Market Trends – Insurance Industry 2018
Posted by Red Tree on 06/12/18 in In The News
Current Market Trends- A Recruiter’s Perspective
If I were to make one observation about the Insurance market after working in it and recruiting into it for over 25 years is that the one constant is change and the great attribute of people at all levels working in Insurance is their ability to adapt to those changes.
And so 2018 proves no different, the challenges of Brexit, emerging technologies and the regulatory environment have resulted in lots of movement within the jobs market with many new roles emerging to meet the requirements of those emerging trends.
Data Analytics/Advancements in Technology
Advanced Excel skills the long-established realm of BA’s and Actuaries is now becoming a prerequisite for all. Data and the ability to manipulate and analyse it has become the biggest single trend across the market.
From entry level right through to senior hires our clients are now looking for candidates that not only can assess risk but those that can to manipulate the vast amount of data that technology creates to make decisions.
We have noticed that it is those candidates that have up-skilled in Data that have the pick of the roles across all disciplines.
We were particularly pleased to hear that part of the curriculum in the Insurance Apprenticeship program includes a module on Data Analytics as this will create the pipeline of candidates coming through to meet the demands of the industry.
Whilst there is still a large amount of uncertainty around Brexit we have been working on an ever-increasing number of roles moving to Ireland in preparation, particularly in the MGA market with some starting to shift some of their operations here or existing players expanding their lines to enable servicing EU wide markets.
We anticipate that this will continue to increase over the remainder of 2018 and into 2019, this will also be good news for returning emigrants with international experience.
Compliance and Regulation
May 25th, 2018 may have come and gone but GDPR is here to stay and along with the Insurance Distribution Directive this has resulted in an increase in hiring in Compliance and Risk over the second half of 2018.
We have observed that some niche companies that may have used Group or outsourced resources for Compliance advice are now localising hiring of personnel either on a full or part time basis to cover the additional requirements placed on companies. A good understanding of the Insurance market has been a key requirement for many of these hires.
2018 has been a good year if you are a Commercial Underwriter in a space that had been stagnant for some time.
With one of the larger Insurers targeting the SME sector whilst also launching into the Agri market the ripple effect has resulted in new opportunities in replacement hiring.
It has become increasingly difficult to find qualified talent with senior underwriting experience, this has resulted in market forces pushing salary inflation in this sector.
Again, emerging technologies are changing risks and candidates with exposure to the likes of Cyber will be able to stand out as this becomes a standard cover requirement by clients.
Despite constant change and technology advances certain attributes remain as in demand as ever.
Relationships are key, the Irish Insurance market is small in Global terms.
Having a good reputation still counts, it wins business and it aids your career.
Candidates that embrace emerging technologies, maintain strong professional development and are well networked will always be marketable.
If you are interested in making a move in the insurance industry, contact Noreen on +01 6853480 or email email@example.com for a confidential discussion.