Career Motivations
Nearly two thirds of surveyed insurance & actuarial professionals said they had not been promoted in the past year, highlighting the scope of this retention risk for employers: many will look externally to achieve the title, responsibility, or salary growth they want if they are not progressing internally. Don't wait for promotion cycles to address ambition if your firm is struggling with attrition. Regular career conversations, clear promotion criteria, and realistic timelines can help retain strong performers before they start exploring the market. Where promotion is not possible, be clear on how employees can still build their career scope, visibility, and compensation over time.
QUESTION 20
Have you been promoted in the last 12 months?
Yes - promoted internally by my current employer
Yes - promoted by moving to a new employer
No
QUESTION 21
How much of a pay rise would you look for in your next role?
Flat move
1-10%
11-20%
21-30%
Over 30%
“Candidates often come to us with high expectations around the salary increase they want in order to move. The reality is that many offers are landing closer to the 10% range, while some candidates are expecting closer to double that. Both employers and candidates need a realistic view of the market, otherwise expectations can become a challenge later in hiring processes.”
Corinne Wilson, SVP Account Management & Commercial Strategy - Insurance
Push Factors
The top reasons that would influence respondents to leave their current company:
01. Poor work-life balance
02. Low base salary
03. Changes to their role, manager, or company
Pull Factors
The top reasons that would attract respondents to a new company:
01. Higher base salary
02. Better flexible working/work from home policies
03. Larger bonus
Work-life balance has become the leading reason for insurance & actuarial professionals to leave their current role, overtaking low base salary from last year's survey results. This confirms that retention risk is not only about pay. Flexibility, workload, team capacity, management changes, and long-term role potential all influence whether employees stay or start exploring the market. The pull factors that attract people to firms remain consistent year-on-year, and also focus on compensation and workplace flexibility. This not only means ensuring that new offers are practical and competitive to secure top candidates, but also that current employees can access the same value before a competitor puts it in front of them.
“Candidates are still focused on the fundamentals: base salary and flexible working. If employers are not getting those two things right, they are going to struggle to attract and retain the people they need. This requires understanding where your offer sits against the market and being realistic about what will make someone move. Speak to us for more information on how your compensation, flexibility, and role positioning compares.”
Corinne Wilson, SVP Account Management & Commercial Strategy - Insurance
QUESTION 22
Are you happy at your current company?
Yes
No
Most surveyed insurance & actuarial professionals say they are happy at their current company, which points to a stable talent market. But stability does not mean employers can take their talent for granted. Losing even a small number of experienced actuaries, underwriters, claims leaders, or insurance professionals can create gaps that are difficult and expensive to replace. Employers should maintain visibility of the priorities of their insurance and actuarial teams, especially in areas where skills are hard to replace. Regular conversations around workload, career goals, compensation, and flexibility can help address any concerns early and protect the people the business has already invested in.
Spotlight: Counter Offers
Counter offers are common among insurance firms
40% of surveyed insurance & actuarial professionals said they received a counter offer from their current employer after resigning.
Compensation is the foundation of most counter offers
Employers primarily offer financial incentives to retain talent. Among respondents who had received a counter offer:
- 78% were offered a salary increase
- 22% were offered a bonus or retention payment
- 22% were offered a promotion or title change
- 26% said their counter offers were verbal promises only
But most professionals still decline
The good news for hiring managers is that most professionals who receive a counter offer decline it. But the acceptance rate is still high enough to create business risk.
Among respondents who had received a counter offer:
- 70% declined it
- 30% accepted it
Reducing counter offer risk means understanding why people leave
Employers can reduce counter offer risk when hiring and reduce attrition by:
- Identifying the real reason behind a move early
- Consistent alignment on compensation and progression
- Maintaining engagement throughout offer processes
“Insurance & actuarial is a tight, relationship-driven sector, so while a counter offer can feel like the best option in the short term, professionals need to consider the longer-term impact on their reputation and relationships in the market. If a candidate accepts an offer and then pulls out, hiring managers will also remember this, so it is important to think beyond any immediate benefits.”
Taylor Carrasco, Executive Director - Head of Insurance & Actuarial Services
More Counter Offer Insights:
Spotlight: Relocation
Relocation is part of career progression for many professionals
34% of surveyed insurance & actuarial professionals have relocated for a role before, creating opportunity for employers targeting talent beyond their immediate area.
Most employers provide relocation support
Most professionals who relocated received structured support from their employer, focused on financial support rather than practical assistance.
- 70% received a relocation allowance or lump-sum payment
- 26% received housing support
- 17% received a cost-of-living adjustment
- 17% received no formal support
Future mobility depends on the opportunity
Three quarters of insurance & actuarial professionals would be open to relocating if the role justified the move.
- 46% are very or somewhat open to relocating
- 29% would relocate for the right opportunity
- 25% are not open to relocating
Career progression and compensation drive decisions
The decision to relocate is usually tied to career and financial outcomes.
- 44% would primarily relocate for a significant career step
- 39% for higher compensation
- 14% for improved lifestyle or flexibility
- 3% to support a spouse or partner relocating
Future relocation expectations are higher than current support
Professionals expect more than a lump sum payment when considering a future move:
- 83% expect a relocation allowance
- 45% expect housing support
- 41% expect a cost-of-living adjustment
- 31% expect househunting visits
- 28% expect support with the costs of selling and buying a home
Relocation only works when it reduces risk
In a market where many professionals are not actively looking to relocate, the burden is on the employer to make a strong offer, which should do three things to convert interest into acceptance:
- Justify the move through progression or compensation
- Reduce financial exposure through allowances and cost-of-living support
- Remove practical friction with housing and logistics support
“Some companies want to hire locally, but for niche or senior-level insurance & actuarial roles, the local talent pool is not always there. If employers are not open to relocation or a remote option, this can make the search much harder than it needs to be.”
Taylor Carrasco, Executive Director - Head of Insurance & Actuarial Services
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