Average Insurance Operations Manager Salary in Montserrat for 2024

In this article, we will look at the average Insurance Operations Manager salary for 2024 in Montserrat 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 Eastern Caribbean dollar. To keep things simple, we are using the XCD currency code instead of the currency symbol $.

How Much Does an Insurance Operations Manager Make in Montserrat?

An Insurance Operations Manager working in Montserrat will typically earn around 53,160 XCD per year, and this can range from the lowest average salary of about 28,720 XCD to the highest average salary of 83,760 XCD.

Average Annual Salary
53,160 XCD
Average Monthly Salary
4,430 XCD

Lowest Annual Salary
28,720 XCD
Lowest Monthly Salary
2,393 XCD

Highest Annual Salary
83,760 XCD
Highest Monthly Salary
6,980 XCD

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

Insurance Operations Manager 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 Insurance Operations Manager Salaries in Montserrat

So we've looked at the average salaries an Insurance Operations Manager will earn in Montserrat. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that an Insurance Operations Manager can earn between 28,720 XCD and 83,760 XCD on average in Montserrat. 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 Insurance Operations Manager in Montserrat is 53,600 XCD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 53,600 XCD, and 50% of the population earn more than 53,600 XCD.

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 Insurance Operations Manager salary in Montserrat, 25% of the population are earning less than 37,740 XCD while 75% of the population earn more than 37,740 XCD.

75% of the population earn less than 66,820 XCD, and 25% of the population earn more than 66,820 XCD.

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.

Insurance Operations Manager Salary by Experience Level in Montserrat

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 insurance operations manager 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 Insurance Operations Manager in Montserrat that has less than two years of experience can expect to earn somewhere in the region of 32,960 XCD.
  • 2 - 5 Years Experience. With two to five years of experience the average Insurance Operations Manager salary would increase to 41,480 XCD.
  • 5 - 10 Years Experience. From five to ten years of experience as an Insurance Operations Manager, the average salary would be 55,840 XCD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 67,300 XCD.
  • 15 - 20 Years Experience. An Insurance Operations Manager with 15 to 20 years of experience can earn an average of 73,760 XCD.
  • 20+ Years Experience. For an Insurance Operations Manager with more than 20 years, the expected average salary increases to 79,600 XCD.

Average Salary by Experience Chart

0-2 Years
32,960 XCD
2-5 Years +34%
41,480 XCD
5-10 Years +30%
55,840 XCD
10-15 Years +21%
67,300 XCD
15-20 Years +9%
73,760 XCD
20+ Years +5%
79,600 XCD

Insurance Operations Manager Salary by Education Level in Montserrat

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 Insurance Operations Manager in Montserrat based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Bachelor's Degree. An Insurance Operations Manager in Montserrat with a bachelor's degree education can earn an average salary of 46,840 XCD.

  • Master's Degree. An Insurance Operations Manager in Montserrat with a master's degree education can earn an average salary of 61,580 XCD.

Average Salary by Education Chart

Bachelor's Degree
46,840 XCD
Master's Degree +39%
61,580 XCD

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 Montserrat is around 13,600 to 40,700 XCD 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.

Insurance Operations Manager 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 Montserrat, a male insurance operations manager will earn an average of 59,240 XCD, while a female insurance operations manager will earn around 50,180 XCD.

This means that a male insurance operations manager earns approximately 18% more than a female insurance operations manager for performing the same job.

Average Salary by Gender Chart in Montserrat

Male
59,240 XCD
Female -18%
50,180 XCD

Insurance Operations Manager Average Pay Raise in Montserrat

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 Insurance Operations Manager in Montserrat is around 8% every 30 months.

The national average pay raise across all professions and industries in Montserrat is around 4% every 29 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 = ( 8 ÷ 30 ) × 12  = 3%

What this means is that an Insurance Operations Manager in Montserrat can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Montserrat for 2024

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

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

Banking
1%
Energy
2%
Information Technology
3%
Healthcare
4%
Travel
5%
Construction
6%
Education
7%

Insurance Operations Manager Bonus and Incentive Rates in Montserrat

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 Insurance Operations Manager is a moderate bonus based job, with 62% of employees reporting at least one bonus in the last 12 months.

38% 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 6% to 8%.

Received Bonus
62%
No Bonus
38%

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 Montserrat earn approximately 10% more than private sector employees in the same role.

Public Sector
34,540 XCD
Private Sector -10%
31,400 XCD

Salaries for Jobs Similar to an Insurance Operations Manager

In the table below, we have salary information for jobs that are similar to an Insurance Operations Manager in Montserrat.

Job Title Category Salary
Actuarial Analyst Insurance 43,080 XCD
Actuarial Assistant Insurance 33,440 XCD
Actuarial Specialist Insurance 31,940 XCD
Actuary Insurance 46,400 XCD
Adjustment Insurance Clerk Insurance 12,520 XCD
Assistant Broker Insurance 21,640 XCD
Assistant Claims Manager Insurance 33,520 XCD
Associate Insurance Representative Insurance 15,920 XCD
Auditing Insurance Manager Insurance 46,880 XCD
Broker Insurance 31,980 XCD
Claim Advocacy Professional Insurance 33,520 XCD
Claims Adjuster Insurance 12,120 XCD
Claims Analyst Insurance 15,300 XCD
Claims Examiner Insurance 15,920 XCD
Claims Manager Insurance 46,720 XCD
Claims Processor Insurance 10,980 XCD
Claims Representative Insurance 12,620 XCD
Claims Resolution Specialist Insurance 35,520 XCD
Claims Supervisor Insurance 32,620 XCD
Complaints Specialist Insurance 30,840 XCD
Compliance Examiner Insurance 28,860 XCD
Compliance Officer Insurance 26,660 XCD
Compliance Reviewer Insurance 30,220 XCD
Consultant Insurance 32,620 XCD
Eligibility Interviewer Insurance 35,300 XCD
Eligibility Specialist Insurance 34,240 XCD
Insurance Account Manager Insurance 38,700 XCD
Insurance Accounts Executive Insurance 35,520 XCD
Insurance Adjuster Insurance 30,840 XCD
Insurance Agent Insurance 19,360 XCD
Insurance Analyst Insurance 31,400 XCD
Insurance Appraiser Insurance 31,340 XCD
Insurance Claims Clerk Insurance 11,040 XCD
Insurance Examiner Insurance 31,340 XCD
Insurance Investigator Insurance 31,400 XCD
Insurance Manager Insurance 57,360 XCD
Insurance Policy Processing Clerk Insurance 13,700 XCD
Insurance Pricing Assistant Insurance 25,660 XCD
Insurance Program Manager Insurance 45,600 XCD
Insurance Project Manager Insurance 39,560 XCD
Insurance Quality Assurance Agent Insurance 26,100 XCD
Insurance Sales Agent Insurance 18,280 XCD
Insurance Sales Director Insurance 54,500 XCD
Insurance Sales Manager Insurance 43,340 XCD
Insurance Sales Representative Insurance 15,920 XCD
Insurance Team Leader Insurance 31,520 XCD
Insurance Underwriter Insurance 25,940 XCD
Loss Control Specialist Insurance 31,660 XCD
Loss Prevention Investigator Insurance 33,520 XCD
Loss Prevention Manager Insurance 43,760 XCD
Loss Prevention Specialist Insurance 35,300 XCD
Marine Underwriter Insurance 24,820 XCD
Medical Auditor Insurance 33,960 XCD
Monitoring and Performance Officer Insurance 20,760 XCD
Payment Services Specialist Insurance 32,900 XCD
Policy Change Director Insurance 50,520 XCD
Policy Change Supervisor Insurance 38,260 XCD
Policy Change Technician Insurance 14,820 XCD
Risk Analyst Insurance 36,160 XCD
Risk Management Director Insurance 66,820 XCD
Risk Management Supervisor Insurance 38,620 XCD
Risk Manager Insurance 60,600 XCD
Risk Modeling Manager Insurance 58,240 XCD
Title Insurance Typist Insurance 29,840 XCD
Training Manager Insurance 36,580 XCD

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