The Covid-19 pandemic caused a number of sectors and fields to reduce personnel, so the labour market picture in the first three months of 2020 was generally gloomy. However, for the insurance industry, this is an opportunity to promote recruitment.
According to the survey results (for 400 businesses and 3,400 job seekers) of VietnamWorks about the labour market before and after the Covid-19 outbreak, in the category “cutting down staff at different levels of the company”, 72 percent of businesses choose to cut low-level staff, of which 51 percent choose less experienced employees, 21 percent choose trainee and newly graduated groups.
Besides the heavily affected industries such as aviation, tourism, and accommodation services, some industries less affected by the pandemic include information technology, insurance, agriculture and forestry, and fisheries. In Vietnam, the insurance industry has been exploiting the available potentials for strong development in recent years.
Since the outbreak of the disease, people have been paying increasingly attention to insurance. According to preliminary estimates of the Vietnam Insurance Association, in the first four months of 2020, the total number of new mining contracts of life insurance enterprises was 813,677, an increase of 12 percent over the same period of last year; new insurance premium reached over 10 trillion dong, up 7.69%. The total number of effective life insurance at the present time is more than 10.7 million, up 22.9%. The total premium revenue of the life insurance by the end of April 2020 reached 33.475 trillion dong, up 17%.
Thanks to the stable growth momentum and the large exploitation space, the insurance industry continues to step up its search for resources, even in the context of an economy hit by disease.
According to recruiting expert Ngo Thi Bich Nga, CEO of GreyFinders, there is a time when the demand for insurance personnel has increased sharply. “Insurance is welcoming customers with high demand for health protection products. This is an opportunity for this industry to attract new personnel, even talented people from other service industries if there is good policy,” said Nga.
Currently, most businesses in the life insurance industry in Vietnam are open to a new workforce, including office and business personnel. Ha Van Phuc, director of general Office of AIA Nghe An said, the number of recruitment in this branch had increased sharply compared to the period before the pandemic, reaching 200%.
Representative of Hanwha Life Vietnam also said that, although the disease situation affected many industries, the recruitment demand of the insurance industry still increased to cater for the restarted businesses. Specifically, with the business division, as of the end of May 2020, the recruitment of new financial consultants at Hanwha Life Vietnam reached 1,615 people, an increase of more than 10 percent compared to the previous month.
For office block, recruitment demand is also in an upward trend compared to the time before the social separation. According to the company’s representative, recruitment demand for the upcoming period in both these two blocks is expected to increase about 33 percent compared to the beginning of the year.
According to a recruiting expert, the recruitment job of the insurance industry has never been as positive as in the past two months when human resources from other industries tended to shift strongly to the insurance industry to seek opportunities.
In addition, by forecasting the level of risk, senior personnel in the insurance industry have designed more new training models such as online coaching for candidates to improve customer care and ensure the regulation of social distancing.
On the other hand, employers in the insurance industry also have the sensitivity and the ability to change quickly to improvise in difficult times, contributing to ensure the stable and sustainable development of the market.
