AI adoption into insurance is accelerating as businesses optimise processes to improve outcomes while streamlining headcounts, with claims in particular being impacted. As a result, despite a year where the sector saw record profits, vacancies have fallen by 11.7% in 2024 compared to the year before.
The Government initiative to invest in AI-related infrastructure is at a time when the industry is accelerating away and while the UK remains a global leader, the planned investment will facilitate further growth and hiring.
The combination of increased investment in AI, political shifts in the UK and falling interest rates has made 2024 a pivotal year for the finance sector.
The accountancy sector saw a strong rebound in 2024, with vacancies rising 29% to their highest level in five years, accounting for 54% of all openings.
Fintech vacancies surged to 12,519 in 2024, up from 8,672 the previous year, driven by increased venture capital funding, AI adoption, and industry fragmentation, according to a report by Morgan McKinley and Vacancysoft.
