The majority of bonuses will be paid to insurance employees soon. Traditionally, following the payment of bonuses we will see candidate movement increase and employers recruit to replace departing staff.
Perhaps in preparation for their moves, candidates are becoming more proactive and want to be informed of the opportunities available in the jobs market.
In terms of skills in demand for the April – June 2015 quarter, we’re seeing a high demand for Business Development Managers. Last quarter the demand for senior level corporate business development professionals increased. In addition, given the fierce competition that exists in the market, existing relationships and the ability to leverage them are extremely valuable to employers.
Compliance specialists are another area of demand. To further develop the compliance teams, employers are continuously on the lookout for candidates with strong insurance regulatory compliance knowledge who can work hand in hand with management. The demand for expertise in implementing AML, anti-bribery, financial crime and anti-fraud programs has increased. Candidates who are excellent communicators and also possess IT project experience, specifically in developing compliance systems, programs and controls, are in most demand.
Distribution professionals are in increasing demand as the insurance industry continues to grow. There is a particularly strong interest in candidates with solid sales management experience in an agency or bancassurance background. With confidence high, we expect to see significant movement following the payment of bonuses early this quarter.
Financial Reporting experts are also sought. As a result of regulatory and reporting standards, individuals with a strong understanding of regulatory issues are needed. This will continue as IFRS 9 becomes mandatory in 2017. However there is a shortage of candidates with strong communication skills who can interact with regulators.
Risk specialists are another area of demand as insurance companies catch up to global standards and enhance their operational risk and enterprise risk framework. In addition, regional risk opportunities exist and often attract the interest of returnees who have overseas risk experience.