Clare Eades Financial Services, insurance, Market Update...
2014 Q4 Insurance Market Update
Q4 in the Insurance Market has been very exciting indeed with some key trends driving an influx of hiring across both contract and permanent resources at this notoriously ‘quiet’ time of year.
Of particular significance is the resurgence of Solvency II. As the new European regulatory framework under Solvency II marches closer, our client’s attention is increasingly focused on the public and regulatory reporting that will be required under Pillar III. This has seen a high demand for interim (Contract) Project Managers and Business Analysts with previous experience of working on Solvency II programmes and with experience across Finance and Accounting either within projects or operationally.
Insurance companies are now competing for a small pool of talent and this has subsequently raised the rate expectations of these experienced interim professionals and permanent resource alike.
Permanent resource requirements in Q4 are typically less likely yet 2014 has been an anomaly. Companies are now looking to restructure their core business transformation structure to reflect a business model that requires more change. Underwriters and brokers alike are growing their core permanent head count to aid with the increased demand of system implementation and process improvement.
This quarter we have also seen an influx of clients looking to upgrade their aging underwriting platforms and broker portals. With these programmes typically taking in excess of 2 years to deliver and there being more than one system to deliver, our clients are seeking a permanent headcount to lead this change. Lastly Q4 has been a time of consolidation within previously merged businesses and with more acquisitions on the horizon this could be a theme of the future.