With the release of the 2024 Salary, Benefits and Skills Guide, we’ve compiled everything from the latest salaries for a number of insurance roles, in-demand skills for the profession and expert commentary from our insurance consultants on what employers and professionals need to be aware of this year.
What’s happening in 2024
With interest rates soaring over the past twelve months, firms have clambered to retain their talent by raising salaries – with most increasing across the board by 15-20%. Naturally, this is not sustainable, so much of the focus this year will be on how businesses can attract and retain talent through means other than compensation. Likewise, the stabilising of salaries will bring less attrition as professionals see fewer opportunities to abandon ship for better pay, bringing with it a trend of lateral movement.
As has often been the subject within insurance news, climate change continues to impact the profession – but perhaps not in the way most expect. Rapid climate change affects risk profiles in particular, highlighting a lack of data to price risks accordingly. As a result, brokers look to build data labs in an effort to combat the issue – this promises a new stream of business opportunities in the form of industry convergence through mergers and acquisitions, as well as a wealth of fresh datacentric job roles for the profession.
With a projected 50% of the insurance workforce due to retire by 2028, according to the Bureau of Labor Statistics, the war for talent won’t wane in the year ahead. Leading up to the great retirement, findings as far back as the 2019 Labour Market Study by the Jacobson group and Aon plc indicated a strong rise of insurance jobs in the years ahead, projecting a growing demand for underwriting and technology jobs in particular, as well as claims management.
The talent war means businesses in 2024 will bid for insurance claims investigators, loss control consultants, brokers, agents, actuaries, customer service representatives, adjusters, regulators, processing clerks, claims examiners and junior and senior underwriters. As mentioned, increasing convergence and digitalisation will also bring a demand for risk management and careers that aren’t traditionally insurance-oriented, such as data science, business operations, marketing and sales.
While such high demand is undoubtedly good for those looking to move in the new year, professionals are increasingly focussing on ways to stand out. Similarly, the competition for insurance businesses will continue to be fierce, leading to many exploring alternative ways to attract the very best talent.
We surveyed over 100,000 employers and employees across the UK and internationally, compiling accurate data on 600 roles across 40 different specialisms. With sections detailing the most in-demand skills for professionals looking to stay ahead, to data-led sector specific market outlooks and predictions for businesses deciding their next move in 2024, the 2024 Salary, Benefits and Skills Guide is our most comprehensive guide to date.
In addition to that, each sector in the guide is underpinned with detailed commentary by our experienced consultants for each of the specialisms in the profession. Sections include Claims, Risk Compliance, InsurTech, UK Retail Broking and more. This offers useful context on the data and statistics collected, as well as shedding light on some top industry tips from the experts themselves.
Whatever your goals, our insights will ensure you stay informed for an exciting growth trajectory in 2024. Sign up here for free access to the full report now.