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Your Guide to Insurance Salaries

There have been huge changes within the insurance industry over the past year with the ongoing challenges presented by Brexit and the pandemic directly impacting the market and creating uncertainty. Although unemployment remains at a record low, companies still need to actively address employee turnover as well as increase headcount to enable growth.

 

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 ready for what the future may hold. This has resulted in a talent shortage and many leading insurance employers are creating increasingly competitive salary and compensation packages to attract and retain top talent.

 

With the progression of the digital age, top talent is looking for more from their employers than ever before, which presents you with the ideal opportunity to enhance your company culture.

 

Top candidates are looking for:

  • Attractive bonus structures
  • Flexible working opportunities
  • Employers who are innovative
  • Forward-thinking technology and processes
  • An employer with good corporate social responsibility ideals

 

The Heat Recruitment Insurance Salary Survey is your definitive guide to insurance salaries across the UK. We hope you will find this information insightful as your look to create a competitive and attractive salary package to attract the insurance talent you need to ensure business growth.

 

We hope you will enjoy our Salary Survey, and if you would like us to provide further market analysis and create a bespoke hiring strategy and salary benchmarks for your upcoming strategic hires, please get in touch.

 

Below is a detailed breakdown of Claims Management and Claims Broking salaries which can be found amongst other Insurance jobs on our salary survey guide, to find out what you should be paid or to gain more of an understanding of pay scales for insurance jobs, download our complete salary survey guide here.

 

Example: Claims Management and Claims Broking

Within claims there is a shortage of senior reinsurance professionals due to many senior professionals moving into claims adjusting roles. This shortage has led to brokers increasing salaries to remain competitive and attract talent. Broking clients are also looking for claims professionals who have dealt with both open market claims and claims on binders; this has resulted in a slight increase in salaries for insurance claims managers and executives who have good broking experience in addition to strong technical skills.

 

Entry-level claims handlers have seen their salaries increase, particularly in regional areas as the result of increased competition within other industries. Many claims staff have found increased salaries by moving into analytical or IT-based roles and as their insurance specialism evolves, the opportunities will increase, enabling career progression and ensuring salary and compensation increases.

 

Interested in other insurance services jobs? Find out what you could be earning by downloading the complete salary survey for 2022 here.

 

 

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