2024 Insurance Market Changes
A new year is here and with a market that is always changing, here is 3 insurance changes you should know about in 2024.
THE ADVANCEMENT OF AI AND INSURTECH
More than half of the employers we engage with are actively planning substantial investments in artificial intelligence (AI). The aim is to strike a balance between maintaining consumer trust and optimising operational efficiency. It's also to prevent unfair outcomes in:
As for whether employers should embrace this trend and adopt AI, it's too early to say. Instead, there has been a clear shift towards a greater emphasis on establishing strong management structures.?
The demand for roles such as Quality Assurance professionals, Auditors, and Insurance Analysts has experienced a significant upswing, showing a significant shift between 2023 and 2024.
THE SURGE OF BENEFITS AND HEALTH INSURANCE
The competition in the candidate market is fierce.?
We're all familiar with employers struggling to fill positions, regardless of the industry. It's no secret that there's a shortage of talent across the UK, with this talent having lots of opportunities to choose from.?
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And this choice goes beyond salaries. Instead, employees have a desire for a benefits package that suits their personal and familial needs. To give an idea, this involves:
The need for health insurance has resulted in a heightened demand for Commercial Brokers specialising in Pensions and Benefits. The growth and demand for these specialised brokers are surpassing the rate at which employees can diversify their skills. There is a noticeable surge in the number of large multinational organisations seeking to internalise this expertise, thereby putting further pressure on the insurance market.
FEWER CANDIDATES MEANS HIGHER QUALITY
January has introduced a shift in the dynamics of insurance recruitment in the UK.?
While the Christmas season brought about an urgent approach with candidates pursuing every opportunity - the current landscape reflects a reduction in passive candidates.
Are all holding back, probably due to anticipating the usual bonuses in April. But this reduction in numbers is counterbalanced by an enhancement in the quality of candidates.
Right now, the typical applicants are highly qualified contractors who, due to the economy, have opted to re-enter the realm of employment. Whilst employers may have reservations about long-term contractors, their ability to bid for business and establish connections, especially in a market still dominated by major players, has proven highly profitable.