Gender Pay Gap Report 2022

On 5 April 2021 Clear Insurance Management Limited employed 273 people and for the first time, we have reported to HM Government the Gender Pay Gap data required by them for firms of our size.  

The pay gap the data demonstrates is caused by the fact that there are more males than females in management and senior leadership positions (that attract higher pay) across the business; a fact and challenge seen across nearly all financial service firms.  The pay gap is not caused by unequal pay for men and women in the same roles and with similar experience.

We firmly believe that closing the gap is critical to the ongoing success and future of our business and are committed to working both with our businesses inside The Clear Group and our peers in the wider insurance Market to address the matter.   

Based on the average hourly rates of pay at 5th April 2021, the mean gender pay gap was 40%, and the median (mid point) pay gap was 42%.

The data at 5 April 2021 for bonuses shows that the mean bonus gap was 66%, and the median bonus gap was 49.5%. 40% of males receive a bonus, and 30% of females.

Across the pay quartiles, in the lowest quartile (quartile 1), 71% are female and 29% are male. In the second quartile, 41% are male and 59% are female, in the third quartile, 57% are male and 43% are female, and in the top quartile, 83% are male and 17% are female.

We are committed to providing an inclusive working environment and developing the best talent across the company.  During 2021 we are introducing a Talent Framework across The Clear Group which will allow us to identify our talent across multiple locations, refine our succession plans for the medium & long term and develop our reward practices to encourage a better gender balance within the business.   As at the reporting date, our board of directors was made up entirely of men which is something we have targeted and addressed during 2021, appointing 3 female Directors across the Clear Group (subject to FCA approval).