Insurance salaries & market trends
What key trends have you witnessed in 2017?
There has definitely been an increase in insurance start-ups, challenger brands and Lloyd’s syndicates are making more of a commitment to marketing and communications hiring.
These marketing hires are often a company’s first within the insurance market, so there has been the need for a greater deal of education to assist these firms to hire at an appropriate level in a timely fashion. Of course prior experience in the insurance is a desirable attribute when recruiting these individuals.
The insurance market was booming in 2016 and although we did see a drop-off, especially in more senior hires over the majority of 2017, the latter part of 2017 has seen an improvement, giving us greater optimism for 2018. Junior marketing roles have remained constant. Companies are continuing to hire more tactical marketers to remain competitive in the London market.
What key trends do you expect to see over the next 12 months?
We expect to see some of the larger companies in the insurance market start to recruit more channel specific marketing roles, meaning candidates with strong direct marketing experience will be in high demand. We also predict an increase in demand for marketing managers and senior marketing managers with a broad marketing background, involving traditional and digital skills.
Candidates with exposure to campaign management, direct marketing and stakeholder management as well as social media, SEO/PPC and digital platforms will also continue to be in demand.
What methods are companies using to attract and retain the top talent?
Bonuses continue to be a key attraction and retention tactic for insurance organisations. Whereas other sub-sectors of financial services often apportion bonus based on 50% company profitability and 50% personal performance, insurers can swing to nearer 100% of bonus based on marketing KPIs.
The insurance market will continue to reward its marketing professionals based on their own personal achievements. Of course the company profitability needs to be taken into consideration, but where a number of other areas of FS often view this as 50/50, the insurance space remunerates bonuses more in line with personal success.
Do you anticipate any changes to permanent salaries and bonuses over the next 12 months?
The insurance market is generally regarded as on a par, if not paying slightly more than many other facets of financial services and we do not see this changing in 2018. It is clear insurance firms still need to compete for marketing and communications talent, so we do expect to see salary increases over the course of 2018, as well as more competitive performance linked bonus structures.
Contract roles & day rates
The insurance sector has required interim assistance in the wake of restructures to provide on-going support to marketing functions. Well known insurers seem to be stepping up their efforts in approaching high net worth Individuals by utilising the skills of interim professionals to create functions to set strategic objectives for 2018. With high importance placed on these key hires, day rates for these Head of/Director level roles are between £600 and £1000 per day.
There is always importance placed on moving interim processes quickly to secure the best candidates and we found this was particularly the case at the junior end of the market. Marketing executives with one to two years’ insurance experience were highly sought after by competitor firms to assist with work load.
Day rates are between £150 and £220 per day and, where possible, these interim roles would develop into more permanent fixtures or rolling contracts.
View the latest Financial, Banking and Insurance Services jobsSign up for more insights
Related jobs
Salary
£400 - £500 per day
Location
England
Job Type
Contract & Interim
Discipline
Brand Marketing
Work From Home
Work From Home
Seniority
Manager
Salary
£500 - £749
Country
United Kingdom
Sector
Professional Services
Description
Brand Project Manager needed for a 9-month contract with a global professional services firm
Reference
CR/132486_1714572853
Expiry Date
01/01/0001
Author
Sam BrimbleAuthor
Sam BrimbleSalary
Up to £45400 per annum + + Benefits
Location
London
Job Type
Permanent
Discipline
Content
Seniority
Manager
Salary
£45,000 - £59,999
Sector
Charity & Not-For-Profit
City
London
Description
Become a Content Marketing Manager for a prominent animal charity, collaborating closely with the marketing and communications team.
Reference
PR/ 1324375_1714486205
Expiry Date
01/01/0001
Author
Shanelle GreenAuthor
Shanelle GreenSalary
£45000 - £55000 per annum + 20% Bonus + Benefits
Location
City of London, London
Job Type
Permanent
Discipline
Marketing (general)
Seniority
Manager
Salary
£45,000 - £59,999
Sector
Financial Services
City
London
Description
Event Manager
Reference
RPP_1714477382
Expiry Date
01/01/0001
Author
Ronak PatelAuthor
Ronak PatelSalary
£30000 - £35000 per annum
Location
London
Job Type
Permanent
Discipline
Social Media
Work From Home
Work From Home
Seniority
Executive
Salary
£30,000 - £44,999
Sector
FMCG & Consumer Services
City
London
Description
Social Media Manager for a fast-growing hair and skincare brand known for premium quality products that are affordable.
Reference
PR/132484_1714400129
Expiry Date
01/01/0001
Author
Amy McCrowAuthor
Amy McCrowSalary
£45000 - £55000 per annum + Excellent Bonus + Benefits
Location
City of London, London
Job Type
Permanent
Discipline
Event Marketing
Seniority
Manager
Salary
£45,000 - £59,999
Sector
Financial Services
City
London
Description
Events Manager
Reference
RPJY_1714144213
Expiry Date
01/01/0001
Author
Ronak PatelAuthor
Ronak PatelSalary
£28000 - £32000 per annum
Location
London
Job Type
Permanent
Discipline
Marketing (general)
Seniority
Assistant
Salary
£30,000 - £44,999
Sector
Leisure Travel & Sport
City
London
Description
Marketing Assistant for luxury yacht brokerage based in South West London. Reporting directly to the Head of Marketing, this is a key role in supporting the growth of the brand.
Reference
TJB/MA_1714056227
Expiry Date
01/01/0001
Author
Amy McCrowAuthor
Amy McCrowSalary
Negotiable
Location
West London, London
Job Type
Permanent
Discipline
Marketing (general)
Seniority
Specialist
Salary
£30,000 - £44,999
Sector
Leisure Travel & Sport
City
London
Description
Based in West London and working within one of the most exciting industries within luxury travel, this role will see you joining as their new Marketing Executive.
Reference
PR/132483_1714036218
Expiry Date
01/01/0001
Author
Rebekah CrampAuthor
Rebekah CrampSalary
£45000 - £55000 per annum
Location
West London, London
Job Type
Permanent
Discipline
Social Media
Seniority
Manager
Salary
£45,000 - £59,999
Sector
Leisure Travel & Sport
City
London
Description
Based in West London and working within one of the most exciting industries within luxury travel this role will see you reporting to the Marketing Director and join as their new Social Media Manager.
Reference
PR/132482_1713976337
Expiry Date
01/01/0001
Author
Rebekah CrampAuthor
Rebekah CrampSalary
£40000 - £50000 per annum
Location
London
Job Type
Permanent
Discipline
Brand Marketing
Marketing (general)
Event Marketing
Work From Home
Work From Home
Seniority
Manager
Salary
£45,000 - £59,999
Sector
Health & Wellbeing
City
London
Description
An established and market-leading talent firm who work within the healthcare industry are seeking a highly skilled Marketing Manager
Reference
PR/132479_1713456470
Expiry Date
01/01/0001
Author
Katie Halliday (née Rogers)Author
Katie Halliday (née Rogers)Salary
£35000 - £42000 per annum
Location
City of London, London
Job Type
Permanent
Discipline
Bids & Tenders
Business Development
Marketing (general)
Work From Home
Work From Home
Seniority
Executive
Salary
£30,000 - £44,999
Sector
Business Services
City
London
Description
Our client is a successful, market-leading UK and international law firm who are looking for an ambitious and creative Marketing & Business Development Executive to join the team.
Reference
PR/132480_1713456255
Expiry Date
01/01/0001
Author
Katie Halliday (née Rogers)Author
Katie Halliday (née Rogers)Related posts
Teaser
Career adviceContent Type
ArticlesPublish date
04/26/2024
Summary
Marketing & Communications Leader Series Eepisode.1: Bee PatelWe are pleased to be launching EMR's Marketing and Communications Leader Series. In this podcast, we dive deep into the journeys of excep
Teaser
Discipline expertiseContent Type
ArticlesPublish date
04/18/2024
Summary
In the wake of the global pandemic, the tech industry has embraced change and innovation in the way it operates and manages its workforce. The shift to remote and hybrid work, the acceleration
Teaser
Case StudiesContent Type
ArticlesPublish date
04/18/2024
Summary
Spotlight: Property GPE is a UK property development and investment company - it mainly owns office buildings, with a smaller amount of retail property. The company invests in and develops cent
by
EMR Recruitment
Teaser
Case StudiesContent Type
ArticlesPublish date
04/18/2024
Summary
Spotlight: B2C Based in Palma, Italy, Barilla is an Italian family-owned food company and the world’s largest pasta producer. Established in 1877, it’s now an international Group present in mor
by
EMR Recruitment
Teaser
Discipline expertiseContent Type
ArticlesPublish date
04/02/2024
Summary
The pandemic has fundamentally changed the way businesses operate and reshaped clients' expectations, emphasising the importance of agility, efficiency, and digital fluency in service delivery. At
Teaser
Discipline expertiseContent Type
ArticlesPublish date
03/08/2024
Summary
Direct-to-consumer (D2C) brands have been at the forefront of digital-first innovation in marketing. Traditionally, these brands relied heavily on third-party retailers and marketplaces to reach consu
by
Rebekah Cramp
Teaser
Career adviceContent Type
ArticlesPublish date
01/17/2024
Summary
Welcome back to EMR's Marketing & Communications Leader Series, where we dive deep into the journeys of exceptional senior marketing and communications practitioners. Join us as we take a closer look
Teaser
Career adviceContent Type
ArticlesPublish date
01/12/2024
Summary
There has never been a better time to launch or boost a career in communications. 2022 was an excellent year to invest in communications, and in 2024, it’s even more vital as people want to feel conn
Teaser
Career adviceContent Type
ArticlesPublish date
01/03/2024
Summary
Welcome back to EMR's Marketing and Communications Leader Series, where we dive deep into the journeys of exceptional senior marketing and communications practitioners. Join us as we explore their pat
Teaser
Career adviceContent Type
ArticlesPublish date
11/28/2023
Summary
Welcome back to EMR's Marketing and Communications Leader Series, where we dive deep into the journeys of exceptional senior marketing and communication practitioners. Join us as we take a closer l
Recently viewed jobs