New rules in the insurance job market

In short

• Most job movement is staying within the industry, as professionals seek roles that better align with their evolving goals and values.

• Demand is rising fast for talent in distribution, underwriting, claims and compliance, with some salaries jumping by up to 20 per cent.

• Flexibility is no longer a perk; it’s a baseline expectation for insurance professionals across the region.

Insurance has long been seen as a stable profession, offering reliable career pathways and steady growth.

But stability certainly doesn’t mean stagnation. Emerging skills requirements, rising salaries and evolving benefits are transforming insurance jobs across APAC. In addition, changes within the profession, such as the adoption of AI systems and the recruitment of climate-risk specialists, are creating demand for different skills, in addition to solid industry experience.

An active job market

These shifts mean movement, and many insurance professionals are seeking roles that better match their expertise, lifestyle and long-term career goals.

“There’s significant movement happening right now in the insurance industry,” says Sam Puddephatt, insurance recruitment specialist at Hays.

“About a third of professionals changed jobs in the last year and nearly two-thirds are planning to do so in the next 12 months.”

Amy Wong, practice manager and specialised insurance recruiter at Robert Half Hong Kong, says the good news for the profession is that most of that movement is within the industry, rather than individuals leaving for different sectors.

“Roles across various functions such as business development, product management, underwriting, claims and compliance tend to favour candidates with prior experience within the insurance landscape,” she says.

In markets like Hong Kong, this trend is even stronger. Regulatory requirements make it hard to gain experience elsewhere.

“Given that insurance companies are regulated by the Insurance Authority in Hong Kong, candidates find it challenging to gain exposure to similar rules and regulations in other industries,” says Wong.

Demographics and regional demand are also driving change. The Hays Salary Guide FY25/26 notes there are fewer new entrants in Australia and New Zealand, as well as a lack of graduate programs; two factors impacting on skills shortages across the insurance profession.

“We are seeing the industry ageing to an extent,” says Puddephatt, adding that emerging skills shortages in different areas are motivating employers to “hire outside of their region to plug the gap”.

The rise in salaries

Wong says organisations are increasingly aware that meeting salary expectations is crucial for both attracting and retaining skilled professionals in a competitive job market.

“In the insurance sector, we are generally observing salary increases of about 15 to 20 per cent for most roles and functions,” she says.

“Certain positions, particularly in distribution and business development, are expected to see even higher salary growth due to their critical role in revenue generation.”

Adds Puddephatt: “Any position dealing with high-value or niche skill sets, like senior risk underwriters or professionals with deep claims experience, are where we’re seeing the strongest salary increases.”

The AI factor

AI is changing how insurers work, especially in claims, underwriting and back-office operations. “We’re still yet to see the full effect AI will have, but we are already seeing administrative tasks being significantly sped up,” says Puddephatt.

“Where a large insurer might have had a claims team of 15 to 20 people, we’re seeing a 10 to 20 per cent reduction in headcount because of automation.”

But it’s not just about cutting staff numbers; it’s also about evolving roles. “AI-driven analytics are enabling more personalised products and smarter marketing,” says Wong.

“This means professionals need to blend traditional insurance expertise with technological know-how.”

AI is also changing how people work, not just what they do. McKinsey’s The future of AI in the insurance industry report, argues that in the most successful AI transformations, professionals begin to see AI as a core part of their job.

To stay competitive, you will need to understand how AI fits into your role and build the skills to work alongside it.

Benefits beyond pay

According to the Hays Salary Guide, 58 per cent of employees rank flexible work as their most valued benefit. Extra annual leave comes in second, valued by 45 per cent of employees; a clear indication that work–life balance is a priority for today’s candidates.

“Flexibility has become an expectation, not just a benefit,” says Puddephatt. “Whether it’s picking up kids, attending personal commitments or simply needing a better work–life balance, professionals expect their employer to accommodate that.”

The appeal of other benefits, such as access to further study, lifestyle subsidies and share incentives, differs greatly according to life stage.

Puddephatt highlights “positive benefits” such as discounts on insurance products and strong health offerings, including psychological support, dental and eye care, as increasingly important to employees.

These are often seen as essential parts of a competitive offer. Wong says the growing focus on benefits is pushing companies to rethink their compensation strategies to “remain competitive and attract top talent”.

“This includes introducing performance-based incentives that motivate employees and align their goals with the company’s growth,” she says.

How to stand out

Competition is high and AI is playing an increasing role in the recruitment process itself, so candidates need to be strategic in how they present themselves.

“Have personality in your CV,” says Puddephatt. “Write a personal or professional profile yourself and highlight your best-selling points. Let your personality come through.”

He adds that keywords are crucial for AI screening. “Where AI systems screen candidates, it’s all about keywords. For example, a senior dispute resolution role should include terms like compliance, complaints, dispute resolution and customer service throughout your CV, so [these key terms] are more likely to be picked up.”

Salary guides are another valuable tool. “They help benchmark your role accurately by title, location and experience level,” Puddephatt explains.

For instance, the Hays Salary Guide shows a senior technical underwriter earns A$100,000 to A$180,000 in Australia and NZ$90,000 to NZ$150,000 in New Zealand.

Salary guides also highlight broader market trends that can help you identify your unique selling points.

“You may have strong skills in AI or experience in insurance compliance that are quite niche,” says Puddephatt. “Highlighting these abilities helps build your case for why your skill set is unique and why an employer truly needs you.”

 

Salary guide

Hays produces salary guides for Australia and New Zealand and Asia, capturing some key information about salary ranges for different roles. Below are some comparisons:

Notes:

• All salary ranges are annual salaries in local currency. 
• In AU and NZ data, the number in bold is the average salary evenly weighted across states and territories. The salary range is shown below. 
• Data should be used as a guideline only. 
• The full salary guides can be accessed for free, online.

Sources: 2025 Hays Asia Salary Guide (Hays, 2025); Australia and New Zealand data: Hays Salary Guide FY25/26 (Hays, 2025)

Writer’s insight

“The insurance industry is dynamic and full of opportunity. Now’s a great time to step up, earn more and explore roles that truly excite you.”