5 Benefits Loss Adjusters Want From An Employer

Not only is it facing significant talent and skill shortages, but on the whole - there aren't enough candidates to fill positions and support the ageing workforce.

This means employers are fighting to attract talent who are not just being attracted by other insurance companies, but leaving the industry altogether. And as a result, this is impacting retention rates also with the insurance industry facing a turnover rate of 12-15%, with voluntary turnover spiking at higher levels than before (Insurance Business Mag).

This means components such as:

• Engagement

• Progression

• Work-life balance

Are being considered to ensure a healthy shift for the industry.

However, one component that many employers assume is set in stone and may not consider changing is benefits. Or, if employers do consider changing them, they don't consider if the change is relevant or beneficial to their employees.

As an employer, especially in the insurance industry, understanding what employees value most in their benefits packages is crucial for attracting and retaining top talent.

For loss-adjusting professionals, we've found that certain benefits stand out as particularly valuable, while others are appreciated but not a must.

Enhanced Parental Leave

This tops the list as the most valued benefit; something that may be surprising for employers when there are plenty of other attractive benefits.

However, when looking at the priorities for many employees, across all industries but also insurance, work-life balance is at the top. And of course, this can include working from home, but it also includes benefits that support families.

To be successful in attracting a range of talent, employers need to be aware that that also includes parents. This is especially vital for the insurance industry which is facing an ageing workforce. Having family-friendly benefits such as:

• Enhanced parental leave for both primary and secondary carers

• Adoption leave and pay

• Flexible working

Will ensure your package is attractive to a wide range of people.

Bonus Scheme

Financial incentives like bonuses are highly appreciated.

There has however been a switch within Loss Adjusting with the opportunity to earn bonuses based on accuracy of claims settlement and company performance proving more desirable than the conventional bonuses accrued through the number of claims settled.

This gives a higher incentive for Loss Adjusters not just to join but to stay if the bonus scheme competes well with other companies.

Training Opportunities

Opportunities for learning and development are highly valued amongst Loss Adjusters, especially due to the clear skill shortage.

They value the chance to grow their skills and advance their careers with the ILM now challenging CILA in popularity. Candidates also look favourable to employers willing to allow studies within work time as this demonstrates an intent to offer progress but also overcome the disconnect between achieving qualifications only being of benefit to the employee and not the employer.

Training also results in progression, something that is crucial in the current insurance market because there are senior roles that are in need of filling. Not to mention, without clear progression paths, Loss Adjusters are likely to become disengaged because they can’t see their career moving forward in the company.

Company Car

While not as highly valued as other benefits, the provision of a company car is still appreciated by many.

As a Loss Adjuster, a car often becomes your office as you're driving around the country, so having an employer pay real attention to comfort and practicality is valued.

Holiday Purchases

With most employers suffering from burnout due to workload across the Loss Adjusting landscape, the ability to purchase additional holiday time is becoming increasingly valued.

Whilst it's important to have guidelines in place to maintain company operations, a focus on work-life balance, and rewarding periods of hard work can be a great way to motivate.

Least Valued Benefits

Whilst all benefits are appreciated, the following benefits are ones Loss Adjusters care slightly less about.

Benefits Portal/Discounts

Surprisingly, benefits portals and discounts are the least valued. This might indicate that such perks are either underutilised or not seen as impactful by employees.

Healthcare

Healthcare benefits are also low on the list. This could be due to employees having other sources of coverage or not perceiving employer-provided healthcare as an efficient cover for them or their dependants.

Death in Service

Death-in-service benefits, while important, are not highly valued, possibly because they are not immediately relevant or something most employees will ever utilise.

Pension

Pensions are among the least valued benefits, indicating that immediate financial incentives might be more attractive to professionals in this field.

NEED SOME FRIENDLY ADVICE OR MORE TIPS?

If you are looking for more advice or help finding your next job, we can help, please give us a call on: 0117 301 8495 or take a look at our jobs page. Alternatively, if you’re an employer in the UK looking to recruit and need someone with real recruiting expertise then we can help – let’s chat.