Compensation Data to Recruit and Retain Specialized Insurance Talent
The increased competition for specialized insurance talent makes informed pay decisions essential. ERI provides role-specific salary and incentive data for positions such as Actuarial Analyst, EDI Systems Analyst, Insurance Underwriter, and Chief Asset Management Executive, helping you set competitive pay to attract qualified candidates and reduce the risk of losing employees to competing offers.
- Benchmark and set pay for specialized roles with data-backed accuracy
- Build competitive offers and attract sought-after talent in actuarial, analytical, technology, and executive roles
- Defend your pay decisions with clear reports showing real-time market rates that reflect market trends, credentials, and locations
How Insurance Compensation Benchmarking Works
Insurance Sub Industries
Property & Casualty Insurance
Direct Life Insurance
Insurance Agencies & Brokerages
Health & Welfare Funds
Property & Casualty Insurance
Direct Life Insurance
Insurance Agencies & Brokerages
Health & Welfare Funds
Insurance Compensation Benchmarking Solutions
Benchmark Insurance Industry Salaries
ERI’s Salary Assessor allows you to find market benchmarks for roles by industry, job title/description, job family, and hierarchy. Match your internal actuarial, underwriting, and claims roles to ERI’s job titles based on responsibilities and scope of work to establish accurate pay.
Refine Pay Benchmarks
Refine salary benchmarks based on location, experience, education, skills, certifications, and organization size. Account for specialized expertise in underwriting, claims, and actuarial work when setting competitive pay.
Compare Geographic Markets
Compare geographic pay differentials across regional claims offices, agency branches, and contact centers. ERI’s Geographic Assessor has over 9,200 locations across the United States and internationally so you can create pay structures for your remote locations with data-backed confidence.
Structure Career Progression
Use ERI’s Pay Grades tool to create unlimited pay structures with up to 500 pay grades each. Define insurance salary ranges for each career level, supporting pay progression for specialists and advancement into management positions.
Assess Pay Competitiveness
Compare your employees’ salaries with real-time market rates in clear reports with ERI’s Compensation Management Insights tool. View dollar and percentage differences between employee pay and market rates by job title and location.
Benchmark Insurance Executive Compensation
Create comprehensive compensation packages for reinsurance CEOs, chief actuaries, and other insurance company executives. With ERI’s Executive Compensation Assessor, you can view total compensation broken down by salary, bonus, stock, LTI, pension, and more.
Explore ERI’s Market Data for Your Insurance Workforce
Use Cases by Function
HR and Compensation
Finance and Budgeting
Executive Leadership
Compliance and Legal
Feature Highlights
Insurance Salary Benchmarks by Job Title
- Accountant
- Actuary (Associate)
- Actuary (Fellow)
- Annuities Representative
- Benefits Analyst
- Benefits Manager
- Business Analyst
- Call Center Nurse RN
- Casualty Insurance Underwriter
- Chief Executive Officer
- Chief Financial Officer
- Chief Operating Officer
- Chief Underwriting Officer
- Claims Adjudicator Medical
- Claims Examiner
- Claims Manager
- Compliance Officer
- Credentialing Administrator
- Cyber Security Specialist
- EDI Specialist
- Financial Analyst
- Fraud Investigator
- Insurance Automobile Damage Appraiser
- Insurance Billing Clerk
- Insurance Cancellation Clerk
- Insurance Claims Adjuster
- Insurance Claims Clerk
- Insurance Customer Service Representative (Commercial)
- Insurance Customer Service Representative (Personal)
- Insurance Director
- Insurance Manager Branch Office
- Insurance Policy Change Clerk
- Insurance Policy Value Calculator
- Insurance Policyholder Information Clerk
- Insurance Rater
- Insurance Reinsurance Clerk
- Insurance Research Analyst
- Insurance Sales Agent
- Insurance Sales Manager
- Insurance Underwriter
- Insurance Underwriter Commercial Property
- Insurance Underwriting Clerk
- Internal Auditor
- Life Insurance Agent
- Life Insurance Underwriter
- Medical & Dental Insurance Sales Representative
- Medical Claims Review Manager
- Medical Director
- Nurse Case Manager
- Personal Lines Insurance Underwriter
- Property and Casualty Insurance Sales Representative
- Provider Relations Manager
- Risk Management Analyst
- Risk Management Top Executive
- Securities Analyst
- Special Agent Group Insurance
- Staff Attorney
- Subrogation Specialist
- Title Insurance Sales Representative
- Underwriting Manager
FAQ for Insurance HR and Compensation Professionals
How do insurance companies benchmark employee compensation? 
Insurance companies benchmark employee compensation by comparing pay from the external labor market. They match jobs primarily by responsibilities/duties, and then refine by experience, skills, certifications, and education. For accurate benchmarking, the market data should be specific to the insurance industry subsector the job is in, as well as geographic location and company size.
ERI’s Assessor Platform makes finding specific market rates easy and accurate. Market rates are available for over 35,200 benchmark jobs, 10,500 locations, and 1,100 industries so you can ensure you are getting accurate labor market rates for specialized insurance industry occupations.
How do I account for location when setting insurance salaries?
When determining pay for insurance roles using salary survey data from a different location, apply a geographic pay differential to adjust the data to your target market.
The geographic pay differential is the percentage difference in labor costs between locations. You can calculate this by subtracting the survey location’s market rate from the target location’s market rate, dividing the difference by the survey location’s market rate, and multiplying by 100.
Formula
For example: If the survey location’s market rate is $100,000 and the target location’s market rate is $90,000:
ERI’s Geographic Assessor calculates geographic pay differentials down to the city/neighborhood level, with separate analyses by salary level for granular accuracy. It also includes cost-of-living differentials and current and upcoming minimum wages.
How can I use my existing insurance salary surveys in ERI’s Assessor Platform?
ERI’s Survey Management tool allows you to easily upload and manage third-party surveys such as actuarial salary surveys, underwriter salary surveys, or insurance agency salary surveys, and compare them with ERI’s market data. This helps you job match your organization’s jobs with benchmark jobs from multiple sources at once.
The “Localize Survey Data” function can be used if your third-party salary survey data is from a different location than your target location. This function adjusts the survey data by comparing the cost of labor between locations, so you can benchmark individual jobs or adjust remote location salary structures with ease.
What insurance executive compensation data does ERI provide?
ERI’s Executive Compensation Assessor provides executive compensation data for insurance industry roles such as Claims Director, Chief Asset Management Executive, Chief Compensation & Benefits Executive, and Chief Underwriting Officer.
- Analyses by job title, industry sector, and company size (company assets or number of employees).
- View compensation by base salary, incentive, or total cash compensation.
- View a breakdown of compensation categories for a specific executive role to see what is typically included in executive pay packages.
- Peer Analyses tool allows you to compare executive roles at real companies to evaluate your organization’s total rewards.
