Recruitment in the insurance industry in the digital era

On 16th, October 2018, the Observatory of the Evolution of Insurance Professions (OEMA) published a study on the workforce of the French Federation of Insurance (FFA) member companies.

This study highlights the major recruitment trends in the insurance sector in countries where the industry is becoming highly digitalized.

Recruitment in the insurance business: distribution of the insurance workforce

Recruitment

The OEMA survey of 140.067 employees confirms that the 2017 workforce distribution remained broadly unchanged in comparison with that of 2016.

Two major groups of activities dominate:

  • distribution and commercial development with 31% of the positions
  • management of contracts or benefits which includes 29% of the workforce
Distribution of the overall workforce by job family
Distribution and commercial development
31,0%
Management of contracts or benefits
29,0%
Information systems
7,7%
Economic, accounting and financial management
5,9%
Administrative support
4,5%
Organization and quality
3,7%
Corporate management and governance
3,3%
Actuarial science and technical design
2,4%
Management and control of in-house risks
2,4%
Human resources
2,3%
Logistics
2,2%
Marketing
1,5%
Asset and real estate management
1,1%
Communications
1,1%
Technical control and prevention
1%

Source: Observatory of the Evolution of Insurance Professions (OEMA)

While the overall distribution seems to remain relatively stable, a few changes are still noticeable. Some activities are in decline. Insurers and reinsurers have reduced their workforce in areas such as management of contracts or benefits, logistics, administrative support, asset and real estate management, technical control and prevention.

Departures are offset by recruitments in other areas of insurance such as distribution and commercial development, information systems. As a result, the number of employees in the sector increased. It rose from 146.200 as at December 31st, 2016 to 146.800 at the end of 2017.

Evolution of employment by job family all contracts combined
Job family
Evolution 2017/2016
In figuresIn %
Management and control of in-house risks
2848.9
Communications
835.5
Marketing
944.5
Corporate management and governance
1743.8
Human resources
1153.5
Information systems
3463.2
Economic, accounting and financial management
2452.9
Actuarial science and technical design
942.7
Organization and quality
1102.0
Distribution and commercial development
4260.9
Management of contracts or benefits
-413-1
Logistics
-114-3.5
Administrative support
-384-5.5
Asset and real estate management
-100-5.9
Technical control and prevention
-425-22.4

Source: Observatory of the Evolution of Insurance Professions (OEMA)

Forecasted hires in insurance

In a report published in June 2018, OEMA presented recruitment trends in insurance and profiles sought over the years to come.

Workforce in the core business, such as actuarial science, technical design, marketing, etc. will be constant. There will be less recruitment in support and steering professions: administration, logistics, information and communication systems.

The number of executives will continue to increase with a rising demand for graduates.

 Core-jobsSupport jobsSteering jobsOverall workforce
Data on workforce
Manpower
-
Representative weight of the job groups
Recruitment rate
Average age
Rate of 55 year-olds and over
Rate of executives
Educational level: Bac+2,3,4
Educational level: Bac+5

Source: Observatory of the Evolution of Insurance Professions (OEMA)

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