A new outlook survey predicts this year will see insurers working to fill more jobs than ever before.
Insurance industry hiring is taking off at a powerful rate, causing insurers to face a number of challenges. They are working to fill positions such as actuaries, underwriters and in claims and sales.
A new survey shows that these employers are facing a string of challenges bringing in new hires.
The 2018 Insurance Industry Employment and Hiring Outlook Survey predicted a trend toward record insurance industry hiring this year. However, experienced talent is becoming increasingly difficult to find and to lure. This aligns with prior forecasts as reported by Live Insurance News.
“Insurance employers were very clear this year. They are having a difficult time finding experienced talent not only to keep up with new job requisitions but to replace retirees and short-term millennial workers who are only staying 12-18 months,” said Scott Kotroba, the study’s lead author and president and co-founder of the website that conducted it. “With record employment and a huge push for younger workers, talent acquisition in the insurance industry is being forced to change strategies so they can connect their message to this group.”
The insurance industry hiring survey also further narrowed down its employment trend predictions.
Among the survey’s other findings regarding insurance industry job trends include:
• The primary challenges to filling insurance jobs are: uncompetitive salaries, lack of skilled/experienced talent and limited recruiting budgets.
• 36 percent of companies surveyed expected greater hiring this year than last year.
• Over 13,000 more jobs will become available with insurers in 2018’s last three quarters.
• 95 percent of companies surveyed still have open positions looking to be filled.
• The top five categories of insurance industry jobs to be filled are: sales, underwriting, customer service and administration, technology and claims.
• Insurance companies are underutilizing new technology helpful to hiring such as chatbots, artificial intelligence and programmatic ad buying.
• Robots and similar tech has yet to replace many insurance professionals as of yet.
• Retiring professionals continue to increase the size of the insurance industry hiring challenge as outgoing workers are not being replaced at the same pace.