CAREER EXPERT feat Chris Mead | Issue 69 of HEADHUNT

Dear Chris,

I’m graduating soon and for me the global downturn has taken some of the shine off a trading career. What can you tell me about a career in life insurance?

Thanks,
Alex
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Dear Alex,

Thank you for your question and I can understand your concern.

There is growing interest from candidates, particularly at the entry level than in the manager job or director job level, in a career in life insurance. Candidate feedback shows that there is now a lot less stigma surrounding a career in life insurance compared to what there once was. It seems the downturn took some of the shine
off the allure of a trading or other higher-risk finance career.

However employers have been reluctant to hire entry level candidates, and continue to focus on those with five or more years of experience.

Most life insurers are now looking for experienced Life Underwriters, either Group or Retail, as a result of growth in demand and competition within such products. They want candidates that already understand the subject matter, can make decisions and add value immediately. They
want someone who can hit the ground running.

But the current supply of such candidates is disproportional to the demand for experienced Life Underwriters in Singapore. Despite this,  employers will not consider recruiting and training an entry-level candidate, or employing an Underwriter with two to three years experience.

Such unwillingness to invest in candidates has not only led to a number of candidates being unable to pursue a career in life insurance, but it also  has obvious long-term skills shortage ramifications. This comes at a time when employers could be taking advantage of candidates interested in a career in life insurance.

There’s also a vast disparity in the salaries offered by employers for the same role, and those employers offering salaries at the lower end of the  scale find it far more difficult to secure skills over others. For example, one employer might offer $50,000 while another might offer as much as $90,000 for the same job function.

While candidates are attracted to roles for more than just the salary on offer, this only extends so far and the top talent will not apply for a role  offering $40,000 less than a comparable role elsewhere.

Regards,
Chris Mead
General Manager
HAYS Singapore