Compliance professionals – There is an increasing demand for candidates with solid compliance experience. On a local level, there have been several key regulatory changes involving a number of insurance products and selling processes. The new insurance regulator is in the process of establishing the Independent Insurance Authority (IIA). As a result insurance companies are aggressively hiring candidates with experience in dealing with external regulators. They also require professionals who can update compliance frameworks in order to prepare for the significant changes in the regulatory landscape. On a regional scale, insurance companies are looking to move into emerging markets and potentially high risk areas. This is creating an immediate demand for professionals with anti-money laundering, compliance oversight and operational risk experience.
Strategic Planning professionals – There is a significant shortage of talent with experience implementing strategy. Most insurance companies begin their strategic planning process in the fourth quarter and candidates with a strong understanding of the broader scope of a company’s operations are therefore in high demand.
Commercial Underwriters - Within the Asia Pacific region, we are seeing an increase in demand for experienced Commercial Underwriters with regional experience as there is a need for companies to implement key guidelines and standards for all countries.
Business Development experts – Competition in the insurance industry has grown significantly in recent years and the majority of insurance companies continue to invest in business development and marketing to increase their market share.
Accounting and Finance experts – Increasing regulatory controls have resulted in high demand for IFRS 9 / technical accounting experts. By 2017, IFRS 9 will become mandatory and some insurance companies have already begun implementing changes and training on the most important phases. The insurance industry is investing in IFRS accounting experts to ensure maximum efficiency during the transition period.
Foreign insurance companies continue to invest in the Asia region as they are confident of generating a healthy return. They also continue to conduct feasibility studies into new markets. This should continue to generate roles in insurance.