The global insurance industry experienced a 12% drop in new job postings related to insurtech in Q4 2023 compared with the previous quarter, according to GlobalData’s Job Analytics. This compares to a 37% decrease versus Q4 2022. GlobalData’s Insurance: Hiring Trends & Signals Q4 2023 report reveals comprehensive insights into hiring patterns, job roles, required skills, geographical trends, and key themes within the insurance industry, facilitating anticipation of future workforce needs. Buy the report here.
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Notably, Business and Financial Operations Occupations jobs accounted for a 22% share of the global insurance industry’s insurtech-related total new job postings in Q4 2023, up 22% over the prior quarter.
Business and Financial Operations Occupations drive insurtech-related hiring activity
Business and Financial Operations Occupations, with a share of 22%, emerged as the top insurtech-related job roles within the insurance industry in Q4 2023, with new job postings rising by 22% quarter-on-quarter. Computer and Mathematical Occupations came in second with a share of 20% in Q4 2023, with new job postings dropping by 30% over the previous quarter.
The other prominent insurtech roles include Management Occupations with a 13% share in Q4 2023, Office and Administrative Support Occupations with a 7% share of new job postings.
Top five companies in insurance industry accounted for 43% of hiring activity
The top companies, in terms of number of new job postings tracked by GlobalData, as of Q4 2023 were QBE Insurance Group, Swiss Re, Hastings Group, esure Group, and Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft (Munich Re). Together they accounted for a combined share of 43% of all insurtech-related new jobs in the insurance industry.
QBE Insurance Group posted 111 insurtech-related new jobs in Q4 2023, Swiss Re 82 jobs, Hastings Group 66 jobs, esure Group 52 jobs, and Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft (Munich Re) 34 jobs, according to GlobalData’s Job Analytics.
Hiring activity was driven by the US with a 33.25% share of total new job postings, Q4 2023
The largest share of insurtech-related new job postings in the insurance industry in Q4 2023 was in the US with 33.25% followed by the UK (31.25%) and India (4.88%). The share represented by the US was six percentage points lower than the 39.47% share it accounted for in Q3 2023.
For further understanding of GlobalData's Insurance: Hiring Trends & Signals Q4 2023, buy the report here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s Jobs Analytics uses machine learning to uncover key insights from tracking daily job postings for thousands of companies globally. Proprietary analysis is used to group jobs into key thematic areas and granular sectors across the world’s largest industries. classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
