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While we expect the overall business confidence to lower in 2019 due to the uncertainty in the financial services space, insurance companies will be quick to take advantage of the volatile market. Instead of pouring money into well-calculated investments and expansion opportunities, corporates are likely to redirect their resources to protect their existing assets. This includes banks that are reconfiguring their investments from brokerage channels to bancassurance.
However, operations within the insurance industry will be limited by the changing regulations and monetary tightening policies that have been introduced by the Chinese government.
digitalisation will create more job opportunities in insurance sector
The potential benefits of digitalisation have attracted the interests of senior executives who are looking for different avenues to maintain and grow their customer base. Companies are investing in a robust and highly-secured cloud infrastructure to support owned and third-party digital applications, such as online platforms and chatbots that are powered by artificial intelligence. Insurance firms are also investing in automating regular administrative activities so that employees can focus on delivering high-value services to their customers such as helping them build a more comprehensive financial plan or create bespoke insurance portfolios.
2019 employment outlook in insurance
Digital transformation within the insurance industry is still at infancy stages and we expect to see more disruptions and new innovations happening in the next five years. Insurance professionals should take proactive steps to deepen their technical capabilities and improve their soft skills during this period to remain employable in the digital era.