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Insurance

Hotspots of skills in demand

operations-support

Hotspots of skills in demand are evident across New Zealand’s active insurance job market. Starting with claims professionals, demand will be high in response to population growth, an increase in road users, storms and technology advancements, all of which result in a growing number of claims.

In addition, brokerages are bringing their claims in-house to increase customer service and create a one-stop shop for all insurance needs. This is adding to demand for end-to-end claims professionals with a holistic understanding of the claims process.

Commercial Brokers and Account Brokers at the intermediate level are in demand too across the industry. The continued movement of Brokers either back into underwriting or overseas after gaining three to five years of experience is creating high demand for skilled and experienced candidates. In response, employers have begun to consider candidates from Australia and the UK.

Property Underwriters and Property Loss Adjusters are needed too thanks to New Zealand’s strong residential construction industry as well as the increase in the commercial property market.

Motor Assessors are increasingly sought. The number of monthly registrations is rising since there is an increasing number of road users. This in turn leads to more vehicle incidents.

Risk Brokers in life insurance are in demand. This is a service that robo-advice cannot process independently end-to-end.

The focus on cyber risk measures is creating demand for Specialist Brokers. Senior Brokers will need to upskill to understand how to bring this to the attention of commercial clients.

Enthusiastic and reliable Broker Supports and Customer Service Team Leaders are needed. Broker Support jobs are moving away from administration and consequently employers look for candidates who wish to take on a client-facing role.

We also expect to see growing demand for financial advice providers with a level five qualification due to new legislation. By the end of 2020, this will be a requirement for all Brokers and broker support professionals.

Recoveries and Settlement Consultants who are up-to-date with current technology are in demand too.

Finally, Risk & Compliance professionals are sought in response to major regulatory changes.

Salary trends

Salaries in larger companies remain steady however smaller brokerages are offering increases to retain high performing staff and attract candidates from larger organisations. As a result, larger companies will need to assess their packages if they want to retain staff.

Finally, higher salaries are also being offered in specialist areas such as professional indemnity and liability.

Jobseeker advice

If you are looking for a Broker Support job, you must show your willingness to move away from pure administrative duties such as renewals. Demonstrate your enthusiasm and determination to become client-facing and manage accounts.

Jobseekers are advised to attend industry events. The New Zealand insurance industry is not large. Getting yourself in front of potential employers will build your reputation, which is essential as a recommendation can go a long way.

Take the time to update your CV regularly with recent successes related to projects or clients. By recording the details while they are still fresh in your mind, even if you are not currently looking for your next role, you’ll be able to demonstrate to hiring managers the value you could add to their business when it does come time for your next job search. This will help you stand out.

Upskilling has become a constant requirement to remain employable in today’s rapidly changing world of work. For example, the rise of automated robo-advice continues. If preliminary quotes are converted to policies without the assistance of Brokers, demand for these professionals may reduce because of the increased use of AI across the industry. Algorithms are also being used for online claims and preliminary assessing.

Advancing your skills to remain employable is therefore essential. Keep yourself at the growing edge of your career without breaking the bank.

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