Salary GuideINSURANCE EXPERTISE
2018
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
www.idexconsulting.com
IDEX Consulting Ltd @IDEXConsulting IDEXConsulting
2018 Salary Guide - Insurance Expertise Welcome - Page 3
Welcome to the IDEX Insurance Expertise Salary Guide 2018. The 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.2017 has been an incredibly busy year in the UK insurance market and 2018 looks set to continue to build on this success. Throughout the last 12 months, we have seen the “war for talent” increase as the supply of candidates has diminished further. Companies are now changing certain aspects of their employee’s role to keep their talent invigorated in their business. On a flip side to this we have seen a large number of opportunities available to these individuals, hence widening the skills gap even further. We have seen unprecedented growth in the
market, driven by the desire of foreign investors to gain a slice of the 4th largest insurance market in the world. This influx of overseas investment has triggered the creation of numerous new MGA’s, as well as providing financial backing for Broker growth and acquisition. The result of this has been a dramatic increase in the demand for talented insurance professionals within niche risk sectors, with Senior Management, Business Development and Technical Underwriting positions leading the charge.Looking forward to 2018, many of our clients and industry experts are predicting this pattern to continue and we are already starting to see an increase in the demand for specialist contractors to consult and advise on niche markets and fulfil short to medium term positions, within these new start-ups.All of this investment and growth is certainly providing a more exciting market for 2018 and beyond, but particularly when coupled with the changes in recruitment practices throughout 2017. IDEX has seen a huge increase in the number of businesses taking a more intelligent, strategic view when it comes to recruiting their key talent. Retained Solutions, providing a more bespoke search solution, has become the tool of choice with businesses seeking a more innovative and precise solution to finding the best individuals in the market. 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]
ContentsIntroduction ............................................ 3City & Lloyd’s ..................................... 4 - 9Home Counties .............................. 10 - 13West Midlands ............................... 14 - 17East Midlands ................................ 18 - 21 South West .................................... 22 - 25 The North ....................................... 26 - 29CEO Commentary ................................ 30 Other sectors ........................................ 31
Page 2 - Contents
2018 Salary Guide - Insurance Expertise City & Lloyd’s - Page 5
It’s been an interesting year in the London market, with an influx of innovative new businesses and start-ups creating the headlines. This coupled with some significant Insurer losses has created an increase in activity across the market. The demand for top talent is still increasing with particular emphasis on niche skills across certain markets/sectors, individuals who are responsible for revenue generation or protection are in significant demand.”David Carr BSc Econ (Hons) MREC Managing Director
“City & Lloyd’s
Page 4 - City & Lloyd’s
JOB TITLE 1-3 years 4-8 years 9 years +
Commercial Broking
Insurance Administrator £18,000 - £23,000 £23,000 - £27,000 £30,000 +
Commercial Account Handler £22,000 - £27,000 £32,000 - £37,000 £50,000 +
Broker £22,000 - £27,000 £42,000 - £47,000 £70,000 +
Account Executive £27,000 - £32,000 £40,000 - £50,000 £70,000 +
Development Executive £30,000 - £35,000 £45,000 - £55,000 £75,000 +
Broking Manager £37,000 - £42,000 £57,000 - £62,000 £80,000 +
Broking Account Director £50,000 - £55,000 £75,000 - £85,000 £120,000 +
Regional Director £100,000 £125,000 £150,000
Personal Lines Broking
Insurance Administrator £18,000 - £20,000 £22,000 - £27,000 £30,000 +
Insurance Adviser £18,000 - £22,000 £32,000 - £37,000 £37,000 +
Insurance Sales £22,000 - £25,000 £42,000 - £47,000 £47,000 +
Team Manager £32,000 - £35,000 £40,000 - £50,000 £50,000 +
Underwriting
Underwriting Assistant £20,000 - £30,000 £30,000 - £36,000 £30,000 -£36,000
Assistant Underwriter £25,000 - £35,000 £35,000 - £40,000 £40,000 - £45,000
Underwriter £28,000 - £37,000 £37,000 - £65,000 £50,000 - £70,000
Senior Underwriter £40,000 - £80,000 £70,000 - £90,000 £70,000 - £90,000
Trading Underwriter £30,000 - £37,000 £37,000 - £60,000 £40,000 - £65,000
Development Underwriter £30,000 – £40,000 £40,000 - £70,000 £50,000 - £80,000
Underwriting Manager £40,000 - £90,000 £70,000 - £150,000 £70,000 - £150,000
One of the continuing trends in 2018 is the high demand for New Business and Producer candidates. 2018 has seen employers continue to create innovative reward packages to secure and retain top talent, in a market where counter offers are commonplace.Brokers and Underwriters who are attached to revenue also remain in high demand, particularly those who specialise within a niche product area.”
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2018 Salary Guide - Insurance Expertise City & Lloyd’s - Page 7
M&A activity remains high across the City, with increasing numbers of foreign investors moving into insurance, seeking strong returns from their capital.”
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Page 6 - City & Lloyd’s
JOB TITLE 1-3 years 4-8 years 9 years +
Claims
Claim Administrator £18,000 - £22,000 £22,000 - £30,000 £30,000 +
Claims Handler £20,000 - £25,000 £24,000 - £40,000 £40,000 +
Loss Adjuster £20,000 - £25,000 £25,000 - £45,000 £45,000 +
Claims Manager £50,000 - £60,000 £55,000 - £80,000 £75,000 +
Operations
Operations Manager £40,000 - £50,000 £50,000 - £70,000 £70,000 +
Operations Director £75,000 - £85,000 £75,000 - £100,000 £90,000 +
Project Manager - Lloyd’s market £40,000 - £50,000 £50,000 - £70,000 £70,000 +
Project Manager -
Company market £40,000 - £50,000 £50,000 - £70,000 £70,000 +
Risk and Compliance
Risk Manager £35,000 - £45,000 £45,000 - £55,000 £75,000 +
Risk Surveyor - General £35,000 - £45,000 £50,000 - £60,000 £65,000 +
Risk Surveyor - Specialist £45,000 - £55,000 £60,000 - £75,000 £85,000 +
Compliance Assistant £35,000 - £45,000 £45,000 - £50,000 £45,000 - £50,000
Compliance Manager £40,000 - £50,000 £50,000 - £60,000 £75,000 +
Risk Analyst £35,000 - £40,000 £40,000 - £50,000 £65,000 +
Compliance Director £100,000 - £110,000 £110,000 - £125,000 £150,000 +
JOB TITLE 1-3 years 4-8 years 9 years +
Professions
Account Handler £25,000 - £35,000 £30,000 - £40,000 £40,000 - £50,000
Placing Brokers £30,000 - £37,000 £37,000 - £45,000 £45,000 - £80,000
Account Executive £30,000 - £40,000 £40,000 – £60,000 £60,000 - £80,000
Account Director £50,000 - £70,000 £50,000 - £70,000 £70,000 - £90,000
Head of… £60,000 - £80,000 £60,000 - £80,000 £150,000 +
Underwriting Assistant £20,000 - £30,000 £30,000 - £36,000 £30,000 - £36,000
Assistant Underwriter £25,000 - £35,000 £35,000 - £40,000 £40,000 - £45,000
Underwriter £28,000 - £40,000 £40,000 - £70,000 £50,000 - £70,000
Senior Underwriter £45,000 - £80,000 £45,000 - £80,000 £70,000 - £90,000
Practice Leader £90,000 - £150,000 £90,000 - £150,000 £90,000 - £150,000
Tech/Cyber
Account Handler £25,000 - £35,000 £35,000 - £45,000 £45,000 - £50,000
Placing Broker £30,000 - £40,000 £40,000 - £50,000 £60,000 - £90,000
Account Executive £30,000 - £40,000 £40,000 - £70,000 £70,000 - £90,000
Account Director £50,000 - £80,000 £50,000 - £80,000 £80,000 - £100,000
Head of… £60,000 - £100,000 £60,000 - £100,000 £120,000 - £200,000 +
Underwriting Assistant £25,000 - £32,000 £32,000 - £36,000 £32,000 - £36,000
Assistant Underwriter £27,000 - £35,000 £35,000 - £45,000 £45,000 - £50,000
Underwriter £30,000 - £40,000 £40,000 – £80,000 £50,000 - £70,000
Senior Underwriter £30,000 - £40,000 £50,000 - £90,000 £70,000 - £100,000
Practice Leader £90,000 - £200,000 £90,000 - £200,000 £90,000 - £200,000
(Data compared to the same period in 2016)
IDEX saw an 11.6% in placements across the London City General Insurance market in the last 6 months of 2017.
11.6%
2018 Salary Guide - Insurance Expertise City & Lloyd’s - Page 9
2017 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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Page 8 - City & Lloyd’s
JOB TITLE 1-3 years 4-8 years 9 years +
Marine/Aviation
Account Handler £25,000 - £35,000 £30,000 - £45,000 £45,000 +
Placing Broker £25,000 - £35,000 £35,000 - £55,000 £55,000 +
Account Executive £35,000 - £50,000 £50,000 - £75,000 £75,000 +
Account Director £65,000 - £75,000 £75,000 + £100,000 +
Head of… £75,000 + £75,000 + £100,000 +
Underwriting Assistant £25,000 - £30,000 £30,000 - £35,000 £35,000 +
Assistant Underwriter £30,000 - £40,000 £40,000 - £60,000 £60,000 +
Underwriter £40,000 - £50,000 £50,000 - £75,000 £75,000 +
Reinsurance
Account Handler £25,000 - £35,000 £35,000 - £45,000 £45,000 +
Placing Broker £35,000 - £45,000 £45,000 - £65,000 £65,000 - £85,000
Account Executive £35,000 - £45,000 £45,000 - £65,000 £65,000 - £110,000
Account Director £45,000 - £65,000 £65,000 - £110,000 £80,000 - £140,000
Underwriting Assistant £30,000 - £45,000 £45,000 - £70,000 £45,000 - £70,000
Assistant Underwriter £25,000 - £35,000 £40,000 - £50,000 £40,000 - £50,000
Underwriter £40,000 - £50,000 £60,000 - £70,000 £100,000 +
Senior Underwriter £80,000 - £90,000 £110,000 + £150,000 +
Practice Leader £110,000 - £130,000 £150,000 + £200,000 +
JOB TITLE 1-3 years 4-8 years 9 years +
North America/ International Property
Account Handler £25,000 - £35,000 £35,000 - £45,000 £45,000 - £55,000
Placing Broker £30,000 - £45,000 £45,000 - £60,000 £80,000 - £100,000
Account Executive £40,000 - £65,000 £50,000 - £70,000 £80,000 - £100,000
Account Director £65,000 - £75,000 £80,000 - £100,000 £100,000 - £150,000 +
Head of… £100,000 - £200,000 £100,000 - £200,000 £100,000 - £200,000
Underwriting Assistant £25,000 - £35,000 £35,000 - £40,000 £40,000 - £45,000
Assistant Underwriter £25,000 - £35,000 £35,000 - £40,000 £40,000 - £50,000
Underwriter £30,000 - £40,000 £40,000 - £50,000 £50,000 - £65,000
Senior Underwriter £55,000 - £70,000 £70,000 - £110,000 £70,000 - £110,000
Class Underwriter £80,000 - £200,000 £80,000 - £200,000 £80,000 - £200,000
GrowthIDEX have seen a significant increase in the number of new MGAs and start up Brokers coming into the City, driven by foreign investors and Venture Capitalists seeking to take advantage of favourable market conditions.
Home Counties - Page 11
Home Counties
Page 10 - Home Counties
M&A activity has of course been prevalent in the Home Counties this year, with the newer ‘consolidators’ and larger independent Brokers vying for the smaller independents, some of the most prominent being PIB, GRP, Aston Scott, Stackhouse Poland, Finch Group and Towergate/Ardonagh Group. Immediately post-acquisition, the trend is an inevitable period of internal due diligence, adjustment and ‘bedding in’ which is often coupled with a recruitment freeze. However in the latter part of the year we have seen many of these Brokers change tack into an expansion phase and the demand again has been for income producing candidates who can enhance growth.”Gemma Henderson Business Manager
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JOB TITLE 1-3 years 4-8 years 9 years +
Commercial Broking
Insurance Administrator £16,000 - £22,000 £22,000 - £25,000 £25,000 - £28,000 +
Commercial Account Handler £22,000 - £28,000 £28,000 - £40,000 £35,000 - £45,000 +
Broker £22,000 - £30,000 £30,000 - £40,000 £40,000 - £50,000 +
Account Executive £26,000 - £32,000 £32,000 - £50,000 £50,000 - £60,000 +
Development Executive £25,000 - £32,000 £32,000 - £45,000 £45,000 - £55,000 +
Broking Manager £30,000 - £40,000 £40,000 - £45,000 £45,000 - £60,000 +
Broking Account Director £50,000 - £60,000 £60,000 - £70,000 £60,000 - £70,000 +
Regional Director £95,000 £110,000 £125,000
Personal Lines Broking
Insurance Administrator £15,000 - £21,000 £21,000 - £24,000 £24,000 - £26,000 +
Insurance Adviser £16,000 - £21,000 £22,000 - £30,000 £30,000 - £32,000 +
Insurance Sales £16,000 - £22,000 £23,000 - £30,000 £30,000 - £35,000 +
Team Manager £22,000 - £25,000 £25,000 - £35,000 £35,000 - £40,000 +
Underwriting
Underwriting Assistant £16,000 - £26,000 £26,000 - £34,000 £26,000 -£34,000
Assistant Underwriter £20,000 - £30,000 £30,000 - £35,000 £35,000 - £40,000
Underwriter £25,000 - £35,000 £35,000 - £60,000 £40,000 - £60,000
Senior Underwriter £40,000 - £70,000 £40,000 - £70,000 £50,000 - £80,000
Trading Underwriter £30,000 - £35,000 £32,000 - £50,000 £35,000 - £55,000
Development Underwriter £28,000 – £40,000 £40,000 - £70,000 £45,000 - £70,000
Underwriting Manager £40,000 - £80,000 £50,000 - £100,000 £50,000 - £100,000
2018 Salary Guide - Insurance Expertise
A number of the major national Brokers also have the funds to push ahead with investment hires this year. As such, in a highly competitive market, we have really seen Brokers creating a stronger proposition and more inventive USP in order to attract the best talent. Salaries remain competitive, though always in line with revenue production capabilities. There is no sign of acquisitive and growth activity slowing, so we believe the fierce talent competition is set to continue in 2018 and beyond.”
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2018 Salary Guide - Insurance Expertise Home Counties - Page 13Page 12 - Home Counties
JOB TITLE 1-3 years 4-8 years 9 years +
Claims
Claim Adminstrator £18,000 - £22,000 £22,000 - £28,000 £28,000 +
Claims Handler £22,000 - £28,000 £25,000 - £35,000 £35,000 +
Loss Adjuster £22,000 - £28,000 £25,000 -£35,000 £35,000 +
Operations
Claims Manager £40,000 - £50,000 £50,000 - £60,000 £60,000 +
Assistant Operations Manager £40,000 - £50,000 £50,000 - £70,000 £70,000 +
Operations Manager £75,000 - £85,000 £75,000 - £100,000 £90,000 +
Operations Director £40,000 - £50,000 £50,000 - £70,000 £70,000 +
Project Manager -
Company market £40,000 - £50,000 £50,000 - £70,000 £70,000 +
Risk and Compliance
Risk Manager £30,000 - £40,000 £40,000 - £60,000 £60,000 - £80,000 +
Risk Surveyor - General £35,000 - £40,000 £40,000 - £50,000 £50,000 - £55,000 +
Risk Surveyor - Specialist £35,000 - £40,000 £40,000 - £50,000 £50,000 - £55,000 +
Compliance Assistant £22,000 - £25,000 £25,000 - £35,000 £25,000 - £35,000
Compliance Manager £30,000 - £35,000 £35,000 - £45,000 £45,000 - £60,000 +
Auditor £24,000 - £27,000 £27,000 - £32,000 £32,000 - £35,000 +
Risk Analyst £23,000 - £25,000 £25,000 - £35,000 £35,000 - £45,000 +
Compliance Director £60,000 - £65,000 £65,000 - £75,000 £75,000 - £90,000 +
58.9% increase in Broking roles across the UK market
41.1% increase in Underwriting roles across the UK market
58.9%
41.1%
38.5% National Brokers
38.5% Regional Brokers
23% Independent Brokers
38.5%
38.5%
23%
Which Brokers have driven the growth in the Home Counties?
(based on volume of recruitment within IDEX)
West Midlands - Page 15
New Business Developers are seen as the most effective way of directly generating growth (excluding mergers and acquisitions) and also encouraging more of an office sales culture to show servicing Account Executives the way forward.”
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West Midlands
Page 14 - West Midlands
In the West Midlands insurance Broking sector both Account Handlers and New Business Developers are in demand. The market has responded by increasing the salaries on offer to experienced and very technical Handlers, as Brokers appreciate the value to be added by such individuals. Client service enhancement, the freeing up of time for senior Account Executives and leadership team as well as the technical development of more junior employees being the most obvious wins.”Jeremy Warner Regional Manager
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JOB TITLE 1-3 years 4-8 years 9 years +
Broking - SME
Insurance Administrator £12,000 - £16,000 £16,000 - £22,000 £22,000 - £26,000
Telesales £15,000 - £18,000 £18,000 - £25,000 £25,000 - £30,000
Commercial Account Handler £16,000 - £24,000 £24,000 - £30,000 £30,000 - £40,000
Account Executive £25,000 - £30,000 £30,000 - £50,000 £60,000 +
Development Executive £25,000 - £32,000 £32,000 - £50,000 £80,000 +
Broking Manager £28,000 - £35,000 £35,000 - £45,000 £45,000 - £55,000
Broking Commercial/ Corporate
Insurance Administrator £12,000 - £16,000 £16,000 - £22,000 £22,000 - £26,000
Telesales £15,000 - £18,000 £18,000 - £25,000 £25,000 - £35,000
Commercial Account Handler £18,000 - £26,000 £26,000 - £45,000 £45,000 - £50,000
Commercial Account Executive £28,000 - £35,000 £35,000 - £55,000 £55,000 - £75,000
Professional Indemnity Handler £20,000 - £26,000 £26,000 - £45,00 £45,000 - £50,000
Professional Indemnity Executive £30,000 - £40,000 £40,000 - £50,000 £50,000 -£75,000
Development Executive £28,000 - £35,000 £35,000 - £50,000 £50,000 - £85,000
Broking Manager £30,000 - £35,000 £35,000 - £55,000 £50,000 - £75,000
Regional Broking Manager £50,000 - £60,000 £60,000 - £70,000 £70,000 - £85,000
Regional Manager £70,000 - £95,000 £70,000 - £95,000 £70,000 - £95,000
Regional Director £95,000 £110,000 £125,000
2018 Salary Guide - Insurance Expertise
12% Increase in placements in the region
Job split
53.5% Commercial Broking
12% Underwriting
20% Claims
2.7% Personal Lines
5.3% Management
6.5% Other
2018 Salary Guide - Insurance Expertise West Midlands - Page 17Page 16 - West Midlands
JOB TITLE 1-3 years 4-8 years 9 years +
Personal Lines Broking
Insurance Administrator £12,000 - £16,000 £16,000 - £19,000 £19,000 - £21,000
Insurance Sales £15,000 - £18,000 £18,000 - £23,000 £23,000 - £27,000
Team Manager £20,000 - £23,000 £23,000 - £25,000 £25,000 - £35,000
Personal Lines Underwriting
Motor Underwriter £16,000 - £20,000 £20,000 - £25,000 £25,000 - £40,000
Household £16,000 - £20,000 £20,000 - £25,000 £25,000 - £40,000
High Net Worth Underwriter £18,000 - £25,000 £25,000 - £40,000 £40,000 - £50,000
Underwriting
Underwriting Assistant/
Adminstrator £17,000 - £20,000 £20,000 - £25,000 £25,000 +
Assistant Underwriter £20,000 - £25,000 £25,000 - £30,000 £30,000 +
Underwriter/ Trading Underwriter £27,000 - £35,000 £35,000 - £50,000 £50,000 +
Development Underwriter/
Speciality Underwriter £45,000 - £50,000 £50,000 - £65,000 £65,000 +
Broking Development Manager £35,000 - £45,000 £45,000 - £65,000 £65,000 +
Underwriting Manager £40,000 - £60,000 £60,000 - £75,000 £75,000 +
Regional Manager £80,000 - £90,000 £90,000 - £110,000 £100,000 +
Head of Underwriting £100,000 - £120,000 £120,000 - £150,000 £150,000 +
Claims
Claims Handler £17,000 - £20,000 £20,000 - £25,000 £25,000 - £30,000
Loss Adjuster £20,000 - £25,000 £25,000 - £40,000 £40,000 - £60,000
Claims Manager £20,000 - £30,000 £30,000 - £40,000 £40,000 - £65,000
Operations Business Analysis £27,000 - £40,000 £40,000 - £60,000 £60,000 +
Marketing Manager £50,000 - £60,000 £60,000 - £70,000 £70,000 - £90,000
Assistant Operations Manager £30,000 - £35,000 £35,000 - £40,000 £40,000 - £45,000
Operations Manager £50,000 - £60,000 £60,000 - £70,000 £70,000 - £90,000
Operations Director £60,000 - £75,000 £75,000 - £85,000 £85,000 - £100,000
Office/ Branch Manager £80,000 - £90,000 £90,000 - £110,000 £100,000 +
Most desired qualifications:
Cert CII Dip CII
East Midlands - Page 19
The East and West Midlands markets have continued to merge with talented individuals choosing to travel further to secure the right opportunity. This has been driven by the growth of flexible working practices and companies desires to attract individuals who can help the organisation grow.”
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East Midlands
Page 18 - East Midlands
In 2017, the East Midlands has seen a real upturn in vacancies for Insurance broking staff. Due to an array of Regional and Independent Brokers in Leicester, Derby and Nottingham experiencing positive growth this year, the demand for talent is on the rise... reigniting the competition for these individuals. Demand for Development Executives and other Sales professionals is as high as ever, while good, proficient Account Handlers are always sought after in the market.”Drew Crawford Senior Consultant, East Midlands
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JOB TITLE 1-3 years 4-8 years 9 years +
Broking - SME
Insurance Administrator £15,000 - £17,000 £17,000 - £21,000 £21,000 - £24,000
Commercial Account Handler £15,000 - £18,000 £18,000 - £24,000 £24,000 - £29,000
Account Executive £20,000 - £24,000 £24,000 - £24,000 £30,000 - £50,000
Development Executive £21,000 - £25,000 £25,000 - £35,000 £35,000 - £50,000
Broking Manager £22,000 - £25,000 £25,000 - £35,000 £35,000 - £50,000
Broking Commercial/ Corporate
Insurance Administrator £17,000 - £19,000 £19,000 - £22,5000 £22,500 - £27,000
Commerical Account Handler £20,000 - £23,000 £23,000 - £27,000 £27,000 - £35,000
Professional Indemnity Handler £18,000 -£25,000 £25,000 - £30,000 £30,000 - £40,000
Account Executive £25,000 - £30,000 £30,000 - £50,000 £50,000 - £75,000
Professional Indemnity Executive £28,000 - £35,000 £35,000 - £45,000 £45,000 - £60,000
Development Executive £20,000 - £27,000 £27,000 - £32,000 £32,000 - £50,000
Broking Manager £30,000 - £35,000 £35,000 - £45,000 £45,000 - £60,000
Regional Broking Manager £50,000 - £60,000 £60,000 - £70,000 £70,000 - £80,000
Regional Manager £65,000 - £85,000 £65,000 - £85,000 £65,000 - £85,000
Regional Director £95,000 £110,000 £125,000
2018 Salary Guide - Insurance Expertise
In 2018, we expect to see demand for individuals continue to outstrip supply - driving an increase in remuneration for experienced staff, with forward-thinking firms seeking to develop and train their own talent from Graduate and Apprenticeship schemes.”
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Page 20 - East Midlands
JOB TITLE 1-3 years 4-8 years 9 years +
Personal Lines Broking
Insurance Administrator £15,000 - £18,000 £20,000 - £23,000 £23,000 - £25,000
Insurance Sales £13,000 - £16,000 £16,000 - £19,000 £19,000 - £25,000
Team Manager £18,000 - £21,000 £21,000 - £23,000 £23,000 - £33,000
Personal Lines Underwriting
Motor Underwriting £16,000 - £20,000 £20,000 - £25,000 £25,000 - £40,000
Household Underwriter £16,000 - £20,000 £20,000 - £25,000 £25,000 - £40,000
High Net Worth Underwriter £16,000 - £23,000 £23,000 - £25,000 £25,000 - £45,000
Underwriting
Underwriting Assistant/
Adminstrator £17,000 - £20,000 £20,000 - £25,000 £25,000 +
Assistant Underwriter £20,000 - £25,000 £25,000 - £30,000 £30,000 +
Underwriter/ Trading Underwriter £27,000 - £35,000 £35,000 - £50,000 £50,000 +
Development Underwriter/
Speciality Underwriter £45,000 - £50,000 £50,000 - £65,000 £65,000 +
Broking Development Manager £35,000 - £45,000 £45,000 - £65,000 £65,000 +
Underwriting Manager £40,000 - £60,000 £60,000 - £75,000 £75,000 +
Regional Manager £80,000 - £90,000 £90,000 - £110,000 £100,000 +
Head of Underwriting £100,000 - £120,000 £120,000 - £150,000 £150,000 +
Commercial Underwriting
Underwriting Assistant £18,000 - £23,000 £23,000 - £25,000 £25,000 - £27,000
Assistant Underwriter £18,000 - £23,000 £23,000 - £27,000 £27,000 - £30,000
Underwriter £27,000 - £35,000 £35,000 - £45,000 £45,000 - £55,000
Development Underwriter £30,000 - £40,000 £40,000 - £50,000 £45,000 - £60,000
Underwriting Manager £50,000 - £80,000 £80,000 - £90,000 £80,000 - £100,000
East Midlands - Page 21
JOB TITLE 1-3 years 4-8 years 9 years +
Claims
Claims Handler £15,000 - £18,000 £18,000 - £23,000 £23,000 - £28,000
Loss Adjuster £18,000 - £23,000 £23,000 - £38,000 £38,000 - £58,000
Claims Manager £18,000 - £28,000 £28,000 - £38,000 £38,000 - £63,000
Operations
Business Analysis £27,000 - £40,000 £40,000 - £60,000 £60,000 +
Marketing Manager £50,000 - £60,000 £60,000 - £70,000 £70,000 - £90,000
Assistant Operations Manager £30,000 - £35,000 £35,000 - £40,000 £40,000 - £45,000
Operations Manager £50,000 - £60,000 £60,000 - £70,000 £70,000 - £90,000
Operations Director £60,000 - £75,000 £75,000 - £85,000 £85,000 - £100,000
Office/ Branch Manager £80,000 - £90,000 £90,000 - £110,000 £100,000 +
Risk and Compliance
Risk Manager £40,000 - £45,000 £45,000 - £55,000 £55,000 - £75,000
Risk Surveyor - General £25,000 - £35,000 £35,000 - £45,000 £45,000 - £55,000
Risk Surveyor - Specialist £30,000 - £35,000 £35,000 - £50,000 £50,000 - £60,000
Compliance Assistant £22,000 - £25,000 £25,000 - £30,000 £30,000 - £35,000
Compliance Manager £25,000 - £35,000 £35,000 - £45,000 £45,000 - £70,000
Health and Safety Consultant £30,000 - £35,000 £35,000 - £45,000 £45,000 - £50,000
2018 Salary Guide - Insurance Expertise
21% National Brokers
28% Regional Brokers
35% Independent Brokers
16% Insurer
21%
28%
35%
16%
Which Brokers have driven the growth in the East Midlands?
(based on volume of recruitment within IDEX)
South West - Page 23
South West
Page 22 - South West
The South West market is extremely busy at present with many acquisitions and new players coming into the market, due to this there is an array of opportunity from entry level Administrators to Managing Director level roles. There is a real focus on growth in the broking market, so strong Account Executives are in real demand. On the Insurer side there is a again a focus on growth so Business Development Manager’s and Development Underwriters are always of interest.”Adam Burns Client Director
“
JOB TITLE 1-3 years 4-8 years 9 years +
Broking - SME
Insurance Administrator £12,000 - £15,000 £15,000 - £18,000 £18,000 - £24,000
Commercial Account Handler £15,000 - £22,000 £22,000 - £26,000 £26,000 - £35,000
Account Executive £20,000 - £25,000 £25,000 - £35,000 £35,000 - £45,000
Development Executive £20,000 - £25,000 £25,000 - £40,000 £30,000 - £50,000
Broking Manager £20,000 - £25,000 £25,000 - £35,000 £35,000 - £70,000
Broking Commercial Corporate
Insurance Administrator £12,000 - £15,000 £16,000 - £20,000 £18,000 - £24,000
Commercial Account Handler £18,000 - £24,000 £24,000 - £30,000 £30,000 -£40,000
Professional Indemnity Handler £20,000 - £26,000 £26,000 - £35,000 £35,000 - £45,000
Account Executive £30,000 - £35,000 £35,000 - £50,000 £50,000 - £75,000
Account Director £50,000 - £60,000 £60,000 - £100,000 £80,000 - £120,000
Professional Indemnity Executive £32,000 - £38,000 £38,000 - £50,000 £50,000 - £75,000
Development Executive £30,000 - £35,00 £30,000 - £50,000 £50,000 - £75,000
Broking Manager £25,000 - £30,000 £30,000 - £45,000 £45,000 - £60,000
Regional Broking Manager £50,000 - £60,000 £60,000 - £70,000 £70,000 - £80,000
Regional Manager £65,000 - £100,000 £65,000 - £70,000 £65,000 - £100,000
Regional Director £95,000 £110,000 £125,000
2018 Salary Guide - Insurance Expertise
The strong focus in the South West Broking market has seen a 16.1% increase in the number of jobs for client facing individuals.
16.1%
2018 Salary Guide - Insurance Expertise South West - Page 25Page 24 - South West
JOB TITLE 1-3 years 4-8 years 9 years +
Personal Lines Broking
Insurance Sales £15,000 - £20,000 £20,000 - £30,000 £20,000 - £30,000
Team Manager £22,000 - £25,000 £25,000 - £30,000 £30,000 - £50,000
Personal Lines Underwriting
Motor Underwriter £16,000 - £20,000 £20,000 - £25,000 £25,000 - £40,000
Household Underwriter £16,000 - £20,000 £20,000 - £25,000 £25,000 - £40,000
High Net Worth Underwriter £16,000 - £23,000 £23,000 - £25,000 £25,000 - £40,000
Underwriting
Underwriting Assistant £14,000 - £17,000 £17,000 - £22,000 £17,000 - £22,000
Assistant Underwriter £17,000 - £20,000 £20,000 - £22,000 £22,000 - £24,000
Underwriter £18,000 - £24,000 £24,000 - £35,000 £35,000 - £50,000
Development Underwriter £25,000 - £30,000 £30,000 - £45,000 £45,000 - £60,000
Underwriting Manager £50,000 - £80,000 £50,000 - £80,000 £50,000 - £100,000
Broking Development Manager £25,000 - £30,000 £30,000 - £40,000 £40,000 - £80,000
Head of Underwriting £60,000 - £80,000 £70,000 -£90,000 £90,000 - £150,000
Claims
Claims Adminstrator £12,000 - £15,000 £15,000 - £18,000 £18,000 - £24,000
Claims Handler £15,000 - £22,000 £22,000 - £30,000 £30,000 - £50,000
Loss Adjuster £25,000 - £30,000 £30,000 - £35,000 £35,000 - £50,000
Loss Assessor £25,000 - £30,000 £30,000 - £35,000 £35,000 - £50,000
Claims Manager £25,000 - £30,000 £30,000 - £35,000 £35,000 - £60,000
Claims Director £60,000 - £70,000 £70,000 - £90,000 £90,000 - £150,000
JOB TITLE 1-3 years 4-8 years 9 years +
Operations
Assistant Operations Manager £25,000 - £30,000 £30,00 - £35,000 £35,000 - £40,000
Operations Manager £35,000 - £40,000 £40,000 - £50,000 £50,000 - £65,000
Operations Director £45,000 - £55,000 £55,000 - £80,000 £80,000 - £120,000
Office/ Branch Manager £40,000 - £50,000 £50,000 - £55,000 £55,000 - £70,000
Risk and Compliance
Risk Manager £40,000 - £45,000 £45,000 - £55,000 £55,000 - £75,000
Risk Surveyor - General £25,000 - £35,000 £35,000 - £45,000 £45,000 - £55,000
Risk Surveyor - Specialist £30,000 - £35,000 £35,000 - £50,000 £50,000 - £60,000
Commercial Assistant £22,000 - £25,000 £25,000 - £30,000 £30,000 - £35,000
Compliance Manager £25,000 - £35,000 £35,000 - £45,000 £45,000 - £70,000
Health and Safety Consultant £30,000 - £35,000 £35,000 - £45,000 £45,000 - £50,000
Increased Vacancies
in the South West has resulted in many Insurers boosting their staff numbers considerably.
Job Roles in the South West
30% Broking
10% Underwriting
12% Management
30% Claims
10% Personal Lines
8% Other
The North - Page 27
Expansions and re-organisations has created an interesting dynamic with the winners being those with long standing client relationships, who if not looked after will be offered opportunities by the competition.”
“
The North
Page 26 - The North
The Manchester market has been particularly dynamic as independent Brokers have strengthened their teams with the hire of both experienced and specialist staff from the larger nationals. Changes at some of the bigger Brokers and Insurers has seen some redundancies offering the opportunity for skilled professionals to be opportunistically snapped up.” Jeremy Warner Regional Manager
“
JOB TITLE 1-3 years 4-8 years 9 years +
Broking - SME
Insurance Administrator £12,000 - £16,000 £16,000 - £22,000 £22,000 - £26,000
Telesales £15,000 - £18,000 £18,000 - £25,000 £25,000 - £30,000
Commercial Account Handler £16,000 - £24,000 £24,000 - £30,000 £30,000 - £40,000
Account Executive £25,000 - £30,000 £30,000 - £50,000 £50,000 +
Development Executive £25,000 - £32,000 £32,000 - £50,000 £50,000 - £70,000
Broking Manager £28,000 - £35,000 £35,000 - £45,000 £45,000 - £55,000
Broking Commercial/ Corporate
Insurance Administrator £12,000 - £16,000 £16,000 - £22,000 £22,000 - £26,000
Telesales £15,000 - £18,000 £18,000 - £25,000 £25,000 - £35,000
Commercial Account Handler £18,000 - £26,000 £26,000 - £45,000 £45,000 - £50,000
Commercial Account Executive £28,000 - £35,000 £35,000 - £55,000 £55,000 - £75,000
Professional Indemnity Handler £20,000 - £26,000 £26,000 - £45,00 £45,000 - £50,000
Professional Indemnity Executive £30,000 - £40,000 £40,000 - £50,000 £50,000 -£75,000
Development Executive £28,000 - £35,000 £35,000 - £50,000 £50,000 - £85,000
Broking Manager £30,000 - £35,000 £35,000 - £55,000 £50,000 - £75,000
Regional Broking Manager £50,000 - £60,000 £60,000 - £70,000 £70,000 - £85,000
Regional Manager £70,000 - £95,000 £70,000 - £95,000 £70,000 - £95,000
2018 Salary Guide - Insurance Expertise
2018 Salary Guide - Insurance Expertise The North - Page 29Page 28 - The North
JOB TITLE 1-3 years 4-8 years 9 years +
Personal Lines Broking
Insurance Administrator £12,000 - £16,000 £16,000 - £19,000 £19,000 - £21,000
Insurance Sales £15,000 - £18,000 £18,000 - £23,000 £23,000 - £27,000
Team Manager £20,000 - £23,000 £23,000 - £25,000 £25,000 - £35,000
Personal Lines Underwriting
Motor Underwriter £16,000 - £20,000 £20,000 - £25,000 £25,000 - £40,000
Household Underwriter £16,000 - £20,000 £20,000 - £25,000 £25,000 - £40,000
High Net Worth Underwriter £18,000 - £25,000 £25,000 - £40,000 £40,000 - £50,000
Underwriting
Underwriting Assistant/
Administrator £17,000 - £20,000 £20,000 - £25,000 £25,000 +
Assistant Underwriter £20,000 - £25,000 £25,000 - £30,000 £30,000 +
Underwriter/ Trading Underwriter £27,000 - £35,000 £35,000 - £50,000 £50,000 +
Development Underwriter/
Speciality Underwriter £45,000 - £50,000 £50,000 - £65,000 £65,000 +
Broking Development Manager £35,000 - £45,000 £45,000 - £65,000 £65,000 +
Underwriting Manager £40,000 - £60,000 £60,000 - £75,000 £75,000 +
Regional Manager £80,000 - £90,000 £90,000 - £110,000 £100,000 +
Head of Underwriting £100,000 - £120,000 £120,000 - £150,000 £150,000 +
Claims
Claims Handler £15,000 - £19,000 £20,000 - £25,000 £25,000 - £30,000
Loss Adjuster £20,000 - £25,000 £25,000 - £40,000 £40,000 - £60,000
Claims Manager £20,000 - £30,000 £30,000 - £40,000 £40,000 - £65,000
JOB TITLE 1-3 years 4-8 years 9 years +
Operations
Business Analysis £27,000 - £40,000 £40,000 - £60,000 £60,000 +
Marketing Manager £50,000 - £60,000 £60,000 - £70,000 £70,000 - £90,000
Assistant Operations Manager £30,000 - £35,000 £35,000 - £40,000 £40,000 - £45,000
Operations Manager £50,000 - £60,000 £60,000 - £70,000 £70,000 - £90,000
Operations Director £60,000 - £75,000 £75,000 - £85,000 £85,000 - £100,000
Office/ Branch Manager £80,000 - £90,000 £90,000 - £110,000 £100,000 +
Risk and Compliance
Risk Manager £40,000 - £45,000 £45,000 - £55,000 £55,000 - £75,000
Risk Surveyor - General £25,000 - £35,000 £35,000 - £45,000 £45,000 - £55,000
Risk Surveyor - Specialist £30,000 - £35,000 £35,000 - £50,000 £50,000 - £60,000
Compliance Assistant £22,000 - £25,000 £25,000 - £30,000 £30,000 - £35,000
Compliance Manager £25,000 - £35,000 £35,000 - £45,000 £45,000 - £70,000
Health and Safety Consultant £30,000 - £35,000 £35,000 - £45,000 £45,000 - £50,000Brokers are continuing to expand their national presence to into the North of England.
The increase in New Business Executive roles across the North of the UK has continued during 2017 and is set to continue into 2018.
The talent shortage for Senior Sales Management and Leadership roles across the North of England and Scotland was still ongoing during 2017.
2018 Salary Guide - Insurance Expertise Other Sectors Guides - Page 31
Legal Expertise Guide IDEX Legal Expertise Salary has returned for its third year to assist Legal professionals across London and the Middle East in securing their next role or supporting our valued clients with their businesses growth plans. Drawing upon the extensive knowledge of our specialist Legal team, the 2018 guide contains insight for professionals at all levels for both private practice and in-house.
Financial Services Expertise Guide IDEX Consulting’s annual Salary Guide for Financial Services professionals has returned for 2018. Drawing upon the expertise of our specialist Financial Services team, this guide will assist individuals with their next career move and businesses with their growth plans. Our guide will provide valuable insight into the market across the UK.
Page 30 - CEO Commentary
Salary GuideLEGAL EXPERTISE
2018
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
www.idexconsulting.com
IDEX Consulting Ltd @IDEXConsulting IDEXConsulting
Salary GuideFINANCIAL SERVICES EXPERTISE
2018
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
www.idexconsulting.com
IDEX Consulting Ltd @IDEXConsulting IDEXConsulting
Throughout 2017, IDEX have experienced significant growth across all of our practice areas, with 2018 poised to raise the bar further still. The next 12 months will see both Global and Regional businesses confronted with fast-paced change as advances in technology such as AI, Chatbot’s and Google Jobs all begin to make their presence felt in a constantly evolving workspace. How long will it be before Amazon’s Alexa is able to deliver job updates, in real time?The UK recruitment market is continuing to see dramatic growth, despite ongoing uncertainty about Brexit, with 8 out of 10 companies expect to see their revenue increase over 2018, and 23% expecting it to increase by over 25%. The UK employment landscape continues to be dominated by one key factor, with 71% of firms
believing that their greatest challenge will come from overcoming the shortage of talent. To resolve this, business leaders are turning to increasingly innovative ways of attracting and retaining the best people, including remuneration, flexible working environments and a better work/life balance. This attitude, combined with the free availability of data has led to a much more transparent working environment. Websites like Glassdoor and Google have given potential employees the tools to review customer feedback and past / current employee reviews of their employer – meaning that a real focus on employer brand needs to happen, especially as we are now experiencing candidates refusing interviews due to the “brand/image” of said companies, rather than market “hearsay”. Embracing these changes is a vital part of IDEX’s key objective for 2018, to deliver an exceptional Client and Candidate experience. We aim to work as “Trusted Advisors” - we believe that your Recruitment Consultant should be there for you all the time, not just when you’re looking for a job or recruiting talent. A good Recruiter is a partner for life.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]
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