With the explosion of big data and connected devices, insurers have begun looking to specialists to supply their technology. This is changing the traditional profile of an insurance business and, according to a study, many insurers are growing their IT teams in the hope of capitalising on insurtech and avoiding being overtaken by startups.
The study, by Oliver James Associates and Vacancy Soft, highlights a rise in demand for user interface and user experience development staff so that insurers can digitise more areas of their businesses and build a stronger technology base.
IT recruitment rises 35.5 per cent
The report also reveals a 16.7 per cent rise in vacancies for insurance roles in Greater London in the 12-month period to 31 January 2017 compared to the previous 12 months. It also notes that IT professionals are in higher demand than those in marketing, accounting and actuarial science, and second only to insurance-specific professionals such as underwriters and claims specialists.
IT recruitment has increased by 35.5 per cent since January 2016, underlining the growing focus on technology strategies and roles. Another sign of the times is the focus on app development, as insurers work to catch up in a growth area where insurtech challengers are becoming increasingly inventive.