The global insurance industry experienced an 11% drop in new job postings related to insurtech in Q3 2023 compared with the previous quarter, according to GlobalData’s Job Analytics. This compares to a 35% decrease versus Q3 2022. GlobalData’s Insurance: Hiring Trends & Signals Q3 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.
Notably, Computer and Mathematical Occupations jobs accounted for a 26% share of the global insurance industry’s insurtech-related total new job postings in Q3 2023, up 23% over the prior quarter.
Computer and Mathematical Occupations drive insurtech-related hiring activity
Computer and Mathematical Occupations, with a share of 26%, emerged as the top insurtech-related job roles within the insurance industry in Q3 2023, with new job postings rising by 23% quarter-on-quarter. Business and Financial Operations Occupations came in second with a share of 16% in Q3 2023, with new job postings dropping by 22% over the previous quarter.
The other prominent insurtech roles include Management Occupations with a 12% share in Q3 2023, Office and Administrative Support Occupations with a 8% share of new job postings.
Top five companies in insurance industry accounted for 38% of hiring activity
The top companies, in terms of number of new job postings tracked by GlobalData, as of Q3 2023 were QBE Insurance Group, Swiss Re, Hastings Group, Charles Taylor, and Travelers. Together they accounted for a combined share of 38% of all insurtech-related new jobs in the insurance industry.
QBE Insurance Group posted 86 insurtech-related new jobs in Q3 2023, Swiss Re 68 jobs, Hastings Group 52 jobs, Charles Taylor 46 jobs, and Travelers 37 jobs, according to GlobalData’s Job Analytics.
Hiring activity was driven by the US with a 36.44% share of total new job postings, Q3 2023
The largest share of insurtech-related new job postings in the insurance industry in Q3 2023 was in the US with 36.44% followed by the UK (24.60%) and Canada (5.05%). The share represented by the US was seven percentage points lower than the 43.42% share it accounted for in Q2 2023.
For further understanding of GlobalData's Insurance: Hiring Trends & Signals Q3 2023, buy the report here.