Hiring: The Struggles and the Solutions

March 8, 2023
5:01 pm

Joy Olaivar

According to the 2022 Insurance Industry Employment & Hiring Survey,

the insurance business had a record hiring. However, this was countered by numerous post-covid hiring challenges that left many insurance jobs vacant.

The insurance sector once again demonstrated its stability at the height of the pandemic. Insurance firms were obliged to review all of their present employment and retention practices as a result of the pandemic that began in March 2020. In addition, human resource departments received a brand-new task list that included creating regulations for returning to work from home and many other things. According to this report, insurance companies are still having trouble coming up with solutions to many of the problems brought on by the pandemic.

Some numbers:

– A total of 12,524 (twelve-thousand-five-hundred-twenty-four) jobs will open in the last three quarters of 2022.

– 95% (ninety-five percent) of insurance companies plan on hiring at least one person in 2022.

– 54% (fifty-four percent) of insurance companies surveyed will be hiring 50 (fifty) or more employees in 2022.

– Insurance jobs with the most openings include sales, claims, customer service, account managers, technology, and actuarial.

We hope that employers who read this study will be able to offer insightful guidance to help them address many of their talent acquisition and employment challenges. The pandemic-related problems have increased the pressure on an industry that is already pressured by record-high retirement rates and a shortage of qualified candidates.

5 of the most pressing hiring issues facing by the insurance industry and their resolutions

1. There are too many unqualified applicants. We are aware that the insurance sector is a terrific one to work in, and more and more people are beginning to realize this. Many applicants who wish to join the party but are unqualified for the position or who lack prior insurance industry experience are a concern for the business. You are only focusing on active prospects when you uncover talent using conventional search techniques like job boards. This implies that the majority of your time will be spent weeding out hundreds of unqualified applicants who are seeking to enter the game but do not know how to play.

2. Locating capable individuals in my area at a reasonable price. Your possibilities for finding local talent looking for jobs may appear restricted depending on the region you’re in. Finding the right applicant can feel like a losing battle when it comes to paying, income levels, and relocation expenses.

3. A lack of talent for jobs using technology. Careers in insurance based on technology are expanding rapidly. These professions are anticipated to be among the top five most sought-after insurance jobs in 2019. If your organization has never had to acquire this expertise, it may be challenging to do so—and to make matters more challenging, every industry needs the same talent. These occupations are extremely competitive due to the increased demand for IT workers across all industries.

4. Inadequate budgets for hiring. Your organization must invest time and money to fill open positions. Budgets for hiring are a problem that many businesses encounter since they are insufficiently large. As there are so many talent acquisition and software options accessible, a large portion of those budgets are used to choose which ones are worthwhile. Participants in this survey also reported having trouble persuading senior management to boost the budget in order to hire the ideal individual.

5. Beginning wage for sales positions. Twenty percent of jobs in the insurance sector are in sales. Similar to positions in the technology sector, those in other industries are vying for the best salespeople available, creating fierce competition. It is necessary to compare the pay for these occupations not just to insurance industry norms but also to those of other sectors.