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First of all, apologies to my regular readers for the lack of a Q3 update. The fourth quarter started with a bang, and our clients have kept us busy filling vacancies ever since. You might recall that I wrote in my previous article about how insurers and reinsurers started to boost life (re)insurance, and this trend continued right up until the end of 2016.
The roles we recruited for were diverse. They included Pricing Actuaries, Product Developers, but also Valuation/ Reporting teams and roles within Risk Management. Typically, our clients looked for candidates with many years’ experience under their belts, who would happily stay on this career path at a senior expert level, and hit the ground running from day one.
Alongside increased activity in life (re)insurance, several companies that completed mergers earlier in the year created vacancies after restructuring their teams. This led to new opportunities and unrest, as inevitably, not all employees were able to keep their job.
The Big 4 consultancies maintained their hiring, some more than others due to regulatory developments, in anticipation of the mandatory audit rotation within EU countries. Though Switzerland is not part of the EU, audit firms will feel the effect nevertheless, so are wisely preparing for potential new clients and amended mandates.
IFRS 4.2 is the next big thing on the agenda, with most insurers projected to enlist a Big 4 company for help. Data & Analytics will be another important topic, especially for the Big 4, as well as other consultancies. It is one to watch during 2017, as it will have an increasing impact on the work and skills required for Actuaries.
Stay tuned and have a successful 2017!
If you're interested in new roles within the Swiss market, contact Audrey Dadon, Manager, Switzerland on Tel CH: +41 43 508 0444 UK:+44 207 310 8647, or Audrey.Dadon@ojassociates.com.