RESTRUCTURING OF THE SALES AND DISTRIBUTION LANDSCAPE IN SINGAPORE
A major trend in 2015 will be the continued restructuring of the sales and distribution landscape in Singapore.
Initiatives from the Monetary Authority of Singapore’s Financial Advisory Industry Review (FAIR) will impact the business operations of existing sales and
distribution professionals, especially in the mass market segment. This, however, presents opportunities for professionals in both agencies and bancassurance teams with strong qualifications and experience who can conduct sophisticated and high value financial planning. Such
professionals can expect their salaries to rise in response to the shortage of suitably skilled local talent.
MALAYSIA
Malaysia’s insurance industry witnessed dynamic changes in 2014, resulting from a number of mergers and takeovers of local insurance institutions by global insurers.
Moving forward, it is expected that this will result in greater sophistication for the domestic industry through product innovation, pricing and risk-management
expertise as well as multi-channel, including digital, distribution.
In terms of staffing demand, risk and finance strategy planning professionals are needed across the industry. In the risk segment, the entry of foreign players means there are strong intentions to advance risk management to a global standard. This will impact finance teams as the current market outlook requires them to impose a financially-aware mindset in non-financial business units within the institution. Demand for top-level finance strategy professionals as well as Finance Reporting Managers has significantly increased compared to previous years.
The market is also expecting growth in the motor segment, resulting from the lifting of the motor insurance tariff in 2016. The government will allow general insurers to vary premiums based on the risk profile of individual vehicle owners. This will be supported by a strong increase in the hiring of Underwriters.
In other trends, life insurance saw a hike in demand for agency distribution
professionals at the senior level, while in general insurance more Business Development Managers were recruited.
On the Takaful side, the Islamic Financial Service Act requirement for composite Takaful Operators (TOs) to legally separate their general and family businesses by 2018 is expected to drive consolidation in this market. This will be most evident among smaller TOs with insufficient scale to justify the additional investment in separate licenses, especially in respect to their general Takaful business.
S ALAR Y INF ORMA TION: INSURANCE
44 | 2015 Hays Salary Guide - Asia
NOTES
• Salaries are represented in local currencies
• Typical salary range in ‘000, excluding Japan which is stated in millions
• Salaries are representative of the total package value
* Salaries for these job titles vary greatly due to the nature of the role and whether the remit is local or regional
INSURANCE
ACTUARIAL Chief Actuary
Department
Head Senior Manager Manager Associate
China 900 - 2,000 600 - 1,200 400 - 650 200 - 400 120 - 200
Hong Kong 900 - 2,600* 960 - 1,900 600 - 960 400 - 600 200 +
Japan 20 - 30 15 - 30 13 - 20 10 - 18 5 - 8
Singapore 260 - 440 180 - 340 140 - 180 120 - 150 50 - 90
Malaysia 240 - 420 180 - 300 120 - 180 72 - 120 54 - 72
DISTRIBUTION
Chief Distribution Offi cer
Chief Agency Offi cer
Head of Bancassurance
Head of Alternate Distribution
Head of Sales Development
China 1,500 - 2,800 1,000 - 1,500 900 - 1,500 1,000 - 1,500 800 - 1,400
Hong Kong 1,500 - 2,500* 1,200 - 1,800 1,200 - 2,000 1,100 - 1,600 1,100 - 1,700
Japan 15 - 30 15 - 30 15 - 30 15 - 25 15 - 25
Singapore 270 - 450 270 - 350 200 - 280 220 - 280 220 - 280
Malaysia 280 - 360 280 - 360 192 - 264 192 - 264 192 - 264
AGENCY Agency Director Senior Manager Manager Assistant Manager Agency Offi cer
China 600 - 1,000 400 - 700 240 - 400 150 - 240 90 - 150
Hong Kong 840 - 1,200 720 - 900 480 - 600 360 - 480 300 - 360
Japan 15 - 20 12 - 18 8 - 12 7 - 10 5 - 8
Singapore 140 - 190 140 - 180 110 - 140 70 - 100 40 - 60
Malaysia 156 - 216 96 - 144 60 - 96 38 - 48 33 - 38
BANCASSURANCE
Department
Head Senior Manager Manager
Assistant Manager
Bancassurance Offi cer
China 700 - 1,200 500 - 800 300 - 500 200 - 300 150 - 200
Hong Kong 900 - 1,500 720 - 900 480 - 600 360 - 480 300 - 360
Japan 15 - 20 12 - 15 10 - 12 6 - 10 5 - 7
Singapore 270 - 450 200 - 250 120 - 150 80 - 120 40 - 60
Malaysia 240 - 324 180 - 240 96 - 180 60 - 84 36 - 54
ALTERNATE DISTRIBUTION Channel Director Senior Manager Manager Assistant Manager
China 800 - 1,500 500 - 750 300 - 450 200 - 350
Hong Kong 840 - 1,000 600 - 720 480 - 600 360 - 480
Japan 15 - 20 12 - 18 10 - 14 6 - 10
Singapore 155 - 250 120 - 150 90 - 120 70 - 80
Malaysia 168 - 240 168 - 150 72 - 108 42 - 60
FINANCE
Chief
Financial Offi cer Finance Director
Financial Controller
Senior Finance Manager
Finance Manager
China 1,000 - 2,200 700 - 1,300 600 - 1,000 500 - 800 300 - 500
Hong Kong 1,000 - 3,000* 1,100 - 1,400 900 - 1,200 600 - 900 400 - 600
Japan 15 - 30 15 - 25 15 - 20 12 - 18 10 - 16
Singapore 240 - 500 190 - 250 145 - 240 140 - 180 100 - 150
Malaysia 360 - 420 + 300 - 360 180 - 300 120 - 180 84 - 120
2015 Hays Salary Guide - Asia | 45
NOTES
• Salaries are represented in local currencies
• Typical salary range in ‘000, excluding Japan which is stated in millions
• Salaries are representative of the total package value
* Salaries for these job titles vary greatly due to the nature of the role and whether the remit is local or regional
INSURANCE
AUDIT Chief Auditor Audit Director Senior Internal
Audit Manager Internal Audit Manager
China 800 - 2,000 650 - 1,000 500 - 800 250 - 450
Hong Kong 900 - 2,500* 800 - 1,600* 600 - 900 400 - 600
Japan 15 - 25 15 - 18 12 - 15 10 - 14
Singapore 280 - 450 220 - 320 150 - 250 90 - 160
Malaysia 300 - 440 220 - 300 130 - 220 72 - 140
COMPLIANCE/ORM Chief Risk
China 900 - 2,000
Hong Kong 1,500 - 2,600*
Japan 10 - 20
Singapore 180 - 220
Malaysia 300 +
UNDERWRITING LIFE Chief
Underwriter Director Senior Manager Manager Assistant Manager
China 700 - 900 500 - 700 350 - 550 200 - 350 150 - 300
Hong Kong 1,000 - 1,600* 900 - 1,100 700 - 850 550 - 650 300 - 450
Japan 18 - 25 15 - 20 10 - 15 8 - 12 6 - 8
Singapore 320 - 450 250 - 300 150 - 200 100 - 140 70 - 90
54 - 80
Malaysia 300 - 440 220 - 300 130 - 220 72 - 140
UNDERWRITING GENERAL Chief
Underwriter Head of
Business Line Senior Manager Manager Assistant Manager
China 800 - 1,200 700 - 900 500 - 700 250 - 450 150 - 250
Hong Kong 1,000 - 1,600* 900 - 1,100 700 - 850 550 - 650 300 - 450
Japan 18 - 25 15 - 20 10 - 15 8 - 12 6 - 8
Singapore 320 - 450 250 - 300 150 - 200 100 - 140 70 - 90
Malaysia 300 - 384 240 - 312 156 - 240 96 - 156 66 - 96
CLAIMS LIFE Head of Claims Senior Manager Manager Assistant
Manager
China 500 - 700 450 - 600 300 - 400 200 - 300
Hong Kong 800 - 1,200* 650 - 750 450 - 600 350 - 450
Japan 15 - 20 12 - 15 8 - 10 6 - 10
Singapore 220 - 320 130 - 200 125 - 190 90 - 100
Malaysia 216 - 300 120 - 216 84 - 132 54 - 84
46 | 2015 Hays Salary Guide - Asia
NOTES
• Salaries are represented in local currencies
• Typical salary range in ‘000, excluding Japan which is stated in millions
• Salaries are representative of the total package value
* Salaries for these job titles vary greatly due to the nature of the role and whether the remit is local or regional
INSURANCE
PROJECTS Program Head
Senior Project/
Program Manager Project Manager
Assistant Manager
Business Analyst
China 900 - 2,000 700 - 1,200 400 - 600 250 - 350 180 - 350
Hong Kong 950 - 2,500* 700 - 1,000 450 - 650 320 - 450 200 - 350
Japan 12 - 20 + 10 - 18 8 - 12 6 - 10 5 - 10
Singapore 250 + 180 - 250 140 - 180 90 - 130 60 - 80
Malaysia 300 - 420 240 - 300 156 - 240 84 - 156 56 - 132
STRATEGIC Program Head
Program
Manager Project Manager
Assistant Manager
Business Analyst
China 1,000 - 2,500 700 - 1,000 400 - 700 240 - 350 180 - 400
Hong Kong 1,200 - 2,800* 720 - 1,200 600 - 960 360 - 540 240 - 420
Japan 12 - 20 + 10 - 18 8 - 15 6 - 10 5 - 10
Singapore 230 + 180 - 230 140 - 180 90 - 130 60 - 80
Malaysia 300 - 420 240 - 300 156 - 240 84 - 156 56 - 120
OPERATIONS COO Senior Manager Manager
Assistant Manager
China 1,000 - 2,500 700 - 900 300 - 500 180 - 240
Hong Kong 900 - 2,500* 700 - 950 500 - 700 300 - 450
Japan 15 - 30 10 - 15 8 - 12 6 - 10
Singapore 200 - 250 140 - 200 90 - 140 70 - 90
Malaysia 420 + 216 - 320 120 - 216 72 - 120
MARKETING
Head of Products
Senior Product Development Manager
Product Manager
Assistant Manager
China 700 - 1,000 300 - 600 200 - 350 150 - 240
Hong Kong 900 - 1,400* 700 - 900 450 - 650 300 - 450
Japan 14 - 20 10 - 15 8 - 12 6 - 10
Singapore 170 - 300 120 - 150 100 - 150 70 - 80
Malaysia 180 + 120 - 168 96 - 120 72 +
CLAIMS GENERAL Head of Claims
Head of
Business Line Senior Manager Manager
Assistant Manager
China 600 - 1,000 500 - 600 450 - 500 300 - 400 200 - 250
Hong Kong 750 - 1,200* 700 - 800 650 - 750 500 - 650 300 - 450
Japan 18 - 25 10 - 15 8 - 12 6 - 10 5 - 8
Singapore 220 - 320 170 - 210 130 - 200 125 - 190 90 - 100
Malaysia 220 - 320 168 - 220 120 - 170 84 - 120 60 - 84
CHINA
The candidate market in China is buoyant and this year the war for talent will intensify further in key areas. We expect to see greater focus placed on salaries and benefits to help employers attract new hires and retain their existing talent pool.
Since 2013 China has been a primary market for offshore Centre of Excellence
establishments. Big brands and international investment banks have set up technology centres in China and have recruited candidates with Core Server Side C++ and Core Java. We have also seen increasing demand for System Programmers with skills in scripting languages such as Python, Perl and Shell Scripting and, amongst big brand employers, Scala. This trend will continue.
Finding the right candidate will remain a challenge. This year’s Hays Salary Guide reflects the use of increased salaries as a way of attracting high calibre candidates to fill the growing number of roles on offer.
As well as increasing salaries, employers will now consider candidates from overseas, including from non-Chinese language backgrounds, in order to fill their vacancies. However, as recruiting from overseas is more expensive and takes more time, candidates must meet very specific criteria including prior experience working in finance technology.
Looking ahead, China’s finance sector will continue to experience consistent growth.
Employers include foreign multinationals, local firms and a growing number of new comers including local and global fund management firms and trading firms.
With positive hiring intentions, demand will remain high for Programmers and Quant Developers with C++ skills, strong logical thinking abilities, algorithm coding skills and the ability to build high frequency trading systems. Candidates with experience working with leading firms are being targeted and even poached, and thus employers must develop robust staff retention strategies.
Demand for infrastructure technology professionals will remain stable. We will continue to see a modest increase in production support roles as more companies view this function as a cost effective move.
HONG KONG
One of the biggest trends in Hong Kong’s finance technology jobs market is the growing demand for hybrid candidates who have both a business and technical background. As a result of cost cutting, employers are looking for candidates who can take on a role with
dual-responsibilities across business and technology. This trend will continue in the year ahead.
Employers are also placing a high value on candidates who have good soft skills such as interpersonal and communication skills and who can work effectively with internal stakeholders and external clients to advise them on technical solutions.
The so-called ‘through train’ stock connect scheme between Hong Kong and Shanghai has also generated demand for candidates. Java Developers were in demand in the lead up to the November 2014 launch and we expect the gradual integration of the two systems to generate additional hiring activity across
development and other systems integration jobs.
In other trends, Data Analysts are in increasing demand, especially those with a proven track record of analysing big data to detect patterns useful to understanding future markets. Candidates need to be adept at obtaining data from a wide variety of sources, from social media to internal business reports. Data Analysts are also helping companies achieve greater cost efficiencies.
Hong Kong’s changing regulatory environment is driving demand for Business Analysts to assist financial institutions to understand and comply with new regulations as well as develop tighter internal controls of regulatory reporting and tracking.
We have also seen growing demand for IT Security specialists, especially those with Certified Information Systems Security Professional (CISSP) credentials. This demand is driven by the rising volume of business carried out over the Internet and the resulting need for greater privacy protection. We have also seen a particular increase in the number of Security Consultant roles available. Candidates
must have outstanding security knowledge and good interpersonal skills as roles involve a lot of client facing work, including presales consultations.
JAPAN
2015 will be another good year for finance technology candidates in Japan, with demand pushing up salaries for select roles.
The upgrading of IT infrastructure remains a priority for many companies in Japan, which is creating continuing demand for IT Business Analysts, Project Managers and Quality Assurance experts.
BAs with strong skills analysing business processes and systems are in particularly high demand as firms strive to develop more efficient processes and assess their existing business model and how to integrate it with technology.
In an interesting trend, companies that started new projects in late 2014 to enhance technology systems opted to hire local Development and Application Support candidates rather than utilize offshore options.
In other trends, Japan’s stable and profitable insurance sector has been very active in hiring a range of technology candidates to carry out system upgrades to meet global standards. We have also seen candidates from the securities sector move into insurance to fill well-paid roles.
Insurance firms have been willing to pay higher salaries to fill senior roles and even waive normal bilingual requirements to secure the right candidate.
Candidates with relevant experience in systems development life cycle (SDLC) management and the delivery of vendor solutions will remain in high demand this year.
Banks and insurance companies have also been hiring across Security, IT Risk and IT Audit for compliance projects and we expect this trend to continue. Financial institutions must meet new standards set by the Financial Services Agency and the Bank of Japan and integrate any new compliance measures with existing policies.
Internal IT Support Engineers are also being hired in both permanent and temporary roles to support new IT systems and infrastructure. Candidates with strong
S ALAR Y INF ORMA TION: FINANCE TECHNOL OG Y
48 | 2015 Hays Salary Guide - Asia