The insurance industry has remained stable and as such headcount growth has been steady. There is confidence from employers that recruitment will continue as usual heading into the second quarter of the calendar year.
In terms of skills in demand for the April to June quarter, we forecast demand for medical operations managers to increase. As health insurance has become more competitive, insurers are now ramping up their operational support due to the increase in business. Experience in health and employee benefit products will be highly valued.
As insurance companies continue to grow in the region, there is a high level of M&A activity expected across the industry. Experienced strategy candidates such as corporate development consultants are needed, and those with strong competencies in M&A execution and a solid knowledge of Asia’s insurance markets will be highly regarded
There is also increased demand for project managers in the digital marketing space as more organisations embrace digital transformation. Firms are focusing on general technological advancements and improvement of the overall customer experience due to regulatory requirements.
Compliance and auditing specialists with a strong grasp of insurance-related regulatory changes and skills in regulatory compliance, product compliance, compliance advisory, AML and distribution compliance are continuously sought after. It is ever more important now for insurers to be well prepared for regulatory changes.
Risk management has become an attractive career move for candidates and is a key area for insurers committed to growing in Asia. With audit skills being easily transferrable and valued, it is common for audit professionals to transit into other functions within insurance for career development opportunities, thereby leading to an increase in replacement roles.
Demand within bancassurance sales will continue into the quarter. With a challenging economic and financial environment, insurers have maintained business and are slowly adding headcount to their sales function. Also, we have seen insurers hiring candidates with strong insurance product knowledge from the banking industry.