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Shifting demographics, rapid rise of emerging markets and changing customer behaviours are driving changes in the insurance sector. Insurance firms in Singapore are developing new strategies to ensure market competitiveness, appeal to new customers and redefine their brand reputation and product offerings.
Many large companies have also invested in new technologies, such as data and predictive analytics as well as artificial intelligence and machine learning. These new technologies enable them to develop more personalised products and solutions that are relevant and highly valued by the customer.
On the other hand, smaller players with limited resources are tapping into in-depth market intelligence to offer highly-differentiated products, with the ambition to better serve specific customer groups and dominate niche markets.
As a result, many firms are re-evaluating their workforce and hiring new talent from within and outside the insurance sector to ensure that they have the people with the right capabilities and skills to drive the company’s agenda.
Despite these new opportunities, when we asked 200 finance professionals in Singapore if they want to work in insurance firms, very few said that they do. The 2019 Randstad Employer Brand Research found that insurance is one of the least attractive sectors in Singapore, ranked 16th out of a list of 17 industries.
insurance talent are attracted to an innovative culture
The digital wave has created a more competitive business environment for traditional insurance companies.
Tech giants such as Amazon, Google and Alibaba are entering the market as ‘insurtech’ players, tapping into their technology expertise to design and market highly-personalised insurance products. These companies are also known for delivering remarkable customer experience - from behaviour predictions to 24/7 online customer service. In fact, the 2018 World Insurance Report state that 30% of customers around the world are willing to buy insurance products from these tech giants, turning up the competition for traditional insurance companies.
When the workforce has the flexibility to be creative and the opportunity to work on new projects, great ideas can be easily forged. An encouraging environment can attract more finance professionals to join the insurance industry. Especially if they are given the freedom to think outside the box and pitch new ideas that could potentially improve customer experience.
Insurers that meet the expectations of both their customers and employees will be ranked highly in people’s minds.
based on the results from 2019 Employer Brand Research, the report highlights:
- Why traditional insurance firms should update employees’ remuneration packages
- Factors that talent consider when deciding which career path in finance they want to take
- Channels that insurance talent rely on the most when looking for a new job