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10 Aug 2017

The 5 Most In-Demand Skills in Insurance

This isn’t your average advice post. It is expert guidance for talented insurance professionals, collated by our consultants who work with some of the world’s leading insurance businesses. Here is our view of the most sought-after skills in insurance today.

Regulatory projects

Candidates with experience of regulatory projects, from a business analyst and project management perspective, are highly sought after. Much of the change in insurance is driven by regulations like GDPR. This has resulted in businesses looking for people with excellent regulatory experience.

Foreign languages

Some believe that the UK needs a multilingual population to succeed in a globalised world. Government statistics show that the UK loses about 3.5% of its GDP every year because of a lack of language skills.

That is why the implications of Brexit are stark. As insurance businesses such as Lloyd’s of London and QBE move part of their operations from London to mainland Europe, they will rely on people’s diverse language skills to operate in these new regions.

Innovation and digitalisation

Candidates who have worked with insurance technologies such as AI, machine learning and blockchain are market favourites. If you are looking to influence businesses using a technological skillset, businesses want to talk with you.

In addition, big data is as important as it ever was. Power BI and knowledge of other dash boarding tools all add to a candidate’s CV. Power BI is a cost-effective business tool as it’s a Microsoft product and most businesses already use Microsoft technology in one form or another. Power BI is also an excellent data visualisation tool to analyse a blockchain database, too.

If you can gather, manage and present data using modern systems and processes, you are considered a great asset to the team.

Blockchain

Blockchain technology has been credited with making the insurance industry much more transparent. Although, there is some resistance as the transparency of price corrections could make some in the field feel uneasy. That said, intermediaries or “trust brokers” don’t have to be removed from the equation - instead they can take up the technology and use it to enable positive change.

According to one report, the global blockchain technology market is expected to be worth $20 billion by 2024, demonstrating how important it is set to become.

Our clients with exposure to blockchain are often using contractors as that’s where the talent currently exists. There’s a significant shortage of blockchain experience within the permanent talent pool, and people who are looking for full-time roles in this area are in high demand.  

Business Analysts

Business Analysts are still crucial for insurance organisations. Similar to regulatory experience, Business Analysts are being drafted in by many firms as GDPR looks set to apply in the UK from 25th May 2018. This date has already been confirmed by the government.

Brexit too has caused a sharp drive for savvy Business Analysts. It’s a question we always ask our clients: Do you have a Brexit Business Analyst? If not, why? These are the people who can safeguard businesses from any sudden shifts in the economy, especially if they have knowledge of international markets.  

If you’re looking to find the right insurance role and you’d like to discuss your skill set, talk to Venquis. Our specialist insurance consultants have many years’ experience in the insurance field and can help you find a role that you’ll thrive in.

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