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Brexit and Beyond - Year of Challenge for Insurance

Brexit and Beyond - Year of Challenge for Insurance

Brexit and Beyond – Year of Challenge for Insurance

 

Recruitment is seen often as a barometer of the wider economic climate and I am frequently asked by our customer and candidates as to the current market conditions. Streamline is a specialist Insurance and Wealth Management recruitment consultancy and is well positioned to comment on these sectors which are facing big challenges in the year ahead.

 

Within Insurance, low interest rates, intense competition have narrowed insurers’ focus on customer proposition and cost efficiency, ongoing aims of all insurers which are more important than ever. Across all segments of the market, insurers are assessing how to design operating models and deploy technologies that deliver short- and long-term cost and performance improvements.

Technology is featuring increasingly prominently as insurers digitise outdated customer systems with Artificial Intelligence (AI) to move into the mainstream next year, alongside the increased use of blockchain platforms. Claims Management, Underwriting will both benefit from costs efficiencies and improved data quality in authentication. Larger insurers will seek growth opportunities through acquisition of insurtech innovators will be a major beneficiary of increasing investment by both carriers and brokers. 

Of course, Brexit is also looking large, regardless of how events unfold over the coming weeks, Brexit will continue to dominate boardroom discussions and business strategies over the near to medium term. While political uncertainty continues, companies impacted by the current lack of detail on the future of cross-border commercial operations and regulation will execute their Brexit contingency plans based upon a “hard/no deal” scenario.

So in time of change and uncertainty in the economy, be it Brexit, Recession, Natural Disasters, Margin erosion, or technical innovation, typically we always see a rise in contractor numbers. Hiring managers and business tend to look at business critical projects with a shorter horizon and focus on delivery on short terms priorities. Permanent hires with a longer term investment are pushed further back, in uncertain times, individuals stay put and none critical projects are mothballed. 

 

Insurers needs flexible work forces to bridge the gap in resources and deliver immediate priority projects in these changing times

 

Streamline – Specialist Insurance Recruiter – Contract and Temporary workforce solutions

Mark.nelson@screc.co.uk 01727 794 202

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