Hiring conditions in insurance in 2023
You’ve read about candidate shortages in the news and even experienced it yourself at work. With the unemployment rate expected to remain low for the foreseeable future, what does this mean for the insurance industry? Employment in the insurance sector in Australia is projected to increase from 116,900 in 2022 to 126,600 by 2025. A…
By Fuse Recruitment
Insurance • February 1, 2023
You’ve read about candidate shortages in the news and even experienced it yourself at work. With the unemployment rate expected to remain low for the foreseeable future, what does this mean for the insurance industry?
Employment in the insurance sector in Australia is projected to increase from 116,900 in 2022 to 126,600 by 2025. A number of factors, including further digitisation of the industry and Australia’s aging population, will drive demands for specific skills in this industry.
The Deloitte Center for Financial Services reported that many jobs in the insurance sector are changing or quickly becoming redundant as more and more manual tasks are being automated and taken over by AI. Computer-automated underwriting will reduce documentation and streamlines the approval process in risk modelling. Insurance employers will need to upskill workers impacted by automation and AI to avoid handing out redundancies. In a candidate short market, it is smarter to retrain employees rather than spend more time and resources hiring and retraining a new person.
Jobs should evolve to suit the new digital landscape entering the industry. When planning the workforce, insurance employers should break down jobs to their functions and assess what tasks will be automated and what skills need to be taught.
The population of those over 65 is projected to make up around 20% of the Australian population by 2041, compared to 16.2% in 2021. Therefore, the demand for health and life insurance will be strong over the long term. The industry will require more health insurance workers who specialise in services for those over 65, as well as insurance assessors who specialise in assessments for people with disability.
According to the National Skills Commission’s 2022 Skills Priority List, there is expected to be a shortage of Insurance Agents and Brokers and a moderate demand for Insurance Consultants, Investigators, Loss Adjusters and Risk Surveyors in Australia over the following years.
As a specialist recruitment partner to the insurance industry, Fuse has helped hundreds of businesses and thousands of candidates with their employment needs. If you are looking for a specialist to partner with, contact our team to learn about a tailored solution for your business.
If you’re looking for hiring advice in 2023, view our ultimate guide below.
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