Find & keep best talent: SIRC panel

The insurance sector faces an increasingly urgent challenge: attracting and retaining top talent, delegates at the Singapore International Reinsurance Conference (SIRC) have heard.

A panel discussion titled “The Fight for Talent: Transforming Perceptions towards Reinsurance” which took place on November 5 and was moderated by James Beedle, chief executive officer of Asia-Pacific P&C, PartnerRe Asia, explored the issues and solutions shaping the future workforce.

The session featured Wong Sze Keed, chief executive officer of AIA Singapore; Thomas Hofer, managing director of Selion Global; Valerie Badcock, senior vice president, global operations, Guy Carpenter; and Moira Roberts, head of HR, Asia-Pacific, Munich Re.

Beedle opened the session by painting a stark picture of the industry’s current predicament: the insurance sector has a talent shortage. It can struggle to attract and nurture new professionals, he said.

“The subject is becoming increasingly urgent as we face the issue of more retirements, and with that, the loss of valuable institutional knowledge,” Beedle pointed out. He stressed that insurance is competing with other areas of the financial services sector for talent and suggested that a fresh, strategic rebranding could be the key to reversing this trend.

An opaque image

Hofer noted that stereotypes and a general lack of understanding about insurance roles contribute to the sector’s struggle to captivate potential recruits.

Roberts, who transitioned from banking to insurance, shared her firsthand experiences of the industry’s opaque image from an outsider’s perspective. Meanwhile, Wong highlighted how life insurance is perceived as stable but unexciting, underscoring the need for more dynamic outreach to cultivate interest and awareness.

“Internal mobility and career development are pivotal for retention.”

Badcock emphasised that promoting the industry more effectively is crucial. She proposed a multifaceted approach, which included targeted graduate and apprentice programmes that offer a clear view of career potential. Such initiatives could demystify the industry and demonstrate the wealth of opportunities it offers.

Roberts advocated using authentic employer branding, featuring real employees and authentic visuals to break down misconceptions. This transparency could help create a more relatable image, drawing in candidates who seek more than just a job—they look for a purpose and a community.

Beyond recruitment, internal mobility and career development are pivotal for retention. Roberts highlighted the benefits of rotation programmes and opportunities for skill-building as ways to keep employees engaged. Social committees and a vibrant, fun workplace culture were noted as essential components in fostering loyalty and belonging.

Beedle pointed out the challenge of retaining young professionals who often look for rapid career changes. Flexible work arrangements, according to him, can be a decisive factor in keeping such employees motivated. Both Hofer and Roberts agreed that clearly defined career paths and mentorship programs not only help retain talent but also empower employees to envision long-term growth within the industry.

The panel also touched on financial aspects. Roberts countered the perception that insurance salaries fall significantly short of those in banking, explaining that the gap isn’t as wide as believed. However, she acknowledged that the industry must improve its messaging around the benefits and financial stability it offers.

Wellbeing initiatives emerged as a focal point of the discussion. Wong shared AIA’s commitment to helping customers live healthier and longer lives—a purpose that resonates well with employees and the broader community. Badcock brought attention to the mental health initiatives such as a programme at Guy Carpenter which aims to create supportive and balanced work environments.

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