Change and the effects on Insurance Jobs
As businesses adapt to a VUCA (volatile, uncertain, complex, ambiguous) world, constant and unpredictable change is now the norm. VUCA demands a change in how you work day-to-day as a leader and a manager. As an organisation, VUCA can change how you view the world and respond to your environment. It can also have a huge impact on insurance recruitment and job roles.
New Risks, New Roles
More specifically we have seen the effects of VUCA on the insurance industry with, for example, the increase of cyber security threats. Natural disasters, and acts of terrorism are also affecting both these organisations and their clients. Risks today are definitely different than in the past. Cyber security threats are a great example of such risks where a strategy to mitigate cyber exposure in an organisation is more commonly established after an organisation has been fortunate enough to not be a company exposed to a loss. Technological glitches and exposures have risen as the world pivoted to remote and hybrid working through the COVID-19 pandemic period across the globe.
The Insurance sector in New Zealand
Both insurance companies and the insurance broking market, as with many other developed countries’ insurance systems, is still playing catch up following the turmoil of the COVID-19 pandemic. This is particularly clear in the areas of skilled labour shortages. In navigating this new normal the industry has had to develop a wide range of new skill sets. This has involved adjusting operating models and workflow processes in doing business today, having been forced to go digital and virtual. The workforce has had to develop virtual skills. The skills include online virtual meeting skills, an ability to work efficiently through tasks and administering our work in an online virtual environment. This has been a huge change for all in working with digital products and services through this seismic shift to uplift skills.
Adapting to the new hybrid working model
As we have returned to the office and organisations and people redefine who they are and what they offer, competencies in insurer roles such as underwriting, claims, and customer service have evolved. Insurers now need to adapt to service customers digitally and virtually. In the insurance broking market, continued adoption of regulation and professional development in the uplift of tertiary study e.g. having to complete the New Zealand Certificate in Financial Services, version 2 Level 5 to supply advice and intermediary services to your customer has further exacerbated the hunt and need for skilled labour. Read a recent article on the requirement of the adviser here. Organisations are eager to engage with candidates who have attained the certification in providing seamless advisory and intermediary services.
Skill sets in demand across the Insurance Jobs Market
At Tyler Wren (through our teams in Auckland and Christchurch) we have clients approaching us weekly to search for readily available, skilled insurance job seekers. With the recent natural disasters, we have seen a major resurgence of needs in claims skill sets. Experience in domestic and commercial lines across insurers and insurance brokerages is in high demand. The domestic broking market is also very active at present. We are seeing much movement in the broker market with skilled Domestic Insurance Brokers now looking for new career opportunities. Some of this movement is due to more junior brokers looking to depart on their overseas experience and also the allure of the great Australian exodus.
We are also seeing the need for more specialised skill sets in aviation, cyber risk, financial lines and marine. Broker support roles continue to be a challenge as more experienced broker supports look at taking the next step into client-facing Commercial Broking opportunities. The Fire & General and Commercial broking space continue to be extremely competitive. In some of our latest Commercial Broking opportunities clients are looking for 3+ years of experience in a similar role as they look to develop their workforce.
Insurance Job Opportunities
Tyler Wren has recently sent out a survey to our insurance candidate and talent database to gather insights for our 2023 salary and benefits guide. Initial contributors are noting that their top 3 requirements in any role from their employer are: Hybrid & Flexible working; Salary & Benefits and interestingly career progression over organisational culture. The survey closes on 30 June 2023 and we will then be compiling and analysing all data for our salary guide to be released soon after. Should you wish to contribute to the survey and receive a copy of the 2023 Insurance salary and benefits guide please click here
Here at Tyler Wren, we know good people know good people, if you refer someone to Tyler Wren, with whom we secure a new role, we offer a voucher of *$600. Refer a friend.
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