EXPERTISE SECTORProfessional Services

The professional services sector remains resilient in the midst of the pandemic

The professional service industry comprises segments that help customers create more value through their specialized knowledge and services. The sector is expected to keep moving forward despite economic uncertainty.

A professional service is an intangible product that a product vendor sells to help customers manage a specific part of their business. The professional services mainly have occupations in the service sector requiring specific skills and knowledge. Many of the services require holding professional degrees or licenses needed for their field of expertise. Professional service involves a variety of occupations that provide support to businesses in the form of advice or performing tertiary roles. 

Companies or individuals normally are looking for professional service for their expertise in a particular area and the value creation of these services can bring. Professional services firms currently have great potential and are evolving their business models to combat the impact of the pandemic. The sector has performed relatively well in the midst of considerable global challenges and proved its resilience. The global professional service market is expected to continue growing at a CAGR of 7% which will lead to $7 trillion in 2025.

Insurance & Pension

The insurance sector consists of companies that offer risk management in the form of insurance contracts. The fundamental idea is that one party, the insurer, will guarantee payment for an unexpected event, and the other party, the insured or the policyholder, pays a smaller premium to the insurer in exchange for the protection for the unexpected occurrence. Insurance companies can be structured either for organizations or individuals as policyholders. The types of insurances include life insurance, health insurance, property insurance, casualty, or accident insurance, and more.

Meanwhile, a pension plan is a retirement plan that requires an employer to make contributions to a pool of funds set aside for workers’ future benefits. The money is then invested on the employee’s behalf, and the earnings on the investments generate income for the worker upon retirement. Given the nature of the business, both insurance and pension funds have long-term payment commitments.

IT consultant service

IT or technology consulting, relates to services aimed at helping clients on how they could implement and use information technology (IT) and digital services to help businesses achieve their objectives. There are various reasons for consultancy services in this sector, namely to gain external advice, to gain access to consultants’ IT expertise, to get temporary help on a particular project, or to outsource the IT service department.

Accounting, Tax, and Financial

The sector helps clients manage, support, and grow businesses financially. Audit services review the accounts of companies and organizations to justify the legality and validity of their financial records. Actuarial services calculate and analyze future financial risks and make predictions using models and statistics. Tax services advise businesses on how to complete tax returns and to be more tax-efficient. Financial advisories give businesses advice on investments and manage their resources and money.

Key trends in professional service experts

Automation
Artificial Intelligence (AI)
Globalization
Virtual Offices
Value-driven Revenue Model
Skills Gap
Tech-enabled Work Culture

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