By TEH SHI NING

A KEY challenge for the insurance industry at the moment is attracting the right talent, says Scott Ryrie, chief executive officer of Allianz SE Reinsurance Branch Asia Pacific.

According to Mr Ryrie, given the rising number of insurers and reinsurers in Singapore, there will be 'additional demand for staff, as well as competition in some sectors of the insurance industry'.

The way current market conditions are evolving will also amplify the importance of attracting and retaining talent in the insurance industry.

Mr Ryrie explains: 'In certain countries in Asia, we have seen rates, terms and conditions deteriorate, in some cases dramatically. At the same time, we have an increase in catastrophe losses and also large-risk losses, which have placed additional pressure on results for insurers and reinsurers.'

The financial crisis has also 'placed an additional burden on the market via lower investment returns and more limited access to capital', he adds.

Hence, Mr Ryrie thinks, 'the challenge in the area of talent attraction and retention is definitely increasing'.

In his view, the problem lies not so much in the nature of careers in the insurance industry itself, but perhaps more a lack of understanding of it. 'I believe reinsurance offers a great career opportunity and is very portable across the world, as the principles are quite similar.'

A deliberate entry

Mr Ryrie speaks from experience, having been in the general insurance industry for over 30 years.

'The industry is very dynamic and constantly changing due to shifts in the underwriting cycle, and that makes my job very exciting,' he says.

At a young age, Mr Ryrie frequently accompanied his father, a marine loss adjustor, when he went to assess claims. He had been exposed to the possibility of a career in insurance earlier than most people would have been, and thus, he says, 'entered the insurance industry deliberately'.

Since then, he has forged his career, working across most of general insurance's market segments, from senior management to underwriting and broking positions.

He moved here from Sydney more than six years ago and, prior to joining Allianz Re, was the general manager and in charge of the Asia-Pacific region at XL Re's Singapore office.

In his current role as Allianz Re's CEO, Mr Ryrie oversees the property & casualty and life & health reinsurance business for 20 countries in the region.

Not all who enter insurance do so with the confidence of previous insight into the industry's operations, however. The insurance industry might not have been an obvious career option to Danny Ooi, head of Allianz Re's claims department, with his degree in engineering.

He first entered the insurance industry as a risk engineer, after spying an ad for such a position in the papers, and deciding that it could marry his professional training in engineering with his personal interest in risk management.

Like Mr Ryrie, however, Mr Ooi soon realised that the insurance industry affords opportunities other than assessing the risks of properties and manufacturing plants. He moved into underwriting and, eventually, claims - an aspect of insurance which he most enjoys.

'I enjoy handling claims very much because you deal with the real issues as they arise. In underwriting you assess risks and write the policies, but won't see how it's played out. With claims, you deal with actual situations,' he explains.

His day usually begins with snatching precious moments on the train during his commute to work, to read a few reports undisturbed. Then, there are emails to clear, as 40-50 typically arrive in his inbox overnight from other time zones in the region.

With potential claims and reports coming in from locations as varied as Korea, Australia, Guam or India, his work is 'continually challenging and interesting', Mr Ooi says. Different shipping practices and laws in various countries could lead to varied opinions on how claims involving a sunken barge should be handled, for example.

'What's really needed to be a claims handler is someone willing to acquire knowledge constantly, because it's a very knowledge-intensive job. You need good judgment - but that again falls back on knowledge,' he explains.

One who works in claims is also constantly watching the news, says Mr Ooi, to remain aware of where losses might come from. Typhoons, earthquakes, or even slashed corporate profits, could all mean potential claims from insurers' policyholders.

Mr Ooi says: 'I know there are people who may find it dull, but the most interesting part of my work is the reading and the analytical skills it demands.'

'It can be a high-pressure job,' he admits. But, he adds, the work-life balance at Allianz is quite good, with a good record of long-serving employees bearing testament to that fact.

Attracting and retaining talent

As CEO of Allianz, Mr Ryrie's assessment is that 'in attracting talent, a certain level of employer branding counts'. But he believes that 'our staff are our best brand ambassadors. People in the industry have worked with them and know their capabilities and professionalism.'

In terms of retaining talent once they enter the industry, Mr Ryrie thinks offering planned 'career development and skill enhancement for staff' is key.

Mr Ooi, for instance, encourages his staff to sign up for relevant training courses. Lunchtime talks are also frequently conducted, either by people from other departments or external parties, on specific topics.

Recently, Mr Ooi himself completed a law degree, studying part-time, which he says has given him a firmer grasp of the insurance legalese he often encounters on the job.

Also key to talent retention, Mr Ryrie says, is communication. 'We always aim to keep our communication lines open between all working levels. The managers are trained with knowledge and tools to continually engage their team members,' he says.

This article was first published in The Business Times on January 21, 2009.