Channel Development – These candidates are in demand in response to regulatory changes within the insurance industry. Companies are diverting resources and focusing on alternate distribution channels.
M&A and Corporate Development – We are seeing steady growth in insurance across the region. Companies are looking at strategies to expand their business in the emerging markets and as a result regional strategic planning skills in M&A and Corporate Development are in high demand.
Business Developers, Product Managers and Operations staff with health and medical expertise - The health and medical insurance sector has been growing. There has been a strong increase in demand for candidates who possess medical related expertise such as nursing, healthcare and injury rehabilitation. The growth has predominantly been concentrated in the areas of Business Development, Product Management and Operations.
Change Managers – Multiple insurers have or will undergo large-scale headcount additions, department restructures or headquarter relocations next year. As a result demand is high for candidates with strong change management project experience, especially with an insurance background. This growth has been occurring in both life and general insurance organisations.
Regulatory/Statutory Reporting – As regulations become tighter in Asia, candidates with a strong knowledge in reporting standards and experience communicating with regulatory bodies are in high demand. Apart from preparing financial statements that meet with group requirements, candidates need to demonstrate that they also possess the ability to convert local regulatory requirements to meet with IFRS.
Recruitment activity will be steady this quarter as employers wait for new calendar year budgets and expansion plans to be implemented in the first quarter of 2014.
Employers are always looking for innovative candidate sourcing methods and this will continue in response to the scarce candidate pool.
Top quality candidates are in high demand given the limited supply in the market. Candidates tend to be more reluctant to make a career move now as most are waiting for their bonuses before entering the jobs market.