They are vying for bigger market shares.
Insurance companies in Hong Kong are set to increase hiring of experienced professionals in medical operations as they vie for a bigger share of the buoyant health insurance market.
According to a release from Hays, based on its Quarterly Report, headcount growth in the insurance sector will remain stable as companies move into the second quarter of the calendar year.
“The health insurance business is seeing steady growth, boosted by rising health awareness,” says Dean Stallard, Regional Director for Hays in Hong Kong. “Insurers are increasing headcount in their operations support department to back increasingly competitive life and health businesses as they seek to consolidate their foothold in the market. Consequently, demand for candidates with relevant experience will be strong.”
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An increasing number of merger and acquisition deals in the insurance sector are also creating new opportunities within the industry.
“A wave of consolidation in the industry is taking shape,” says Dean. “Experienced strategic talent such as corporate development consultants will be actively sought after as companies seek to make a smooth transition post-merger. Professionals with knowledge of the Asian market will be in demand for their knowledge in driving growth in the region.”
Candidates in the compliance and audit function will also be in need as companies prepare themselves for regulatory changes in the industry.
“Up-to-date knowledge of regulatory changes pertaining to the sector, skills in regulatory and product compliance, and risk management capabilities are key qualities that employers look for in new hires,” Dean mentions. “Qualified candidates are expected to receive multiple offers from employers given the short supply of talent in the market.”
In terms of candidate trends, Hays says that an increasing number of professionals will consider a job change amidst greater employer demand for the right talent to support further business growth.
“Insurers are viewing Asia as a high-growth market and some of them are adjusting their growth strategies to pave way for further expansion,” Dean adds. “We see risk management as a key focus area insurance companies are committed to growing as tightening regulations prompt companies to expand their teams of auditors and compliance professionals.”
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