Changes in Insurance Position Salaries Locally

We have been receiving many calls from clients recently inquiring about salary levels.  We thought it would be a good time to update everyone on the changes we are seeing locally.

Personal Lines

There has been a definite uptick in hiring on the agency side, particularly in personal lines. As the market hardens in personal lines we are seeing agencies adding to staff to meet the increased service demands on existing business.  There are also agencies adding in the personal lines sales area in an attempt to grow their business, as clients are now actively shopping their accounts.  The result in the employment area is that we are finding shortages of qualified insurance account managers.  This means that salaries are creeping upwards.  Right now we are having difficulty finding personal lines CSRs/AMs under $40,000.  Many that we have spoken with that are interested in moving are making $40k-$45k.  This is a significant change from last year, when we were regularly seeing salaries in the mid $30ks.

“Many CSRs that we have spoken with that are interested in moving are making $40k-$45k. This is a significant change from last year, when we were regularly seeing salaries in the mid $30ks.”

Employee Benefits

Another area where we are finding some shortage of qualified candidates is employee benefits.  Particularly at the insurance benefit analyst level we have high demand and few qualified candidates within the target salary range.  We are seeing salaries in the $45-$55k range for experienced analysts with multiple carrier and Excel experience.  Last year, we were finding salaries in the $38-$46k range.

Commercial Lines

In commercial lines, we are seeing an increased demand also.  Salary levels are rising, as truly qualified candidates are not willing to move laterally as they might have done in the past few years.  Candidates that have had no increases and/or have taken a reduction in salary during the recession are now looking to increase their income.  We are seeing small business desk CSRs in the $40-50k range; middle market account managers in the $50-65k range; large account service and marketing candidates are $65k and up.

“With few insurance carriers recruiting and training people out of college, we have a very skewed age demographic within the industry.”

Trends

We have seen an increasing amount of counter offers extended to candidates during the past 6 months.  We are also seeing a minor trend toward less than full-time positions.  Employers are interested in this to save benefit costs and candidates are interested in this for work/life balance reasons.  Some candidates we have worked with have found that they can stay at the same salary level and reduce their work hours.  This is a trend that we see continuing.  We have also seen an increasing amount of requests for temporary workers as the workforce ages and medical leaves are becoming more common.  With few insurance carriers recruiting and training people out of college, we have a very skewed age demographic within the industry.  The National Alliance published an interesting report on the looming age gap last year.

Please contact us if you have any questions that we haven’t addressed here. We are excited to be your Michigan insurance employment agency!

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.