Aon Hewitt Performance, Reward & Talent General Insurance Industry Remuneration Report (Australia) Information pack 2015 Risk. Reinsurance. Human Resources.
354 positions from Data in this report covers 56 organisations General Insurance Industry Remuneration Report 2015 This remuneration report provides organisations with accurate, reliable and comprehensive remuneration data unique to the general insurance industry. Aon Hewitt is calling for subscriptions to join the leading remuneration report for organisations in 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. 2
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. 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. 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. 3
Job families surveyed Job family: Executive Job 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: (aonhewitt.com.au/home/resources/reports-and-research/the-australian-general-insurance-industry-remunera) 4
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. 5
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 6
Remuneration data 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 SAMPLE DATA ONLY 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 Please refer to Data Centre for statistics on the following: 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
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. 8
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. 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. 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. 9
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 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 Remuneration mentoring Executive remuneration services Executive benchmarking Long and short term incentive design Providing remuneration advice and recommendations to Boards of Directors For further information regarding the General Insurance Industry Remuneration Report, or to participate, please contact: Yong Gim t +61 2 9253 7830 e yong.gim@aonhewitt.com
Contacts For further information regarding this remuneration report, please contact Yong Gim directly: t +61 2 9253 7830 e yong.gim@aonhewitt.com 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 About Aon Hewitt 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 aonhewitt.com.au Risk. Reinsurance. Human Resources.