Most leading local insurance firms are hiring actuaries and sales staff in order to strengthen and expand their business, and these positions are in demand all year round, according to Ying Li, senior consultant at search firm Antal International China.
But the hiring market is not entirely dominated by domestic firms. “There are a lot of foreign direct investment companies and JVs in the market as well. They also offer excellent job opportunities to local Chinese. Such foreign companies expect to localise in China. They are actively hiring local potentials who understand the market, so that their market competitiveness can be accomplished in a short time.”
Retail insurance agents, corporate sales agents, and legal and compliance personnel are expected to be in greatest demand at foreign insurers.
Professionals with good technical and PR skills are always in short supply. For most companies, senior positions in management and decision-making roles are also sought after, adds Li. Firms also need product associates and valuation associates in their actuarial departments, as well as professional advisory consultants.
How does pay compare with the banking sector? Li reveals that for entry or junior-level jobs, employees in insurance companies have a relatively low salary. But once an insurance employee has enough clients, their compensation package is often much higher than at a similar levels in banking.