2012 Year-End Recap of Michigan Insurance Employment & Salary Trends

2012 has been a very active year for Michigan insurance jobs. The market is shifting from an employer’s market to an employee’s market in many segments. Salaries have been stagnant and workloads have been high in many insurance organizations. We have seen quite a bit of movement with insurance professionals looking for better employment options now that the economy is showing signs of recovery. We have seen more job offers declined if the salary differential was small. Other areas of concern with potential job changers were vacation time and benefit waiting periods.

Below is a recap of 2012 regarding what we have seen relative to salaries and other trends.

Personal Lines

Salaries are ranging from $30-47k for Michigan insurance positions. This still continues to be an area of high demand as the market hardens and insurance companies are requiring more underwriting information from the agencies. Additionally many policyholders are shopping their insurance renewals, creating more service work with remarketing in order to retain business. It remains challenging to find qualified personal lines CSRs with independent agency experience. Unfortunately we are an aging industry and continue to struggle with attracting and training new people.

Commercial Lines Account Managers/Marketing Managers

Salaries range from $50k+ depending on types of accounts and revenue handled. Some positions provide a bonus based upon retention. Salary levels are rising as truly qualified candidates are not willing to move laterally as they might have done in the past few years. We anticipate that the demand for experienced commercial account managers will continue in 2013. There will be a need for experienced insurance professionals that can negotiate with insurance carriers on terms as the market continues to harden.

Commercial Lines CSR or Client Support

Salaries range from $40-55k. There is still a high demand for qualified insurance candidates for these positions, which may range from a CSR that handles a small business desk to a CSR that supports an account management team on larger commercial insurance accounts.

Employee Benefits Account Managers

Salaries range from $45-70k+ depending on the book of business handled and the size of employer groups. We are finding many brokers and agencies targeting larger employer groups with the uncertainty of healthcare reform and insurance exchanges. Experience with self funding options is in high demand.

Benefits Analysts

Salaries range from 40-60k+ depending on experience levels. These candidates are in high demand, particularly if they have superior Excel skills and experience with self funding.

Part Time Service Positions

Hourly rates ranging from $17.00-$22.00 per hour for licensed insurance professionals in both personal lines and commercial lines. We saw a significant increase in part time insurance employment this year.

Commercial Producers and Sales Agents

There is consistent demand for producers, however, there was a reluctance to provide base salaries and draws throughout the recession. We did see hiring with base salaries this year, although the pace was slower and the hiring process longer. We anticipate higher demand in 2013, as most agencies had a good financial year in 2012 and are once again able to invest in organic growth.

Insurance Agency Claims Professionals

Salaries ranging from $50-60k. We saw more hiring in this area in 2012. Most positions were created by attrition. We still are not seeing additions to staff in this area, however, we anticipate greater demand in 2013 as the market continues to harden.

If you have any questions, comments or concerns, please feel free to contact me at your convenience!

President of Allison Personnel Service, Tricia Millstead is licensed in property & casualty, life & health, and surplus lines. In addition to attaining her CIC and ARM designations, she also holds a BBA with concentrations in marketing and finance and graduate studies in organizational psychology.