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Insurance workers increasingly fearful over jobs

A survey of insurance, financial and accounting professionals shows growing optimism about the economy, but greater caution about job security.

Recruiter Marks Sattin’s market insights report shows 31% of professionals feel insecure in their jobs – the highest level in two years.

Marks Sattin director Ieuan Williams says concern about job security is most evident in the insurance sector, which he attributes to industry consolidation and the growth in offshoring business processes.

“On the one hand, our mid to senior-level candidates are the most optimistic about the economic future of Australia… while on the other, there is less security in their current roles,” he said.

Even optimism about the economy is qualified.

About 39% of insurance professionals are upbeat about the economy over the next year, while 15% are pessimistic and 46% are neutral.

Some 26% are insecure or very insecure about their job security.

Although 74% feel secure or very secure in their jobs, many insurance professionals have itchy feet: 31% are looking for a new position, while 60% are not actively looking but are open to opportunities. Only 9% are happy where they are.

Marks Sattin general insurance specialist Alex White says proven candidates are increasingly attracted to boutique firms and broking houses because of the uncertainty created by industry consolidation and intense market competition.

About 55% of survey respondents would find working for a boutique organisation more appealing than a multinational, citing more varied work and more decision-making.

Ms White says mergers and restructures have “impacted the industry dramatically”, with greater competition for fewer mid-level and managerial roles and “established candidates having to reapply or be in a two-horse race for one eventual role”.

Offshoring of some administrative, compliance and risk functions has affected jobs from junior positions to managerial roles.

The top three reasons for insurance professionals leaving their employers are career development, new challenges and better work/life balance.