What is the top insurance broker salary in the UK?
by Heat Recruitment
Where can you expect to land the best insurance broker salary in the UK?
Whether you’re looking for a new job, a promotion or a pay rise, it’s important to keep an eye on how industry trends and the UK’s uncertain political climate are affecting the sector so that you can successfully negotiate your own salary.
From entry-level Claims Broker roles to experienced Regional Managers, our insurance salary survey has been an invaluable tool to help us determine how salaries are changing across the UK and spot emerging industry trends. But as expected, Broking or Regional Managers have taken the crown as the sector’s highest earners.
So, here’s our comprehensive breakdown of the best insurance broker salaries in the UK.
Many insurance careers begin in a personal lines role, so while this can be rewarding area to work in, your pay packet may not be so generous – but everyone has to start somewhere. In this area, you won’t land the highest insurance broking salary, but there hasn’t been much variance in salaries over the last few years, and it’s a great springboard to help inexperienced brokers launch their career in the sector. London-based Team Leaders will typically see their salary in the region of between £30,000 and £45,000. Those based in other regions will see a similar average of £32,000, although offers will differ based on experience and what the candidate can bring to the team.
From the roles we surveyed, Broking or Regional Managers are the highest paid roles. Those based in London could see their salary rise to a maximum of £100,000, if they can showcase relevant postgraduate insurance and risk management qualifications and a wealth of commercial experience. Perhaps this is also due to the increasing competition in the big city as the key players in insurance vie for the top broker talent to set them ahead of emerging US firms. Outside of the capital, someone in the same role will typically earn between just £50,000 and £80,000.
Regardless of competition, there’s an insatiable demand for Account Executives. They are responsible for building relationships with clients, securing new business and promoting new services. Needless to say, they’re absolutely integral to smooth operation of the firm – and in a growing firm, even more so. London-based Account Executives could earn £35,000-£80,000, or £30,000-£70,000 in the rest of the UK. It’s rare to see such little variance between these regions, but it does tell us that the importance of the right experience, communication skills and can-do attitude is valued right across the country.
Development Executives aren’t far behind and they’re highly sought after – particularly as automated technologies enter the workplace. Using innately human skills to apply sector-specific expertise to potential new business avenues isn’t something which can be easily replaced by robots, so the perfect candidates are being offered hefty pay packets. Additional perks such as flexible and remote working are being added too, due to the demanding nature of the role. Occasionally this is totally no-strings-attached, but some companies – such as A-Plan – offer employees discounted or enhanced versions of their own services.
Traditionally, claims-based roles have been viewed as tedious, dull and not rewarding. Some candidates may still have this view of the role, which may be an explanation for the talent shortage in this area. However, this is no longer the case. Claims roles are vital if a business is to grow and succeed, and even though insurance brokers are responsible for the growth of the firm’s client base, effective claims handlers and a solid management team are absolutely crucial to drive revenues.
Despite this, claims handlers have seen just a modest increase in their salaries. In the capital, Claims Managers could earn up to £70,000, making it the highest paying of all claims roles as they’re directly responsible for managing claims, coordinating other team members and identifying fraudulent activity.
Take a look at the full range of insurance broker salaries in our latest salary survey