Insurance skills must evolve to avoid significant gaps

When Ben Whitfield, Marsh Global Talent Acquisition Leader, first entered the insurance market, talent attraction and retention strategies were more traditional, often relying on established recruitment methods and limited engagement with potential candidates.

“Today, these strategies have significantly improved, incorporating digital platforms, social media outreach, and a focus on employer branding,” says Whitfield, whose executive search and technology remit covers the Pacific, Asia and India.

“Additionally, at Marsh, there is a greater emphasis on employee development and workplace culture, along with our colleague value proposition to attract a diverse talent pool,” he says.

Positive signs in the talent market

Whitfield says the current insurance market is showing a positive trend with increasing numbers of school and university leavers entering the industry compared to five to ten years ago.

“While the pandemic did cause a temporary drop in school leavers and university graduates entering the industry, there has been a resurgence as companies adapt to new recruitment strategies and promote the value of careers in insurance and broking,” he confirms.

Job ads in Australia fell by 10% from between December 2023 and December 2024, continuing a trend of decline for nine consecutive quarters since September 2022. The year-on-year decrease in demand during this period was evident across all sectors of labour, particularly in professional services, which hit its peak decline at -12%.

Over the last 12 months, all states and territories experienced a year-on-year drop, with Victoria recording the largest fall at -16% and New South Wales not far off at -12%. Consequently, applications per advertised role have increased significantly during this period, while the overall unemployment rate has, surprisingly, remained relatively low at around 4%.

Macro trends transforming recruitment

Looking to the future, Whitfield says that five macro trends are poised to transform the global labour market, projecting a net creation of 78 million jobs by 2030.

“These trends include technological changes, the green transition, demographic shifts, geo-economic fragmentation, and economic uncertainty,” he says.

Whitfield predicts that nearly 40% of workers' core skills will need to evolve by 2030, with a strong emphasis on technology skills, creative thinking, resilience, and environmental competencies.

"Employers are facing significant skills gaps, which are viewed as a major barrier to workforce development,” he says.

Right now, the rise of automation and artificial intelligence (AI) is prompting many businesses to realign their workforce strategies, leading to a notable demand for AI-specific roles.

“To address these challenges, we [at Marsh] are prioritising employee well-being, as well as reskilling and upskilling initiatives with a strong focus on promoting and developing from within,” Whitfield says.

“The opportunity for Marsh, and indeed globally, lies in building a future-ready and inclusive workforce, which can be achieved through strategic investments in skills development, workforce resilience, and skills-based hiring.”

A strong company culture

Whitfield says young generations entering large broking companies like Marsh are looking for opportunities for career growth, a strong company culture, work-life balance, and a commitment to social responsibility.

“They value organisations that invest in their development and provide a supportive and inclusive work environment,” he says.

Lisa Fletcher, Talent & Inclusion Partner for Marsh in the Pacific Region and Lauren Spies, Colleague Engagement Lead at Marsh concur, pointing to a new offering, the Marsh Launchpad program.

“The program is focused on supporting early career colleagues with building their network across the Pacific region and deepening their understanding of the many facets of the Marsh business,” says Spies.

She says that this approach directly encourages colleagues to build critical connections early, and to unlock key relationships that will help them see a broader view of their career possibilities in the organisation.

Fletcher adds that early career colleagues are therefore able to “access a global suite of development activities and opportunities to connect with their peers in other regions”.

According to Whitfield providing flexible work arrangements and employee wellbeing initiatives align Marsh with key trends in best practice attraction and retention strategies.

Companies are also implementing mentorship programs and career development pathways to engage employees.

"In my experience, organisations that prioritise these aspects tend to have higher employee satisfaction and retention rates," he says.

Supporting a lifestyle

For Senior Account Executive Daniel Butler, a Marsh graduate appointment, one of the most important components of an early career role is having a direction in terms of professional growth and a culture that supports your lifestyle.

“I personally have a lot of sports and outdoorsy activities which I like to do in the evenings and after work, so being part of a company which respects this is essential,” he says.

Butler shares that he entered insurance broking not knowing "exactly what he was getting himself into".

“Basically, I had finished university and was looking for a corporate job,” he tells.

As a graduate looking for a corporate job, Butler says he completed countless psychometric assessments and answered the question “why should we hire you?” many times.

“My interview at Marsh was quite different,” he says, “being very much centred around the question ‘why should you work at Marsh?’.

“The hiring manager introduced me to members of the team and showed me some of the work they were in the process of doing. As a graduate applying for heaps of jobs and having only a vague idea of what the roles really involved, this was really valuable.

Butler says in hindsight, the shift in interviewing philosophies is reflective of the Marsh culture which is colleague centric.

“The interview really sold me on the role as it showed me what my future could look like.”

Building essential connections

Butler adds that building meaningful connections, particularly in the early stages of your career is essential.

“Given how relationship-based the insurance industry is, soft skills are critically important and these are not something that can be learnt from an online course,” he asserts.

“Finding good mentors and learning from key colleagues/managers around you is a really positive way to develop yourself as a well-rounded contributor.”

He says building internal relationships has led him to his current role in portfolio management where it is important to communicate well with the experts around you.

“Without the support of the broader business, it would not be possible to effectively manage the portfolio,” he says.

“Marsh has assisted me in building the necessary connections for my career through a culture of openness, social events and empowerment to take the lead on key tasks that drive interactions with the broader staff.

“The more times you are able to effectively connect with people, the easier it becomes to work with them so opportunities to link in with them has been extremely beneficial.”

Marsh is the 2025 Platinum sponsor for the Rising Stars in Insurance series of events in Brisbane, Sydney, Melbourne, Perth and Auckland.

Find out more about ANZIIF 2025 Rising Stars in Insurance