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Insurance Team Leader Average Salary in Singapore 2024

How much money does a person working as Insurance Team Leader make in Singapore?


Average Monthly Salary
8,500 SGD
( 102,000 SGD yearly)

LOW
4,330
SGD
AVERAGE
8,500
SGD
HIGH
13,100
SGD
All salary figures displayed here are per month except when noted otherwise.
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

A person working as Insurance Team Leader in Singapore typically earns around 8,500 SGD. Salaries range from 4,330 SGD (lowest) to 13,100 SGD (highest).


Salary Variance

This is the average salary including housing, transport, and other benefits. Insurance Team Leader salaries in Singapore vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.



Insurance Team Leader Pay Scale and Salaries in Singapore

Median and salary distribution Singapore Insurance Team Leader monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
7,760 SGD or more
10% of people earn
6,890 to 7,760 SGD
20% of people earn
4,980 SGD or less
65% of people earn
4,980 to 6,890 SGD
Minimum Salary
4,330 SGD
Median
7,790 SGD
Maximum
13,100 SGD




Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per month except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries for the position Insurance Team Leader in Singapore range from 4,330 SGD (starting salary) to 13,100 SGD (maximum salary). It should be noted that the given figure is not the legally mandated minimum wage; rather, it represents the lowest figure reported in a salary survey that included thousands of participants and professionals from all regions of the country.

  • Median Salary

    With a median salary of 7,790 SGD, half of the professionals who work as Insurance Team Leader in Singapore earn less than this amount, and the other half earn more. The median salary denotes the middle value of salaries. Ideally, you would want to belong to the group earning more than the median salary, located on the right side of the salary distribution graph.

  • Percentiles and Salary Scale

    The median is closely associated with two other values known as the 25th and 75th percentiles. By examining the salary distribution chart, it can be determined that 25% of professionals employed as Insurance Team Leader in Singapore earn less than 6,430 SGD, while 75% earn more. Similarly, the chart shows that 75% earn less than 8,870 SGD while 25% earn more.

  • Pay Scale Structure

    To provide a better understanding of expected salaries, we categorized the frequently occurring salaries into different ranges. This approach provides a more precise representation of salary distribution for the job title Insurance Team Leader in Singapore compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 4,980 SGD to 6,890 SGD. About 20% of salaries are below the 4,980 SGD mark, while 10% fall within the range of 6,890 SGD to 7,760 SGD. Only 5% of individuals have salaries exceeding 7,760 SGD.

Salary Comparison by Years of Experience / Insurance Team Leader / Singapore

How do experience and age affect pay?

0 - 2 Years
4,860 SGD
2 - 5 Years+31%
6,350 SGD
5 - 10 Years+40%
8,880 SGD
10 - 15 Years+20%
10,700 SGD
15 - 20 Years+9%
11,600 SGD
20+ Years+8%
12,500 SGD
Percentage increase and decrease are relative to the previous value
Salary comparison by years of experience monthly Singapore Insurance Team Leader
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The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage. We broke down salaries by experience level for people working as Insurance Team Leader and this is what we found.


All salary figures displayed here are per month except when noted otherwise.

Employees with less than two years of experience earn approximately 4,860 SGD.

While someone with an experience level between two and five years is expected to earn 6,350 SGD, 31% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 8,880 SGD, 40% more than someone with two to five years of experience.

Additionally, professionals whose expertise span anywhere between ten and fifteen years get a salary equivalent to 10,700 SGD, 20% more than someone with five to ten years of experience.

If the experience level is between fifteen and twenty years, then the expected wage is 11,600 SGD, 9% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 12,500 SGD, 8% more than people with fifteen to twenty years of experience.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Salary Comparison By Education / Insurance Team Leader / Singapore

How do education levels affect salaries?

Displayed below is the average salary variance between different education levels of professionals working as Insurance Team Leader.

Certificate or Diploma
5,560 SGD
Bachelor's Degree+50%
8,360 SGD
Master's Degree+48%
12,400 SGD
Percentage increase and decrease are relative to the previous value
Salary comparison by education level monthly Singapore Insurance Team Leader
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We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down salaries by education level for the position Insurance Team Leader in order to make a comparison.


Level 1: Certificate or Diploma

Employees at this education level have an average salary of 5,560 SGD.


Level 2: Bachelor's Degree

At this level, the average salary becomes 8,360 SGD, 50% more than the previous level.


Level 3: Master's Degree

At this level, the average salary becomes 12,400 SGD, 48% more than the previous level.



Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in Singapore costs anywhere from 42,400 SGD to 127,000 SGD and lasts approximately two years. That is quite an investment.

You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch to a higher-paying job. The numbers seem to support the theory. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.


Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Salary and Compensation Comparison By Gender / Insurance Team Leader / Singapore

Salary comparison by gender Singapore Insurance Team Leader monthly
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? For the people who work as Insurance Team Leader in Singapore, the average difference between the salary of male and female employees is 6%.

Male
8,760 SGD
Female-6%
8,240 SGD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Singapore for all Careers

Salary comparison by gender monthly Singapore
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Average Annual Salary Increment Percentage / Insurance Team Leader / Singapore

How much are annual salary increments in Singapore for individuals working as Insurance Team Leader? How often do employees get salary raises?

Individuals working as Insurance Team Leader in Singapore are likely to observe a salary increase of approximately 12% every 15 months. The national average annual increment for all professions combined is 9% granted to employees every 15 months.

Annual Salary Increment Rate Singapore Insurance Team Leader
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Singapore / All Professions

Annual Salary Increment Rate Singapore
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The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare that people get their salaries reviewed exactly on the one-year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 / Increase Frequency

The average salary increase in one year (12 months) in Singapore is 7%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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Salary Packages and Schemes

Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.



Bonus and Incentive Rates / Insurance Team Leader / Singapore

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Singapore Insurance Team Leader
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45% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 55% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 3% to 6% of their annual salary.

Received Bonus
55%
No Bonus
45%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus, where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Average Hourly Wage / Insurance Team Leader / Singapore


49 SGD per hour

The average hourly wage (pay per hour) for individuals working as Insurance Team Leader in Singapore is 49 SGD.This is the rate they get paid for every worked hour.


Hourly Wage = Annual Salary / ( 52 x 5 x 8 )

About The Hourly Pay Rate

The hourly wage is the salary paid in one worked hour. Usually, jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fixed amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for people working as Insurance Team Leader in Singapore is 25 SGD. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary comparison with similar jobs

Job TitleAverage Salary
Insurance-100%
Actuarial Analyst10,900 SGD+28%
Actuarial Assistant7,630 SGD-10%
Actuarial Specialist7,700 SGD-9%
Actuary11,100 SGD+31%
Adjustment Insurance Clerk3,040 SGD-64%
Assistant Broker4,960 SGD-42%
Assistant Claims Manager8,590 SGD+1%
Associate Insurance Representative4,350 SGD-49%
Auditing Insurance Manager12,100 SGD+42%
Blockchain Insurance Auditor7,410 SGD-13%
Broker8,190 SGD-4%
Claim Advocacy Professional8,000 SGD-6%
Claims Adjuster3,010 SGD-65%
Claims Analyst4,200 SGD-51%
Claims Examiner4,180 SGD-51%
Claims Manager11,300 SGD+33%
Claims Processor2,960 SGD-65%
Claims Representative3,500 SGD-59%
Claims Resolution Specialist8,560 SGD+1%
Claims Supervisor7,870 SGD-7%
Complaints Specialist7,580 SGD-11%
Compliance Examiner7,930 SGD-7%
Compliance Officer6,500 SGD-23%
Compliance Reviewer7,800 SGD-8%
Consultant8,350 SGD-2%
Drone Claims Adjuster3,480 SGD-59%
Eligibility Interviewer8,560 SGD+1%
Eligibility Specialist7,930 SGD-7%
Insurance Account Manager10,300 SGD+21%
Insurance Accounts Executive8,730 SGD+3%
Insurance Adjuster7,770 SGD-9%
Insurance Agent4,950 SGD-42%
Insurance Analyst7,710 SGD-9%
Insurance Appraiser7,740 SGD-9%
Insurance Claims Clerk2,850 SGD-66%
Insurance Compliance Officer9,480 SGD+12%
Insurance Data Scientist7,710 SGD-9%
Insurance Examiner7,750 SGD-9%
Insurance Fraud Investigator6,930 SGD-18%
Insurance Investigator7,930 SGD-7%
Insurance Manager13,700 SGD+61%
Insurance Operations Manager14,500 SGD+71%
Insurance Policy Processing Clerk3,120 SGD-63%
Insurance Pricing Assistant6,100 SGD-28%
Insurance Product Manager9,740 SGD+15%
Insurance Program Manager10,300 SGD+21%
Insurance Project Manager10,600 SGD+25%
Insurance Quality Assurance Agent6,900 SGD-19%
Insurance Sales Agent4,970 SGD-42%
Insurance Sales Director13,200 SGD+55%
Insurance Sales Manager10,900 SGD+28%
Insurance Sales Representative4,330 SGD-49%
Insurance Team Leader8,500 SGD+0%
Insurance Underwriter5,930 SGD-30%
Insurtech Analyst7,620 SGD-10%
Loss Control Specialist7,480 SGD-12%
Loss Prevention Investigator8,030 SGD-5%
Loss Prevention Manager11,200 SGD+32%
Loss Prevention Specialist9,010 SGD+6%
Marine Underwriter5,900 SGD-31%
Medical Auditor8,090 SGD-5%
Monitoring and Performance Officer5,420 SGD-36%
Parametric Insurance Specialist8,420 SGD-1%
Payment Services Specialist7,740 SGD-9%
Peer-to-Peer Insurance Manager9,910 SGD+17%
Policy Change Director12,200 SGD+44%
Policy Change Supervisor8,420 SGD-1%
Policy Change Technician3,760 SGD-56%
Risk Analyst8,600 SGD+1%
Risk Management Director14,800 SGD+74%
Risk Management Supervisor10,600 SGD+25%
Risk Manager15,700 SGD+85%
Risk Modeling Manager15,600 SGD+84%
Social Media Risk Analyst8,730 SGD+3%
Title Insurance Typist7,200 SGD-15%
Training Manager8,650 SGD+2%
Underwriting Assistant4,010 SGD-53%

Government vs Private Sector Salary Comparison

Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Singapore is 5% on average across all career fields.

Private Sector
8,300 SGD
Public Sector+5%
8,700 SGD
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary for the job title Insurance Team Leader in Singapore?

A good and competitive compensation would range anywhere between 7,790 SGD and 8,870 SGD. This is a very rough estimate. Experience and education play a very huge part in the final earnings.

Gross Salary (before tax) and Net Salary (after tax)

All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

Base / Basic Salary

The base salary for a careers like Insurance Team Leader in Singapore ranges from 4,330 SGD to 6,430 SGD. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary


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