Over the October to December quarter we predict continued hiring activity across the sector, particularly in the core functions of actuarial, underwriting and distribution.
Recruitment has been strong for a number of months and the coming quarter looks positive for a number of roles.
Within product development, we are experiencing rising demand for assistant managers and managers. Being a vital part of the business, insurance employers are consistently seeking candidates with strong product knowledge and hands-on experience in regards to the end-to-end process of product development.
In actuarial, we are seeing rising demand particularly at the assistant manager and manager grades. In order to strengthen and further enhance the actuarial department, employers are continually seeking candidates with strong actuarial knowledge as well as relevant qualifications such as a FSA.
Changes to the risk based capital system are still a few years away from implementation but we are seeing some firms getting ready by hiring valuation reporting candidates now. We predict those with experience and knowledge will become increasingly sought after.
Client servicing managers are in demand too and the many opportunities available are causing a staff retention issue for employers. Compliance professionals with in-depth knowledge of insurance operations, product compliance, compliance monitoring and anti-money laundering (AML) have been in high demand and we see this continuing over the next quarter.
By January 1st next year, European insurers must have applied the Solvency II regime. ASEAN regulators are also closely monitoring outsourcing and data protection. Risk-Based Capital regime (RBC) has been a major focus for insurers in 2015 but in 2016 and 2017 this will reach the implementation phase creating increased demand for risk candidates to work with insurers committed to Asia. With the shortage of candidates in the Hong Kong market, the trend is to develop and transition audit expertise into risk professionals.
Recruitment demand for business development candidates with knowledge of employee benefits has increased with numerous brokers facing a shortage of staff across junior to mid-level management. Competition for market share in this space is fierce so attracting quality business development professionals is crucial for all firms.
More candidates are seeking the use of recruiters to tap into their expert knowledge of the industry, salary negotiation and job market. We are hearing from many candidates who have never approached recruiters before keen to use a recruitment consultant in their search for the right employer.