Risk. Reinsurance. Human Resources. Aon Hewitt
Performance, Reward & Talent
General Insurance
Industry
Remuneration Report (Australia)
Information pack 2015
General Insurance Industry
Remuneration Report 2015
This remuneration report provides organisations with accurate, reliable and comprehensiveremuneration data unique to the general insurance industry.
Results are based on the salaries and benefits information of over 34,000 individual employees, from 56 organisations. Comprehensive
remuneration and benefits tables are published for over 354 key positions.
Participants in the 2015 remuneration
report included Australia’s largest
primary insurers, reinsurers, insurance
brokers & health insurers.
This report is produced on
a biannual basis in April
and October each year.
Aon Hewitt is calling for
subscriptions to join the
leading remuneration
report for organisations
in the general insurance
industry
354
positions from56 organisations
Data in this report covers3
Why participate in an
Aon Hewitt remuneration report?
As an Aon Hewitt remuneration report participant you have access to
the very latest market data to ensure informed salary decisions within
your organisation.
Along with Aon Hewitt’s high level of client service, your remuneration report subscription includes:
Online remuneration data through Data Centre that can be filtered according to your needs. With enhanced data visualisation, individual report dashboards and real-time polling and updates, Aon Hewitt’s Data Centre is at the forefront of online remuneration analytics.
Comprehensive coverage with data on all major elements of the remuneration package; salary, benefits and both short and long-term incentives.
Historical coverage of actual salary movements, as well as forecasts for the coming year.
Online access to remuneration reports from the past five years.
Career level data that provides separate remuneration tables for each job family, which can be used to enhance job matching, or as an alternative source of data for non-standard positions.
Attendance at remuneration forums, complimentary events that provide a chance to discuss and critically evaluate data findings and market trends and network with industry peers.
Easy access to relevant economic indicators via Data Centre.
Invitation to participate in the annual Policy and Practice Report that provides access to quantitative and qualitative information which supports the review and design of total reward programs.
From year to year we see many variations in the way organisations reward their employees. Some positions begin attracting a significantly higher rate of pay whilst others drop, as supply and demand for various skill-sets shift and change. As circumstances change organisations adjust their reward packages to get the most out of limited salary budgets.
Staying informed of
market movements
is critical to ensure
your reward
strategies are
meeting your
business needs
whilst minimising
costs.
The money spent
on a remuneration
report subscription
can be made back
many times over
in savings through
optimising total
reward spend and
retaining key talent.
Job families surveyed
Job family: ExecutiveJob family: Human Resources Generalist
Compensation & Benefits Learning & Development Training
Recruitment
Occupational Health & Safety Human Resources Associate Level Job family: Legal & Compliance Legal
Compliance Quality Assurance Dispute Resolution
Job family: Corporate Services Job family: Administration/ Operations
Property Management Projects
Administration Job family: Finance General Accounting Financial Accounting Management Accounting Taxation Internal Audit Accounts Credit Claims Recovery Commercial Payroll
Job family: Claims Processing State Claims Management
Regional Claims Management Team Claims Management Senior Claims
Claims
Workers Compensation Case Management
Claims Investigation Brokerage Claims
Job family: Information Technology Project Management Applications Development Infrastructure IT Support Operations Business Analysis
Job family: Loss Adjustment/Risk Control Assessing Management Assessing Loss Control Risk Engineering Fraud Investigations Other
Job family: Customer Service Customer Service Management Customer Service Team Leaders Senior Customer Service Customer Service Call Centre
Job family: Reinsurance Job family: Marketing Marketing Management Product Management
Communications Sales
Job family: Sales Sales Management Account Management Sales
Broker Services
Job family: Actuarial & Pricing Actuarial
Research Pricing
Job family: Underwriting
National Underwriting Management Underwriting Management
Underwriting Team Leader Senior Underwriting Underwriting
Job family: Brokerage Accounts Accounts Management
Senior Accounts Accounts
Assistant Accounts Job family: Graduates Job family: Health Insurance Health Fund Management Customer Service Provider Management Product Development Analytics & Quality Assurance Dental
Optical
For detailed descriptions of all positions surveyed, and participating organisations please visit our website:
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Single Data Capture
Submit your data once per year, at a time that
suits you.
At Aon Hewitt, we know submitting remuneration data takes time, especially if you participate in multiple remuneration reports. So to make things easier, we utilise a single data capture document regardless of the survey you subscribe to. We also allow you to elect the time of year to complete your submission*.
One data submission per year – saving you time
Flexible data submission dates – select the timeframe that suits you
Position matching matrices – to make job matching easier.
* As most Aon Hewitt reports are participant only, data submission may be required pre-survey release to begin your first subscription.
Data submission
The provision on your organisation’s remuneration data is a condition of participation in Aon Hewitt remuneration reports. This ensures the veracity of the data provided in the remuneration report. Our customised data input software Rapid Rem makes submitting remuneration data a simple process.
Aon Hewitt also provides participants the support of a dedicated remuneration analyst, who can assist with submitting your data and interpreting the report results.
Sample position description
Position title Senior Underwriter - Multiple Lines
Position code Aon.UND.92702.4
Career level 4 Responsible for
Efficiently and effectively handling complex underwriting enquires to maintain strict underwriting standards and processes within authority limits
Reports to
Underwriting Manager/Assistant Branch Manager/Branch Manager Supervises
Supervision of underwriting activities for up to 5 staff. Underwriter, Assistant Underwriter Main activities
Underwriting complex risks that fall within defined limits of authority
Assisting in the development of underwriting standards and conducting audits on underwriting files to ensure standards are maintained
Achieving planned underwriting results for new and existing business and identifying underwriting requirements to meet business needs
Protecting company’s risk exposure by applying retention limits, arranging reinsurance and observing underwriting guidelines
Monitoring and reviewing underwriting standards procedures and checklists Reviewing and analysing research results
Reviewing variations from usual proposal standards
Monitoring reinsurance carried out by other staff and ensuring that all procedures are adhered to
Performing supervision for underwriting activities and is responsible for the execution and completion of activities performed by other staff
Key skills
Full knowledge of company guidelines, underwriting acceptance levels, systems and any relevant legislation Understanding of instalment system and account reconciliation and of all product lines
Ability to provide professional level of service to intermediaries and brokers and to support all use of underwriting by others
Ability to find possible solutions to complex underwriting problems within defined guidelines
In depth knowledge of underwriting and excellent knowledge of the company structure and interrelationships Internal contacts
External contacts Typical experience
Minimum 5-8 years insurance experience. Relevant insurance qualifications through a fellowship/associateship or equivalent Other comments
Remuneration data
State No. of Inc’s No. of Org’s
New South Wales 24 7
Victoria 23 5
Queensland 8 2
Western Australia 5 2
South Australia 2 1
Australian Capital Territory 0 0
Tasmania 1 1
Northern Territory 0 0
Please refer to Data Centre for statistics on the following: Position title Senior Underwriter - Multiple Lines
Position code Aon.UND.92702.4 No. of Incumbents 58 Career level 4 No. of organisations 15
Percentiles
Remuneration Component % Rec Average % of FR 25th 50th 75th Taxable Base Salary (TBS) 100% 112,684 90% 96,019 105,252 130,257 Nominal Base Salary (NBS) 100% 100,000 90% 95,019 110,027 140,649 Company superannuation 100% 11,413 9% 9,180 10,388 13,091
Annual leave loading 21% 1,200 1% 1,476 1,600 1,700
Car allowance 3%
Company car/novated lease
Health insurance 10%
Other benefits /other cash
Total Benefits 100% 12,091 10% 9,180 10,519 13,935
Fixed Remuneration (FR) 100% 130,000 100% 105,364 117,000 150,000
Target incentive 84% 14,077 11% 12,350 14,000 15,752
Target commission
Target Short-term Incentive 84% 14,000 11% 12,350 13,050 15,752 Target Annual Remuneration (TAR) 100% 145,126 109% 120,359 130,782 158,263
Long-term incentive 2%
Target Total Remuneration (TTR) 100% 145,126 110% 120,572 130,782 158,263 Additional Payments
Overtime
On-call/standby allowance Shift allowance
Total Employment Cost 100% 145,126 109% 120,359 130,782 158,263 Actual Remuneration – for comparison
Actual incentive 89% 14,000 12% 10,489 12,000 16,493
Actual commission 2%
Actual ad-hoc bonus
Actual Short-term incentive 90% 15,000 12% 10,497 12,445 16,803 Actual Annual Remuneration (AAR) 100% 150,836 111% 115,889 130,871 158,383
SAMPLE D
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About Aon Hewitt’s
Reward practice
Aon Hewitt provides expert advice and innovative solutions to assist
organisations with all areas of remuneration management. With a
reputation for excellence and integrity, we are the primary source of
remuneration information and advice for entire industries, as well as
individual organisations of all sizes.
Our clients
Over eight hundred organisations throughout Australasia and across various industry sectors use Aon Hewitt’s products and services, ranging from small to large local firms through to the largest multinationals.
Our people
Aon Hewitt is a team of knowledgeable, experienced, passionate, creative and energetic people who thrive on exceeding client expectations, providing expert advice to organisations, and leading the market in the design and development of innovative remuneration solutions, products, training and technology.
9
Our technology
The Aon Hewitt Data Centre is an innovative, intuitive platform allowing you to access exactly the data you need quickly and easily, on your PC or mobile device. Data Centre provides remuneration report data visualisation, individual dashboards, position description matrix views and real-time polling and updates. In addition, functionality includes:
Advanced filtering: enables you to filter data by multiple options including organisation size (headcount/turnover), industry and/or geography.
Peer cut: enables you to filter data by a select group of report participants to ensure alignment in a competitive talent market.
Compa-ratio reports: enables you to review how your employees compare to market data.
Age data: enables you to age the data to ensure you are future proofing projected remuneration movement in the near future.
Create custom position(s): enables you to combine multiple roles where there is no current market data for hybrid/mixed positions.
We pride ourselves
on outstanding
customer service
and our ability to
tailor solutions that
are aligned to your
remuneration needs
and contribute to
the success of your
business.
Our services
Remuneration consulting services
Remuneration and benefits strategy design Remuneration structures/systems
Policy development and review Job analysis
Position description writing Remuneration benchmarking Customised market surveys Job pricing
Performance pay plan design and review Salary budget planning and reviewing the
remuneration environment Salary review assistance Remuneration outsourcing Employee opinion surveys Remuneration mentoring
Executive remuneration services
Executive benchmarking
Long and short term incentive design Providing remuneration advice and
recommendations to Boards of Directors
Survey services
Industry-specific and general industry salaries and benefits surveys
Customised salary surveys tailored to individual organisations’ needs
HR benchmarking and remuneration policy and practice survey reports
Access to international market data Survey forums
Training services
Public training seminars ranging from a basic introduction to remuneration through to advanced remuneration theory and practice topics
Customised ‘in-house’ remuneration training, designed to meet specific organisational requirements and conducted on client premises Access to comprehensive HR reference manuals
For further information regarding the General Insurance Industry
Remuneration Report, or to participate, please contact:
Contacts
For further information regarding this remuneration report, please contact Yong Gim directly: t +61 2 9253 7830
e [email protected] Sydney
Level 33, Aon Tower 201 Kent Street Sydney NSW 2000 t +61 2 9253 7100 f +61 2 9253 7006 Melbourne
Level 51, 80 Collins Street Melbourne Vic 3000 t +61 3 9211 3000 f +61 3 9211 3511 Brisbane
Level 2, 175 Eagle Street Brisbane Qld 4000 t +61 7 3223 7400 f +61 7 3223 7545 Perth
Level 7, 28 The Esplanade Perth WA 6000
t +61 8 6317 4000 f +61 8 9322 6890
Part of Aon plc, Aon Hewitt is the global leader in human resource consulting and outsourcing solutions. Our services focus on helping organisations mitigate risk in their workforce and realise the untapped potential of their employees. We also help individuals maximise their wealth to enable people to live the life they want. In Australia, our team of experts partner with your organisation to develop and deliver people strategies that achieve positive business outcomes in the areas of: superannuation and retirement; financial advice; workers’ compensation; work, health and safety; workforce risk
solutions; employee benefits; talent, leadership and employee engagement; remuneration and incentives; total rewards; actuarial services; and mergers and acquisitions. With more than 30,000 professionals in 90
countries, Aon Hewitt makes the world a better place to work for clients and their employees. Aon Hewitt is the global talent, retirement and health solutions business of Aon plc. For more information on Aon Hewitt, please visit aonhewitt.com.au.
About Aon
Aon plc (NYSE:AON) is the leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 66,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative and effective risk and people solutions and through industry-leading global resources and technical expertise. Aon has been named repeatedly as the world’s best broker, best insurance intermediary, reinsurance intermediary, captives manager and best employee benefits consulting firm by multiple industry sources. Visit aon.com for more information on Aon and aon.com/manchesterunited to learn about Aon’s global partnership and shirt sponsorship with Manchester United.
© 2015 Aon Hewitt Limited
Terms and conditions
Please note: Aon Hewitt is still trading as Hewitt Associates in Australia. Hewitt Associates’ reports of salary and benefits are produced and issued under the following conditions.
Confidential and copyright
Hewitt Associates Remuneration Reports are confidential and copyright. Contributors may only use the reports within their own organisations and are not to convey the contents to any third parties. Contributors may not photocopy or reproduce by any other method, the contents of the reports – extra copies may be purchased at nominal extra copy cost rates. Hewitt Associates’ Remuneration Reports are contributor only reports. Contributors are required to supply accurate salaries and benefits data by the due dates which are outlined in our annual planners.
Disclaimer/limitation of liability
This Remuneration Report is designed to provide a summary of pay rates as at the date of publication. The report does not purport to be conclusive or to provide specific guidelines. No responsibility can be accepted by Hewitt Associates for loss occasioned to any person acting or refraining from acting as a result of any statement in this publication. This Remuneration Report has been produced using contributors’ data that, to the best of Hewitt Associates’ knowledge, was current and correct at the time of publication. Whilst considerable lengths have been taken to verify all contributors’ data, Hewitt Associates gives no guarantee as to the accuracy or validity of the information contained herein, nor its applicability to any specific circumstances. The Remuneration Report is intended as a guide only and Hewitt Associates will not be liable to any person for any claim or loss as a result of any actual or perceived inaccuracy contained in the report.
Hewitt Associates privacy policy
Hewitt Associates has had a long–standing commitment to respecting the privacy of the information entrusted to it by clients and others. This commitment has ensured the ongoing success of our business and our clients’ ongoing support of our products and services. Our formal Privacy Policy document explains Hewitt Associates’ commitment to comply with the Privacy Act 1988 (Cth) and how we collect, use, disclose and protect the information we collect from our clients. To view this policy document, please go to our website aonhewitt.com.au for further information. A0283_1039K C2 1215
