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| | You’re on the Right Track
By Robert Warne - July 9, 2002It may be a bear market on Wall Street, but that hasn’t kept the bulls from stampeding through claims departments the past year. Seasoned property and casualty claims experts are in demand, and across the board, salaries are up from 2001.
Three insurance industry recruiters recently weighed in with their unique perspective to the Los Angeles Times.
Wayne Nolan an insurance recruiter from Audibert Jones in Connecticut told the Times, “In the last three to five years, a lot of new graduates didn’t go into the insurance industry. They went into high tech instead.” This created an experience gap within claims departments, he explained.
“Also, a lot of companies have eliminated or reduced their training capabilities so rather than hiring as many entry level people as they might have in the past, they’re now looking for people with a few years experience,” said Nolan.
Nancy Marver-Ilhan, the director of the insurance practice for the Chicago-based search firm Executive Directions Inc., backed up Nolan’s position.
She told the Times, “For claims positions, companies are looking for people experienced in dealing with complex claims, people who typically have eight to 10 years of experience that includes experience with high hazard files.”
Rick Tolstrup, a partner with American Insurance Executives (Aminex), a Boston-based insurance recruiting firm said that the current demand for top claims talent has led to higher salaries.
“We do an annual salary survey and last year, the biggest jump in salaries was for property and casualty claims people,” Tolstrup told the Times.
This year 72 firms consisting of insurance companies, branch offices and insurance brokers participated in the survey.
Salary ranges on average rose by $10,000 to $15,000. For workers’ compensation, casualty and property claims professionals, 2002 salaries range from $32,000 to $94,000. On the low end there wasn’t much change from 2001, but the high end of the range increased by approximately $40,000.
The complete salary survey can be viewed at: http://www.aminex.com/resources/2002%20Salary%20Survey.doc.
So as the stock market bottoms out, the wisest investment you can make at this time is in your claims career.
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