Why the Insurance Industry in Malta is worth considering for job seekers

If you’ve ever considered starting or developing your career in insurance, now is the perfect time to give it some serious consideration. The insurance industry is expanding and undergoing a rapid digital transformation worldwide. Recent trends, technological innovations and a new generation of customers are driving radical changes in the sector and it’s an exciting time to get on board.

Malta, the vibrant Mediterranean island at the cutting edge of IT and ever quick to embrace innovation, offers a good choice of insurance jobs. Insurance companies in Malta are now competing with FinTech and iGaming industries to recruit talent in the changing landscape of the insurance sector. Talent recruitment and retention is becoming competitive and challenging for recruitment agencies in Malta and indeed worldwide.

So for job seekers, it’s the optimum time to think about skilling up and getting hired. If you’re thinking about an insurance job in Malta, be sure to use a professional recruitment agency with the expertise and inside knowledge to secure the best match for your skills and career aspirations.

 

What sort of insurance jobs are in demand in Malta?

There’s a variety of jobs in Malta in the insurance sector. This section briefly summarises some of the most common professions and career paths in the insurance sector there.

Actuary. An actuary analyses the financial implications of risk and unpredictable events. The analysis is based on statistics and maths. Actuaries suggest ways of minimising risk and analyse the financial consequences of unfortunate events. An actuarial career is very well paid and it’s a profession in high demand in Malta.

Underwriter. Underwriters are responsible for deciding what aspects of loss or damage an insurance policy will cover and how much to charge for insurance policies. This segment of the industry is set to decline as efficient automated underwriting software is developing quickly and is reducing the need for underwriters. The demand in future will be for underwriters that are skilled in assessing automated information and dealing with complex fields of insurance.

Risk management. Professionals in risk management assess and come up with ways to prevent damage and losses from occurring. Risk management professionals are highly sought after in insurance companies and financial institutions. In addition, regulatory policies have increased the need for risk management professionals.

Insurance claims careers. Claims professionals manage the processing of claims. Job roles range from clerical and analytical, to investigatory. Claims professionals will continue to be sought after though will need to be upskilled and trained to keep up with the changing world of insurance and risk.

Data Science careers. The demand for data scientists in insurance is high and continuing to rise. The profession will require a range of experts in data analysis and coding with extensive knowledge of machine learning. The use of data science in risk management has created a huge number of career opportunities for data scientists.

 

What are the trends in the insurance industry?

Transformations in the industry will impact recruitment agencies in Malta. Predicted transformations and trends are listed below:

  • Greater focus on customer experience and a personalised service. Customers have more insurance on demand, needs, one-size-fits-all models and policies will become outmoded. Customised policies are becoming increasingly required.
  • Client expectations are high and customers expect speed and efficient services. With Malta’s excellent connectivity and speedy internet connections, customers are used to smart, seamless transactions so Malta is a great place to develop a career that uses advanced technologies.
  • Transparency is key and customers expect to view all their financial products, transactions and insurance policies at a glance. There will be greater investment in software and dashboards to facilitate the customer experience.
  • Climate change and sustainability will become priorities. Customers expect insurers and financial agents to adopt sustainable practices and promote risk management.
  • Technological developments, climate change and greater availability of data will necessitate innovative products and organisational agility.
  • Cryptocurrencies will call for more progressive policies.
  • Cybersecurity will become increasingly important. Insurers will need to develop abilities to detect and prevent attacks and minimise risk.
  • AI and machine learning will grow with AI algorithms and automation at the fore.
  • Health insurance will be a priority with greater investment in remote healthcare.
  • The insurance sector will focus and invest in recruiting and retaining top talent.
  • Career paths and onboarding methods will be less clear cut for new employees. Companies now expect recruits to be resourceful and prepared to learn on the job with peer learning and micro training sessions becoming an integral part of the career.
  • Changes in lifestyle call for new insurance policies. For example, electric scooters were recently at the centre of an insurance furore in Malta. In the not too distant future, electric cars will require new, amended policies.

 

What’s Insurtech?

This term, coined after Fintech refers to the use of technology by companies to disrupt the insurance industry. With the predicted growth of the global insurtech market predicted to grow 41% between 2019 and 2023, it’s a prime time to get involved. While traditional insurance companies are highly regulated, and cautious, they are now forced to adapt to change and digital transformations.

Innovative startups are experimenting with AI and apps to simplify the insurance business. Their promotion of user friendly and personalised approaches in the sector are already getting a lot of attention.

Jobs in Malta for insurance professionals are multiple and varied and the continuous growth of the insurance industry and its robust training programs are attracting talented finance professionals. For more details, check out Accelerate Recruitment job offerings. As a respected progressive location, any work experience in Malta is a valuable asset to your CV – that’s if you ever want to leave! Malta is listed as one of the top ten places for retirement and you can understand why. Malta boasts a wonderful lifestyle, excellent health service and reasonable cost of living. It’s also beautiful with 300 days of sunshine, wonderful watersports all year round and a good social scene.

 

For further information on the insurance industry in Malta, feel free to get in contact with Alessandro Binetti.

+356 2034 1700

alessandro@accelerate.com.mt