group and Ward Benchmarkings Insurance Industry Labor Market Study Q3,2023Hybrid StrategyEmployer27%Employee8%Mix of both65%Who determines required days in office?For those companies offering a hybrid work option to empl
53、oyees,65%use a mix of both employer and employee input to determine days required in office 27%of companies have the employer determine the days required in office,up from 18%in January 31%of medium-sized companies have the employer set the days,compared to small and large at 30%and 21%,respectively
54、 While 8%of P&C companies allow employees to determine their days in office,13%of Life/Health company reported this as an option*Percentages in chart rounded to nearest whole numberSummary and Closing Thoughts32|The Jacobson Group and Ward Benchmarkings Insurance Industry Labor Market Study Q3,2023S
55、ummary63%of companies plan to increase staff during the next 12 months,driven by the Property/Casualty segment at 65%10%of companies are planning to decrease their number of employees.This is the same total expected in the January study82%of small companies plan to add staff during the next 12 month
56、s.This is 32 points higher than both the medium-sized and large companies72%of companies expect to grow revenue during the next 12 months.This is 7 points lower than the January surveyCommercial Lines P&C companies are the most optimistic to increase revenue as 84%expect growth,compared to 75%of Bal
57、anced Lines companies and 54%of Personal Lines.67%of Life/Health companies expect an increase in revenue47%of the companies stated that change in market share will drive their expected revenue changes,while 36%cited pricing factorsThe primary reason companies plan to increase staff during the next 1
58、2 months is an expected increase in business volume.47%of companies listed this as the primary reason to hire,followed by expansion of business/new marketsAutomation is the most common reason companies plan to reduce headcount during the next 12 months,followed by reorganization33|The Jacobson Group
59、 and Ward Benchmarkings Insurance Industry Labor Market Study Q3,2023SummaryTechnology,Claims,and Underwriting roles are expected to grow the greatest during the next 12 months Carriers are navigating the evolving market amid a strong and stable talent landscape.Industry unemployment remains low and
60、 job openings are elevated compared to pre-pandemic numbers Actuarial and Product Management are the top two areas where companies are looking to add experienced staff.Operations and Claims roles were identified as areas most likely to add entry-level positionsTechnology,Executive,and Analytics posi
61、tions are the most difficult to fillIn total,17%of companies feel the ability to hire talent has become more difficult compared to the prior year.This is down from 48%in the July 2022 surveyAt 6.4%,average 6-month voluntary turnover is 4 points lower than the 12-month average of 10.3%.The average 6-
62、month involuntary turnover is also lower at 3%,compared to 3.7%for 12-month Currently,92%of companies offer a hybrid model to their employees,followed by 68%with full-time remote.54%offer flexible work hoursDuring the next 6 months,65%of companies expect their employees in the office at least one da
63、y a week(hybrid).After the next 6 months,19%are expecting to change their approach to require employees to be in-office more65%of companies utilize a mix of both manager and staff input to determine the required days in office for hybrid employees34|The Jacobson Group and Ward Benchmarkings Insuranc
64、e Industry Labor Market Study Q3,2023ProjectionIf the industry follows through on its plans,we will see a 0.66%increase in industry employment during the next 12 months,creating new jobs.Projected GrowthTotal Benchmark0.66%Life&Health0.51%Property/Casualty(PC)0.74%PC Personal1.21%PC Commercial1.00%PC Balanced0.29%35|The Jacobson Group and Ward Benchmarkings Insurance Industry Labor Market Study Q3,2023Staying InformedOur next survey will be conducted in January 2024.For information on how to participate,please email Thank you!