Musings on 2024 Semi-Annual WDC Insurance Salary Report

We released our 21st Semi-Annual Insurance Salary Report covering the WDC metropolitan region including Virginia and Maryland for the period ended June 30, 2024 this past week.  If you missed it, here it is: 2024 Insurance Salary Report

The report illustrates how and why the market for top insurance account management and producer talent across employee benefits and P&C in the WDC region remains very tight with little movement.

Here are my final thoughts on the report:

1.       Salaries have remained essentially flat during the first half of 2024 due to the game of chicken now being played between hiring authorities and candidates discussed in the report.  There is almost no movement in the talent marketplace in the WDC regional insurance sector right now.  Something has to give.

2.       There still remains a general reluctance of top talent to make a change given the continued drum beat of a recession.  People of all socioeconomic levels crave stability and security.

3.       Many firms are now retooling and rethinking their corporate strategy and work culture to attract and retain top talent by providing more of a human-centered approach to workers.  We see this dynamic being increasingly mentioned by the younger account management candidates more and more.

4.       Having the opportunity to work in a human-centered work culture (HCWC) is the main reason why account management candidates are now “running towards” new opportunities.  Per our Employee Satisfaction Report issued in October 2023 (2023 Employee Satisfaction Report), money has dropped in priority to make a move from #1 in 2020 to #6 right now.  And the younger the individual, the more this is happening.  In order of employee priority, a HCWC is comprised of the following: 1) Human-Centered Work Culture, 2) Engaging Work, 3) Consistent and Concise corporate communications, 4) Professional Growth, 5) Team Success, and 6) Financial Rewards.

5.       EB account managers and producers make, on average and with the same experience level, approximately 10.4% more than their P&C colleagues.  EB is clearly the place to be if compensation is one’s primary goal.

6.       Employees with industry certifications MAKE SIGNFICANTLY more money than those without.

Your feedback is greatly appreciated.  I listen to your ideas, thoughts, and comments very carefully.

If you have any further suggestions on how to make this report more responsive to your needs in terms of data points or visual presentation, I want to hear from you.  There is a very good chance our team will make the change because we serve you and the WDC regional insurance community.

Rob

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• 3Raj Kolluru and 2 others

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