The global insurance industry experienced a 29% drop in new job postings related to future of work in Q1 2023 compared with the previous quarter, according to GlobalData’s Job Analytics. This compares to a 25% decrease versus Q1 2022. GlobalData’s Future of Work – Thematic Research report explains how the theme future of work is impacting the workforce across different sectors, it presents key technology, macroeconomic and regulatory trends, market size and growth forecasts for technologies that will play a key role in the theme. Buy the report here.
Notably, Computer and Mathematical Occupations jobs accounted for a 25% share of the global insurance industry’s future of work-related total new job postings in Q1 2023, down 34% over the prior quarter.
Computer and Mathematical Occupations drive future of work-related hiring activity
Computer and Mathematical Occupations, with a share of 25%, emerged as the top future of work-related job roles within the insurance industry in Q1 2023, with new job postings drop by 34% quarter-on-quarter. Management Occupations came in second with a share of 14% in Q1 2023, with new job postings dropping by 28% over the previous quarter.
The other prominent future of work roles include Business and Financial Operations Occupations with an 11% share in Q1 2023, Office and Administrative Support Occupations with a 7% share of new job postings.
Top five companies in insurance industry accounted for 25% of hiring activity
The top companies, in terms of number of new job postings tracked by GlobalData, as of Q1 2023 were UnitedHealth Group, Chubb, Cigna Group, BNP Paribas Cardif, and Tata AIG General Insurance. Together they accounted for a combined share of 25% of all future of work-related new jobs in the insurance industry.
UnitedHealth Group posted 1,015 future of work-related new jobs in Q1 2023, Chubb 487 jobs, Cigna Group 444 jobs, BNP Paribas Cardif 322 jobs, and Tata AIG General Insurance 310 jobs, according to GlobalData’s Job Analytics.
Hiring activity was driven by the US with a 60.03% share of total new job postings, Q1 2023
The largest share of future of work-related new job postings in the insurance industry in Q1 2023 was in the US with 60.03% followed by India (8.16%) and Canada (5.43%). The share represented by the US was four percentage points lower than the 64.51% share it accounted for in Q4 2022.
For further understanding of GlobalData's Future of Work – Thematic Research buy the report here.