Consumer brands like Coles, Woolworths and even Australia Post are muscling into the general insurance sector, but while they might win over customers, they are unlikely to create many high-level jobs.
These new entrants are only “white labelling” products which are underwritten by insurance firms, which means most of their internal positions will have an administrative focus.
The consumer companies will help create more opportunities in customer service, processing account management and sales, but insurance heavyweights Allianz, Suncorp and IAG will continue to attract the real specialists, says Jane McNeill, regional director, Hays.
“There may be some employment created around service and distribution, but it’s unlikely additional underwriting and other technical jobs will be created at the general insurers as a result,” adds Stuart Freeman, managing director, SMF Recruitment.
So despite the coming expansion of insurance brands, it seems an employment turf war is unlikely to break out any time soon.
Nicholas Scofield, general manager of corporate affairs at Allianz, says he expects the retailers will distribute their insurance products through their networks using existing staff, which won’t affect competition for technical insurance experts such as actuaries, underwriters and insurance product developers.
“There isn’t really a lot of overlap in terms of the sort of people Allianz would be trying to recruit and the people that Coles and Australia Post will be looking for,” adds Scofield.
A spokesperson from Australia Post confirms it won’t be hiring many insurance specialists and that any recruitment would be at the discretion of its underwriting partner A&G Insurance.