50% pay rises for IT professionals in the insurance sector
50% pay rises for IT professionals in the insurance sector as regulatory pressure mounts
Actuarial System Modellers working on Solvency II projects earning 900 a day
Up to 225,000 a year
Actuarial IT professionals working in the insurance sector are receiving pay rises of up to 50% as insurers upgrade their systems to be fully compliant with new regulatory standards, says ReThink Recruitment, the business and technology staffing company.
ReThink says that actuaries with IT skills working on Solvency II projects are earning up to 900 per day, which is the equivalent to around 225,000 a year.
According to ReThink, there has been a massive increase in demand for IT professionals as insurers prepare for the Solvency II requirements, due to come into effect 31 December 2012.
The Solvency II regulations will impose new capital adequacy and risk management requirements, which will require insurers to update their internal risk models, databases and reporting systems all of which will require investment in IT.
ReThink says that skilled candidates are increasingly receiving offers of 50% or more on their existing pay. Candidates on contracts worth 600 per day are now receiving offers from rival firms of up to 900 a day.
Guy Stubbing at ReThink comments: The rush to comply with Solvency II has created enormous demand for suitably skilled candidates. Many of the people we are placing are hybrid IT people. They are part-qualified actuaries who have IT skills in areas like risk modelling and reporting systems.
The market is now almost entirely candidate-led. Candidates come to us and we often place them within a matter of days. Increasingly, they have more than one offer and a bidding war develops.
He says: Insurers will need new or enhanced risk management systems. For many this will mean building bespoke IT systems.
ReThink says that the shortage of qualified candidates has become so acute that insures are increasingly having to sponsor non-EU workers to fill roles.
Guy Stubbing: The shortage of IT people with experience in this area is forcing many insurers to recruit non-EU workers to fill key roles. Many are now in a race against time to be ready for Solvency II, and the pool of suitable candidates is very limited, so recruiting from countries like India is a viable option.