Recruitment firm TritonExec says there is currently a lack of candidates with the desired insurance and digital expertise to fill demand
There has been a surge in the number of companies looking for insurance specialists with a strong digital knowledge.
This is according to figures from global recruitment firm TritonExec, which helps to fill leadership positions at companies undergoing digital transformation.
The agency revealed that for the first half of 2018 in the UK, 39% of its total assignments across its primary practice areas of digital and private equity, were for insurance executives with a strong ‘digital acumen’.
This compares to 28% for the first half of 2017. The figures are even more stark for the US, where the number rose from 34% to 58%.
It revealed these were positions within insurance companies and other firms across the technology, digital and financial sectors with an insurance interest.
Of its insurance company clients, not one has been open to hiring a candidate without deep insurance industry expertise and experience.
Head of TritonExec in the US, Abe Doctor, said it demonstrated how valuable a combination of insurance and digital knowledge currently is.
Doctor said: “Insurance as an industry has been notoriously slow in its digital embrace, however we’re seeing it play catch up at a rapid pace. Within insurance, underwriters are now being required to have ‘digital acumen’ to speak to product teams, for example.”
A cycle of executives from insurtechs have been hired and acquired by legacy insurers as the market upskills for digitally proficient talent.
Similarly, insurtechs have been hiring experienced staff from established insurers.
But Doctor said there is still a lack of candidates globally with the right combination of skills to meet demand.
He added: “Growing global companies outside the insurance market - yet with a requirement for insurance executives - need the combination of both digital and industry experience – at a time when these individuals are scarce.”
The recruitment firm believes insurers are acquiring insurtechs primarily for the staff expertise they offer. It says this is backed by the vast sums of capital flowing into private equity businesses run by executives with the right combination of skills.
Georgina Pawley, senior director and global transformation practice lead at TritonExec, added: “Our clients include one of the largest publicly traded consulting firms, as well as a multi-billion dollar growth firm backed by private equity, where during the past 18 months we have seen the rise in executive level mandates as they look to build out global teams of digitally capable, partner and VP level leaders who bring subject matter expertise across underwriting, claims, analytics, products and technology.”
Subscribers read more