A guide to Insurance salary trends

The Heat Recruitment Insurance Salary Survey is your definitive guide to Insurance remuneration trends and insurance salaries across the UK. Our research is based on industry trends and the thousands of recruitment and job searches performed each year, providing you the information you need to make informed hiring decisions.

 

There have been huge changes within the Insurance industry over the past year with Brexit directly impacting and creating uncertainty within the market. The emergence of the InsureTech market combined with the implementation of new software and processes have created a more technology-minded industry, ensuring that businesses and the industry as a whole are fit for the future.

 

The broking sector has seen a large shift with investment firms providing the financial backing to acquire other brokers to add them to their portfolio and/or merge and increase their Gross Written Premium in that space.

Commercial broking salaries

Salaries within commercial broking have remained within the same brackets for several years, although recently we have seen a slow shift in the salaries being increased. This increase is largely due to the high demand for candidates with good experience and an overall market shortage of talent.

 

Commercial account executive salaries remain high, reflective of the high demand for these professionals. Depending on their previous track record and the size of their book of business, they are in a position to negotiate higher base salaries and total compensation.

 

Commercial account handler salaries remain high, a reflection of the skillset shortage. The most sought after account handlers are able to negotiate their salary based on their achieved retention rates as well as the size and complexity of the business they deal with.

 

Personal lines insurance salaries

Personal lines insurance salaries have remained constant for several years, largely dictated by the business and employer. There has been very little movement over the years: at the lower levels, it is generally the entry point into the insurance industry and is quite often the launching platform for peoples’ careers within the sector.

Insurance claims manager and executive salaries

We have seen a slight increase in the salaries on offer within the claims sector, with top talent hard to find and businesses paying well to ensure they retain/attract the right claims professionals into their business. Insurance claims manager salaries are seeing modest increases, with niche claims experience receiving higher than average compensation, whereas claims executive salaries in more common claims role are remaining fairly constant.

 

 

Insurance underwriter salary

Insurance underwriter salaries have remained steady or even declined in some areas due to market restrictions and certain insurers pulling out of classes of business. The resulting excess supply of talent has meant that some highly experienced and accomplished underwriters are struggling to find roles. This is particularly the cast for some of the larger salaried roles that no longer exist. Underwriting has been an attractive prospect for brokers looking to make a career move; companies willing to offer training and comparable remuneration to a broker’s salary can be well positioned to capitalise on the talent available on the market.

 

Claims management and claims handler salaries

Generally, claims management roles, although many acting in the same function as a claims handler for an Insurer, are lower than other claims roles within the industry. While some companies will pay a higher salary to attract more experienced claims handlers to their team, however, with strict pay bandings in place, many companies are limited with the flexibility of remuneration they have on offer.

 

Loss adjusting salaries

Insurance claims adjuster salaries have remained consistent for several years, largely influenced by the type of risk they are adjusting, the skills and qualifications of the candidate and their tenure within the industry.

 

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