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Actuarial contracting - a risk worth taking?

by Austin Brislen | 28 November 2016

Over the last 12 months Sellick Partnership’s Actuarial Team have seen a healthy and steady increase in the volume of permanent positions across the market, with internal MI indicating no real change in hiring requirements, from the beginning of the year to now. This is an extremely healthy sign, post-Brexit. On the permanent side, some General Insurers Pricing & Underwriting teams have opted to open up Pricing vacancies to non-Actuarial candidates as well as Actuaries. Although this is not necessarily a new trend, there seems to have been a much greater success rate this year, with companies sourcing highly skilled Pricing professionals to fill what may have traditionally been seen as roles exclusive to Actuaries.

However, over the last year our Actuarial Team have experienced a significant growth in the volume of daily rate contract roles we have been receiving from clients. We have seen a substantial increase across both the Life and General Insurance markets. In part some of the increase has been due to organisations taking a more pragmatic view to the use of contractors, to fill short term resource gaps. Whereas some of the growth has come from, long term projects, which may have been the result of an acquisition or system transformation.

The increase in contracting opportunities has also impacted the permanent market, as many candidates we have placed in assignments this year have left permanent roles to enter the contracting market.

Whilst some may consider taking the jump from permanent to contract slightly daunting, those on the fence seem to have had their concerns quelled by the visible buoyancy of the market and availability of contract roles.

With the financial rewards on offer for contracting in the Actuarial market, it is understandable to have seen the increase in the numbers of candidates willing to undertake roles. This is particularly the case when taking into account the potential differences in net take-home after tax, for some contractors versus permanent staff.

Feedback from candidates also reflects, that they are finding it very straightforward to practically set themselves up for contracting. As well as the information we can provide candidates about the basics of contracting. There are also a lot of umbrella companies and accountancy firms who are more than happy to offer free consultations to advise on the most efficient tax set up for your individual circumstances. These firms will even set up a Limited company for you and register your company for VAT, for a fee.

Over the last 15 years our business has been built of the provision of high quality contractor resource to clients. So Sellick Partnership make life for contractors very straight forward, we have online portals for you to process your timesheets and offer frequent and fast payment terms. Given we have hundreds of contractors on assignment at any one time, we have a dedicated support team who are on hand to answer any queries.

If you are thinking of entering the Actuarial contract market, why not drop Sellick Partnership’s Actuarial Team a line on 0151 224 1480 and one of our experienced consultants will be happy to discuss our current assignments.