The insurance industry is  a dynamic landscape in constant flux. Regulatory changes, technological advancements and a growing emphasis on ESG (environmental, social and governance) are factors forcing a transformation in the role of accounting and finance professionals. 

in demand skills from insurance firms in singapore
in demand skills from insurance firms in singapore

Even though the industry faces skills shortages and talent scarcity in this movement of change, many employers still prioritise relevant knowledge and experience. Companies are expanding their talent pool to adjacent industries like finance and strategy, as continuous learning, adaptation and passion are now equally important traits in job seekers. 

In this thought leadership piece, we look at how these factors and trends are changing the skills that insurance firms are prioritising in Singapore this year. 

forward-thinking accountants to suggest fresh strategies to strengthen company’s financial standing 

Having a deep understanding of MAS reporting requirements, including annual return filing procedures, is no longer optional. Accounting and finance professionals serve as internal compliance champions as they safeguard the company’s financial well-being within the ever-changing regulatory and reporting environment. 

Besides staying ahead of frameworks like IFRS 17 and sustainability reporting requirements, accounting and finance talent will need to keep pace with macroeconomic trends for proactive financial planning. Understanding how factors like global inflation and interest rates can impact local insurance premiums, claims payouts and investment returns allow the accounting and finance team to develop more effective strategies to mitigate risks and ensure long-term financial stability.

increasing demand for ESG expertise in insurance

As reporting deadlines loom for climate-related disclosure mandates affecting both listed and large non-listed companies in Singapore, insurance companies are starting to build their expertise in ESG principles and regulatory frameworks. 

This adeptness not only ensures compliance with reporting obligations, but also extends to their clients. With a growing number of enterprises in Singapore embracing sustainable practices, insurance firms must build their internal capacities to ensure that their clients are also taken care of. 

how the role of accounting changes in the tech evolution 

Beyond the standard finance-related frameworks, the tech revolution is fast shaping the industry. Data is the new oil and accounting teams are now the refinery. 

data analytics top skill in insurance
data analytics top skill in insurance

While data was often siloed and difficult to analyse to identify trends in the past, advancements in cloud storage and SaaS platforms have made vast amounts of data readily available. Many employers are looking for talent who are able to analyse these large datasets, identify trends and patterns that may not be readily apparent, and communicate complex information in clear and concise visuals to technical and non-technical stakeholders. 

Despite the growth in AI, human interpretations remain essential for driving informed decisions. AI can identify trends from large datasets, but it cannot replace the human ability to understand the context of that data against economic and cultural nuances. Organisations are hence actively looking for talent who embrace generative AI across their work so that more time can go towards strategic analysis and insightful storytelling. 

communication & collaboration - a much more complex requirement to evaluate 

Technical skills are only half the equation in all talent searches. Communication skills, adaptability and a thirst for knowledge are important and differentiating qualities among talent.

Many employers have highlighted the importance of communication in their hiring requirements. Clear and concise communication is essential for building trust and stakeholder relationships. It can also promote better collaboration with other teams to ensure financial alignment with business goals. 

Although it is commonly assumed that effective communication is an inherent trait among talent, mastering this skill can be challenging for many. While basic communication abilities are universal, the capability to engage effectively with diverse audiences and propose out-of-the-box solutions require practice and refinement. The ideal talent will be someone who is able to absorb differing perspectives and opinions, and see the bigger picture to provide clear direction with a strategic mindset. 

Consequently, many employers are incorporating behavioural or situational questions into job interviews to evaluate job seekers’ ability to articulate their thoughts and perspectives effectively.

the most sought-after trait of a top talent: a passion for continuous improvement 

Many insurance employers are now providing an array of learning and development initiatives along with internal opportunities for job mobility. In addition to in-house training programmes, several firms have forged partnerships with reputable learning institutions and on-demand platforms to ensure that their employees have easy access to enhance their skills and keep pace with evolving knowledge and technical proficiencies to excel in their jobs. 

insurance employer values learning mindset
insurance employer values learning mindset

These opportunities come with the expectation that talent has a keen interest in continuous learning and a drive to understand how their roles and skills will evolve in tandem with industry shifts. Talent who actively participate in the training opportunities provided to broaden their knowledge are highly valued compared to those with equivalent technical expertise but are less proactive.

download the insurance talent and salary trends report 

Enhance your strategic talent attraction efforts by downloading the report detailing the latest salary benchmarks within Singapore's dynamic insurance industry. Share this invaluable resource with your peers and colleagues to collectively develop robust strategies aimed at cultivating a more successful outcome. Fill up the download form below to start: 

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As a partner for talent and through our four specialisations - Operational, Professional, Digital and Enterprise - we help people secure meaningful roles, develop relevant skills and find purpose and belonging in their workplace. 

In our insurance recruitment practice, we partner with organisations to source top-tier talent across a spectrum of roles including claims, underwriting, credit control, policy analysis, compliance, accounting and finance, relationship management, and beyond. Reach out to us to discover our talent services and innovative solutions that can elevate your workforce capabilities. If you're a job seeker looking to boost your career in insurance, take a look at all the open jobs and apply today. 

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