Global insurance industry recruitment trends analyzed by recruiter

The global insurance industry is currently facing a talent shortage, but despite recruitment challenges, many insurers are expanding in lucrative lines of business. According to Graeme Young, the ANZ director for Eliot Partnership based in Sydney, the profitability of certain risk classes outweighs the difficulty in finding talent. Eliot Partnership is a unique global insurance specialist executive search firm that exclusively focuses on the insurance and reinsurance markets at the C-suite and EGM levels.

Young emphasized that they operate as a boutique firm, solely dedicated to the insurance sector, with offices in key insurance hubs worldwide. Young highlighted Eliot's ability to provide global talent acquisition perspectives and valuable insights to clients in different markets. He mentioned that their consultants seamlessly work across offices and geographies to deliver the best talent solutions to clients.

Despite the talent shortage, the insurance industry is experiencing growth as insurers expand into markets previously abandoned due to unfavorable conditions. The current hard market environment is driving growth in sectors and regions like Australia and the United States. Young also noted the surge in managing general agents (MGAs) in countries like the US and Australia, attributing their growth to the ease of setting up MGAs locally, particularly in Australia where regulations are more flexible for MGAs compared to carriers.

In response to market challenges and evolving needs, there is a rising demand for skilled professionals in various insurance industry roles, such as underwriters, claims professionals, and infrastructure staff. Young emphasized the importance of thinking outside the box in talent recruitment strategies and the need to look beyond traditional candidate profiles to address the talent gap effectively. As the industry navigates the talent crunch, Young stressed the importance of adaptability and innovation in talent acquisition practices to meet the changing demands of the insurance market.

He concluded by stating that the industry is constantly evolving, and their approach to talent acquisition must evolve accordingly to ensure sustained growth and success.