Insurance Business UK 5.03

DECEMBER ISSUE 5.03

2020

PRESENTED BY

U

K

TOP INSURANCE WORKPLACES Insurance professionals name the best places to work across the industry

SPECIAL REPORT

TOP INSURANCE WORKPLACES 2020

PRESENTED BY

U

K

TOP INSURANCE WORKPLACES For the first time ever, Insurance Business UK polled insurance professionals across the country to uncover the industry’s best places to work WHAT MAKES an insurance workplace great? There are several elements that seem to be consistent among the very best, including a commitment to employee development and a healthy work-life balance. However, these basic tenets must be considered alongside a variety of more arbitrary factors to create a holistic picture of what it means to be a truly outstanding workplace.

Who better to decide what makes a workplace exceptional than those who work there? With this in mind, Insurance Business UK reached out to the insurance professionals building careers in a range of companies across the UK and asked them to rate their employers’ performance on everything from compensation and benefits to diversity, employee development and culture.

In addition to being asked to rate their organisation on a scale of 1 (poor) to 5 (excellent) in each category, employees were also given an opportunity to share their employers’ most effective and attractive initiatives, from volunteering opportunities to strong mentorship programmes and flexible working hours.

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METHODOLOGY The process to become a Top Insurance Workplace encompassed two phases. In the first phase, IBUK invited organisations to fill out an employer form, asking them to explain their various offerings and practices.

In the second phase, employees from nominated companies were asked to fill out an anonymous survey evaluating their workplace on several metrics, including benefits, compensation, culture, employee development and more.

To be considered, each organisation had to reach a minimum number of employee responses based on overall size. Only organisations that achieved an 80% or greater average satisfaction rating from employees were named a Top Insurance Workplace.

TOP INSURANCE WORKPLACES BY TYPE

30% Brokerage

20% MGA/MGU

10%

40%

Technology/insurtech

Other

2020

PRESENTED BY

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K

COMPENSATION, BENEFITS AND INCENTIVES For many employees, the base salary they are offered is a major factor in their decision to accept a job – in a recent Willis Towers Watson survey, 48% of employees in the EMEA region ranked earning more pay or a higher bonus as their top priority.

The need for strong benefits is also a pressing concern for many employees – 39% of employees in the EMEA region told Willis Towers Watson they prioritise more generous benefits when deciding whether to accept a job. In a survey by the Employee Benefit Research Institute, 78% of employees agreed that benefits are a significant factor in their

When do employees become eligible for benefits?

decision to accept or reject a job.

A key benefit offered by all of IBUK’s Top Insurance Workplaces is flexible work options. The majority also offer incentives such as wellness programmes, sabbaticals and cycle-to-work schemes. In addition, this year’s Top Insurance Workplaces have found creative ways to reward their team members, from share options and financial incentives for completing qualifications to bonuses for life events such as having a child or getting married. In conjunction with a competitive salary, these incentives are among the top reasons employees love where they work.

How many paid days off do employees receive annually?

50%

50% 40%

40% 30% 20%

10%

10%

Immediately 50% After 90 days from hire 30% More than 90 days from hire 10% Other 10%

0%

20 to 25

26 to 30

Fewer than 99 employees

50% YES

50% NO

100 to 499 employees

50% YES

50% NO

83%

Fewer than 99 employees

17%

100%

100 to 499 employees

0%

YES

YES

NO

NO

WHAT EMPLOYEES HAD TO SAY “The organisation is choosing good leaders and managers and giving everyone in the company the opportunity to progress and take on responsibility.”

“I think they know we work hard so are keen to repay us with job security where they can. Allowing share ownership so people can reap the benefit of the projected success of the company is a great idea.”

30+

WHAT TOP WORKPLACES ARE DOING DIFFERENTLY “Our structure allows unit leaders to share in the profitability of their business. They also set bonuses for their teams and have full autonomy.”

Does your organisation pay into your pension scheme?

Does your organisation offer incentive programmes?

“We host employee awards on a quarterly and yearly basis to recognise outstanding performance.

Nominees for the awards are put forward by their colleagues, with a company-wide vote held to decide the winners.”

“All employees, following successful completion of their probation, are able to purchase [our] shares, for which interest-free loans are made available.”

“The organisation is valuing us as staff by rewarding us with evenings out, dinners, etc., as well as pay rises and yearly bonuses.”

Does your organisation offer sabbaticals?

Fewer than 99 employees 0%

25%

Yes (paid)

100%

100 to 499 employees Yes (paid)

25%

Yes (unpaid)

Yes (unpaid)

0%

50%

No

No

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SPECIAL REPORT

TOP INSURANCE WORKPLACES

DIVERSITY AND INCLUSION In the wake of movements such as Black Lives Matter, the need for diversity and inclusion to be more than a box-checking exercise has been brought firmly to the forefront at companies across the insurance sector and beyond.

At IBUK’s Top Insurance Workplaces, the extent to which diversity and inclusion has been embraced often directly correlates to the level of success the organisation enjoys.

Several companies highlighted the initiatives they have implemented to nurture and develop diverse talent within their businesses.

From programmes to recruit young talent and/or the ageing workforce to programmes aimed at bringing in minority employees, these companies have embraced a broad definition of diversity that includes gender, age, race, sexual orientation and disability.

However, this survey makes it clear that insurance businesses still have a long way to go when it comes to applying the principles of diversity and inclusion at the upper echelons. For instance, while women make up an average of 47% of the workforce at this year’s Top Insurance Workplaces, only 23% of employees at the executive level, on average, are women.

What percentage of employees are male versus female?

45%

FEMALE

48%

Male 69% Female 31%

52%

Fewer than 99 employees

100–499 employees

MALE

60% 50%

100–499 employees

What percentage of employees identify as a racial or ethnic minority, LGBTQ+, or a person with a disability?

Male 86% Female 14%

What’s the proportion of minorities at the executive level?

Fewer than 99 employees

26%

30% 25% 20% 15%

100 to 499 employees

What percentage of employees are millennials?

Fewer than 99 employees

FEMALE

55% MALE

What’s the gender breakdown at the executive level?

10%

8%

5% 0%

Fewer than 99 employees

100 to 499 employees

WHAT TOP WORKPLACES ARE DOING DIFFERENTLY

40%

“Our approach is to always recruit and retain the right person, irrespective of age, disability, gender, sexual orientation, race or religion.”

30% “We host a monthly Diversity and Inclusion Forum to promote open conversations across the company. Previous agenda items have included unconscious bias, women in tech, introverts/extroverts, first languages and parenting.”

20% 10% 0%

53%

43%

Fewer than 99 employees 100 to 499 employees

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“We recently enabled two members of staff nearing retirement to become mentors to younger people. We are committed to equal opportunities, and that extends to employees of all ages.”

2020

PRESENTED BY

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What’s the proportion of millennials at the executive level?

Fewer than 99 employees 26% 100 to 499 employees 9%

WHAT EMPLOYEES HAD TO SAY “The culture amongst everyone I’ve met since I joined really sets the place apart. [Our CEO] has genuinely shown a keen interest in the BLM movement and how he can look to improve diversity.”

“The company has a good, supportive culture, is quick to adapt to market changes, and is keen to enable the development of people and foster open communication with all parts of the business.”

EMPLOYEE DEVELOPMENT A common thread between all of IBUK’s Top Insurance Workplaces was an emphasis on supporting growth opportunities for their employees. Each of these organisations has embraced the development of internal talent to create a strong pipeline capable of sustaining future growth.

From offering education and training programmes beyond the industry standard to supporting the individual development of staff through continuous performance reviews, these organisations set the gold standard for talent retention. Several companies have been running apprenticeship and

mentorship schemes for several years and are closely following the development of the individuals who have taken part. “We see our apprenticeship scheme as an investment in the workforce for the future – not only for us, but for the insurance industry as a whole,” one company said.

The need for senior leaders to take responsibility for attracting and retaining talent is clear. Employees cited regular communication from C-suite executives and the close monitoring of the progress and wellness of employees at every level as essential advantages of their workplaces.

Does your organisation offer education programmes and opportunities outside of what’s required industry-wide?

Does your organisation have programmes aimed at employee training, mentorship and/or leadership development?

Fewer than 99 employees

83%

17%

100% YES

Fewer than 99 employees

0%

No

100 to 499 employees

75%

25%

100%

100 to 499 employees

0%

Yes

Yes

How often does your organisation conduct company-wide meetings?

“We have strong representation of minorities, including women and people of colour.”

“The company displays flexibility and agility in a demanding environment and is caring for employees’ individual circumstances. It is not being too bound by HR red tape like larger organisations and has open lines of communication with all levels of the business.”

K

Weekly 30% Monthly 20% Quarterly 10% Other 40%

No

YES

NO

NO

WHAT EMPLOYEES HAD TO SAY “The company has good culture and strong management. It provides development opportunities and career growth with flexibility and trust to make the most of your role.”

“The organisation has a strong, approachable and friendly leadership team who are always willing to listen to what staff from all levels have to say.”

“Dealing with the pandemic, I feel they are one step ahead and have been throughout.”

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SPECIAL REPORT

TOP INSURANCE WORKPLACES

CULTURE

How often does your organisation conduct performance reviews?

50%

It’s hard to define exactly what makes a great company culture. For most people, culture is an intangible thing that’s only noticed when it’s done very well or very poorly. However, the COVID-19 pandemic has underscored the essential role that a business’s culture plays in its operational resilience. The organisations that have poured all available resources into creating a positive, supportive environment are finding that it has paid dividends during this crisis.

From fostering teamwork to creating open channels of communication to offering flexible work opportunities, there were several common themes within the cultures of this

40%

30%

20%

10%

0%

Once a year

Twice a year

Quarterly

WHAT TOP WORKPLACES ARE DOING DIFFERENTLY “We pay for and encourage all staff to undertake ACII/DIP/ Cert studies. The MD of the firm arranges one-on-one sessions for those who need support.”

“We make bonus awards for employees attaining a CII certification and those in support functions achieving professional/ chartered certifications. We also provide paid study leave.”

“Training is embedded in our culture. It is encouraged, sponsored and supported with a comprehensive education and training scheme within our staff handbook.”

“We work with universities and recruitment firms to offer internships, and we recruit the best candidates who are introduced to us this way.”

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Does your organisation offer wellness programmes or incentives?

year’s Top Insurance Workplaces. Retention rates are a key indicator of a successful culture, and the Top Insurance Workplaces had an incredibly strong 89% average retention rate.

When asked to name the standout aspects of their company’s culture, employees cited a range of perks, from awards and recognition to gym membership discounts to monthly diversity and inclusion forums. “Something the organisation does really well is building out amazing products while still putting staff first and making sure they are happy and working to their best ability, even in these unprecedented times,” one employee said.

What is your employee retention rate?

100%

93% 84%

40%

40%

80%

NO

60%

60% YES

100%

40%

YES

20%

0%

Fewer than 99 employees

100 to 499 employees

Fewer than 99 employees

100 to 499 employees

2020

PRESENTED BY

U

Does your organisation have any family-friendly benefits or programmes?

20%

80%

NO

YES

Does your organisation support any community or charitable organisations?

K

WHAT TOP WORKPLACES ARE DOING DIFFERENTLY “We have a flexible working policy which sets out the guidelines for flexible working within the business. Given the restrictions of the current pandemic, all of our employees are home working, and those who are required to attend site visits are doing so in a very controlled manner with the appropriate health and safety instructions and kit provided.”

“We provide anyone who is competent and has the desire to create a service proposition for clients to utilise our support network and have access to finance and support so they can achieve full professional independence in their lives.

We do not dictate working hours, targets or where they operate from.” “[We] have a wellbeing committee run by staff in conjunction with the HR team.

They have a generous annual budget and can choose to spend it as they wish – for example, earlier this year and during lockdown, online yoga classes were arranged for staff.”

WHAT EMPLOYEES HAD TO SAY “The company is creating an excellent working culture that is not only inclusive, it also has a structure that is as flat as it can be without losing any of the organisational benefits of a hierarchy.”

80%

“The business has transparency from management, with all departments keeping the team up to date on information. Everyone in the team pulls together to deliver a deadline.”

YES

20% NO

“During the COVID-19 crisis, our CEO kept up communications on a regular basis with the entire company and pledged that no job losses would occur, giving everyone security, which is very important.”

“The company has a very inclusive and friendly workplace. Everyone is very accessible and wants to help you develop.”

Does your organisation offer any flexible work options?

Yes

No

Does your organisation have employee recognition programmes or awards?

Does your organisation participate in team-building and/or leisure activities?

100%

Fewer than 99 employees 100%

89% YES

11% NO

100 to 499 employees

100% YES

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SPECIAL REPORT

TOP INSURANCE WORKPLACES 2020

PRESENTED BY

U

K

TOP INSURANCE WORKPLACES 2020

The following companies achieved an average satisfaction rating of 80% or greater from their employees

FEWER THAN 99 EMPLOYEES

100 TO 499 EMPLOYEES

TAPOLY

CFC UNDERWRITING

Headquarters: London, UK Year founded: 2016

Score:

97.1%

MOVO INVESTMENT GROUP Headquarters: Orpington, UK Year founded: 2016

Score:

92.1%

Score:

87.3%

Score:

85.6%

Score:

82.4%

Score:

80.0%

LOCKYER COMMERCIAL Headquarters: Wakefield, UK Year founded: 1981

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Headquarters: London, UK Year founded: 1887

Score:

82.7%

Headquarters: London, UK Year founded: 2001

Score:

80.9%

Score:

80.0%

QUESTGATES

E2E TOTAL LOSS VEHICLE MANAGEMENT Headquarters: Darlington, UK Year founded: 1985

84.3%

CLEAR INSURANCE MANAGEMENT

AVENTUS Headquarters: London, UK Year founded: 2020

Score:

TH MARCH GROUP

CYTORA Headquarters: London, UK Year founded: 2012

Headquarters: London, UK Year founded: 1993

Headquarters: Birmingham, UK Year founded: 2003