Underwriters Moving into Insurance Broking
There is a general shortage of candidates across the insurance market, resulting in many underwriters moving into broking, according to the latest Hays Quarterly Report.
The report also found senior level insurance workers in personal and commercial motor claims and workers’ compensation claims are in high demand.
“Underwriters in niche areas are in high demand with accident and health, liability and professional indemnity classes of underwriting very short staffed.
Candidates with 10 or more years’ experience are in most demand,” says Jane McNeill, regional director of Hays Insurance.
“In most cases commercial underwriters will be considered and offered good training to make the move to broking.”
The shortage of domestic candidates means the majority of today’s available candidates with good skill sets have recently relocated from New Zealand, drawn to Australia for the lifestyle, job stability and more attractive remuneration.
In addition, some larger insurers are recruiting inexperienced candidates and training them to ensure that skill shortages will not occur as frequently in the future as in the past several years. This is occurring in both workers’ compensation and general insurance.
Meanwhile, the report revealed general employer trends are leaning towards offering career development to their staff and promoting internally. Employers are also offering flexibility to top candidates, such as working from home, free parking and bonus incentives, to attract and retain staff.
“While many employers have very strict requirements in terms of skills and experience, others are looking at new hires with long-term potential and will consider less experienced candidates who they can develop into a role,” said Jane.
“The main reason is that they believe this gives the candidate a greater incentive to remain long-term with the organisation. For the same reason, many employers will also invest in new graduates and develop their experience.”
According to McNeill, employers are also looking for a candidate who can bring value to the business, while at the same time increasing responsibilities in comparison to the role’s predecessor. candidate trends show skilled and experienced professionals in areas of high demand have become far more selective about the companies and positions they will consider.
“They are taking longer to think about roles and will wait for the perfect role to become available,” said McNeill. “As a result, employers are enhancing their employee value proposition during the interview process.”