The trend toward ever greater integration of insurance into the world of financial services could place CIOs in an attractive financial position over the next few years. Salaries for insurance CIOs are likely to increase, particularly among carriers that want to transform their business by leveraging technology. Today, insurance CIOs generally are earning salaries on the lower side of the financial services. But as insurers become bigger cogs in the financial services wheel, insurance CIOs will discover one wonderful fact: CIOs within the financial services industry receive the highest average compensation among CIOs in all industries.
Those are some of the findings and opinions of companies such as META Group, which is in the final stages of presenting its annual IT Staffing and Compensation Guide, and Spencer Stuart, the global executive search firm, which recently completed its own IT compensation study.
Carl Gilchrist, a partner at Spencer Stuart in charge of the North American CIO field, says his companys report concluded there is a scarcity of top information officer professionals with a proven track record, and that continues to drive CIO salaries higher. Spencer Stuart claims the total average compensation for CIOs in financial services is $459,123. Included in that is a bonus average of $178,021.
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