Insurance: Here’s where the jobs are

It’s far from a hiring boom, but confidence continues to slowly return to the insurance sector, with the retail banks generating vacancies and a number of job functions remaining sought after.

Wealth Management

“There is steady insurance hiring in wealth management, and some banks have dramatically increased their target numbers from 2011,” says Marcus Emery, national general manager, financial services, Porterallen. “There has been a spike in the number of contractors required, in preparation for the introduction of MySuper and the scheduled Future of Financial Advice (FoFA) reforms,” he says.

Large retail banks are growing their capabilities in insurance as there are perceived higher returns than in banking. Emery believes this may lead to a shortage of financial planners in the next few years. "However, wealth management is still fairly volatile because of recent consolidations in the market, such as AMP’s purchase of AXA’s local operations," he says. 

Life Insurance

According to the latest Hays Quarterly Report, an increased public awareness about life insurance products has created demand for life insurance professionals. And due to restructuring at some of the large insurance firms, there are opportunities for claims team leaders and managers.

“A general trend we have observed is that employers are looking for like-for-like experience, including those candidates who have worked in the same industry and with the same systems,” says Jane McNeill, director, NSW and ACT, Hays. 

Emery agrees that hiring in life insurance has increased, but says the demand is mostly for business analysts and technical specialists. “This is a limited market, and requires people with a detailed knowledge of legislation and regulation.”

Ben Connelly, manager, life insurance and superannuation, Darwin Rhodes Australia, says there has been a steady demand for actuaries: “Despite other occupations being negatively impacted, the demand for experienced actuaries remains high.”

General Insurance

Insurance brokers and account executives continue to be sought after due to the growing portfolios of broking houses and their increased business needs. This is also fuelling demand for property and liability underwriters in commercial insurance, according to the Hays Report.

Retention and increased competition between organisations has led to a high demand for professionals in liability and commercial-property claims, and professional-indemnity and financial-lines underwriting.

Changes to workers compensation legislation have created demand for workers-compensation claims case managers and personal-injury claims staff at mid and senior levels.

Recoveries and settlements officers are also needed due to the end of the catastrophic insurance (CAT) claims cycle and the floods in Perth and hailstorms in Victoria.