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Insurance Jobs - Market Overview

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2018 is going to bring some exciting challenges and plenty of opportunities. Brexit, GDPR and artificial intelligence will all impact the insurance sector throughout this year and beyond. 

Thoughts on the Market

2017 continued to showcase Ireland’s recovery and this has been reflected in the growth in employment and increased FDI. The insurance sector has been voicing optimism for quite some time with the majority of companies expanding and we expect further growth in 2018 and beyond.

The mood is positive for the year ahead, however some challenges have been identified such as the introduction of GDPR, the impact of Brexit and the skills shortage in an economy reaching near full employment.

The skills shortage has seen companies expanding their search for talent internationally for positions that would traditionally have been filled with local talent. This trend is only going to continue in 2018 and multilingual candidates will become more and more the norm.

The UK Brexit vote has led to many international insurers based in the UK outlining plans to relocate to another EU jurisdiction. Dublin has been identified by several large insurance and reinsurance companies as their intended EU base due to Ireland being the only English speaking country in the EU post-Brexit and availability of EU passporting benefits.

Overall 2018 will be an exciting year in the insurance sector and it is going to be interesting to see how companies handle the challenges and opportunities facing them in the year ahead. But if anyone is going to lead the way in managing the risks these opportunities and challenges will bring, it must be the insurance sector.


Life Assurance

The life and health insurance sectors in Ireland have seen some interesting developments in recent years with several mergers and acquisitions as well as new entrants to the Irish market. Qualified financial planners and pensions administrators continue to be the main movers within these spaces and they show no sign of slowing down.

Pensions administrators were highly sought after in 2017 and in particular candidates with defined benefit and defined contribution skills. With the rundown of large defined benefit schemes in Ireland and defined contribution schemes being the primary pension choice of large organisations, candidates skilled in the day-to-day administration of these schemes will continue to be in high demand throughout 2018. 


General Insurance

Traditional skills such as claims, underwriting and brokerage consultants continue to be sought at a steady, if not spectacular, pace. 

The increased focus on insurance fraud has seen claims professionals with experience in this area in demand. Increasingly large compensation payments have highlighted the need for companies to focus more resources in their claims and fraud departments. There is no indication this will slow down in 2018 ,therefore candidates should be highlighting their experience in this area.


Compliance

One of the areas that saw significant growth in 2017 was compliance and risk, as insurance companies brace for the introduction of GDPR in May 2018. With the countdown to GDPR in full swing, insurance companies are actively trying to alleviate the disruption to their operations by getting the right people in place. This has led to compliance and GDPR qualified professionals becoming some of the most sought-after people in 2018 with both permanent positions and project roles opening across the sector.


Captive/Reinsurance

Brexit brought about some interesting news for the Irish reinsurance market with several companies identifying (and several more still considering) Dublin as the location of choice for their EU headquarters.


Actuarial

Qualified and part-qualified actuaries are continuing to attract considerable interest. New graduates are also in high demand with internships offering a great path into a trainee role.


Salaries in 2018

Salaries are continuing in an upward trend and skilled employees are, in certain cases, in a position to seek a 10-15% increase when moving. This was a similar trend for specialist roles in 2017, however, we are seeing similar increases now in the 1-3 years’ experience bracket.


Top Tip For 2018

Our top tip for 2018 is targeted at employers and the need to move quickly when they have identified top talent. With the talent pool shrinking and the rise of counteroffers, companies are doing their utmost to keep hold of key people and potential employers will need to act fast to secure skilled candidates. Too often in 2017 we saw employers drag their heels with their recruitment processes and miss out on key hires. 


Hot Jobs

  • Experienced Claims Handler
  • Compliance Officer/Executive
  • Pension Administrator
  • Actuary
  • Project/Change Management


Top Skills

  • Project Management/Prince2 or PMP
  • Compliance and regulatory experience
  • QFA/CIP
  • DB and DC pension experience
  • Product development

Check out the latest insurance jobs here

Posted by Alan McLoughlin on 28 March 2018

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Insurance Jobs - Market Overview

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2018 is going to bring some exciting challenges and plenty of opportunities. Brexit, GDPR and artificial intelligence will all impact the insurance sector throughout this year and beyond. Thoughts on the Market 2017 continued to showcase Ireland’s recovery and this has been reflected in the growth in employment and increased FDI. The insurance sector has been voicing optimism for quite some time with the majority of companies expanding and we expect further growth in 2018 and beyond. The mood is positive for the year ahead, however some challenges have been identified such as the introduction of GDPR, the impact of Brexit and the skills shortage in an economy reaching near full employment. The skills shortage has seen companies expanding their search for talent internationally for positions that would traditionally have been filled with local talent. This trend is only going to continue in 2018 and multilingual candidates will become more and more the norm. The UK Brexit vote has led to many international insurers based in the UK outlining plans to relocate to another EU jurisdiction. Dublin has been identified by several large insurance and reinsurance companies as their intended EU base due to Ireland being the only English speaking country in the EU post-Brexit and availability of EU passporting benefits. Overall 2018 will be an exciting year in the insurance sector and it is going to be interesting to see how companies handle the challenges and opportunities facing them in the year ahead. But if anyone is going to lead the way in managing the risks these opportunities and challenges will bring, it must be the insurance sector. Life Assurance The life and health insurance sectors in Ireland have seen some interesting developments in recent years with several mergers and acquisitions as well as new entrants to the Irish market. Qualified financial planners and pensions administrators continue to be the main movers within these spaces and they show no sign of slowing down. Pensions administrators were highly sought after in 2017 and in particular candidates with defined benefit and defined contribution skills. With the rundown of large defined benefit schemes in Ireland and defined contribution schemes being the primary pension choice of large organisations, candidates skilled in the day-to-day administration of these schemes will continue to be in high demand throughout 2018. General Insurance Traditional skills such as claims, underwriting and brokerage consultants continue to be sought at a steady, if not spectacular, pace. The increased focus on insurance fraud has seen claims professionals with experience in this area in demand. Increasingly large compensation payments have highlighted the need for companies to focus more resources in their claims and fraud departments. There is no indication this will slow down in 2018 ,therefore candidates should be highlighting their experience in this area. Compliance One of the areas that saw significant growth in 2017 was compliance and risk, as insurance companies brace for the introduction of GDPR in May 2018. With the countdown to GDPR in full swing, insurance companies are actively trying to alleviate the disruption to their operations by getting the right people in place. This has led to compliance and GDPR qualified professionals becoming some of the most sought-after people in 2018 with both permanent positions and project roles opening across the sector. Captive/Reinsurance Brexit brought about some interesting news for the Irish reinsurance market with several companies identifying (and several more still considering) Dublin as the location of choice for their EU headquarters. Actuarial Qualified and part-qualified actuaries are continuing to attract considerable interest. New graduates are also in high demand with internships offering a great path into a trainee role. Salaries in 2018 Salaries are continuing in an upward trend and skilled employees are, in certain cases, in a position to seek a 10-15% increase when moving. This was a similar trend for specialist roles in 2017, however, we are seeing similar increases now in the 1-3 years’ experience bracket. Top Tip For 2018 Our top tip for 2018 is targeted at employers and the need to move quickly when they have identified top talent. With the talent pool shrinking and the rise of counteroffers, companies are doing their utmost to keep hold of key people and potential employers will need to act fast to secure skilled candidates. Too often in 2017 we saw employers drag their heels with their recruitment processes and miss out on key hires. Hot Jobs Experienced Claims Handler Compliance Officer/Executive Pension Administrator Actuary Project/Change Management Top Skills Project Management/Prince2 or PMP Compliance and regulatory experience QFA/CIP DB and DC pension experience Product development Check out the latest insurance jobs here

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