Insurance companies ramping up 2012 hiring
51% of insurance carriers expect to add staff in in the next 12 months, according to a survey by the Ward Group, a Cincinnati-based consulting firm. But the survey also revealed that 19% of carriers plan to reduce staff and 30% expect to maintain their current staff level. 62 regional insurers and 50 national or multinational carriers made up the 112 total carriers included in the study. 87% of the respondents were property-casualty insurers.
Of companies that expect to decrease staff this year, one in five cited automation, and 14% said reorganizing and streamlining was behind their decision.
Surveyed firms said that in the past year 47% had hired more employees, 30% reduced staff levels and 22% made no changes to their staffing numbers.
69% of surveyed respondents expect higher 2012 revenues, 20% are not expecting any growth, and 11% anticipate lower revenues.
Smaller companies have a brighter hiring picture. 60% of small carriers plan to add staff over the next year, compared to 47% of mid-sized firms and 42% of large carriers.
The survey also found that:
- The probability of companies increasing staff rose 4.5% since July 2011
- Almost 47% of firms said that market share changes will determine their expected revenue changes
- An increase in business volume is the primary reason to hire staff for 43% of companies
- Technology, underwriting and claim roles are forecast to grow the most over the next year
- Actuarial, executive and technology positions are the most challenging positions to fill
- Temporary employees will fill increasing roles over the next year
Insurance companies are also ramping up their efforts to hire military veterans through mentoring programs, job fairs and partnerships with veterans’ organizations. Several insurers have been recognized for being among the nation’s most military-friendly firms. They have budgets specifically targeted to hiring veterans and are devoted to creating a veteran-friendly culture.
Survey: 51% of insurers expect to increase staff in 2012 (http://www.insurancejournal.com/news/national/2012/02/23/236951.htm). Insurance Journal, February 23, 2012
P/C insurance industry enlisting veterans in talent war (http://www.insurancejournal.com/news/national/2012/01/17/231356.htm). Insurance Journal, January 17, 2012