Posted on 06/03/2018 1:32:14 PM PDT by 2ndDivisionVet
A new survey has revealed that while the insurance industry has posted record hiring numbers, insurers appear to have difficulty securing new talent.
GreatInsuranceJobs.com’s “2018 Insurance Industry Employment and Hiring Outlook Survey” noted that the issue is far more complicated than it seems.
“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 GreatInsuranceJobs.com president and co-founder Scott Kotroba.
Kotroba added that with the record employment numbers and a huge focus on hiring young workers, talent acquisition in the insurance industry is “forced to change strategies” to better appeal to and connect with the age group.
Other key findings of the report include:
•Combined, this survey found 8,454 jobs currently open in the 64 surveyed companies.
•More than 13,300 more jobs will open in the last three quarters of this year.
•36% of surveyed companies are forecasting better hiring in 2018 than 2017.
•The top five positions insurance companies are looking to fill are sales, underwriting, customer service/administration, technology and claims.
•The top hiring challenges include lack of skilled talent, uncompetitive salaries and small recruiting budgets.
One factor that could be holding back insurers from maximizing talent acquisition is that they rely on recruiting strategies that have not changed since the recession, explained GreatInsuranceJobs.com co-founder Roger Lear.
“For most, this leaves them in the dust of companies who can get a targeted recruiting message delivered on multiple platforms. Most of our surveyed employers have not even considered new recruiting technology yet,” he added.
Hmmmm ... what could hirers POSSIBLY do about uncompetitive salaries and small recruiting budgets?
I wonder what “talent” insurance jobs require, other than patience.
Especially those flush with cash like insurance companies.
Gosh I dont know?.....ill bet casual fridays would take care of that uncompetitive salary issue.
Is there such a thing as “talent” in insurance?
I think sales is 80% of the game there. And good salespeople definitely have a talent.
One insurance company that closed a facility during the Obama nation has reopened it and is hiring more workers than before.
My late father’s family nearly starved during the depression but he says good salesmen had money for new cars, good food and nice clothes.
Absolutely true. However, underwriting, claims, etc., mainly requires organizational skill.
“Hmmmm ... what could hirers POSSIBLY do about uncompetitive salaries and small recruiting budgets?”
Well...nothing. Because market forces simply don’t work if it means increasing pay. Or something.
At least that’s what we’ve been told for years by all the firms itching to bring in H1-B workers. “Jobs Americans Won’t Do”.
Makes sense.
I believe there are so many open insurance and banking jobs in the Des Moines, Iowa, area that the companies don’t even advertise much locally.
They are “flush with cash” because it is required to cover reserves — in case the worst happens. An insurance company is in control of about 30 - 40% of its annual spending in a GOOD year. Harvey and the other hurricanes hurt MANY companies last year.
A big part of the problem is they don’t want part time people in many of these positions. Many older or retired workers who might want to work, do not want full time. They’ve done that for 20-30 and 40 years. Same with the vendors/contractors for insurance companies.
And they wonder why they can’t find people...Stupid.
In most states you must be licensed to sell/offer life, annuity and similar insurances. Acquiring the requisite license(s) requires considerable study. Also, many states require ongoing testing to maintain a license.
Good point. It would make sense for an employer - especially one that’s lowballing salaries - to want to hire people who already have their training and certifications.
Absolutely right. My work-a-day world is now measured in months before I call it quits. I wouldn’t mind working part-time somewhere, or I’ll start my own business, but I darn sure don’t want to punch a clock everyday, part-time only. And, my salary requirements are pretty darn reasonable, but they will pay me an inverse amount to the age of the nearest supervisor. That is, the younger the nearest Millenial supervisor to me, the higher my salary needs to be.
Most insurance (auto, property, term life, etc.) is pretty straight forward, but I always feel like I'm on the wrong end of a game of three card monte when talking to a whole life salesman.
.
>> “I always feel like I’m on the wrong end of a game of three card monte when talking to a whole life salesman.” <<
You are!
30 years ago, I passed Parts I (Calculus and Linear Algebra) and II (Probability and Statistics) of the actuarial exam....I couldn’t pass any of the interviews though. The interviews seemed overly focused on personality and work experience - not much on education.
One guy I knew flunked Part I twice but still got 4 offers.
Since then they’ve revised the exam - last I looked there were 7 parts instead of 10.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.