A person working in Insurance in Dominican Republic typically earns around 19,900 DOP per month. Salaries range from 7,390 DOP (lowest average) to 38,400 DOP (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.
|Job Title||Average Salary|
|Actuarial Analyst||25,500 DOP|
|Actuarial Assistant||19,100 DOP|
|Adjustment Insurance Clerk||7,380 DOP|
|Assistant Broker||13,000 DOP|
|Assistant Claims Manager||21,700 DOP|
|Associate Insurance Representative||10,200 DOP|
|Auditing Insurance Manager||28,400 DOP|
|Claim Advocacy Professional||19,800 DOP|
|Claims Adjuster||7,540 DOP|
|Claims Analyst||10,200 DOP|
|Claims Examiner||9,760 DOP|
|Claims Manager||28,200 DOP|
|Claims Processor||7,130 DOP|
|Claims Representative||8,510 DOP|
|Claims Resolution Specialist||20,400 DOP|
|Claims Supervisor||20,200 DOP|
|Complaints Specialist||17,600 DOP|
|Compliance Officer||16,500 DOP|
|Eligibility Specialist||19,700 DOP|
|Insurance Account Manager||24,900 DOP|
|Insurance Accounts Executive||20,800 DOP|
|Insurance Agent||11,200 DOP|
|Insurance Analyst||18,500 DOP|
|Insurance Appraiser||20,500 DOP|
|Insurance Claims Clerk||7,310 DOP|
|Insurance Examiner||17,300 DOP|
|Insurance Investigator||18,900 DOP|
|Insurance Manager||33,300 DOP|
|Insurance Operations Manager||33,100 DOP|
|Insurance Policy Processing Clerk||7,180 DOP|
|Insurance Pricing Assistant||15,500 DOP|
|Insurance Program Manager||26,300 DOP|
|Insurance Project Manager||24,800 DOP|
|Insurance Quality Assurance Agent||17,200 DOP|
|Insurance Sales Agent||12,200 DOP|
|Insurance Sales Director||33,200 DOP|
|Insurance Team Leader||20,000 DOP|
|Insurance Underwriter||14,600 DOP|
|Loss Control Specialist||19,500 DOP|
|Loss Prevention Investigator||20,200 DOP|
|Loss Prevention Manager||27,200 DOP|
|Loss Prevention Specialist||21,200 DOP|
|Marine Underwriter||15,200 DOP|
|Medical Auditor||19,700 DOP|
|Monitoring and Performance Officer||13,500 DOP|
|Payment Services Specialist||19,500 DOP|
|Policy Change Director||31,300 DOP|
|Policy Change Supervisor||20,800 DOP|
|Policy Change Technician||9,900 DOP|
|Risk Analyst||21,100 DOP|
|Risk Management Director||39,000 DOP|
|Risk Management Supervisor||24,200 DOP|
|Risk Manager||38,300 DOP|
|Risk Modeling Manager||36,800 DOP|
|Title Insurance Typist||17,600 DOP|
|Training Manager||22,700 DOP|
Insurance salaries in Dominican Republic range from 7,390 DOP per month (minimum average salary) to 38,400 DOP per month (maximum average salary, actual maximum is higher).
The median salary is 21,100 DOP per month, which means that half (50%) of people working in Insurance are earning less than 21,100 DOP while the other half are earning more than 21,100 DOP. 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.
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 12,800 DOP while 75% of them are earning more than 12,800 DOP. Also from the diagram, 75% of people working in Insurance are earning less than 31,600 DOP while 25% are earning more than 31,600 DOP.
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
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.
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.
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.
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.
A Master's degree program or any post-graduate program in Dominican Republic costs anywhere from 99,300 Dominican Peso(s) to 298,000 Dominican Peso(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.
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Dominican Republic who work in Insurance earn 10% more than their female counterparts on average.
Insurance professionals in Dominican Republic are likely to observe a salary increase of approximately 9% every 17 months. The national average annual increment for all professions combined is 8% granted to employees every 18 months.
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.
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
Listed above are the average annual increase rates for each industry in Dominican Republic for the year 2021. 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.
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.
46% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 54% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 2% to 7% of their annual salary.
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.
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.
The main two types of jobs
|Revenue Generators||Supporting 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.
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.
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.
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.
The average salary for Insurance is 0% more than that of All Jobs.
|Santo Domingo||22,500 DOP|
Where can you get paid more, working for a private company or for the government? Public sector employees in Dominican Republic earn 7% more than their private sector counterparts on average across all sectors.