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Study: Increased business volume leads to greater insurance company hiring

Posted on February 24th, 2012 Read time: 1 minutes

A recent joint-study from an insurance firm and a consulting company found that 51 percent of insurance carriers expect to increase staff over the next 12 months.

The Jacobsen Group and the Ward Group polled 112 insurers, 87 percent of which were of the property and casualty variety. The survey was conducted for two weeks in January.

While overall hiring levels were encouraging, it was found that smaller insurance carriers were more apt than larger ones to take on employees. Specifically, 60 percent of small carriers said they planned to add additional staff, compared to 47 percent of mid-sized companies and 42 percent of larger businesses.

The primary reason for adding more employees to keep track of in their payrolling departments was increases in business volume (43 percent).

However, the survey also found that 19 percent of carriers expect to reduce staff, leaving laid off employees to find other jobs, possibly as temporary workers. The main reasons for reducing staff were automation (20 percent) and reorganizing and streamlining (14 percent).

GEICO is one insurance company that is hiring, the Buffalo News reports. Its hiring manager told the news source that it has "hundreds" of positions to fill, including sales, service and claims reps.

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