Hays Insurance
October 2011
Hotspots
Life insurance professionals, particularly Assessors, are in short supply given the increased demand for life insurance in general. Within claims, demand is high for GI and workers compensation professionals.
Demand is also high for virtually all technical insurance experts, in particular Underwriters, Loss Adjusters and Account Executives across most sectors. These areas remain no less skills short than in previous years and a good candidate with relevant expertise will often receive several offers of employment.
Within broking, demand for Account Executives remains high, particularly for entry-level candidates to service existing clients and ensure future succession planning.
Strong sales professionals are still sought across the life, commercial, health and superannuation sectors.
Overcoming the skills shortage
In order to overcome the shortages noted, employers are offering internal training and development opportunities to existing staff. They are also considering medical professionals who want to develop a career in the corporate space.
Brokers are more willing to take on entry-level candidates in Assistant Account Broker positions. For Account Executives, Brokers are considering Underwriters with commercial exposure. Employers are also happy to put candidates through Tier 1 and Tier 2.
Some employers within workers compensation are looking at candidates with little or no workers compensation experience but who possess strong claims experience.
The coming quarter
Vacancy activity within claims is rising and we expect an active quarter in this area. Across the remainder of the sector we expect to see a steady increase in roles through to November, when activity will slow as we approach Christmas.
Employer trends
We have noted a slight increase in salaries as employers respond to the skills shortage. Employers are also running a swifter recruitment process in order to secure candidates in short supply once they have been identified. Insurers are increasingly turning to recruitment agencies to access top talent.
Candidate trends
Candidate levels have decreased and Australia's insurance market has become extremely candidate short. As a result, candidate salary expectations are rising. Employers are, for the most part, more willing to increase salaries in order to secure the right level of experience.
