The Hays Salary & Recruiting Trends 2023 Guide surveyed nearly 100 insurance employers and professionals. Almost all (94%) employers expect their organisation’s performance to increase or stay the same over the course of the year. Diving deeper into this data, it was revealed that 79% of employers plan on hiring staff in the next year.

Fierce competition for talent

The skills gap continues to be a challenge for employers within the insurance sector; a staggering 100% of employers experienced skills shortages in the last 12 months, compared to 85% the year before.

As a result, competition for talent is strong, with nearly two thirds (65%) of employers anticipate they will face competition from other organisations and a shortage of suitable candidates when hiring in 2023. Our research also revealed that the importance of soft skills should not be underestimated; the most in-demand soft skills that employers require are:

  • Communication and interpersonal skills (50% of employers desire this)
  • Flexibility and adaptability (46%)
  • Problem-solving (43%)
  • An ability to learn (32%)
  • Coordinating with others (32%)

Salaries are on the rise

The competition for talent has arguably led to bigger pay increases than expected. As well as this, the cost-of-living crisis has caused an increased concern amongst professionals about whether their salary will cover the extra costs.
Over the last year, 78% of employers increased their employees’ pay and salaries across the insurance sector have risen by 4.1% in the past year. Professionals working in actuarial and broking roles have seen salary rises of above this average, mostly as a result of employers competing for in-demand niche expertise, skillsets and experience.

Salary increases are set to continue, as the majority of insurance employers (81%) plan to raise staff salaries in the coming year.

Notably, pay satisfaction has remained the same since last year, with 65% of professionals stating they’re happy with their pay. Despite this, 41% of insurance professionals moved jobs in the last year and a further 46% considered doing so, and the main reason professionals left their last job was because their salary was too low (44%).

Work-life balance and benefits top priorities for professionals

Close to two-thirds (62%) of insurance professionals gave their work-life balance a positive rating. Our research confirmed that work-life balance is crucial for attracting and retaining talent. When asked what they value most highly when considering a new role aside from salary, 24% of professionals cited work-life balance, as well as benefits packages (also 24%), as the most important factors apart from pay.

Whilst most (81%) organisations offer hybrid working to staff, insurance professionals want even more flexibility. 61% intend to find a role with more of a mix of hybrid working in the next 12 months and, on top of that, more than half (52%) of employees could be tempted to move job if they were able to choose how often they were in the workplace when working under a hybrid model.

Earning Potential in Insurance
Business Function Entry Level* Senior roles* Partner/Head*
Underwriting £21,250 £104,000 £248,000
Claims £38,000 £97,000 £187,000
Broking £38,500 £105,000 £218,000
Risk and Compliance £24,750 £85,000 £153,000
Projects, Change and Operations £42,000 £107,000 £211,000
Actuarial £36,000 £174,000 £335,000

*Salaries based on jobs in London. Source Hays’ UK Salary & Recruiting Trends 2023 Guide.

About the Author

  • Name: Luke Cahill, Director, Hays

Luke Cahill, Director at Hays specialising in Insurance, is an experienced recruiter who leads the Insurance practice at Hays Specialist Recruitment. With over twelve years of experience, he has an excellent track record of partnering with leading insurers and brokers and placing top talent in the London and regional markets.

The insurance practice at Hays has deep roots in the market and established networks within broking, underwriting, claims, actuarial and compliance making them an industry leader.

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