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Study finds 13% of insurance firms to decrease temp use over next 12 months

August 19, 2016

While insurance companies report optimistic hiring plans, fewer companies will require temporary staff, according to the semi-annual US Insurance Labor Outlook Study conducted by The Jacobson Group and Ward Group.

The study’s survey found 13% of insurance companies plan to decrease their use of temporary staffing during the next 12 months, up from 7% who said the same in a similar survey in January; over the life of the survey, this is a consistent trend between January and July. The survey also found 7% plan to increase use of temporary employees during the next 12 months, and 80% plan to maintain temp employment levels.

However, the survey found 66.3% of insurance companies plan to increase their total staff numbers during the next 12 months, the highest percentage since the survey began in 2009. The survey found 4.2% of companies expect a decrease in staffing during the next 12 months, which is the third-lowest percentage in the history of the survey; 29.5% expect no change.

The primary reason to increase staff during the next 12 months is the anticipated increase in business volume, cited by 53% of survey respondents. Expansion of business/new markets and areas currently understaffed followed at 45% and 38% respectively.

Executive, technology and actuarial positions are the most difficult to fill.

“The continued focus on increasing staff paired with mass retirements and virtually non-existent industry unemployment will only further interfuse an already challenging recruiting environment,” said Gregory Jacobson, co-CEO of Jacobson.