Heat Recruitment announces its 2020 insurance salary survey
by Heat Recruitment
As the financial services landscape evolves to accommodate new players, new technology and fast-shifting customer demands, insurance is undergoing its own transformation. Coupled with the emergence of InsureTech, the implementation of software-led processes is creating a more agile industry. However, competing effectively in this landscape demands employers to secure the skills they need internally to futureproof their firm. As digitisation takes hold of the sector and the war for talent heats up, remuneration packages are shifting to accommodate these requirements.
Meanwhile, a political and economic landscape fraught with uncertainty continues to plague UK employers, particularly within the insurance market. With a prominent skills gap to address, insurance firms are under pressure to review compensation to promote retention and recruit key personnel.
In the 2020 edition of our insurance sector salary survey, we drew from the insights provided our consultants, clients and candidates to identify the average salaries in each area of the insurance industry.
While commercial broking salaries stagnated in recent years, a recent spike can be attributed to the growing demand for well-seasoned candidates equipped with a firm base of market-knowledge. An industry-wide shortage of talent puts those in commercial account executives in a strong position to negotiate higher base salaries and compensation, the regional average now sitting at £50,000 while those in London can expect an average of £60,000. Similarly, skilled corporate account handlers outside of the capital with a strong track-record of achieved retention rates could land a maximum salary of £45,000.
Claims handling and management
The general skills shortage in UK insurance may be responsible for the slight increase in salaries on offer within the claims sector. Well aware of this persistent issue and their value within insurance firms, top talent in claims handling and management roles are expecting higher salaries. Businesses are beginning to rise to meet these demands, particularly when it comes to candidates with niche claims experience. At present, an experienced claims manager in the capital will collect an average of £55,000, while their regionally-based counterparts can still expect a handsome £40,000 average. Claims executives in London have seen a slight rise in average earnings, their current average now sitting at £28,000.
Findings from our survey revealed insurance underwriter salaries have remained steady in the last several years, in some cases declining due to market restrictions. Though a senior underwriter will still earn an attractive £35,000 in a regional firm on average, less experienced underwriters still collect around £27,000 p/a. As insurers have pulled out of certain business classes, this area has seen an exception to the rule with well-skilled underwriters struggling to find roles in recent times. Nevertheless, salaries remain high for those who have progressed through to the position of underwriting officer, the London average for someone in this role sitting at £100,000.
Loss adjusting positions
In the field of insurance claims adjusting, earnings have climbed at a steady pace, largely driven by the specific skillsets of candidates, industry experience and the types of risk they are dealing with. Currently, a claims adjuster in the capital may start their career in the sector on a salary of £29,000, though more experienced candidates in roles such as commercial loss adjusting and liability adjusting will see an average salary of £47,000.
An industry in flux, insurance salaries are rising in certain fields while declining in others. Talent shortages, technological disruption and economic uncertainty continue to play a major influence over the earnings of professionals in this sector, as our latest survey shows.
For more insights into the insurance salary landscape, download our full guide or get in touch for specialist advice from our team.