The industry is facing multiple challenges, including knowledge and skill gaps, a wider talent shortage, and the need to adopt new technologies. If not addressed, they could lead to competitive disadvantages, operational inefficiencies, increased regulatory risks and difficulties in retaining customers, which could harm the sustainability of companies. The insurance industry will lose half of its workforce between now and 2036, as nearly 400,000 employees will retire. Most general insurance companies expect to increase their workforce in the next 12 months, but they find that most positions are difficult to fill and face voluntary turnover of more than 10%.
The hiring pool is limited to beginning and experienced talent, and 65% of people who leave an insurance job also leave the industry. The main reason employees resign is the need for further professional development and advancement. The unemployment rate in the U.S. insurance sector The U.S.
is still markedly low, at around 2.1%, reflecting a tight labor market in which finding and keeping skilled workers is increasingly difficult (Deloitte, United States). This study, which is published twice a year, analyzes how the insurance industry hires and keeps employees. The most recent report examined some 270,000 workers in the U.S. insurance company market, representing about 17% of the total market.
Most of these employees (77%) work in property and casualty (P&C) insurance, and the rest in life and health (L&H) insurance companies (22%) and reinsurance companies (1%). Studies such as the biannual survey by The Jacobson Group and Aon-Ward provide information on hiring trends in the U.S. insurance industry. In the United States, they reveal a workforce of about 270,000 people in the airline market, representing about 17% of the total market.
Company size: 0 to 10 employees, 11 to 20 employees, 21 to 35 employees, 36 to 50 employees, 51 to 100 employees, more than 100 employees, staff growth: 4025 E. La Palma Ave, Suite 204 Anaheim, CA 92807. The insurance industry was already facing the imminent “retirement tsunami” before the pandemic and, together with the “great resignation”, has caused a large talent gap in the insurance industry. In addition to that, millennials may also have less experience with insurance due to the fact that many of them are putting off buying a home or even buying a car, two things that are very important to insure. If you haven't worked in an insurance organization, all you can understand are some insurance-related interactions and advertisements. Both the increasing use of technology and social media show the continuous change in the way insurance businesses will be conducted, as well as the contracting techniques used to increase the insurance industry's workforce.
Social media can help small businesses and insurance agents connect in a very impactful way, positioning their position in the insurance field. Specialized knowledge in insurance laws, compliance frameworks, and risk management practices, along with an understanding of data strategy, is crucial for functions such as insurance underwriting and claims adjustment. They partner with insurance organizations of all sizes and help them find talent for direct contracting, contract contracting and consulting for insurance.
