Insurers may need to hire remotely to bridge talent gap

There is strong demand for actuaries, while underwriting faces a shortage.

Insurers in Asia should consider hiring remotely and establishing regional hubs to plug the industry’s growing talent gap, as competition for tech-skilled workers intensifies.

“To compete, insurers should shift from siloed national teams to regional talent networks,” Vanessa Lou, ASEAN insurance leader at Ernst & Young Global Ltd., told Insurance Asia. “Pooling talent and enabling internal mobility can unlock real scale and agility.”

She noted that demand remains strong for actuaries and risk professionals, while underwriting faces a significant shortage. Countries such as Vietnam, Indonesia, and the Philippines produce many science, technology, engineering, and mathematics graduates but remain underused by the insurance industry.

By embracing remote roles and regional hubs, insurers can tap into these markets without relocating staff, she pointed out.

“Insurers that integrate cross-border talent mobility into their workforce plans, with leadership backing and cultural investment, will have an edge over those competing only on pay or hiring volume,” Lou said in an emailed reply to questions.

A Mercer Global Talent Trends 2024 survey found that 59% of insurance firms are redesigning jobs to match skills through internal projects, job rotations, and training.

This year, insurers’ top workforce strategies will be accelerating automation (97%), upskilling staff (91%), and hiring niche talent (76%), it said. By 2030, the most sought-after skills are expected to include artificial intelligence, big data, creative thinking, cybersecurity, and lifelong learning.

Employers should offer a unique value proposition to attract and retain talent, Puneet Swani, Aon Plc’s head of talent solutions for the Asia-Pacific region, told Insurance Asia. Workers not learning new skills to keep up with today’s work is one reason for the shortage, he said via Zoom.

“There is a growing talent gap in underwriting, especially in integrating traditional risk expertise with machine learning, alternative data, and real-time pricing,” Lou said. Most underwriters, she added, are still trained in fixed models, while markets now require behaviour-based and dynamic pricing, especially in health, motor, and insurance for small and medium enterprises.

She added that insurers are struggling to create products for emerging risks such as climate change, cyber threats, and mental health. “The industry needs talent that combines actuarial, commercial, and design-led thinking, yet this capability is often fragmented or stuck in product silos.”

Swani said job seekers increasingly value flexibility, growth opportunities, and purpose, alongside pay. Many assess a company’s environmental, social, and governance credentials, diversity and inclusion efforts, and climate neutrality.

Meanwhile, Lewis Garrad, Mercer Ltd.’s Asia career practice leader, told the magazine that companies are enhancing flexible work arrangements as part of talent strategies.

“Organisations should also be focusing on skills and workforce development [...] to drive productivity,” Garrad said in an email response.

Aon’s 2025 Global Benefits Trends Study found that 65% of employees at multinationals would trade benefits for more choice, whilst cost management remains a top priority for 70% of companies.