Gary Bloxham, director and partner at Tyler Wren, has outlined critical shifts in the insurance and financial services sectors across New Zealand and Australia, emphasising the growing demand for specialised skills as these industries adapt to evolving challenges.
Bloxham’s insights pointed to significant changes driven by mergers, regulatory developments, climate-related risks, and technological advancements.
In a LinkedIn article, Bloxham said that large-scale mergers and acquisitions are reshaping the industry.
Nippon Life’s $10.6 billion acquisition of Resolution Life, for example, will establish Acenda as a major player in Australia. This trend is fuelling demand for professionals with expertise in managing mergers, ensuring regulatory compliance, and maintaining strong customer relationships during transitions.
Regulatory issues, particularly in Australia’s life insurance market, are prompting calls for less restrictive policies.
Bloxham noted that companies are seeking individuals who can navigate these complexities, advocate for policy changes, and implement customer-centred solutions to address underinsurance and other market gaps.
The rising frequency of climate-related disasters, such as flooding, is compelling insurers to adjust their risk management approaches. This is creating opportunities for specialists in areas like climate risk analysis, sustainable underwriting, and the development of innovative insurance products to address these emerging threats.
The rapid adoption of technology is transforming traditional processes in insurance and financial services.
Insurtech companies such as Open are leveraging artificial intelligence and digital platforms to enhance operational efficiency and customer experience. As a result, businesses are increasingly seeking talent with skills in data science, software development, and digital transformation to support their technological evolution.
In New Zealand, commercial insurance premiums have begun to stabilise after years of increases, providing some relief to businesses. However, consumer trust in insurers remains a concern, particularly compared to banks and KiwiSaver providers.
Insurers are prioritising customer engagement and service innovation to rebuild trust and enhance loyalty.
Bloxham said organisations such as Suncorp are narrowing their focus, exiting banking operations to concentrate exclusively on insurance. These changes are driving demand for professionals adept at implementing agile business models, streamlining operations, and leveraging AI-powered tools to improve competitiveness in a dynamic market.
Bloxham said that these trends are reshaping the industry’s talent landscape. Skills in regulatory reform, climate risk management, customer-focused strategies, and technology adoption are increasingly in demand.
He said professionals who can adapt to shifting priorities and embrace innovation will play a vital role in driving the sector’s growth.
