As we approach International Women's Day 2020 we are taking the opportunity to catch-up with some of the inspirational women from across our business to discuss their thoughts on the current trends within their area of expertise.
Visiting our offices in APAC, New York and Dublin, we sat down to ask each of them the same question...
Now that we are very much in the throws of 2020, what do you see as the key trend for the year ahead?
Vanessa Rohr - Manager, Dublin
The key trends for this year will be very much a continuation of 2019 - work, life balance! More and more, we are seeing people make career decisions based on what suits their lifestyle. It isn’t just about the title, money or commute - it’s the flexibility on offer.
Employers have recognised this, and are adjusting accordingly - demonstrating the value they hold in their employees. Whether it's as siginficant as providing options for working from home or as small as a Chocolate Egg at Easter; the employers that demonstrate how much they value their people will be the ones who find it easy to hire and retain talent.
The bottom line is, and speaking as a working mother; life has its challenges and the more human an employer’s approach is to those challenges, the more you will get out of people. Having had 2 cases of chicken pox, a case of mumps and tummy bugs so far this year, I am grateful to say I work for an employer that supports me and not just what I am supposed to be doing.
Jessie Lim - Managing Consultant, Singapore
Already this year, we are seeing the traditional embracing the non-traditional!
There has been a growing interest among actuaries in non-traditional roles, such as client management, broking, product management and digital insurance. Even traditional insurers are working towards non-traditional products, such as working with ride-hailing companies on micro-insurance and using digital innovation to improve customer experience.
As competition builds in the actuarial space, people should work towards developing forward-thinking views and be open to think outside of the box. Actuaries should not be afraid of trying out non-traditional roles, as they provides the opportunity to advance and stand-out from the rest of the those in the market!
Also, with emerging risks such as the most recent Covid-19, there has been a direct impact on insurance businesses, especially in Life and Health. Asian insurers have been gearing up and preparing policies and protection benefits for customers affected by the outbreak. The effects of Covid-19 will have a significant and lasting impact on the insurance landscape in Asia, and actuaries have an important part to play in ensuring that policies remain competitive, while mitigating risks for the insurers.
Jackie Stoica - Consultant, New York
As far as I am concerned, the trends seen within Insurance Technology are shaping the industry's direction for 2020.
The Insurance industry has a reputation of being long-established and conservative. However, with Cyber Insurance being the fastest growing Insurance product today, companies are increasingly reliant on digital operations. The combination of Tech and Insurance has vastly changed the industry, for the better. As companies are more willing to adapt to these challenges, we’re now seeing an industry that is increasingly meeting the needs of customers more efficiently.
Insure Tech is the future of Insurance for many reasons. It offers customised policies, speed to market and dynamic pricing alternatives for insurers everywhere. This is where Insurance professionals come together to dive into the current and future trends and technologies, totally revolutionizing the industry!
Liza Ovinova - Manager, Hong Kong
Hong Kong is currently going through a process of reinvention.
As a global financial market, a dream location for expats and as a hub for the Life Insurance industry.
Response to recent political circumstances multiplied by the coronavirus outbreak requires innovative ways of delivering the IFRS17 project. We brought our contracting solution to Asia two years ago, quickly becoming a much-needed option for clients beyond the existing solutions of permanent hiring and consultancy usage. With tough deadlines to reach, our clients have valued the benefits that the flexibility of contracting brings them.
Throughout 2020, we predict a steady growth of the contracting market, driven by:
- Increasingly complex regulations
- Demand for rare skillsets
- The IR35 regulation in UK, pushing candidates to consider new markets
- A desire for flexible working solutions from both clients and candidates