As the year progresses, we continue to see strong growth for Michigan insurance jobs. We are finding shortages of qualified candidates in certain segments of the industry, as many people either retired early or relocated during the recession. We have very few new people entering the industry, and the age demographic predicts even greater shortage in the coming years.
This is a key area that indicates market confidence. Our insurance recruiting company has always had many requests for insurance sales jobs candidates, but during the recession base salaries were a rarity (usually a draw with a short taper). This year we are seeing good base salaries with more realistic 2 to 3 year plans for production. Although most producers are encumbered by some type of non-competition agreement, we have seen acquiring agencies negotiating book purchases and/or being willing to invest in a proven salesperson until the expiration of the agreement. This is true in commercial lines P&C as well as group health.
Analyst’s salaries continue to rise this year as demand continues to exceed supply for available Michigan insurance jobs. Analysts with large group experience and self funding experience are seeing salaries in the $55k to $70k+ range.
The 3rd quarter showed increased demand for experience account managers with marketing skills. We have also seen an uptick in requests for commercial lines assistants/technicians.
We have seen an increase in utilization of Michigan insurance recruiters. We are hearing from many clients that we haven’t dealt with in several years. The increased workload brought on by the hardening market has limited HR resources.
There is some concern about the future of small group health and the role of the agent; however, it hasn’t slowed hiring in the employee benefits area. Despite an uncertain election, we feel confidence from most of our agency clients.