Average Insurance Policy Processing Clerk Salary in Micronesia for 2024

In this article, we will look at the average Insurance Policy Processing Clerk salary for 2024 in Micronesia 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 United States dollar. To keep things simple, we are using the USD currency code instead of the currency symbol $.

How Much Does an Insurance Policy Processing Clerk Make in Micronesia?

An Insurance Policy Processing Clerk working in Micronesia will typically earn around 5,620 USD per year, and this can range from the lowest average salary of about 4,740 USD to the highest average salary of 8,560 USD.

Average Annual Salary
5,620 USD
Average Monthly Salary
468 USD

Lowest Annual Salary
4,740 USD
Lowest Monthly Salary
395 USD

Highest Annual Salary
8,560 USD
Highest Monthly Salary
713 USD

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

Insurance Policy Processing Clerk 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 Policy Processing Clerk Salaries in Micronesia

So we've looked at the average salaries an Insurance Policy Processing Clerk will earn in Micronesia. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that an Insurance Policy Processing Clerk can earn between 4,740 USD and 8,560 USD on average in Micronesia. 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 Policy Processing Clerk in Micronesia is 6,180 USD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 6,180 USD, and 50% of the population earn more than 6,180 USD.

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 Policy Processing Clerk salary in Micronesia, 25% of the population are earning less than 2,480 USD while 75% of the population earn more than 2,480 USD.

75% of the population earn less than 7,620 USD, and 25% of the population earn more than 7,620 USD.

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 Policy Processing Clerk Salary by Experience Level in Micronesia

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 policy processing clerk 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 Policy Processing Clerk in Micronesia that has less than two years of experience can expect to earn somewhere in the region of 4,400 USD.
  • 2 - 5 Years Experience. With two to five years of experience the average Insurance Policy Processing Clerk salary would increase to 4,320 USD.
  • 5 - 10 Years Experience. From five to ten years of experience as an Insurance Policy Processing Clerk, the average salary would be 6,960 USD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 6,280 USD.
  • 15 - 20 Years Experience. An Insurance Policy Processing Clerk with 15 to 20 years of experience can earn an average of 10,100 USD.
  • 20+ Years Experience. For an Insurance Policy Processing Clerk with more than 20 years, the expected average salary increases to 9,360 USD.

Average Salary by Experience Chart

0-2 Years
4,400 USD
2-5 Years +34%
4,320 USD
5-10 Years +30%
6,960 USD
10-15 Years +21%
6,280 USD
15-20 Years +9%
10,100 USD
20+ Years +5%
9,360 USD

Insurance Policy Processing Clerk Salary by Education Level in Micronesia

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 Policy Processing Clerk in Micronesia 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 Insurance Policy Processing Clerk in Micronesia with a certificate or diploma education can earn an average salary of 2,420 USD.

  • Bachelor's Degree. An Insurance Policy Processing Clerk in Micronesia with a bachelor's degree education can earn an average salary of 5,200 USD.

  • Master's Degree. An Insurance Policy Processing Clerk in Micronesia with a master's degree education can earn an average salary of 9,440 USD.

Average Salary by Education Chart

Certificate or Diploma
2,420 USD
Bachelor's Degree +52%
5,200 USD
Master's Degree +42%
9,440 USD

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 Micronesia is around 7,020 to 21,100 USD 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 Policy Processing Clerk 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 Micronesia, a male insurance policy processing clerk will earn an average of 5,200 USD, while a female insurance policy processing clerk will earn around 6,180 USD.

This means that a male insurance policy processing clerk earns approximately 16% less than a female insurance policy processing clerk for performing the same job.

Average Salary by Gender Chart in Micronesia

Male
5,200 USD
Female +16%
6,180 USD

Insurance Policy Processing Clerk Average Pay Raise in Micronesia

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 Policy Processing Clerk in Micronesia is around 7% every 27 months.

The national average pay raise across all professions and industries in Micronesia is around 5% every 28 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 = ( 7 ÷ 27 ) × 12  = 3%

What this means is that an Insurance Policy Processing Clerk in Micronesia can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Micronesia for 2024

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

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

Banking
5%
Energy
1%
Information Technology
6%
Healthcare
2%
Travel
7%
Construction
3%
Education
8%

Insurance Policy Processing Clerk Bonus and Incentive Rates in Micronesia

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 Policy Processing Clerk is a low bonus based job, with 9% of employees reporting at least one bonus in the last 12 months.

91% 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 1% to 3%.

Received Bonus
9%
No Bonus
91%

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 Micronesia earn approximately 4% less than private sector employees in the same role.

Public Sector
15,700 USD
Private Sector +4%
16,400 USD

Salaries for Jobs Similar to an Insurance Policy Processing Clerk

In the table below, we have salary information for jobs that are similar to an Insurance Policy Processing Clerk in Micronesia.

Job Title Category Salary
Actuarial Analyst Insurance 20,760 USD
Actuarial Assistant Insurance 18,260 USD
Actuarial Specialist Insurance 14,820 USD
Actuary Insurance 23,520 USD
Adjustment Insurance Clerk Insurance 5,400 USD
Assistant Broker Insurance 11,300 USD
Assistant Claims Manager Insurance 19,640 USD
Associate Insurance Representative Insurance 7,800 USD
Auditing Insurance Manager Insurance 25,680 USD
Broker Insurance 16,400 USD
Claim Advocacy Professional Insurance 16,720 USD
Claims Adjuster Insurance 6,080 USD
Claims Analyst Insurance 7,240 USD
Claims Examiner Insurance 7,800 USD
Claims Manager Insurance 22,420 USD
Claims Processor Insurance 5,040 USD
Claims Representative Insurance 6,200 USD
Claims Resolution Specialist Insurance 19,360 USD
Claims Supervisor Insurance 15,700 USD
Complaints Specialist Insurance 16,880 USD
Compliance Examiner Insurance 18,260 USD
Compliance Officer Insurance 14,620 USD
Compliance Reviewer Insurance 17,260 USD
Consultant Insurance 15,700 USD
Eligibility Interviewer Insurance 17,760 USD
Eligibility Specialist Insurance 18,260 USD
Insurance Account Manager Insurance 19,380 USD
Insurance Accounts Executive Insurance 19,360 USD
Insurance Adjuster Insurance 15,760 USD
Insurance Agent Insurance 8,100 USD
Insurance Analyst Insurance 15,300 USD
Insurance Appraiser Insurance 18,780 USD
Insurance Claims Clerk Insurance 5,400 USD
Insurance Examiner Insurance 15,580 USD
Insurance Investigator Insurance 18,260 USD
Insurance Manager Insurance 27,020 USD
Insurance Operations Manager Insurance 28,900 USD
Insurance Pricing Assistant Insurance 13,780 USD
Insurance Program Manager Insurance 20,000 USD
Insurance Project Manager Insurance 23,400 USD
Insurance Quality Assurance Agent Insurance 12,620 USD
Insurance Sales Agent Insurance 11,300 USD
Insurance Sales Director Insurance 27,480 USD
Insurance Sales Manager Insurance 22,540 USD
Insurance Sales Representative Insurance 10,100 USD
Insurance Team Leader Insurance 15,700 USD
Insurance Underwriter Insurance 13,700 USD
Loss Control Specialist Insurance 15,760 USD
Loss Prevention Investigator Insurance 18,780 USD
Loss Prevention Manager Insurance 22,340 USD
Loss Prevention Specialist Insurance 19,200 USD
Marine Underwriter Insurance 13,780 USD
Medical Auditor Insurance 16,340 USD
Monitoring and Performance Officer Insurance 10,000 USD
Payment Services Specialist Insurance 18,780 USD
Policy Change Director Insurance 27,020 USD
Policy Change Supervisor Insurance 19,640 USD
Policy Change Technician Insurance 9,020 USD
Risk Analyst Insurance 18,900 USD
Risk Management Director Insurance 32,620 USD
Risk Management Supervisor Insurance 21,020 USD
Risk Manager Insurance 31,040 USD
Risk Modeling Manager Insurance 30,220 USD
Title Insurance Typist Insurance 13,100 USD
Training Manager Insurance 18,780 USD

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