Banks face 'major shortage' of risk specialists

In the firm’s January-March 2016 Quarterly Report, Hays points out there is a "major shortage" of advisers who offer insurance services; risk advisers; and even financial planners who want to specialise in risk insurance, covering both the needs of individuals and businesses.

Hays also noted that in the insurance space, there is a "high demand" for senior life underwriters, account executives and also assistant account executives.

Despite increased demand for these professionals, they too are in "short supply", said Hays.

“The insurance market remains candidate-short,” the report stated.

Hays’ review of the sector found that professionals in the insurance space are more focused on their career advancement than the salary on offer.

“That is the main motivating factor for candidates,” the report stated. “Candidates who are currently working for an organisation that is not offering promotional opportunities or training are looking externally for their next role,” it said.

The firm's report also pointed out there is a "growing demand" for professionals who are multi-lingual, particularly those with English skills and Mandarin, Cantonese or Vietnamese.

Companies see this skill as a means to tap into "lucrative" business channels overseas, Hays said.