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HAYS UK Insurance Salary Guide HAYS UK Insurance Salary Guide Document Transcript

  • Powering the world of insurance A look at the year ahead Salary Guide 2012/2013INS-5539_Insurance_Salary_Guide_A5.indd 1 31/05/2012 09:23
  • INTRODUCTION Across the range of roles we recruit for To attract top talent in 2012, it will be essential for within underwriting, broking, claims and organisations to run timely recruitment campaigns, CONTENTS make competitive offers and ensure benefits risk management, we have not seen a packages are attractive. considerable drop in the number of new Introduction 1 vacancies. While some support functions This market overview and salary guide combines information compiled from our database of Broker 2 to the industry have been affected by the vacancies, discussions with our clients and the trend towards outsourcing, this has not expert knowledge of our consultants. It also Operations 6 been the case for technical positions in includes results from our recent benefits survey. these areas. I hope you find the guide relevant, insightful and Claims 10 useful for benchmarking, budgeting and resource The greatest influence on recruitment in the planning. Underwriting 14 insurance industry this year is likely to be the ongoing impact of new rules and regulations. Whatever your plans, I wish you all the best for Actuarial 18 the months ahead, and look forward to having the Overall, the market remains cautious, many opportunity to work with you. Please feel free to Do your benefits measure up? 22 insurance professionals are hesitant to move, and contact me to provide feedback or to discuss any employers are taking longer to make recruitment recruitment related issues you may be encountering decisions. at this time. The insurance industry is still suffering from a skills shortage and ongoing efforts are needed to encourage young people and graduates to consider insurance as a career option. Despite these skills shortages and continued economic uncertainty, good opportunities still remain especially for those with niche skills. Lloyd Rosenthal Director, Hays Insurance Skilled actuarial professionals are in high demand E lloyd.rosenthal@hays.com as businesses prepare for the implementation of T 020 3465 0145 Solvency II. Project and change managers continue to be sought after to oversee large scale projects, needed to prepare for new regulations, and support organisations going through periods of transformation and change. Risk and compliance managers are also finding themselves in high demand as a reaction both to the current economic climate and new regulations, with many organisations taking on their own in- house risk specialists. Hays Insurance Salary Guide 2012 | 1INS-5539_Insurance_Salary_Guide_A5.indd 2-1 31/05/2012 09:23
  • A guide to salaries within the broker industry North East (£ p/a) North West (£ p/a) Midlands (£ p/a) Account Executive 35,000-50,000 35,000-50,000 35,000-50,000 Account Handler 20,000-35,000 20,000-35,000 17,000-28,000 Account Manager 27,000-35,000 27,000-35,000 25,000-35,000 Branch Director 45,000-60,000 45,000-60,000 55,000-75,000 BROKer Branch Manager Broker 40,000-50,000 28,000-38.000 40,000-50,000 28,000-38.000 50,000-75,000 22,000-30,000 Business Developer 35,000-60,000 35,000-60,000 35,000-60,000 Generally speaking there is a lack of experienced specialist candidates in the CEO 110,000-130,000 110,000-130,000 120,000-150,000 insurance market, which has enabled Corporate Broker 35,000-45,000 35,000-45,000 30,000-40,000 salaries to remain high. Development Executive 40,000-60,000 40,000-60,000 35,000-45,000 Employers do have high expectations and prefer new hires to be working towards or have Managing Director 60,000-85,000 60,000-85,000 70,000-95,000 achieved ACII or equivalent, although increasingly employers are putting more value on relevant and New Business technical experience. 35,000-60,000 35,000-60,000 35,000-55,000 Account Executive Demand for business developers and key account Private Client Manager 30,000-45,000 30,000-45,000 30,000-40,000 managers rarely dips and over the last year, those who can demonstrate an ability to open up new revenue streams or safeguard existing lucrative business have seen their stock rise. Those who can hit the ground running, even with restrictive covenants to contend with, are frequently finding themselves facing the happy dilemma of weighing up multiple job offers. As brokers re-focus on building market share, candidates with excellent account management and handling skills are sought after by both the large and small brokerages. Smaller brokerages have, to some extent, been able to counter-act the bigger salaries on offer at the large corporates by offering candidates greater flexibility and better work-life balance. 2 | Hays Insurance Salary Guide 2012 Hays Insurance Salary Guide 2012 | 3INS-5539_Insurance_Salary_Guide_A5.indd 2-3 31/05/2012 09:23
  • Broker Broker SOUTH WEST (£ p/a) SOUTH EAST (£ p/a) LONDON (£ p/a) NORTHERN IRELAND (£ p/a) SCOTLAND (£ p/a) WALES (£ p/a) Account Executive 30,000-45,000 35,000-50,000 45,000-65,000 Account Executive 31,500-45,000 31,500-45,000 31,500-45,000 Account Handler 16,000-28,000 18,000-35,000 30,000-45,000 Account Handler 15,300-25,200 15,300-25,200 15,300-25,200 Account Manager 25,000-35,000 25,000-40,000 35,000-60,000 Account Manager 22,500-36,000 22,500-36,000 22,500-36,000 Branch Director 50,000-65,000 55,000-75,000 85,000-125,000 Branch Director 49,500-67,500 49,500-67,500 49,500-67,500 Branch Manager 40,000-55,000 45,000-65,000 75,000-110,000 Branch Manager 45,000-55,000 50,000-65,000 45,000-55,000 Broker 25,000-30,000 25,000-35,000 35,000-75,000 Broker 17,000-25,000 20,000-28,000 15,000-25,000 Business Developer 35,000-50,000 35,000-50,000 45,000-85,000 Business Developer 31,500-54,000 32,000-56,000 31,500-54,000 CEO 100,000-150,000 110,000-150,000 150,000-250,000 CEO 85,000-120,000 90,000-130,000 85,000-120,000 Corporate Broker 30,000-50,000 35,000-65,000 45,000-75,000 Corporate Broker 27,000-45,000 27,000-45,000 27,000-45,000 Managing Director 70,000-90,000 80,000-100,000 100,000-150,000 Development Executive 31,500-40,500 31,500-40,500 31,500-40,500 Private Client Manager 25,000-40,000 30,000-45,000 45,000-65,000 Managing Director 60,000-85,000 65,000-90,000 60,000-85,000 New Business 31,500-40,500 31,500-45,000 31,500-40,500 Account Executive Private Client Manager 27,000-31,500 27,000-31,500 27,000-31,500 4 | Hays Insurance Salary Guide 2012 Hays Insurance Salary Guide 2012 | 5INS-5539_Insurance_Salary_Guide_A5.indd 4-5 31/05/2012 09:23
  • A guide to salaries within operations NORTH EAST (£ p/a) NORTH WEST (£ p/a) MIDLANDS (£ p/a) Business Analyst/ 25,000-30,000 22,500-30,000 25,000-30,000 Strategist OPERATIONS Chief Operating Officer 70,000-90,000 70,000-90,000 70,000-90,000 Compliance Officer/ 33,000-45,000 33,000-50,000 50,000-75,000 Manager Compliance Assistant 25,000-35,000 25,000-35,000 25,000-35,000 Insurance professionals with strong MI Analyst 35,000-50,000 35,000-50,000 35,000-50,000 experience in key operational roles, such as risk management, compliance, analysis MI Manager 50,000-60,000 50,000-60,000 50,000-60,000 and pricing have seen a rise in demand Enterprise Risk for their skills over the last year. Management 40,000-60,000 40,000-60,000 40,000-60,000 On the whole, insurance companies have been In-house Insurance 30,000-50,000 30,000-50,000 30,000-50,000 revisiting their staffing structures with gradual growth, rather than simply survival in mind. Operations Manager 40,000-55,000 40,000-55,000 50,000-65,000 Many employers, most notably brokerages and underwriting organisations, have shown a greater Operations Director 65,000-90,000 65,000-90,000 65,000-90,000 interest in recruiting candidates with strong analytical and IT skills. Business, MI and pricing Pricing Analyst 35,000-45,000 35,000-45,000 35,000-45,000 analysts have been in high demand, as companies seek to align cost bases and pricing structures to Pricing Manager 50,000-60,000 50,000-60,000 50,000-60,000 optimise profitability whilst remaining competitive. Project Manager 40,000-60,000 40,000-60,000 40,000-60,000 The regulatory area of the insurance market continues to grow and we are seeing an increasing Risk Analyst 32,000-50,000 32,000-50,000 32,000-50,000 number of new compliance roles across the board. Companies are bolstering measures to Risk Manager 45,000-65,000 45,000-65,000 45,000-65,000 remain on the right side of the regulators and are Operational Risk Manager 45,000-65,000 45,000-65,000 45,000-65,000 acutely aware of the financial and reputational penalties of failing to do so. In particular, the Statistician 25,000-35,000 25,000-35,000 25,000-35,000 ongoing and extended Solvency II implementation projects continue to provide a lucrative market for Training & Competency 40,000-50,000 40,000-50,000 40,000-50,000 contractors. With the SII deadline now extended to 2014, the demand for contractors will continue to remain high. Overall, salary levels have remained fairly static in the operational world, although the contractor market can and does offer well in excess of the equivalent sums that are paid for permanent roles. 6 | Hays Insurance Salary Guide 2012 Hays Insurance Salary Guide 2012 | 7INS-5539_Insurance_Salary_Guide_A5.indd 6-7 31/05/2012 09:23
  • Operations Operations SOUTH WEST (£ p/a) SOUTH EAST (£ p/a) LONDON (£ p/a) NORTHERN IRELAND (£ p/a) SCOTLAND (£ p/a) WALES (£ p/a) Business Analyst/ Business Analyst/ 22,500-30,000 22,500-30,000 35,000-50,000 22,500-27,000 22,500-27,000 22,500-27,000 Strategist Strategist Chief Operating Officer 70,000-90,000 70,000-90,000 100,000-150,000 Chief Operating Officer 63,000-81,000 63,000-81,000 63,000-81,000 Compliance Officer/ Compliance Officer/ 45,000-60,000 45,000-60,000 58,000-80,000 40,500-54,000 40,500-54,000 40,500-54,000 Manager Manager Compliance Assistant 25,000-35,000 25,000-35,000 25,000-40,000 Compliance Assistant 22,500-31,500 22,500-31,500 22,500-31,500 MI Analyst 35,000-50,000 35,000-50,000 40,000-60,000 MI Analyst 35,000-50,000 35,000-50,000 35,000-50,000 MI Manager 50,000-60,000 50,000-60,000 60,000-80,000 MI Manager 50,000-60,000 50,000-60,000 50,000-60,000 Enterprise Risk Enterprise Risk 40,000-60,000 40,000-60,000 50,000-85,000 36,000-54,000 36,000-54,000 36,000-54,000 Management Management In-house Insurance 30,000-50,000 30,000-50,000 80,000-150,000 In-house Insurance 27,000-45,000 27,000-45,000 27,000-45,000 Operations Manager 40,000-55,000 40,000-55,000 60,000-90,000 Operations Manager 45,000-58,500 45,000-58,500 45,000-58,500 Operations Director 65,000-90,000 65,000-90,000 100,000-130,000 Operations Director 58,500-81,000 58,500-81,000 58,500-81,000 Pricing Analyst 35,000-45,000 35,000-45,000 45,000-55,000 Pricing Analyst 31,500-40,500 31,500-40,500 31,500-40,500 Pricing Manager 50,000-60,000 50,000-60,000 65,000-85,000 Pricing Manager 45,000-54,000 45,000-54,000 45,000-54,000 Project Manager 40,000-60,000 40,000-60,000 65,000-100,000 Project Manager 36,000-54,000 36,000-54,000 36,000-54,000 Risk Analyst 32,000-50,000 32,000-50,000 35,000-65,000 Risk Analyst 32,000-50,000 32,000-50,000 32,000-50,000 Risk Manager 45,000-65,000 45,000-65,000 65,000-90,000 Risk Manager 40,500-58,500 40,500-58,500 40,500-58,500 Operational Risk Manager 45,000-65,000 45,000-65,000 65,000-110,000 Operational Risk Manager 40,500-58,500 40,500-58,500 40,500-58,500 Statistician 25,000-35,000 25,000-35,000 45,000-65,000 Statistician 22,500-31,500 22,500-31,500 22,500-31,500 Training & Competency 40,000-50,000 40,000-50,000 55,000-65,000 Training & Competency 36,000-45,000 40,000-50,000 36,000-45,000 8 | Hays Insurance Salary Guide 2012 Hays Insurance Salary Guide 2012 | 9INS-5539_Insurance_Salary_Guide_A5.indd 8-9 31/05/2012 09:23
  • A guide to salaries within claims North East (£ p/a) North West (£ p/a) Midlands (£ p/a) Claims Adjustor/Assessor 20,000-25,000 20,000-32,000 20,000-32,000 Claims Broker 20,000-30,000 20,000-30,000 18,000-26,000 Claims Controller 40,000-45,000 40,000-45,000 40,000-45,000 Claims Negotiator/ 15,000-27,000 15,000-30,000 15,000-30,000 Handler Claims Manager 30,000-55,000 35,000-60,000 35,000-60,000 Claims Technician 15,000-25,000 15,000-30,000 15,000-30,000 Claims Director 55,000-75,000 60,000-80,000 60,000-80,000 Head of Claims 65,000-85,000 65,000-85,000 65,000-85,000 Domestic Adjuster 20,000-32,000 20,000-32,000 15,000-25,000 Internal Adjuster 18,000-25,000 18,000-25,000 15,000-25,000 Liability Adjuster 25,000-45,000 25,000-45,000 22,000-32,000 Loss Adjuster 30,000-40,000 30,000-45,000 30,000-45,000 Risk Surveyor 35,000-50,000 35,000-50,000 30,000-45,000 CLAIMS Surveyor 30,000-40,000 30,000-45,000 30,000-45,000 The impact of the recession is slowly more successfully. This has marked the beginning moving on in the insurance claims of the modernisation process which is set to continue throughout 2012. market. There is a consensus in terms of modernising claims handling, that the The majority of mainstream claims recruitment in the UK continues to be within commercial liner UK market has come a long way in a teams. The demand for personal lines staff is still short time. gradually falling, however the demand remains One modernisation to note is the introduction of high for experienced loss adjusters as companies the electronic claims file system. Some particular strive to strike a balance between protecting their benefits achieved to date are the reduction in revenues and maintaining a reputation for fairness. settlement times and the ability to track claims 10 | Hays Insurance Salary Guide 2012 Hays Insurance Salary Guide 2012 | 11INS-5539_Insurance_Salary_Guide_A5.indd 10-11 31/05/2012 09:23
  • Claims Claims SOUTH WEST (£ p/a) SOUTH EAST (£ p/a) LONDON (£ p/a) NORTHERN IRELAND (£ p/a) SCOTLAND (£ p/a) WALES (£ p/a) Claims Adjustor/Assessor 20,000-30,000 25,000-35,000 30,000-40,000 Claims Adjustor/Assessor 20,000-30,000 22,000-32,000 20,000-30,000 Claims Broker 20,000-30,000 25,000-35,000 35,000-65,000 Claims Broker 20,000-30,000 22,000-32,000 20,000-30,000 Claims Controller 35,000-55,000 40,000-60,000 55,000-75,000 Claims Controller 30,000-45,000 35,000-50,000 30,000-45,000 Claims Negotiator/ Claims Negotiator/ 16,000-30,000 18,000-35,000 35,000-65,000 16,000-30,000 16,000-32,000 16,000-30,000 Handler Handler Claims Manager 45,000-55,000 55,000-75,000 50,000-85,000 Claims Manager 30,000-40,000 35,000-50,000 30,000-40,000 Claims Technician 20,000-35,000 25,000-40,000 30,000-50,000 Claims Technician 20,000-30,000 22,000-32,000 20,000-30,000 Claims Director 55,000-75,000 65,000-85,000 75,000-125,000 Claims Director 50,000-70,000 55,000-75,000 50,000-70,000 Head of Claims 60,000-85,000 75,000-100,000 125,000-150,000 Head of Claims 60,000-80,000 65,000-85,000 60,000-80,000 Domestic Adjuster 20,000-35,000 25,000-45,000 40,000-60,000 Domestic Adjuster 17,000-27,000 17,000-27,000 17,000-27,000 Internal Adjuster 16,000-25,000 18,000-30,000 28,000-45,000 Internal Adjuster 15,000-25,000 15,000-25,000 15,000-25,000 Liability Adjuster 20,000-35,000 25,000-45,000 55,000-75,000 Liability Adjuster 22,000-28,000 22,000-32,000 22,000-28,000 Loss Adjuster 25,000-40,000 25,000-45,000 35,000-60,000 Loss Adjuster 25,000-35,000 25,000-40,000 25,000-35,000 Risk Surveyor 25,000-40,000 25,000-45,000 45,000-65,000 Risk Surveyor 25,000-35,000 25,000-40,000 25,000-35,000 Surveyor 25,000-40,000 25,000-45,000 35,000-55,000 Surveyor 25,000-35,000 25,000-40,000 25,000-35,000 12 | Hays Insurance Salary Guide 2012 Hays Insurance Salary Guide 2012 | 13INS-5539_Insurance_Salary_Guide_A5.indd 12-13 31/05/2012 09:23
  • A guide to salaries within underwriting NORTH EAST (£ p/a) NORTH WEST (£ p/a) MIDLANDS (£ p/a) Broker Developer 35,000-55,000 35,000-55,000 35,000-50,000 Business Developer 30,000-55,000 30,000-55,000 30,000-45,000 Key Account Manager 40,000-60,000 40,000-60,000 35,000-50,000 Class Underwriter 25,000-35,000 25,000-35,000 25,000-35,000 Development Underwriter 40,000-55,000 40,000-55,000 35,000-45,000 Head of Underwriting 60,000-80,000 60,000-80,000 70,000-100,000 Lead Underwriter 30,000-40,000 30,000-40,000 30,000-40,000 Managing Director 60,000-90,000 60,000-90,000 65,000-100,000 Package Underwriter 22,000-30,000 22,000-30,000 20,000-25,000 Trading Underwriter 28,000-45,000 28,000-45,000 25,000-35,000 UNDERWRITING Underwriter Underwriting Analyst 22,000-30,000 20,000-25,000 22,000-30,000 20,000-25,000 18,000-25,000 20,000-25,000 There is still a high demand for specialist There is a real need for underwriters with these key Underwriting Assistant 16,000-22,000 16,000-22,000 16,000-22,000 high calibre underwriters within niche skills, which enables candidates of this calibre to negotiate for higher salaries and benefits. Underwriting Manager 45,000-60,000 45,000-60,000 40,000-50,000 areas, such as marine, accident and health, director and officer and in As momentum in the job market picks up, talented Underwriting Technician 20,000-25,000 20,000-25,000 20,000-25,000 underwriters who had previously put their career particular for those individuals and moves on hold during the recession, are now teams with a book of business. noticeably more confident about looking around. Salaries are still on the increase for specialist And they have good reason, it’s not unknown for underwriters as this is very much a candidate driven firms to pay a sizeable proportion of anticipated market. In many instances employers have even earnings (in one or two extreme cases, the entire been prepared to create positions for applicants annual salary) upfront, such is the difference that a where no vacancies previously existed. good underwriter can make to the bottom line. In recent years a new breed of underwriters have emerged in the shape of a trading/development underwriter. This is someone who is not only technically sound but offers the right trading abilities to write and secure profitable business in this competitive market. 14 | Hays Insurance Salary Guide 2012 Hays Insurance Salary Guide 2012 | 15INS-5539_Insurance_Salary_Guide_A5.indd 14-15 31/05/2012 09:24
  • Underwriting Underwriting SOUTH WEST (£ p/a) SOUTH EAST (£ p/a) LONDON (£ p/a) NORTHERN IRELAND (£ p/a) SCOTLAND (£ p/a) WALES (£ p/a) Broker Developer 30,000-50,000 35,000-65,000 45,000-85,000 Broker Developer 31,500-45,000 31,500-48,000 31,500-45,000 Business Developer 40,000-55,000 40,000-55,000 45,000-75,000 Business Developer 27,000-40,500 30,000-45,000 27,000-40,500 Key Account Manager 35,000-50,000 35,000-55,000 50,000-75,000 Key Account Manager 31,500-45,000 34,000-48,000 31,500-45,000 Class Underwriter 20,000-35,000 45,000-55,000 90,000-150,000 Class Underwriter 22,500-31,500 24,000-34,000 22,500-31,500 Development Underwriter 35,000-45,000 35,000-50,000 45,000-70,000 Development Underwriter 31,500-40,000 35,000-45,000 31,500-40,000 Head of Underwriting 65,000-100,000 85,000-115,000 120,000-175,000 Head of Underwriting 63,000-75,000 63,000-90,000 63,000-75,000 Managing Director 65,000-100,000 85,000-125,000 150,000-250,000 Lead Underwriter 27,000-49,500 28,000-52,000 27,000-49,500 Package Underwriter 20,000-27,000 22,000-30,000 35,000-55,000 Managing Director 58,500-85,000 60,000-90,000 58,500-85,000 Trading Underwriter 25,000-35,000 25,000-45,000 65,000-85,000 Package Underwriter 18,000-22,500 18,000-22,500 18,000-22,500 Underwriter 20,000-30,000 20,000-35,000 35,000-65,000 Trading Underwriter 22,500-31,500 24,000-34,000 22,500-31,500 Underwriting Analyst 18,000-25,000 18,000-25,000 30,000-50,000 Underwriter 16,200-22,500 18,000-24,000 16,200-22,500 Underwriting Assistant 18,000-25,000 18,000-25,000 25,000-35,000 Underwriting Analyst 18,000-22,500 20,000-25,000 18,000-22,500 Underwriting Manager 40,000-65,000 65,000-85,000 85,000-120,000 Underwriting Assistant 14,400-19,800 15,000-25,500 14,400-19,800 Underwriting Technician 18,000-25,000 18,000-25,000 25,000-35,000 Underwriting Manager 36,000-58,500 40,000-60,000 36,000-58,500 Underwriting Technician 18,000-22,500 20,000-25,000 18,000-22,500 16 | Hays Insurance Salary Guide 2012 Hays Insurance Salary Guide 2012 | 17INS-5539_Insurance_Salary_Guide_A5.indd 16-17 31/05/2012 09:24
  • Actuarial Over the past few years natural disasters A guide to salaries within actuarial such as the Japanese earthquake and NORTH EAST (£ p/a) NORTH WEST (£ p/a) MIDLANDS (£ p/a) tsunami, the earthquake and subsequent hurricanes in Haiti and the floods and Analyst 26,000-36,500 26,000-36,500 27,000-37,000 fires that blighted Australia’s east coast Student Actuary 31,000-46,000 31,000-46,000 32,000-47,000 and southern states have been regular reminders of the capacity of the planet to Senior Student 40,000-62,000 40,000-62,000 41,000-63,500 strike forcefully, without warning and with Manager 54,000-92,000 54,000-92,000 55,000-93,000 lasting financial consequences alongside the more obvious humanitarian costs. Senior Manager 80,000-126,500 80,000-126,500 81,000-132,500 One-off events attributed to human activity, such as Director 110,000-175,000 110,000-175,000 115,000-178,500 Chile’s copper mine cave-in and rescue mission, the more tragic outcomes of mining disasters in New Associate Partner 155,000-287,500 155,000-287,500 155,000-299,000 Zealand and China, and BP’s Deepwater Horizon explosion and subsequent oil spill, add Partner 259,000+ 259,000+ 269,000+ to a litany that has kept insurers and reinsurers pre-occupied. SOUTH WEST (£ p/a) SOUTH EAST (£ p/a) LONDON (£ p/a) Just how critical sophisticated catastrophe modelling techniques are, along with the actuaries Analyst 26,000-35,500 29,000-40,500 35,000-50,000 who devise and build them, is illustrated by the Student Actuary 31,000-46,000 35,000-51,000 30,000-45,000 packages on offer to top-quartile people, and by the extent to which some employers will bulldoze Senior Student 40,000-62,000 44,000-75,000 45,000-83,000 through otherwise non-negotiable pre-set salary bandings to keep them onboard. Manager 54,000-92,000 65,000-104,500 60,000-100,000 With risk management heading up the boardroom Senior Manager 80,000-126,500 91,000-138,000 85,000-144,000 agenda throughout the insurance sector, actuaries who acquired Solvency II experience from the Director 110,000-175,000 120,000-184,000 125,000-195,500 outset can today command generous daily rates for contract roles. Those in permanent positions can Associate Partner 152,000-287,500 160,000-316,500 170,000-316,500 almost certainly rely on being made a handsome counter-offer should they move jobs, although this Partner 259,000+ 274,500+ 284,500+ is in turn making employers look more closely for a firm commitment in the selection process. Lloyd’s syndicates and underwriters in London have all continued to recruit into their actuarial teams. However, they face increasing competition from professional services firms including the consulting arms of the Big 4 accounting firms. 18 | Hays Insurance Salary Guide 2012 Hays Insurance Salary Guide 2012 | 19INS-5539_Insurance_Salary_Guide_A5.indd 18-19 31/05/2012 09:24
  • Actuarial Actuarial NORTHERN IRELAND (£ p/a) SCOTLAND (£ p/a) WALES (£ p/a) SOUTH WEST (£ p/a) SOUTH EAST (£ p/a) LONDON (£ p/a) Analyst 26,500-34,500 28,000-36,500 27,000-34,500 Graduate 21,000-30,000 25,000-35,500 25,000-37,000 Student Actuary 31,500-44,000 32,000-46,000 31,500-45,500 Actuarial Analyst 26,000-46,000 31,000-49,500 32,000-52,000 Senior Student 40,000-60,000 40,000-63,000 40,500-59,000 Senior Actuarial Analyst 40,000-58,500 43,000-68,000 45,000-71,500 Manager 53,000-89,500 56,000-92,000 54,000-85,000 Manager 51,000-78,000 59,000-84,000 62,000-92,000 Senior Manager 78,000-123,000 83,000-127,000 80,000-126,500 Senior Manager 68,000-93,000 73,000-100,000 80,000-109,500 Director 110,000-172,500 112,500-176,500 110,000-173,500 Head of department 81,000-110,500 87,000-121,000 95,000-138,000 Director/Deputy Chief Associate Partner 155,000-281,500 156,000-291,000 154,000-284,000 96,000-148,500 105,000-167,000 120,000-184,000 Actuary Partner 253,500+ 259,000+ 256,000+ Chief Actuary 148,500+ 167,000+ 184,000+ NORTH EAST (£ p/a) NORTH WEST (£ p/a) MIDLANDS (£ p/a) NORTHERN IRELAND (£ p/a) SCOTLAND (£ p/a) WALES (£ p/a) Graduate 21,000-30,000 21,000-30,000 22,000-32,000 Graduate 21,500-29,500 23,000-32,000 21,000-28,500 Actuarial Analyst 26,000-46,000 26,000-46,000 28,000-46,000 Actuarial Analyst 26,500-46,500 28,000-47,000 26,500-46,000 Senior Actuarial Analyst 40,000-58,500 40,000-58,500 40,000-60,000 Senior Actuarial Analyst 40,500-58,500 41,000-59,500 40,000-58,500 Manager 51,000-78,000 51,000-78,000 52,000-80,500 Manager 51,500-77,500 52,000-81,000 51,000-78,500 Senior Manager 68,000-93,000 68,000-93,000 70,000-96,500 Senior Manager 68,000-90,000 69,000-96,000 68,500-93,000 Head of department 81,000-110,500 81,000-110,500 84,000-116,000 Head of department 81,500-108,500 81,000-110,000 82,500-105,000 Director/Deputy Chief Director/Deputy Chief 96,000-148,500 96,000-148,500 101,000-160,000 96,500-149,500 96,000-152,000 95,500-149,500 Actuary Actuary Chief Actuary 148,500+ 148,500+ 160,000+ Chief Actuary 148,500+ 151,000+ 147,500+ 20 | Hays Insurance Salary Guide 2012 Hays Insurance Salary Guide 2012 | 21INS-5539_Insurance_Salary_Guide_A5.indd 20-21 31/05/2012 09:24
  • DO YOUR BENEFITS MEASURE UP? but only 50% actually receive one. Which of the following do you find important Which benefits are most important to you and when considering a new role? what do you currently receive? Employees feel they are increasingly faced with In April 2012 we surveyed 300 insurance bigger workloads, with limited or no increase High salary Important to employees in remuneration due to pay freezes and salary 7% professionals across the UK to gauge benchmarking, which is prevalent across most of 4 11 Good pension Employees currently receive their thoughts on the employment the insurance sector. Many employees state that 17% 24 Good bonus Share incentives market and current benefits offered in the increased workload is limiting how much time 38% Flexible benefits 44% 16% the sector. is spent on developing key skills and studying for C  hallenging role/ Contributory pension industry qualifications. This is important as 16% of projects 54% 50% Our survey looks at how employees feel about their employees rated career development opportunities 16% Flexible working  Non-contributory pension present situation, what their outlook for the future is highly when considering a new role – this is the 61 4% options 41% 27% and the importance of different benefits. Responses third most valued benefit after high salary and 4% 11% Career development  from employees and employers were compared and job security. 1% Performance-related bonus 2% opportunity the results and comments gathered have allowed 70% 50% Job security us to draw valuable industry insight, which we are For high calibre insurance professionals, with strong Flexible benefits package pleased to be able to share with you. Other technical backgrounds and business acumen, 59% 31% the market remains balanced in their favour as Health insurance Employees companies compete to attract the best talent. 56% 48% Our survey indicates 77% are satisfied with their Life insurance Insurance professionals rated which benefits they overall current benefits package, however this only How satisfied are you with your existing 56% 48% consider most important when considering a new shows more is needed to be done by employers benefits package? 25 days+ annual leave role. Unsurprisingly receiving a high salary topped to retain staff as our results show 69% plan on the list with 38%, followed by job security and 49% 42% searching for a new role in the next 12 months. career development opportunities as second and Our findings show employers need to address and Very satisfied Paid overtime / Time off in lieu 7% third most valued offerings when job searching. 74% 59% review their current offerings and benefit packages 15% Fairly satisfied in order to attract and successfully retain the right Training support Fairly dissatisfied When looking at current benefits offered the ones expertise in their organisations. 47% 10% which were considered most important are flexible Very dissatisfied Flexible working working, bonuses and 25 days + annual leave. For 26% 57% 30% the most part there are significant discrepancies Company car / Car allowance between what employees consider important Do you feel there is scope for progression within 51% 61% 34% as part of an overall benefits package and what your organisation? their employers actually provide. This is with the Joining bonus / incentive exception of pension’s contribution, life insurance 29% 16% and health insurance which are benefits that Season ticket loan employers offer and employees also value highly 25% 6% as part of their package. The biggest gap lies in Gym membership performance related bonuses of which 70% of 28% 24% people surveyed want a performance related bonus 54% Generous parental benefits 46% 27% 15% Discounts on products / services 22% 6% Support for external qualifications 26% 30% 22 | Hays Insurance Salary Guide 2012 Hays Insurance Salary Guide 2012 | 23INS-5539_Insurance_Salary_Guide_A5.indd 22-23 31/05/2012 09:24
  • Employers Which benefit do you feel has had the greatest impact upon recruitment and retention? We asked employers which benefits they felt had the greatest impact on recruitment and retention and the top three were performance related bonuses, flexible working and training support. Share incentives These findings draw a parallel to the results from 4% employees when asked which the most important Contributory pension benefits to them were. 11% Non-contributory pension One key discrepancy is that employees’ value 4% having 25+ days annual leave as the most important Individual performance-related bonus benefit to them. This benefit was not noted by 32% employers as being important in retaining or recruiting staff. Employers should also note that Flexible benefits package despite a significant number offering discounts on 9% products/ services this isn’t seen as an incentive Health insurance to employees although this is offered by many 2% organisations. 25 days+ annual leave 4% 72% of employers state they have the necessary Training support (financial/non financial) talent to provide growth within their company, 9% but 54% of employees feel there is no scope for Flexible working (eg. flexi-time, home working etc.) progression within their current role. Employers 21% need to address this as career progression is rated highly by employees. Company car/car allowance 2% These results show a significant difference in Study support for external qualifications employee/ employer perception of benefits, and 4% with 70% of employers looking to recruit in the next 12 months it is important for companies to bridge these gap in order to attract and retain the best talent. 24 | Hays Insurance Salary Guide 2012 Hays Insurance Salary Guide 2012 | 25INS-5539_Insurance_Salary_Guide_A5.indd 24-25 31/05/2012 09:24
  • Which benefits do you offer employees? Do you think that overall your organisation has the necessary talent to provide growth? Share incentives 21% Contributory pension 77% Non-contributory pension 28% 25% 72% Individual performance-related bonus 79% Flexible benefits package 35% Health insurance 63% Life insurance 48% 25 days+ annual leave 73% Paid overtime/time off in lieu 33% Training support (financial/non financial) 75% Flexible working (eg. flexi-time, home working etc.) 44% Company car/car allowance 58% Joining bonus/incentive 8% Season ticket loan 62% Gym membership 23% Generous parental benefits (ie. above govt. minimum) 14% Discounts on products/services 23% Study support for external qualifications 75% 26 | Hays Insurance Salary Guide 2012 Hays Insurance Salary Guide 2012 | 27INS-5539_Insurance_Salary_Guide_A5.indd 26-27 31/05/2012 09:24
  • 94% OF EMPLOYEES FEEL THEY POSSESS THE RIGHT SKILLS TO PROGRESS 76% OF EMPLOYERS FEEL THEIR EMPLOYEES HAVE SUFFICIENT SCOPE FOR PROGRESSION 70% OF EMPLOYERS HAVE PLANS TO RECRUIT IN THE NEXT 12 MONTHS 38% OF PROFESSIONALS VALUE HIGH SALARY About us WHEN CONSIDERING A NEW ROLE Hays is the UK’s leading recruitment expert clients, advising them on immediate recruitment 22% for professionals and organisations within solutions and long-term workforce planning. the insurance industry. We recruit for a comprehensive range of insurance jobs across We are committed to working with you to find all sectors placing professionals in permanent, the appropriate talent who can transform your temporary and interim roles. organisation. Our expert consultants offer a personalised Lloyd Rosenthal recruitment service to guide you through every Director, Hays Insurance OF EMPLOYEES ARE UNHAPPY WITH stage of the process ensuring it’s as simple as E lloyd.rosenthal@hays.com THEIR CURRENT BENEFITS PACKAGE possible. Established for many years, we have T 020 3465 0145 strong relations with industry associations and have developed partnerships with all our 28 | Hays Insurance Salary Guide 2012 Hays Insurance Salary Guide 2012 | 29INS-5539_Insurance_Salary_Guide_A5.indd 28-29 31/05/2012 09:24
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