Channels

10:40 AM
Connect Directly
Google+
Twitter
RSS
E-Mail
50%
50%

Which Industry Leads In IT Job Creation?

How does insurance rank in CareerBuilder/Economic Modeling Specialists ranking of top industries for rapid IT job growth?

Insurers have long been competitors in a global contest for technology talent, and new research suggests that battle only is going to intensify as insurance and financial services continue their transformation into digital businesses. Financial services and insurance are at the top of a roster compiled by CareerBuilder and Economic Modeling Specialists Intl. (EMSI) of the sectors where demand for IT jobs is growing fastest in Britain.

The research, based on information from Britain's Office for National Statistics, identified "Activities auxiliary to financial services and insurance activities … [including] the provision of services involved in or closely related to financial service activities, but not themselves providing financial services," as the top industry for IT job growth. Together these industries employed 30,486 IT workers in 2013, and added 3,831 IT jobs from 2010 to 2013 -- a 14% increase.

"Technology is an integral component to any business as companies look to innovate and expand and engage broader audiences," said Scott Helmes, Managing Director, CareerBuilder UK, in a press release. Although the study does not specify the types of IT jobs that are driving the growth, the intense focus insurers are placing on building capabilities in analytics and big data, mobile and social media, and cloud -- not to mention the resources involved in core systems modernization, compliance and transaction processing – undoubtedly factor into the ranking. Furthermore, with insurance companies and banks facing new forms of competition, the need to obtain top IT talent isn't just about project management -- it's a competitive necessity.

[What Chubb Looks For in Analytics Talent]

The roster of the top 12 industries in Britain for IT growth are as follows:

1. Activities auxiliary to financial services and insurance activities

2. Publishing Activities

3. Legal and Accounting Activities

4. Services to Buildings and Landscape Activities

5. Advertising and Market Research

6. Office Administrative, Office Support and Other Business Support Activities

7. Real Estate Activities

8. Programming and Broadcasting Activities

9. Warehousing and Support Activities for Transportation

10. Employment Activities

11. Architectural and engineering activities; technical testing and analysis

12. Motion Picture, Video and Television Program Production, Sound Recording and Music Publishing Activities

The statistics also underscore how critical the ability to build, operate and nurture an effective IT workforce with leading-edge skills is to the effectiveness of insurance company CIOs, a challenge identified by many of Insurance & Technology's Elite 8 honorees. Nominations for the 2014 Elite 8 executive roster are underway now -- access this link to nominate an insurance company technology executive who excels in the global competition for IT talent.

Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & Technology in 1991. In addition to ... View Full Bio

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Page 1 / 2   >   >>
Kelly22
50%
50%
Kelly22,
User Rank: Author
4/28/2014 | 9:39:31 PM
re: Which Industry Leads In IT Job Creation?
True, people can only consume so much content every day. There are some interesting opportunities in digital publishing, though; perhaps we'll see more niche websites and startups geared towards people in different hobbies and professions.
Becca L
50%
50%
Becca L,
User Rank: Author
4/27/2014 | 8:18:57 PM
re: Which Industry Leads In IT Job Creation?
You're probably right. With the decline of the traditional publishing space there must be interesting opportunity in digital, although I wonder if the consumer population is large enough to continue this growth? Perhaps I'm unfairly narrowing the definition of "publishing" but I don't think so many people are reading like they used to...
Jonathan_Camhi
50%
50%
Jonathan_Camhi,
User Rank: Author
4/27/2014 | 8:10:54 PM
re: Which Industry Leads In IT Job Creation?
There's a lot of new digital startups in publishing too though. I figure that has to partially explain it.
Jonathan_Camhi
50%
50%
Jonathan_Camhi,
User Rank: Author
4/27/2014 | 8:10:06 PM
re: Which Industry Leads In IT Job Creation?
Good point Becca. Gamification is one of the hottest things going in user experience in many different areas of tech. And financial services is starting to get into it, which is definitely going to draw more attention from IT talent.
Becca L
50%
50%
Becca L,
User Rank: Author
4/27/2014 | 7:50:34 PM
re: Which Industry Leads In IT Job Creation?
I suppose it helps too that a lot of these elements are bleeding together. My old stomping ground, Kapitall, is combining Capital Markets and video games, and Financial Services and Insurers are making strides into social. Vendors everywhere are trying to make their apps look sleeker and build new UX. Because this is a new area of exploration a lot of talent is enticed by the chance to really build new experiences for the bottom up - those opportunities are already covered/ harder to come by in the "more exciting" industries.
Becca L
50%
50%
Becca L,
User Rank: Author
4/27/2014 | 7:45:09 PM
re: Which Industry Leads In IT Job Creation?
Stay tuned for UBM's newest technology site: Publishing & Technology
Becca L
50%
50%
Becca L,
User Rank: Author
4/27/2014 | 7:44:09 PM
re: Which Industry Leads In IT Job Creation?
I was surprised too! I still have a hard time making the mental leap from traditional publishing to digital. It will be interesting to see what kinds of developments emerge from that space
Nathan Golia
50%
50%
Nathan Golia,
User Rank: Author
4/26/2014 | 1:29:17 PM
re: Which Industry Leads In IT Job Creation?
Thank you Lloyds and the City of London for supporting a burgeoning IT support structure around financial services in Great Britain?
Kelly22
50%
50%
Kelly22,
User Rank: Author
4/21/2014 | 6:35:22 PM
re: Which Industry Leads In IT Job Creation?
Good point - while insurance isn't very popular among young techies right now, I think that will change as companies prove their dedication to adopting new technologies.
KBurger
50%
50%
KBurger,
User Rank: Author
4/21/2014 | 5:11:32 PM
re: Which Industry Leads In IT Job Creation?
One challenge insurers have faced in recent years has been attracting people with leading-edge skills, since insurance has not always been perceived by techies (especially young people early in their careers) as an exciting/enticing industry to work in compared with, say, game development, trading, social media company, etc.But as we know as innovation becomes a mantra across the industry and with insurers emerging as leaders (not laggards) in hot areas such as analytics, cloud and gamification, it's likely to become a more attractive industry for techies. Also, insurers probably have gotten smarter about how to recruit and retain IT talent.
Page 1 / 2   >   >>
Register for Insurance & Technology Newsletters
White Papers
Current Issue
Slideshows
Video