Insurance Market Update

May 11, 2019

The Asia-Pacific insurance industry has become more competitive year on year, as more players realise the potential for growth in this emerging market. This has led to a higher volume of recruitment and growth compared to the financial services and other sectors, although there has not been the level hiring which we would usually expect in the months succeeding Chinese New Year. Candidates seem more reluctant to move roles in 2019, and many who are considering a career move are holding off until later in the year in the hope that there will be more attractive opportunities for them to consider.

To stay ahead of the competition, insurance firms continue to develop their purpose driven narratives and large-scale brand campaigns which focus on health and wellbeing. As a result, insurance firms are increasingly more attractive to senior marketing, communications and digital professionals from the banking and asset management sector, as well as the retail and consumer sector. These candidates are actively seeking out opportunities in the insurance industry as they realise there is more interesting and meaningful brand profile work than was previously perceived a few years ago.

As insurance firms fight to retain and increase market share the customer is increasingly at the forefront of their objectives. This means a large proportion of marketing spend and resources are being dedicated to improving and streamlining the customer journey and overall experience. Therefore, candidates with experience in customer journey and those with the skills to improve and manage the online platforms which can facilitate this customer journey have been in high demand since the beginning of the year. This demand looks set to continue throughout the year and into next.

Hiring managers are keen to attract talent from other sectors, such as retail and FMCGs, who are more experienced in customer experience marketing to take on these roles. Those with experience in marketing automation platforms and data analytics have also been in demand over recent months as CMOs focus on building their teams’ capabilities in these areas, rather than more generalist marketing.

Marketing and communications professionals with strong storytelling, brand development and content generation skills are also in demand as insurance firms look to further define their brand story and positioning.

To summarise, we expect to see a steady continuation of Marketing, Communication and Digital hires within insurance throughout the year as well as a continued interest from talent to join the sector. It will be those insurance firms who can provide the most interesting and ‘meaningful’ work who will win the top talent, as well as firms who can demonstrate they have a happy and balanced working environment and a genuine care for their employees’ wellbeing.