2019 salary guide - idex consulting · underwriting assistant £20,000 - £30,000 £30,000 -...
TRANSCRIPT
Salary GuideINSURANCE COMPANY & MGA
2019
ContentsIntroduction ............................................ 3City & Lloyd’s ..................................... 4 - 7Home Counties ................................ 8 - 11West Midlands ................................ 12- 15East Midlands ................................ 16 - 19 South West .................................... 20 - 23Manchester & The North ............... 24 - 27CEO Commentary ................................ 28Other sectors ........................................ 29
2019 Salary Guide - Insurance Company & MGA Welcome - Page 3
Welcome to the IDEX Insurance - Salary Guide 2019. This year, we have taken the step of creating two separate guides to best cater for the evolving needs of the Insurance Broker and Company /MGA markets. This guide has been created to assist Insurance professionals across the UK with their next career move and to support our valued clients with their growth strategy. Drawing upon the extensive knowledge and data available from our specialist Insurance team, this guide contains insight into the key recruitment and remuneration trends, from the past 12 months.2018 was been a record year for IDEX, a direct reflection of the increased activity within the UK insurance market, and with 2019 predicted to continue the upward trend; we expect to see significant increases in recruitment activity, driven by a buoyant market and the introduction of a number of new start-ups across the UK marketplace.Over the last 12 months, growth within the market has been positive, but the continuing “war for talent” is set to dominate the landscape in 2019. Last year saw a 57.5% increase in the number of jobs registered, while the supply of candidates has diminished by 45.5%
against the previous year. As such, companies are now adapting their workplace policies to provide more flexibility & balance, as well as ensuring competitive packages keep their talent engaged. This has driven the growth of more advanced “retained” recruitment tools across all aspects of the market; with the sole purpose of ensuring businesses secure the right individual ahead of the competition.Private Equity continued to have a significant impact on the market in 2018, and this looks set to continue long into 2019; as relatively flat interest rates are creating poor returns from the usual markets, making the insurance sector an attractive prospect for foreign investors looking to gain a slice of the pie. This led to significant growth for both MGA’s & Brokers looking to capitalise on the increased demand for speciality lines, with specific demand for W&I leading the charge. Insurers have in turn adapted, with many creating or growing their distribution across niche vertical markets. GDPR was a concern for many businesses, leading many to drive for cleaner, more compliant data which has in turn led to a large increase in the number of companies recruiting Data Managers, Compliance specialists and other associated roles.Looking forwards, Brexit is on the horizon! It is still a polarising topic, causing much debate about the possible outcomes. But more importantly, the discussions have recently turned to mitigating the threat, with many companies putting in place strategies to continue trading successfully, regardless of the outcome.Whether you are looking to grow your team or looking for your next step in your career, I hope that you find this guide informative. If you do require any further insight or have any feedback on the guide, please contact me or one of my team of expert Consultants.
David Carr BSc Econ (Hons) MRECManaging Director M 07943 851 382E [email protected]
Page 2 - Contents
2019 Salary Guide - Insurance Company & MGA City & Lloyd’s - Page 5
The London insurance market remains as competitive as ever to secure talent, particularly as the “war for talent” intensifies due to notable skill shortages across key areas of the Insurer market, with Casualty / Liability specialists in particular demand. Time to hire has been a major factor over the last 12 months and looks set to continue as employers are demonstrating a more cautious approach in certain areas of the market, to ensure they secure the right person. The knock-on effect of the increased number of opportunities is that jobseekers are weighing up all options before moving. A key area to consider in 2019 is the MGA market. This is proving to be an attractive market place as investors seek to take advantage, leading to significant growth of all classes of business and high salaries and exceptional bonuses on offer.Rob Blackman Business Director
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City & Lloyd’s
Page 4 - City & Lloyd’s
JOB TITLE 1-3 years 4-8 years 9 years +
Technical Underwriting
Underwriting Assistant £20,000 - £30,000 £30,000 - £35,000 N/A
Assistant Underwriter £25,000 - £30,000 £30,000 - £35,000 £35,000 - £40,000
Underwriter £35,000 - £45,000 £45,000 - £55,000 £55,000 - £65,000
Senior Underwriter £40,000 - £60,000 £60,000 - £80,000 £80,000 - £100,000
Development Underwriter £40,000 - £60,000 £60,000 - £80,000 £80,000 - £100,000
Class Underwriter £70,000 - £90,000 c£100,000 c£130,000
Head of Product c£100,000 c£130,000 c£150,000
Underwriting Manager c£100,000 c£130,000 c£170,000
Chief Underwriting Officer c£150,000 c£180,000 c£220,000
Account / Relationship Management
Account Manager £40,000 - £60,000 £60,000 - £80,000 £80,000 - £100,000
BDM £50,000 - £70,000 £70,000 - £90,000 £90,000 - £110,000
Strategic Relationship Manager £60,000 - £80,000 £80,000 - £90,000 £90,000 - £120,000
Regional Manager £70,000 - £85,000 c£100,000 c£120,000
Time to hire has reduced significantly over the last 12 months as firms seek to attract the best individuals by utilising IDEX’s retained solutions.”
“
2019 Salary Guide - Insurance Company & MGA City & Lloyd’s - Page 7
The UK Insurance market has seen a
20.8% increase in the jobs available, while the number of active candidates on the market has reduced by over 60%... therefore the “War for Talent” continues.
Page 6 - City & Lloyd’s
JOB TITLE 1-3 years 4-8 years 9 years +
Operations
Compliance Assistant £27,000 - £35,000 £35,000 - £40,000 £40,000 - £45,000
Risk Surveyor - General £40,000 - £55,000 £55,000 - £65,000 £65,000 - £90,000
Compliance Manager £40,000 - £55,000 £55,000 - £75,000 £75,000 - £90,000
Risk Analyst £50,000 - £60,000 £60,000 - £70,000 £70,000 - £80,000
Risk Surveyor - Specialist £55,000 - £70,000 £70,000 - £90,000 £90,000 - £100,000
Risk Manager £60,000 - £70,000 £70,000 - £85,000 £85,000 - £100,000
Operations Manager £65,000 - £75,000 £75,000 - £95,000 £95,000 - £115,000
Compliance Director £80,000 - £90,000 £90,000 - £100,000 c£110,000
Regional Director £70,000 - £90,000 c£110,000 c£150,000
Operations Director c£100,000 c£120,000 c£150,000
Chief Financial Officer c£120,000 c£170,000 c£220,000
Chief Operating Officer c£150,000 c£180,000 c£200,000
Chief Executive Officer c£150,000 c£220,000 c£280,000
Claims
Claims Technician £25,000 - £30,000 £30,000 - £38,000 £38,000 - £45,000
Claims Handler £30,000 - £40,000 £40,000 - £50,000 £50,000 - £65,000
Loss Adjuster £45,000 - £55,000 £55,000 - £70,000 £70,000 - £85,000
Claims Manager £60,000 - £70,000 £70,000 - £90,000 £90,000 - £115,000
Claims Director £70,000 - £85,000 £85,000 - £110,000 c£125,000
The two key drivers impacting the market are globalisation and technology. Globalisation has made the world smaller but also led to a polarisation of views, whether it is Trump, Brexit or local politics. At the same time, improved technology creates instant commentary on Twitter and Facebook so that reactions are swift and often brutal. Millennials are increasingly turning away from traditional media such as TV and newspapers and sharing news in other forms.All of this is changing the skillsets we need in insurance, with digital marketing and IT growing at the expense of traditional roles. Increased Artificial Intelligence will reduce such traditional roles further but inter-personal skills will be in high demand as there is a huge rise in collaboration. An increase in fixed term and temporary contract roles will increase as firms need to be nimble in the future market.All in all, insurance is going to provide a fast changing but exciting future career market and offers huge opportunities as we move away from the traditional structures and embrace ever quickening change.” Paul Anscombe CEO of Seventeen Group (Incorporating James Hallam Ltd, 4sight Risk Management Ltd & Touchstone Underwriting Ltd)
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2019 Salary Guide - Insurance Company & MGA Home Counties - Page 9
Whilst acquisitive activity has been high on the broking front, Insurers and MGAs in the Home Counties have largely been stable in 2018. This is aside from the LV and Allianz partnership which has produced some natural fall out. We have seen a number of branches hiring regularly through the year and an increasing number of high calibre roles. Experienced Development Underwriters with strong Broker connections continue to be in demand and are generally offering attractive packages. Regional hubs are competing with their London counterparts in terms of renumeration in order to attract the best talent from London.”Gemma Henderson Business Manager
“Home Counties
Page 8 - Home Counties
IDEX have seen a significant increase in the number of new MGAs, driven by foreign investors and Venture Capitalists seeking to take advantage of favourable market contitions”
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JOB TITLE 1-3 years 4-8 years 9 years +
Technical Underwriting
Underwriting Assistant £18,000 - £28,000 £28,000 - £35,000 £30,000 - £36,000
Assistant Underwriter £22,000 - £30,000 £30,000 - £38,000 £35,000 - £40,000
Underwriter £28,000 - £35,000 £35,000 - £50,000 £40,000 - £60,000
Senior Underwriter £40,000 - £50,000 £45,000 - £60,000 £60,000 - £80,000
Development Underwriter £30,000 - £35,000 £35,000 - £50,000 £45,000 - £65,000
Head of Product £50,000 - £70,000 £70,000 - £90,000 £80,000 - £105,000
Underwriting Manager £50,000 - £80,000 £80,000 - £100,000 £100,000 - £125,000
Chief Underwriting Officer £100,000 - £120,000 £120,000 - £140,000 £140,000 - £160,000
Account / Relationship Management
Account Manager £35,000 - £45,000 £40,000 - £55,000 £55,000 - £65,000
BDM £40,000 - £45,000 £45,000 - £55,000 £55,000 - £75,000
Strategic Relationship Manager £60,000 - £75,000 £75,000 - £85,000 £85,000 - £100,000
Regional Manager £60,000 - £70,000 £75,000 - £85,000 £85,000 - £100,000
2019 Salary Guide - Insurance Company & MGA Home Counties - Page 11
66.9%increase in average Senior Management salaries across the insurer & MGA market over the last 12 months, as employers seek to attract individuals who can drive the business forward.
Page 10 - Home Counties
JOB TITLE 1-3 years 4-8 years 9 years +
Operations
Compliance Assistant £20,000 - £25,000 £25,000 - £30,000 £30,000 - £40,000
Risk Surveyor - General £30,000 - £40,000 £40,000 - £60,000 £60,000 - £70,000
Compliance Manager £35,000 - £40,000 £40,000 - £60,000 £60,000 - £70,000
Risk Analyst £25,000 - £30,000 £30,000 - £40,000 £40,000 - £50,000
Risk Surveyor - Specialist £30,000 - £40,000 £40,000 - £60,000 £60,000 - £70,000
Risk Manager £30,000 - £40,000 £40,000 - £60,000 £60,000 - £80,000
Operations Manager £40,000 - £50,000 £50,000 - £70,000 £70,000 - £80,000
Compliance Director £60,000 - £75,000 £75,000 - £90,000 £90,000 - £100,000
Regional Director £70,000 - £90,000 £90,000 - £100,000 £100,000 - £150,000
Operations Director £70,000 - £90,000 £90,000 - £100,000 £100,000 - £120,000
Chief Financial Officer c£120,000 c£170,000 c£220,000
Chief Operating Officer c£150,000 c£180,000 c£200,000
Chief Executive Officer c£150,000 c£220,000 c£280,000
Claims
Claims Technician £16,000 - £25,000 £25,000 - £30,000 £30,000 - £40,000
Claims Handler £18,000 - £26,000 £26,000 - £35,000 £35,000 - £40,000
Loss Adjuster £25,000 - £30,000 £30,000 - £45,000 £45,000 - £70,000
Claims Manager £30,000 - £40,000 £35,000 - £45,000 £45,000 - £60,000
Claims Director £40,000 - £50,000 £50,000 - £60,000 £60,000 - £80,000
On use of data...Availability of data is not an issue. It’s how we can use information within that data and make good business decisions from it. The real value potential of your data and its power lies in creating actionable insight and applying this insight to transform your organisation. Serving data in comprehensible, customisable, rich visualisations is key. Paul Tasker Managing Director of REG (UK) Ltd
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West Midlands - Page 13
2018 has seen employers developing innovative remuneration packages in order to attract and retain the best individuals. These have included; flexible working environments, enhanced bonus schemes and fast-tracked career progression.”
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West Midlands
Page 12 - West Midlands
The impact of acquisitions and governance in the underwriting market has forced a period of strategic stability in 2018, however 2019 looks to be more positive with ambitious growth plans. In a soft market, supply & demand has been low, which makes the requirement for trading skill and technical experience invaluable. Profitable lines such a Property, Healthcare, life Science and new addition’s such as Cyber and Tech, require heavy development skills to increase new business. Whereas challenging lines such as Fleet and Employers liability, PI and Construction Liability require a technical and analytical mind to ensure a healthy book is maintained. Development underwriters with both skill sets are leading the market with larger salaries, more flexibility and more opportunity for succession. Insurers are now looking for the next generation of up and coming talent where they can offer a rewarding career and recognition that they may not be getting currently. A common question we are hearing is ‘How do I get the management experience if no one give me the chance’... something for us all to consider when looking at the next generation of leaders. A rare natural skill!” Alexandra Barre Managing Consultant
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2019 Salary Guide - Insurance Company & MGA
JOB TITLE 1-3 years 4-8 years 9 years +
Technical Underwriting
Underwriting Assistant £18,000 - £22,000 £22,000 - £25,000 N/A
Assistant Underwriter £20,000 - £25,000 £25,000 - £28,000 £27,000 - £30,000
Underwriter £27,000 - £30,000 £30,000 - £38,000 £35,000 - £45,000
Senior Underwriter £40,000 - £45,000 £45,000 - £50,000 £50,000 - £60,000
Development Underwriter £40,000 - £45,000 £45,000 - £55,000 £55,000 - £75,000
Class Underwriter £40,000 - £45,000 £45,000 - £60,000 £60,000 - £75,000
Head of Product £60,000 - £75,000 £75,000 - £85,000 £85,000 - £100,000
Underwriting Manager £60,000 - £75,000 £75,000 - £85,000 £85,000 - £100,000
Chief Underwriting Officer c£140,000 c£140,000 c£140,000
Account / Relationship Management
Account Manager £35,000 - £45,000 £40,000 - £55,000 £55,000 - £65,000
BDM £40,000 - £45,000 £45,000 - £55,000 £55,000 - £75,000
Strategic Relationship Manager £60,000 - £80,000 £80,000 - £90,000 £90,000 - £120,000
Regional Manager £60,000 - £70,000 £75,000 - £85,000 £85,000 - £100,000
2019 Salary Guide - Insurance Company & MGA West Midlands - Page 15Page 14 - West Midlands
JOB TITLE 1-3 years 4-8 years 9 years +
Operations
Compliance Assistant £20,000 - £25,000 £25,000 - £30,000 £30,000 - £40,000
Risk Surveyor - General £25,000 - £35,000 £35,000 - £45,000 £45,000 - £55,000
Compliance Manager £25,000 - £35,000 £35,000 - £45,000 £45,000 - £70,000
Risk Analyst £27,000 - £40,000 £40,000 - £60,000 £60,000 - £80,000
Risk Surveyor - Specialist £30,000 - £35,000 £35,000 - £50,000 £50,000 - £65,000
Risk Manager £40,000 - £45,000 £45,000 - £55,000 £55,000 - £75,000
Operations Manager £45,000 - £60,000 £60,000 - £75,000 £75,000 - £100,000
Compliance Director £50,000 - £65,000 £65,000 - £80,000 £80,000 - £100,000
Regional Director £80,000 - £90,000 £90,000 - £100,000 £100,000 - £150,000
Operations Director £80,000 - £90,000 £90,000 - £100,000 £100,000 - £150,000
Chief Financial Officer c£120,000 c£170,000 c£220,000
Chief Operating Officer c£150,000 c£180,000 c£200,000
Chief Executive Officer c£150,000 c£220,000 c£280,000
Claims
Claims Handler £19,000 - £24,000 £24,000 - £28,000 £28,000 - £33,000
Claims Manager £25,000 - £35,000 £35,000 - £45,000 £40,000 - £50,000
Loss Adjustor £25,000 - £30,000 £30,000 - £40,000 £40,000 - £60,000
Claims Director £60,000 - £75,000 £75,000 - £85,000 c£100,000
26.4%Significant demand for Technical Underwriters has seen average salaries increase by 26.4% in the West Midlands, while the number of opportunities in the market has increased by 31.4%.
East Midlands & East Anglia - Page 17
East Midlands & East Anglia
Page 16 - East Midlands & East Anglia
A good proportion of Brokers across the East Midlands and East Anglia are continuing to look to recruit Income Producers to drive their business forwards. Due to the scarcity of these proven Commercial Account Executives who are open to a move, we have seen an increase in both remuneration and availability of flexible working conditions available in order to secure the best candidates amongst fierce competition.Changes at some of the larger national Brokers has seen redundancies for some skilled professionals resulting in Independent Brokers taking advantage and bringing them on board to help build for the future.The “war for talent” in the region has also led to a number of businesses considering apprenticeships to bring in fresh, new talent in order to fill more junior roles. This has worked to great effect and is something IDEX are huge advocates.”Drew Crawford Managing Consultant
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2019 Salary Guide - Insurance Company & MGA
JOB TITLE 1-3 years 4-8 years 9 years +
Technical Underwriting
Underwriting Assistant £18,000 - £22,000 £22,000 - £25,000 N/A
Assistant Underwriter £20,000 - £25,000 £25,000 - £28,000 £27,000 - £30,000
Underwriter £27,000 - £30,000 £30,000 - £38,000 £35,000 - £45,000
Senior Underwriter £40,000 - £45,000 £45,000 - £50,000 £50,000 - £60,000
Development Underwriter £40,000 - £45,000 £45,000 - £55,000 £55,000 - £75,000
Class Underwriter £40,000 - £45,000 £45,000 - £60,000 £60,000 - £75,000
Head of Product £60,000 - £75,000 £75,000 - £85,000 £85,000 - £100,000
Underwriting Manager £60,000 - £75,000 £75,000 - £85,000 £85,000 - £100,000
Chief Underwriting Officer c£140,000 c£140,000 c£140,000
Account / Relationship Management
Account Manager £35,000 - £45,000 £40,000 - £55,000 £55,000 - £65,000
BDM £40,000 - £45,000 £45,000 - £55,000 £55,000 - £75,000
Strategic Relationship Manager £60,000 - £80,000 £80,000 - £90,000 £90,000 - £120,000
Regional Manager £60,000 - £70,000 £75,000 - £85,000 £85,000 - £100,000Most desired qualifications:
Cert CII Dip CIIACII
2019 Salary Guide - Insurance Company & MGA East Midlands & East Anglia - Page 19Page 18 - East Midlands & East Anglia
JOB TITLE 1-3 years 4-8 years 9 years +
Operations
Compliance Assistant £20,000 - £25,000 £25,000 - £30,000 £30,000 - £40,000
Risk Surveyor - General £25,000 - £35,000 £35,000 - £45,000 £45,000 - £55,000
Compliance Manager £25,000 - £35,000 £35,000 - £45,000 £45,000 - £70,000
Risk Analyst £27,000 - £40,000 £40,000 - £60,000 £60,000 - £80,000
Risk Surveyor - Specialist £30,000 - £35,000 £35,000 - £50,000 £50,000 - £65,000
Risk Manager £40,000 - £45,000 £45,000 - £55,000 £55,000 - £75,000
Operations Manager £45,000 - £60,000 £60,000 - £75,000 £75,000 - £100,000
Compliance Director £50,000 - £65,000 £65,000 - £80,000 £80,000 - £100,000
Regional Director £80,000 - £90,000 £90,000 - £100,000 £100,000 - £150,000
Operations Director £80,000 - £90,000 £90,000 - £100,000 £100,000 - £150,000
Chief Financial Officer c£120,000 c£170,000 c£220,000
Chief Operating Officer c£150,000 c£180,000 c£200,000
Chief Executive Officer c£150,000 c£220,000 c£280,000
Claims
Claims Handler £19,000 - £24,000 £24,000 - £28,000 £28,000 - £33,000
Loss Adjuster £25,000 - £35,000 £35,000 - £45,000 £40,000 - £50,000
Claims Manager £25,000 - £30,000 £30,000 - £40,000 £40,000 - £60,000
Claims Director £60,000 - £75,000 £75,000 - £85,000 c£100,000
The East Midlands & East Anglia markets have continued to merge with talented individuals choosing to travel to Birmingham or London to secure the right opportunity.
“
As with the West Midlands, acquisitions and governance in the underwriting market has forced a period of strategic stability in 2018, however 2019 looks to be more positive with ambitious growth plans. In a soft market, supply & demand has been low, which makes the requirement for trading skill and technical experience invaluable. Profitable lines require heavy development skills to increase new business. Whereas challenging lines require a technical and analytical mind to ensure a healthy book. Development underwriters with both skill sets are leading the market with larger salaries, more flexibility and more opportunity for succession. Insurers are now looking for the next generation of talent where they can offer a rewarding career and recognition that they may not be getting currently. Alexandra Barre Managing Consultant
“
South West - Page 21
South West
Page 20 - South West 2019 Salary Guide - Insurance Company & MGA
In 2019, we expect to see demand for individuals continue to outstrip supply. Paving the way for more forward-thinking firms seeking to develop and train their own talent from Graduate and Apprenticeship schemes.”
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JOB TITLE 1-3 years 4-8 years 9 years +
Technical Underwriting
Underwriting Assistant £18,000 - £22,000 £22,000 - £25,000 N/A
Assistant Underwriter £20,000 - £25,000 £25,000 - £28,000 £27,000 - £30,000
Underwriter £27,000 - £30,000 £30,000 - £38,000 £35,000 - £45,000
Senior Underwriter £40,000 - £45,000 £45,000 - £50,000 £50,000 - £60,000
Development Underwriter £40,000 - £45,000 £45,000 - £55,000 £55,000 - £75,000
Class Underwriter £40,000 - £45,000 £45,000 - £60,000 £60,000 - £75,000
Head of Product £60,000 - £75,000 £75,000 - £85,000 £85,000 - £100,000
Underwriting Manager £60,000 - £75,000 £75,000 - £85,000 £85,000 - £100,000
Chief Underwriting Officer c£140,000 c£140,000 c£140,000
Account / Relationship Management
Chief Underwriting Officer £35,000 - £45,000 £40,000 - £55,000 £55,000 - £65,000
BDM £40,000 - £45,000 £45,000 - £55,000 £55,000 - £75,000
Strategic Relationship Manager £60,000 - £80,000 £80,000 - £90,000 £90,000 - £120,000
Regional Manager £60,000 - £70,000 £75,000 - £85,000 £85,000 - £100,000
2019 Salary Guide - Insurance Company & MGA South West - Page 23Page 22 - South West
JOB TITLE 1-3 years 4-8 years 9 years +
Operations
Compliance Assistant £20,000 - £25,000 £25,000 - £30,000 £30,000 - £40,000
Risk Surveyor - General £25,000 - £35,000 £35,000 - £45,000 £45,000 - £55,000
Compliance Manager £25,000 - £35,000 £35,000 - £45,000 £45,000 - £70,000
Risk Analyst £27,000 - £40,000 £40,000 - £60,000 £60,000 - £80,000
Risk Surveyor - Specialist £30,000 - £35,000 £35,000 - £50,000 £50,000 - £65,000
Risk Manager £40,000 - £45,000 £45,000 - £55,000 £55,000 - £75,000
Operations Manager £45,000 - £60,000 £60,000 - £75,000 £75,000 - £100,000
Compliance Director £50,000 - £65,000 £65,000 - £80,000 £80,000 - £100,000
Regional Director £80,000 - £90,000 £90,000 - £100,000 £100,000 - £150,000
Operations Director £80,000 - £90,000 £90,000 - £100,000 £100,000 - £150,000
Chief Financial Officer c£120,000 c£170,000 c£220,000
Chief Operating Officer c£150,000 c£180,000 c£200,000
Chief Executive Officer c£150,000 c£220,000 c£280,000
Claims
Claims Handler £19,000 - £24,000 £24,000 - £28,000 £28,000 - £33,000
Loss Adjuster £25,000 - £35,000 £35,000 - £45,000 £40,000 - £50,000
Claims Manager £25,000 - £30,000 £30,000 - £40,000 £40,000 - £60,000
Claims Director £60,000 - £75,000 £75,000 - £85,000 c£100,000
• Salary• Work / life balance• To work with people
who inspire them.
Manchester & The North - Page 25
Manchester & The North
Page 24 - Manchester & The North
The regional insurer market continues to offer significant career opportunities for ambitious and driven individuals with strong demand across underwriting, sales and leadership roles. Despite consolidation we are still seeing a growing and steady demand for talented individuals, particularly those with strong interpersonal or relationship management skills.”Paul Davey Business Director
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2019 Salary Guide - Insurance Company & MGA
JOB TITLE 1-3 years 4-8 years 9 years +
Technical Underwriting
Underwriting Assistant £18,000 - £22,000 £22,000 - £24,500 £24,500 - £28,500
Assistant Underwriter £20,000 - £23,500 £23,000 - £26,500 £26,000 - £32,000
Underwriter £24,000 - £28,000 £28,000 - £35,000 £35,000 - £45,000
Senior Underwriter £38,000 - £50,000 £50,000 - £65,000 £65,000 - £100,000
Development Underwriter £45,000 - £55,000 £55,000 - £65,000 £65,000 - £100,000
Head of Product £50,000 - £65,000 £65,000 - £85,000 £85,000 - £105,000
Underwriting Manager £60,000 -£70,000 £70,000 - £85,000 £85,000 - £110,000
Account / Relationship Management
Account Manager £30,000 - £40,000 £40,000 - £50,000 £50,000 - £60,000
BDM £35,000 - £45,000 £45,000 - £55,000 £55,000 - £65,000
Strategic Relationship Manager £45,000 - £55,000 £55,000 - £65,000 £65,000 - £85,000
Regional Manager £75,000 - £85,000 £85,000 - £97,000 c£110,000 95% of employers expecting business activity to increase or stay the same during 2019.
2019 Salary Guide - Insurance Company & MGA Manchester & The North - Page 27Page 26 - Manchester & The North
JOB TITLE 1-3 years 4-8 years 9 years +
Operations
Compliance Assistant £20,000 - £25,000 £25,000 - £30,000 £30,000 - £40,000
Risk Surveyor - General £35,000 - £41,000 £41,000 - £52,000 £52,000 - £75,000
Compliance Manager £25,000 - £35,000 £35,000 - £45,000 £45,000 - £70,000
Risk Analyst £27,000 - £40,000 £40,000 - £60,000 £60,000 - £80,000
Risk Surveyor - Specialist £42,000- £50,000 £50,000 - £60,000 £60,000 - £85,000
Risk Manager £40,000 - £50,000 £50,000 - £65,000 £65,000 - £85,000
Operations Manager £45,000 - £55,000 £55,000 - £75,000 £75,000 - £95,000
Compliance Director £50,000 - £65,000 £65,000 - £80,000 £80,000 - £100,000
Regional Director £65,000 - £75,000 £75,000 - £90,000 c£100,000
Operations Director £55,000 - £65,000 £65,000 - £85,000 c£100,000
Chief Financial Officer c£120,000 c£170,000 c£220,000
Chief Operating Officer c£150,000 c£180,000 c£200,000
Chief Executive Officer c£150,000 c£220,000 c£280,000
Claims
Claims Handler £19,000 - £24,000 £24,000 - £28,000 £28,000 - £33,000
Loss Adjuster £25,000 - £35,000 £35,000 - £45,000 £40,000 - £50,000
Claims Manager £25,000 - £30,000 £30,000 - £40,000 £40,000 - £60,000
Claims Director £60,000 - £75,000 £75,000 - £85,000 c£100,000
We have seen an increase in firms being more innovative in their talent attraction strategy by utilising the IDEX methodology to secure the best talent.”
“
Delegated Underwriting Governance...The problem with Delegated Authority governance is not that there is insufficient information, but rather that it is held in different silos within the business, not shared effectively, not updated on an appropriate basis to incorporate Delegated Authority’s live and inherent risks and not readily convertible to timely and relevant management information.Paul Tasker Managing Director of REG (UK) Ltd
“
2019 Salary Guide - Insurance Company & MGA Other Sectors Guides - Page 29Page 28 - CEO Commentary
Legal Expertise
Salary GuideLEGAL EXPERTISE
2019
Financial Services - Employee Benefits
2019
Salary GuideFINANCIAL SERVICES - EMPLOYEE BENEFITS
General Insurance - Insurance Broking
2019
Salary GuideINSURANCE BROKING
Financial Services - Risk & Compliance
2019
Salary GuideFINANCIAL SERVICES - RISK & COMPLIANCE
Financial Services - Wealth Management
2019
Salary GuideFINANCIAL SERVICES - WEALTH MANAGEMENT
2018 has seen significant growth across all our practice areas, as the UK economic outlook continues to improve. Despite uncertainty about Brexit, 95% of employers are expecting business activity to increase and three quarters expecting to hire during 2019.Talent attraction remains the key challenge for business leaders, with 92% experiencing skills shortages over the last 12 months. Highlighted by the fact the UK employment market saw 56% fewer active candidates in 2018 versus 2017, while the number of businesses recruiting has increased by over 25% in the same time. This increased competition will put further pressure on the “war for talent” with the trend of increasing salaries set to continue over 2019, driven by the limited availability of, and strong competition for, experienced talent across all sectors of the market. Our own research has suggested that although salary is still a key factor in choosing a new employer, work / life balance and working with colleagues who inspire them, are now vitally important. Leading employers are now adapting their packages to
provide more flexible working practices to attract the best individuals – with the increase in productivity beginning to become apparent as employees are more motivated, engaged and less likely to leave.Technology is continuing to revolutionise the Recruitment process, with new tech tools appearing on a daily basis. Efficiencies can be found at the attraction stage of the recruitment cycle, however for the mid-to-senior appointments, now synonymous with IDEX, we still need human interaction to successfully bring two parties together and I don’t see this changing. In fact, exclusively using one recruiter, whether looking for work or sourcing talent for your business, is now proven to deliver the strongest results. Many of our clients retain IDEX on a quarterly basis to create medium-term talent nurturing solutions, in order to secure the very best individuals to drive their businesses forward. Individuals have now realised the danger of registering with multiple recruitment firms, as many still unscrupulously send CV’s and personal data to possible employers without the individuals permission.IDEX’s culture is based around delivering an exceptional Client and Candidate experience, allowing us to work as “Trusted Advisors”… something we believe a Recruitment Consultant should be. There to provide advice and guidance all the time, not just when you’re looking for a job or recruiting talent. We would love to hear your feedback on IDEX, please contact me directly with any positive comments or constructive feedback.
Matt Green Cert CII, FIRP Chief Executive Officer M 07974 859 860 E [email protected]
BirminghamThe Colmore Building, 20 Colmore Circus Queensway, Birmingham B4 6ATt 0333 700 4339
LondonSt Clements House, 27-28 Clements Lane London EC4N 7AEt 0333 800 4339
Manchester76 King Street, Manchester M2 4NHt 0333 700 4339
www.idexconsulting.com
IDEX Consulting Ltd @IDEXConsulting IDEXConsulting