Intelligent Insurer’s Post

😮 14% of insurance carriers plan to reduce headcounts in the next year. 😮 79% of companies expect to grow their revenue, but only 52% plan to increase staff, while 34% will maintain current staffing levels. 😮 The insurance industry has added nearly 42,000 jobs in the past year, bringing the total employment to over 3 million. #TalentAcquisition #LaborMarket #InsuranceIndustry #HiringTrends #TAstrategies #FutureOfWork

Hiring in the broad US insurance industry has picked up pace in the second quarter, with P&C carriers joining a jobs rally that had been funded excessively by brokerages and agencies to date. The broad industry may have added 4800 jobs in May on top of the 6200 revised figure now listed for April. That renders a net gain more than twice that seen in the entire first quarter, and 1.5x that seen in Q4. Read more on the story here: https://ow.ly/yc3l50SbV7L

Still think insurance is boring? How about these stats! Our industry is booming and we are not even close to capacity. The innovation, creativity and detail needed for our industry makes it a prime candidate for all high school graduates and job seekers! #insurance #insuranceissexy #careeropportunity #mynextcareer

Over the next 15 years, 50 percent of the current insurance workforce will retire. It’s a jarring number. This leaves more than 400,000 open positions unfilled, according to the U.S. Chamber of Commerce. At the same time, the industry is experiencing an unemployment rate nearly half the national average, per the U.S. Bureau of Labor Statistics. The combined result of these trends is an unprecedented loss of insurance knowledge — one that is bound to get worse. https://lnkd.in/gnRiweCk

Attention leaders in the insurance industry! An insightful article has been shared highlighting the impending workforce crisis in the industry. an insightful article that I encourage leaders to read. “Over the next 15 years, 50 percent of the current insurance workforce will retire. It’s a jarring number. This leaves more than 400,000 open positions unfilled, according to the U.S. Chamber of Commerce…Failing to replace lost knowledge can quickly jeopardize the business of insurance…. Underwriters make nuanced, informed judgments where, for many commercial risks, there are simply too many contingencies to create rules-based decision trees that can be easily taught or automated.” #InsuranceIndustry #WorkforceCrisis #Leadership

The talent crisis is real, and accelerating. As institutional knowledge retires and leaves the industry, we need tools and data that can help drive strategy and smart decision making.

This year, we're anticipating a 33% increase in Change vacancies in the capital compared to 2023. Read the full report by Harrison Holgate and Vacancysoft to prepare for shifts in the market, ensuring you stay ahead of the competition: https://zurl.co/jOvu #insurance #jobmarket #insight

The way I read this is as a challenge to me as a young insurance professional to become as much of an expert in my field as I can in the coming years so that when that void in knowledge is created, I am able to step up to the plate.

This augurs well for students who are about to choose their career paths. KPM's have blossomed in India over last 15 years providing services to biggest insurers across globe. Some insurers from US, EU went on to set up their GCC's in India and GCC's are on a rise. I have observed a new trend that has started recently where some insurers are also outsourcing work to Individuals. And such work has been of higher level rather than just being process-driven. As pointed out in the article, outsourcing and globalizing to obtain necessary services will really go long way.

Powerful stats on our insurance talent. How are you attracting and developing the next generation?