Asian insurance recruitment is still in growth mode
Even as banks are trimming fat from their workforces, it seems to be almost business as usual in Asian insurance recruitment. Although some banks have struggled to maintain profitability, the outlook for insurance firms in the region seems relatively optimistic. AIA and Prudential, for example, have seen strong growth in their Asian businesses in Q3.
Tara Robinson, senior consultant, insurance, Morgan McKinley Hong Kong, explains: "Many insurance organisations have recorded positive results for Q1 to Q3. Asia is still seen as the growth region and insurance does not seem to be as sensitive to the economy as some other sectors."
The industry's fairly buoyant job market can perhaps be attributed to insurance not being as mature as banking in Asia. This allows for "pockets of growth" even in an uncertain market, says Derek Kenny, director, Gulf Connexions.
Business development and revenue-generating positions are some of the jobs which are currently sought after, he adds. Robinson is also seeing demand for internal control functions as firms try to increase their bench strength within compliance, internal audit and risk (e.g. enterprise risk management and Solvency II, the set of updated regulatory requirements for insurance companies operating in the European Union).
"This can be viewed as being in line with the current economic climate to minimise exposure. Other hot jobs are qualified life actuaries, and life underwriters with more than five years of experience," she says.
Restructuring
Asian insurance is not completely decoupled from present global market conditions. Robinson has witnessed "some slow down" in recruitment in Q4. There has also been restructuring across the region in back-office functions, with some relocations made to Hong Kong from Singapore and vice versa.
Kenny adds: "A lot of companies have been cautious, consolidating positions instead of making new hires or cutting staff. I believe that should the economy take another turn, there will be cuts. No business operating today can escape the effects of the market."
Even so, there are some firms who are continuing to hire even in Q4. Robinson says she knows of line managers who are focused on increasing headcount right up until the end of the year.
