Give us better work life balance. You can keep your 10k rise
Recruitment in life insurance in Australia is booming, but it's concentrated on junior and mid-level jobs. The seniors, it seems, are mainly moving if they are offered better work-life balance.
Demand for life products is increasing and the life sector is underpinning the profits of many large insurance firms as the public becomes more aware of the need to have coverage.
This is generating strong hiring for entry to mid-level positions, especially in claims, underwriting, product and sales, says Shane Watson Manager, life risk division, Porterallen.
However, more senior people are largely "locked into their jobs", he adds. "It's difficult to motivate them to leave, and they won't go just for another $10k or $15k. Plus their existing firm will probably counter offer them anyway."
Interestingly, says Watson, work-life balance is the key concern of many experienced professionals in this sector. "For those who do change roles, it's a major pull. It could include flexibility on hours, working from home, or 9-day fortnights. When you've been in life insurance for eight to 15 years, you're embedded in the industry and you might have a family - you want a package that keeps you motivated."
Where are all the underwriters?
Life insurance underwriters are particularly hard to source. "There's a big skill shortage because of the nature of the work. You need someone with financial and medical acumen and the ability to engage with clients on personal matters. It's about finding solutions and it's not an easy job," says Watson.
Underwriters come from a variety of backgrounds. Many have fallen into the sector as former financial planners and are now sitting pretty in $100k to $150k positions. Some have accountancy backgrounds and tend to focus on risk mediation, while at the other extreme are ex-salespeople who want to keep customers on their books. "We need to find a stronger balance in the middle. I don't see many people with BSCs, for example," adds Watson.
