Employment sentiment in the insurance industry remains strong, despite lingering uncertainty in the broader financial services sector, according to the latest Hays report.

With various insurance positions in high demand, employers are seeking candidates with “like-for-like” skills in the first instance, as companies take more time selecting recruits.

Positions in high demand include insurance brokers, account executives, property and liability underwriters, liability claims professionals, financial lines and professional indemnity underwriters, recoveries and settlement officers, and compensation claims case managers.

Hays Insurance Director Jane McNeill says the recruitment process has “lengthened” because of a skills shortage in insurance and a more selective employer mindset.

“The ongoing skills shortage is certainly a huge factor in this since… insurance still struggles to compete with other areas of the finance sector for graduates,” Ms McNeill told insuranceNEWS.com.au.

“But once a good candidate is identified they’ll move very fast to have the best chance of securing them.”

Hays’ latest quarterly employment report also shows many companies investing heavily to retain staff.

Hiring new workers is an expensive exercise, with financial repercussions if an incorrect candidate is chosen.

“Many organisations have invested in retention strategies to keep their best people, so there’s still a shortage of high-quality candidates for certain roles, particularly those that require excellent leadership or very specific experience,” Ms McNeill said.

A vacant insurance position can take four weeks to fill on average, Ms McNeill says, but candidates with a unique or rare skillset can take up to three months to find.

While like-for-like experience is preferable, employers are willing to train candidates who are a good cultural fit. Hays has also seen a rise in the number of overseas candidates with specialist insurance skills, and people on 457 visas.

“Employers are also forming relationships with recruiting experts in response to the ongoing skills shortage,” Ms McNeill said.