Average Associate Insurance Representative Salary in Colombia for 2024

In this article, we will look at the average Associate Insurance Representative salary for 2024 in Colombia and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the Colombian peso. To keep things simple, we are using the COP currency code instead of the currency symbol $.

How Much Does an Associate Insurance Representative Make in Colombia?

An Associate Insurance Representative working in Colombia will typically earn around 30,479,000 COP per year, and this can range from the lowest average salary of about 14,639,900 COP to the highest average salary of 47,880,300 COP.

Average Annual Salary
30,479,000 COP
Average Monthly Salary
2,539,916 COP

Lowest Annual Salary
14,639,900 COP
Lowest Monthly Salary
1,219,991 COP

Highest Annual Salary
47,880,300 COP
Highest Monthly Salary
3,990,025 COP

These are average salaries for an Associate Insurance Representative in Colombia and include benefits such as housing and transport. It's also possible for an Associate Insurance Representative to earn more or less than the average salaries shown above.

Associate Insurance Representative salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Associate Insurance Representative Salaries in Colombia

So we've looked at the average salaries an Associate Insurance Representative will earn in Colombia. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that an Associate Insurance Representative can earn between 14,639,900 COP and 47,880,300 COP on average in Colombia. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for an Associate Insurance Representative in Colombia is 31,678,800 COP. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 31,678,800 COP, and 50% of the population earn more than 31,678,800 COP.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Associate Insurance Representative salary in Colombia, 25% of the population are earning less than 20,878,800 COP while 75% of the population earn more than 20,878,800 COP.

75% of the population earn less than 41,399,600 COP, and 25% of the population earn more than 41,399,600 COP.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Associate Insurance Representative Salary by Experience Level in Colombia

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average associate insurance representative salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. An Associate Insurance Representative in Colombia that has less than two years of experience can expect to earn somewhere in the region of 17,159,700 COP.
  • 2 - 5 Years Experience. With two to five years of experience the average Associate Insurance Representative salary would increase to 24,239,000 COP.
  • 5 - 10 Years Experience. From five to ten years of experience as an Associate Insurance Representative, the average salary would be 31,919,300 COP.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 39,241,100 COP.
  • 15 - 20 Years Experience. An Associate Insurance Representative with 15 to 20 years of experience can earn an average of 41,761,800 COP.
  • 20+ Years Experience. For an Associate Insurance Representative with more than 20 years, the expected average salary increases to 45,719,900 COP.

Average Salary by Experience Chart

0-2 Years
17,159,700 COP
2-5 Years +42%
24,239,000 COP
5-10 Years +31%
31,919,300 COP
10-15 Years +23%
39,241,100 COP
15-20 Years +6%
41,761,800 COP
20+ Years +10%
45,719,900 COP

Associate Insurance Representative Salary by Education Level in Colombia

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for an Associate Insurance Representative in Colombia based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Certificate or Diploma. An Associate Insurance Representative in Colombia with a certificate or diploma education can earn an average salary of 21,361,700 COP.

  • Bachelor's Degree. An Associate Insurance Representative in Colombia with a bachelor's degree education can earn an average salary of 33,961,700 COP.

  • Master's Degree. An Associate Insurance Representative in Colombia with a master's degree education can earn an average salary of 45,239,100 COP.

Average Salary by Education Chart

Certificate or Diploma
21,361,700 COP
Bachelor's Degree +59%
33,961,700 COP
Master's Degree +33%
45,239,100 COP

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Colombia is around 23,500,000 to 70,400,000 COP and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Associate Insurance Representative Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Colombia, a male associate insurance representative will earn an average of 32,038,500 COP, while a female associate insurance representative will earn around 29,761,800 COP.

This means that a male associate insurance representative earns approximately 8% more than a female associate insurance representative for performing the same job.

Average Salary by Gender Chart in Colombia

Male
32,038,500 COP
Female -8%
29,761,800 COP

Associate Insurance Representative Average Pay Raise in Colombia

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for an Associate Insurance Representative in Colombia is around 9% every 19 months.

The national average pay raise across all professions and industries in Colombia is around 7% every 19 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 9 ÷ 19 ) × 12  = 6%

What this means is that an Associate Insurance Representative in Colombia can expect to receive an average pay raise of around 6% every 12 months.

Annual Pay Raise by Industry in Colombia for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Colombia.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
2%
Energy
4%
Information Technology
6%
Healthcare
8%
Travel
1%
Construction
3%
Education
5%

Associate Insurance Representative Bonus and Incentive Rates in Colombia

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

An Associate Insurance Representative is a moderate bonus based job, with 53% of employees reporting at least one bonus in the last 12 months.

47% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 3% to 6%.

Received Bonus
53%
No Bonus
47%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Colombia earn approximately 11% more than private sector employees in the same role.

Public Sector
58,559,300 COP
Private Sector -11%
52,800,100 COP

Salaries for Jobs Similar to an Associate Insurance Representative

In the table below, we have salary information for jobs that are similar to an Associate Insurance Representative in Colombia.

Job Title Category Salary
Actuarial Analyst Insurance 76,921,100 COP
Actuarial Assistant Insurance 51,238,900 COP
Actuarial Specialist Insurance 54,479,300 COP
Actuary Insurance 78,241,300 COP
Adjustment Insurance Clerk Insurance 20,400,600 COP
Assistant Broker Insurance 36,240,700 COP
Assistant Claims Manager Insurance 61,080,900 COP
Auditing Insurance Manager Insurance 85,440,100 COP
Broker Insurance 57,841,700 COP
Claim Advocacy Professional Insurance 58,199,900 COP
Claims Adjuster Insurance 20,281,100 COP
Claims Analyst Insurance 29,761,800 COP
Claims Examiner Insurance 28,200,200 COP
Claims Manager Insurance 80,158,500 COP
Claims Processor Insurance 20,038,100 COP
Claims Representative Insurance 24,958,800 COP
Claims Resolution Specialist Insurance 59,281,600 COP
Claims Supervisor Insurance 55,921,200 COP
Complaints Specialist Insurance 50,759,100 COP
Compliance Examiner Insurance 54,239,900 COP
Compliance Officer Insurance 43,680,700 COP
Compliance Reviewer Insurance 50,759,100 COP
Consultant Insurance 57,118,900 COP
Eligibility Interviewer Insurance 60,720,600 COP
Eligibility Specialist Insurance 59,281,600 COP
Insurance Account Manager Insurance 68,639,200 COP
Insurance Accounts Executive Insurance 61,799,000 COP
Insurance Adjuster Insurance 53,158,700 COP
Insurance Agent Insurance 33,119,100 COP
Insurance Analyst Insurance 54,961,400 COP
Insurance Appraiser Insurance 54,000,800 COP
Insurance Claims Clerk Insurance 20,999,200 COP
Insurance Examiner Insurance 54,239,900 COP
Insurance Investigator Insurance 52,918,800 COP
Insurance Manager Insurance 95,759,900 COP
Insurance Operations Manager Insurance 98,761,000 COP
Insurance Policy Processing Clerk Insurance 21,841,900 COP
Insurance Pricing Assistant Insurance 43,680,700 COP
Insurance Program Manager Insurance 75,479,500 COP
Insurance Project Manager Insurance 72,718,100 COP
Insurance Quality Assurance Agent Insurance 48,961,500 COP
Insurance Sales Agent Insurance 33,240,500 COP
Insurance Sales Director Insurance 89,041,300 COP
Insurance Sales Manager Insurance 70,801,500 COP
Insurance Sales Representative Insurance 30,479,000 COP
Insurance Team Leader Insurance 61,678,300 COP
Insurance Underwriter Insurance 43,081,400 COP
Loss Control Specialist Insurance 52,201,800 COP
Loss Prevention Investigator Insurance 58,919,600 COP
Loss Prevention Manager Insurance 78,241,300 COP
Loss Prevention Specialist Insurance 59,999,100 COP
Marine Underwriter Insurance 42,000,700 COP
Medical Auditor Insurance 56,520,500 COP
Monitoring and Performance Officer Insurance 40,921,600 COP
Payment Services Specialist Insurance 56,879,200 COP
Policy Change Director Insurance 91,679,200 COP
Policy Change Supervisor Insurance 60,119,800 COP
Policy Change Technician Insurance 28,200,200 COP
Risk Analyst Insurance 64,801,300 COP
Risk Management Director Insurance 106,439,300 COP
Risk Management Supervisor Insurance 72,119,000 COP
Risk Manager Insurance 101,759,700 COP
Risk Modeling Manager Insurance 106,681,000 COP
Title Insurance Typist Insurance 46,800,400 COP
Training Manager Insurance 63,241,900 COP

Salary Comparison by City

If you want to compare salaries with different cities in Colombia, you can use the links below to explore the data for each specific city we have researched.

City Average Salary
Barranquilla 30,119,100 COP
Bello 28,439,500 COP
Bogota 33,599,200 COP
Bucaramanga 28,801,400 COP
Buenaventura 28,919,800 COP
Cartagena 30,001,600 COP
Cucuta 29,881,100 COP
Ibague 29,761,800 COP
Manizales 27,361,200 COP
Medellin 33,360,800 COP
Monteria 28,679,900 COP
Neiva 27,001,700 COP
Pereira 27,601,100 COP
Santa Marta 28,560,900 COP
Soacha 30,360,800 COP
Soledad 30,721,900 COP
Valledupar 29,161,000 COP
Villavicencio 29,641,500 COP

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