Vacancysoft_HFG_Insurance_Report_February2016

Vacancysoft / HFG

Insurance Report

VACANCYSOFTB u s i n e s s I n t e l l i g e n c e t h r o u g h V a c a n c y D a t a

February 2016

Annual Review, 2015


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Contents

About Vacancysoft’s Data

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We are delighted to be partnering with Vacancysoft to provide insight on recruitment activity in the Insurance Industry.

For this report we have been analysing online career activity in the UK going back to 2014, identifying key hotspots of activity.

I hope you find it interesting and should you like to know more about current market activity please contact HFG.

William GallimoreDirectorHFGT: +44 (0) 20 7 337 8826E: [email protected]

Overview

Analysis of Life Insurance

Analysis of Non-Life Insurance

Analysis by Company

About HFG

About Vacancysoft

Every day Vacancysoft monitors careers centres on thousands of company websites, and gathers links where there is change. These links are then classified automatically, and in the case of relevant content, by Vacancysoft staff.

For this report Vacancysoft analysed 12,800 vacancies recorded in 2014-15. These vacancies were from companies for which Vacancysoft has records going back before 2014. This allows like-for-like comparison. Some companies and job categories were also removed to improve consistency of comparisons. The vacancies were discovered in the course of normal Vacancysoft operations. Vacancysoft eliminated duplicates in the vacancies and processed them according to our proprietary rules.

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The vacancy volumes will have been driven by two very different factors in this period. First we shouldn’t ignore the fact that online recruitment usage and advertising are more common and better utilised.

Within the Insurance industry this period also saw the demand for resource continue to grow with the implementation of the Solvency II regulation on 1st January 2016. We expect to continue to see significant levels of activity for this reason as the changes work through the industry industry to become BAU.

HFG Commentary:

When compared to 2014, 2015 saw a 16% rise in like-for-like

vacancies advertised in the insurance industry. This growth

was focused in the middle of the year, peaking in June,

but even in December, vacancy activity was still 11% higher

than in 2014.

London and the South East continue to dominate

the market geographically. Compared to 2014 however,

London grew more slowly than average (8% year-on-year),

while the South East was the fastest-growing busy region

(24% year-on-year, faster than everywhere except

East Anglia and Wales). The South West kept its spot as the

third busiest region for insurance recruitment, although

it had a small drop in activity during Q4.

Turning to an analysis of companies by headcount,

there was vacancy growth across all sizes of company.

Although vacancy growth in the largest companies was only

6%, their high activity levels means that this translated

to nearly 350 additional vacancies. More interesting,

though, is the growth in the mid-sized companies.

Those with a headcount between 501 and 5,000 posted

almost 390 more vacancies in 2015 than in 2014, an increase

of 58%. The smallest companies had even higher growth

rates, but of course this does not translate into as many

new vacancies.

Across the whole industry we saw a slight increase

in the proportion of contract roles, from 7% in 2014 to 8%

in 2015. This may be because employers face greater

competition to secure permanent staff.

Overview

SNAPHOT OF VACANCIES BY REGIONQ4 2015

MONTHLY VACANCY VOLUMES 2014 vs 2015

2014 2015VA

CAN

CY V

OLU

ME

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

VACANCY TRENDS BY COMPANY HEADCOUNT

VACA

NCY

VO

LUM

E

5000 + 501 - 5000 51 - 500

2000

1000

3000

4000

5000

6000

SOUTH EASTGREATER LONDON

MIDLANDS OTHERS

SOUTH WEST

2014 2015

700

800

200

100

300

400

500

600

33%

20%

12%

11%

24%


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Across England and Wales, the number of life insurance

vacancies we recorded increased by 10%, from just over

1,300 in 2014 to nearly 1,450 in 2015.

In 2015, the life insurance industry shifted its geographical

focus away from the South West. While in 2014 it had

offered more roles in the South West than in the South East,

this was reversed in 2015: vacancy activity in the South

West fell by 17%, but it grew in the South East by 36%.

Activity in London was also up slightly in 2015, and it was

up substantially in the Midlands, but it was clearly the South

East that drove the majority of the growth.

Two companies advertised more than 40 more vacancies

in the South East in 2015 than they did in 2014: Prudential

and Legal & General. Prudential stepped up its recruiting

slightly across almost every region, but more than doubled

it in the South East. Legal & General, on the other hand,

advertised over 90% of their new vacancies in London

and the South East.

Across all companies, the growth in the South East

has been concentrated in roles in IT (which nearly doubled

year-on-year), HR, and broking.

Looking at all of England and Wales, we saw the greatest

proportional growth in HR, IT, and sales. Investment

had a lower proportional growth, but produced over

100 new vacancies. Within core insurance activities,

the best-performing specialisms were broking and claims.

For all life insurance vacancies regardless of roles, the biggest

increases in 2015 came from Prudential, and LV=,

both of which advertised at least 70 more roles than in 2014.

Analysis of Life Insurance

HFG Commentary:

South West recruitment is dominated by Bristol and specifically Friends Life. Their merger with Aviva has clearly had a significant impact on their regional activities.

GROWTH IN SELECTED NON-CORE PROFESSIONS

VACANCY ACTIVITY IN BUSIEST REGIONS

VACANCY GROWTH RATE ACROSS LONDON, SE, AND SW,SELECTED LARGE COMPANIES

VACANCY GROWTH, SELECTED CORE SPECIALISMS

VACANCY VOLUME

50 100 150 200 250 300 350 400

SOUTH WEST

SOUTH EAST

GREATER LONDON

MIDLANDS

WALES

COMPANY

Legal & General

Unum

LV=

Prudential

Aviva

95%

85%

58%

54%

29%

GROWTH RATE,2015 vs 2014

GROWTH,2015 vs 2014

GROWTH,2015 vs 2014SPECIALISM

Broking

Claims

Actuarial

Account Management

Operations

42

10

4

-2

-47

PROFESSION

IT

Investment

Executive Management

HR

Accountancy

110

111

68

41

-126

2014 2015

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We recorded over 4,400 non-life insurance vacancies in 2015,

an increase of 9% over the 4,030 we recorded in 2014.

With the exception of London, non-life insurance vacancies

grew in similar proportions across the four biggest regions,

between 15% and 35% year-on-year. London’s fall

in recruitment activity was small, only 3%, although it looks

more significant when compared to the non-life market

average. The South East gained more vacancies than any

other region, and the South West and East Anglia also grew

at above the national average. Vacancy volumes

in the Midlands shrank, but we can still see 2015 as a year

in which non-life vacancies spread slowly away from London.

Vacancies grew very sharply, from a small base in 2014,

in Wales; year-on-year growth was over 75%. The biggest

contributions to this growth came from new vacancies

in claims, sales, and IT. In 2014-15 there were nearly 400

vacancies in Wales across all parts of the insurance market.

In the key areas of London and the South East,

RSA Insurance was the company increasing its hiring

by the greatest amount. Among the top five companies

expanding in this area, the roles increasing fastest included

claims and underwriting among core insurance activities,

and IT and marketing among supporting activities.

This matches the picture across the whole country.

Demand for IT professionals has grown much faster than

demand for any other profession, but HR, sales,

and marketing have all grown too.

Within core insurance specialisms, big rises were seen

in demand for broking and actuarial skills.

Analysis of Non-Life Insurance

The non-life sector remains predominantly in the South-East and the City of London. Actuarial recruitment will continue be a key factor in any analysis but the volume of IT roles is a clear sign of the significant development of technology in the sector. Modernisation is driving the change agenda in insurance, alongside the consolidation of firms.

HFG Commentary:

GROWTH IN SELECTED NON-CORE PROFESSIONS

VACANCY ACTIVITY IN BUSIEST REGIONS

COMPANIES ADDING VACANCIES IN LONDON AND THE SOUTH EAST

GROWTH IN SELECTED CORE SPECIALISMS

2014 2015

COMPANY

RSA

AA

Chaucer

AXA

Saga

189

68

61

53

47

ADDITIONAL VACANCIES,2015 vs 2014

SPECIALISM

Broking

Actuarial

Claims

Underwriting

Operations

83

39

-14

-51

-111


PROFESSION

IT

HR

Sales

Marketing

Investment

285

99

78

47

39


1200 1600800400

SOUTH WEST

SOUTH EAST

GREATER LONDON

EAST ANGLIA

MIDLANDS

VACANCY VOLUME


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These figures show a good general level of activity throughout the sector with smaller firms working hard to add resources. Some of the larger firms have been well resourced for some time and after a quieter year in 2015 we expect to see significant activity from them in 2016.

In the most recent quarter, Aviva was the largest insurance

recruiter in the UK, responsible for 10% of the insurance

vacancy market. Its recruitment has grown considerably over

the past two years, perhaps unexpectedly after its purchase

of Friends Life. However, the recruitment has been in bursts,

and Aviva has not consistently been one of the top recruiters.

Axa, Direct Line, and Aon have been the largest consistent

recruiters across England and Wales over the last two years.

Axa’s year-on-year trend was very positive, following

a prolonged period of higher-than-usual hiring in early

2015. We saw over 460 vacancies from them in the first half

of 2015, compared to less than 340 in the same period

of 2014. Axa’s hiring does seem to have calmed down now,

to a lower average level than in 2014. Aon was the only

other large company with a positive year-on-year trend,

up 6% versus 2014.

Four of the top six insurance companies had decreases

in recruitment activity from 2014 to 2015. Direct Line

and Allianz both offered 15% fewer vacancies in 2015

than in 2014, while the decline in activity at Zurich

and Legal & General was more gentle. In fact, in 2015,

only ten out of the busiest twenty insurers saw

year-on-year growth.

As we saw in the Overview, mid-sized companies have

had faster proportional vacancy growth than the largest

companies. Looking at patterns over the year, mid-sized

insurers noted activity surges in 2015 Q2 and Q3,

the exception being Wesleyan which remained on a hiring

spree in Q4.

Analysis by Company

HFG Commentary:

COMPANY RECRUITMENT TRENDS,MOST ACTIVE RECRUITERS

SNAPSHOT OF VACANCY ACTIVITY BY COMPANYQ4 2015

AVIVA AXA

DIRECT LINE AON OTHERS

LEGAL & GENERAL

10%9%

7%

7%

7%

60%

MID-SIZED COMPANIES WITH INCREASED VACANCIES

COMPANY

AA

Chaucer

Ecclesiastical

Phoenix

Hyperion

77

63

56

38

37


VACANCY VOLUME

200100 300 400 500

DIRECT LINE

AON

ZURICH

LEGAL & GENERAL

ALLIANZ

AXA

2014 H1 2015 H1

2014 H2 2015 H2

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About Us

HFG was established in 2002 and has since grown organically to become a leading recruitment business in our sector – Insurance.We are passionate about the Insurance industry and the role we play, recognising and embracing the unique aspects of each segment; Life Insurance, General Insurance, Re-Insurance and the Lloyd’s market.

Built on a solid base of high staff retention, a cohesive culture and a first class training programme, the company now employs a strong mix of trained recruiters and ex-industry professionals. Working within the UK, Bermuda and Asia Pacific our client relationships and interaction are driven by our industry expertise and knowledge.

Combined with an honest and direct communication style we are able to share information and provide value to our customers through our consultative approach.

We position ourselves to be highly visible within the industry and are considered to be a thought leader on recruitment and staffing issues.

Mark DaintyDirectorT: +44 (0) 207 337 8816E: [email protected]

William GallimoreDirector T: +44 (0) 207 337 8826 E: [email protected]

Mark BrownAssociate DirectorT: +44 (0) 207 337 8809E: [email protected]

Stewart TaylorHead of Business & Market DevelopmentT: +44 (0) 207 337 8811E: [email protected]

+44 (0) 207 337 8800

hfg.co.uk

@hfginsurancerec

HFG Insurance Recruitment

Contact us:


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About Us• Launched in 2006, we provide Business Intelligence through Vacancy Data on subscription.

• We publish vacancy data daily, tailored to your needs, so you can be informed of client activity.

• Primarily used by recruiters, our service enables consultants to have a rapid response when Organizations post jobs thus facilitating Business Development and Client Management.

• Our data sets are also used by Executive Search, Consulting Firms, Business Services and Strategy Managers to facilitate a more client centric approach.

• For more information about us please contact James Chaplin by email: [email protected]

Free Trial• On a daily basis we monitor over 500,000 companies for change.

• We configure an account for you with filters matching your needs (So you decide which roles, sectors, locations you want to be kept informed about).

• You start getting daily emails from us with all relevant vacancy data.

• You also get an access to our online database, enabling you to search all activity in the market meeting your needs.

• After you decide which data packages you want our unit based pricing means so you only pay for what you find adds value.

• To set up your free trial today contact [email protected]

Vacancysoft LLP is a limited liability partnership.Registered in England and Wales.

Partnership no. OC327354.

Registered office: Vicarage House,

58-60 Kensington Church St, London, W8 4DBVAT: GB 886 1961 74


Vacancysoft_HFG_Insurance_Report_February2016

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