HOME BROWSE SALARIES BEST PAYING JOBS
Browse Salaries
Best Paying Jobs
Salary Increase Letters
Career Articles

Insurance Average Salaries in Bolivia 2020

How much money does a person working in Insurance make in Bolivia?


Average Monthly Salary
8,550 BOB
( 103,000 BOB yearly)

LOW
3,170
BOB
AVERAGE
8,550
BOB
HIGH
16,500
BOB

A person working in Insurance in Bolivia typically earns around 8,550 BOB per month. Salaries range from 3,170 BOB (lowest average) to 16,500 BOB (highest average, actual maximum salary is higher).

This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different Insurance careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.

Salaries for specific jobs

Job TitleAverage Salary
Actuarial Analyst12,100 BOB
Actuarial Assistant7,920 BOB
Actuary11,500 BOB
Adjustment Insurance Clerk3,280 BOB
Assistant Broker5,640 BOB
Assistant Claims Manager9,100 BOB
Associate Insurance Representative4,340 BOB
Auditing Insurance Manager13,500 BOB
Broker8,860 BOB
Claim Advocacy Professional8,920 BOB
Claims Adjuster3,130 BOB
Claims Analyst4,500 BOB
Claims Examiner4,610 BOB
Claims Manager12,800 BOB
Claims Processor3,140 BOB
Claims Representative3,780 BOB
Claims Resolution Specialist9,820 BOB
Claims Supervisor8,600 BOB
Complaints Specialist8,270 BOB
Compliance Officer6,960 BOB
Consultant8,250 BOB
Eligibility Specialist8,930 BOB
Insurance Account Manager11,000 BOB
Insurance Accounts Executive9,070 BOB
Insurance Agent5,100 BOB
Insurance Analyst8,930 BOB
Insurance Appraiser8,990 BOB
Insurance Claims Clerk3,090 BOB
Insurance Examiner7,820 BOB
Insurance Investigator8,250 BOB
Insurance Manager14,800 BOB
Insurance Operations Manager15,300 BOB
Insurance Policy Processing Clerk3,340 BOB
Insurance Pricing Assistant7,220 BOB
Insurance Program Manager11,100 BOB
Insurance Project Manager10,500 BOB
Insurance Quality Assurance Agent7,840 BOB
Insurance Sales Agent4,960 BOB
Insurance Sales Director13,800 BOB
Insurance Team Leader9,560 BOB
Insurance Underwriter6,600 BOB
Loss Control Specialist8,430 BOB
Loss Prevention Investigator9,320 BOB
Loss Prevention Manager12,100 BOB
Loss Prevention Specialist9,090 BOB
Marine Underwriter6,450 BOB
Medical Auditor8,750 BOB
Monitoring and Performance Officer6,180 BOB
Payment Services Specialist8,990 BOB
Policy Change Director13,200 BOB
Policy Change Supervisor9,390 BOB
Policy Change Technician4,320 BOB
Risk Analyst9,500 BOB
Risk Management Director16,900 BOB
Risk Management Supervisor11,200 BOB
Risk Manager15,500 BOB
Risk Modeling Manager15,900 BOB
Title Insurance Typist7,120 BOB
Training Manager9,830 BOB

Insurance Jobs Salary Distribution in Bolivia

Median and salary distribution monthly Bolivia Insurance
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/bolivia/insurance/median-and-salary-distribution-monthly-bolivia-insurance.jpg

The median, the maximum, the minimum, and the range

  • Salary Range

    Insurance salaries in Bolivia range from 3,170 BOB per month (minimum average salary) to 16,500 BOB per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 8,380 BOB per month, which means that half (50%) of people working in Insurance are earning less than 8,380 BOB while the other half are earning more than 8,380 BOB. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.

  • Percentiles

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of people working in Insurance are earning less than 5,200 BOB while 75% of them are earning more than 5,200 BOB. Also from the diagram, 75% of people working in Insurance are earning less than 12,200 BOB while 25% are earning more than 12,200 BOB.


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

Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning 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

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-by-experience.jpg

The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher the wage.

Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.

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.

Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-comparison-by-education.jpg

It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.


Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.


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 Bolivia costs anywhere from 42,600 Boliviano(s) to 128,000 Boliviano(s) 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 into a higher paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.

Insurance Salary Comparison By Gender

Salary comparison by gender monthly Bolivia Insurance
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/bolivia/insurance/salary-comparison-by-gender-monthly-bolivia-insurance.jpg

Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Bolivia who work in Insurance earn 9% more than their female counterparts on average.

Male
8,950 BOB
Female-8%
8,190 BOB
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Bolivia for all Careers

Salary comparison by gender monthly Bolivia
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/bolivia/salary-comparison-by-gender-monthly-bolivia.jpg

Insurance Average Annual Salary Increment Percentage in Bolivia

How much are annual salary increments in Bolivia for Insurance professionals? How often do employees get salary raises?

Insurance

Insurance professionals in Bolivia are likely to observe a salary increase of approximately 6% every 27 months. The national average annual increment for all professions combined is 5% granted to employees every 28 months.

Annual Salary Increment Rate Bolivia Insurance
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/bolivia/insurance/annual-salary-increment-rate-bolivia-insurance.jpg


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.

Bolivia / All Professions

The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely 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 Bolivia is 2%.

Annual Increment Rate By Industry 2019

Banking
8%
Energy
7%
Information Technology
6%
Healthcare
5%
Travel
4%
Construction
3%
Education
2%

Listed above are the average annual increase rates for each industry in Bolivia for the year 2019. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.


Worldwide Salary Raises: All Countries and All Jobs

Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-increment-world.jpg

Insurance Bonus and Incentive Rates in Bolivia

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Bolivia Insurance
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/bolivia/insurance/annual-salary-bonus-rate-bolivia-insurance.jpg

Insurance is considered to be a moderate bonus-based field due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.

66% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 34% 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
34%
No Bonus
66%

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.

Insurance Hourly Average Wage in Bolivia


49 BOB per hour

The average hourly wage (pay per hour) in Bolivia is 49 BOB. This means that the average person in Bolivia earns approximately 49 BOB for every worked hour.


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

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 fix 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.

Insurance VS Other Jobs

Salary Comparison Between Insurance and Insurance monthly Bolivia
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/bolivia/insurance/salary-comparison-between-insurance-and-insurance-monthly-bolivia.jpg

The average salary for Insurance is 0% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Cochabamba8,990 BOB
La Paz9,230 BOB
Oruro8,740 BOB
Potosi7,980 BOB
Santa Cruz9,490 BOB
Sucre8,380 BOB

Government vs Private Sector Salary Comparison

Where can you get paid more, working for a private company or for the government? Public sector employees in Bolivia earn 17% more than their private sector counterparts on average across all sectors.

Private Sector
7,930 BOB
Public Sector+17%
9,290 BOB
Percentage increase and decrease are relative to the previous value

Browse Salaries

Salary Increase Letters

Best Paying Jobs
HomePrivacy PolicySalary Comparison

©Salary Explorer 2020