Parametric Insurance Specialist Average Salary in Baku 2024
How much money does a person working as Parametric Insurance Specialist make in Baku?
LOW
1,650
AZN AVERAGE
3,300
AZN HIGH
5,110
AZN
A person working as Parametric Insurance Specialist in Baku typically earns around 3,300 AZN. Salaries range from 1,650 AZN (lowest) to 5,110 AZN (highest).
Salary Variance
This is the average salary including housing, transport, and other benefits. Parametric Insurance Specialist salaries in Baku vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Parametric Insurance Specialist Pay Scale and Salaries in Baku
Salary Structure and Pay Scale Comparison
3,030 AZN or more
2,690 to 3,030 AZN
1,930 AZN or less
1,930 to 2,690 AZN
 1,650 AZN |
3,050 AZN |
5,110 AZN |
Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range
Salary Range, Minimum Wage, and Starting Salary
Salaries for the position Parametric Insurance Specialist in Baku range from 1,650 AZN (starting salary) to 5,110 AZN (maximum salary). It should be noted that the given figure is not the legally mandated minimum wage; rather, it represents the lowest figure reported in a salary survey that included thousands of participants and professionals from all regions of the country.
Median Salary
With a median salary of 3,050 AZN, half of the professionals who work as Parametric Insurance Specialist in Baku earn less than this amount, and the other half earn more. The median salary denotes the middle value of salaries. Ideally, you would want to belong to the group earning more than the median salary, located on the right side of the salary distribution graph.
Percentiles and Salary Scale
The median is closely associated with two other values known as the 25th and 75th percentiles. By examining the salary distribution chart, it can be determined that 25% of professionals employed as Parametric Insurance Specialist in Baku earn less than 2,510 AZN, while 75% earn more. Similarly, the chart shows that 75% earn less than 3,480 AZN while 25% earn more.
Pay Scale Structure
To provide a better understanding of expected salaries, we categorized the frequently occurring salaries into different ranges. This approach provides a more precise representation of salary distribution for the job title Parametric Insurance Specialist in Baku compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 1,930 AZN to 2,690 AZN. About 20% of salaries are below the 1,930 AZN mark, while 10% fall within the range of 2,690 AZN to 3,030 AZN. Only 5% of individuals have salaries exceeding 3,030 AZN.
Salary Comparison by Years of Experience / Parametric Insurance Specialist / Baku
How do experience and age affect pay?
| 0 - 2 Years | 1,980 AZN | |
| 2 - 5 Years | +32% | 2,620 AZN |
| 5 - 10 Years | +34% | 3,500 AZN |
| 10 - 15 Years | +19% | 4,180 AZN |
| 15 - 20 Years | +8% | 4,510 AZN |
| 20+ Years | +7% | 4,840 AZN |
The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage. We broke down salaries by experience level for people working as Parametric Insurance Specialist and this is what we found.
Employees with less than two years of experience earn approximately 1,980 AZN.
While someone with an experience level between two and five years is expected to earn 2,620 AZN, 32% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 3,500 AZN, 34% more than someone with two to five years of experience.
Additionally, professionals whose expertise span anywhere between ten and fifteen years get a salary equivalent to 4,180 AZN, 19% more than someone with five to ten years of experience.
If the experience level is between fifteen and twenty years, then the expected wage is 4,510 AZN, 8% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 4,840 AZN, 7% more than people with fifteen to twenty years of experience.
Typical Salary Progress for Most Careers
Salary Comparison By Education / Parametric Insurance Specialist / Baku
How do education levels affect salaries?
Displayed below is the average salary variance between different education levels of professionals working as Parametric Insurance Specialist.
| High School | 2,480 AZN | |
| Certificate or Diploma | +14% | 2,830 AZN |
| Bachelor's Degree | +36% | 3,830 AZN |
| Master's Degree | +26% | 4,840 AZN |
We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down salaries by education level for the position Parametric Insurance Specialist in order to make a comparison.
Level 1: High School
Employees at this education level have an average salary of 2,480 AZN.
Level 2: Certificate or Diploma
At this level, the average salary becomes 2,830 AZN, 14% more than the previous level.
Level 3: Bachelor's Degree
At this level, the average salary becomes 3,830 AZN, 36% more than the previous level.
Level 4: Master's Degree
At this level, the average salary becomes 4,840 AZN, 26% more than the previous level.
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 Azerbaijan costs anywhere from 14,800 AZN to 44,400 AZN 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 to a higher-paying job. The numbers seem to support the theory. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.
If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.
Typical Salary Difference by Education for Most Careers
Salary and Compensation Comparison By Gender / Parametric Insurance Specialist / Baku
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? For the people who work as Parametric Insurance Specialist in Azerbaijan, the average difference between the salary of male and female employees is nan%.
| Male | 0 AZN | |
| Female | 0 AZN |
Salary Comparison By Gender in Azerbaijan for all Careers
Average Annual Salary Increment Percentage / Parametric Insurance Specialist / Baku
How much are annual salary increments in Baku for individuals working as Parametric Insurance Specialist? How often do employees get salary raises?
Individuals working as Parametric Insurance Specialist in Azerbaijan are likely to observe a salary increase of approximately % every months. The national average annual increment for all professions combined is 7% granted to employees every 20 months.
Azerbaijan / All Professions
The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare 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
Worldwide Salary Raises: All Countries and All Jobs
Salary Packages and Schemes
Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.
Bonus and Incentive Rates / Parametric Insurance Specialist / Azerbaijan
How much and how often are bonuses being awarded?
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100% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while % said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from % to % of their annual salary.
| Received Bonus | % | |
| No Bonus | 100% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus, where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, 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 BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese 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 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. |
Example: | Example: |
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.
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.
Average Hourly Wage / Parametric Insurance Specialist / Baku
19 AZN per hourThe average hourly wage (pay per hour) for individuals working as Parametric Insurance Specialist in Baku is 19 AZN.This is the rate they get paid for every worked hour.
About The Hourly Pay Rate
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 fixed 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.
What is the minimum hourly rate of pay?
The minimum pay rate per hour for people working as Parametric Insurance Specialist in Baku is 10 AZN. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.
Salary comparison with similar jobs
| Job Title | Average Salary |
| Insurance |  -100% | |
| Actuarial Analyst | 4,500 AZN |  +36% |
| Actuarial Assistant | 3,190 AZN | -3% |
| Actuarial Specialist | 3,270 AZN | -1% |
| Actuary | 4,710 AZN | +43% |
| Adjustment Insurance Clerk | 1,240 AZN | -62% |
| Assistant Broker | 2,140 AZN | -35% |
| Assistant Claims Manager | 3,610 AZN | +9% |
| Associate Insurance Representative | 1,730 AZN | -48% |
| Auditing Insurance Manager | 5,000 AZN | +52% |
| Blockchain Insurance Auditor | 3,110 AZN | -6% |
| Broker | 3,510 AZN | +6% |
| Claim Advocacy Professional | 3,270 AZN | -1% |
| Claims Adjuster | 1,260 AZN | -62% |
| Claims Analyst | 1,780 AZN | -46% |
| Claims Examiner | 1,800 AZN | -45% |
| Claims Manager | 4,920 AZN | +49% |
| Claims Processor | 1,310 AZN | -60% |
| Claims Representative | 1,550 AZN | -53% |
| Claims Resolution Specialist | 3,550 AZN | +8% |
| Claims Supervisor | 3,180 AZN | -4% |
| Complaints Specialist | 3,130 AZN | -5% |
| Compliance Examiner | 3,150 AZN | -4% |
| Compliance Officer | 2,620 AZN | -21% |
| Compliance Reviewer | 3,130 AZN | -5% |
| Consultant | 3,310 AZN | +0% |
| Drone Claims Adjuster | 1,450 AZN | -56% |
| Eligibility Interviewer | 3,500 AZN | +6% |
| Eligibility Specialist | 3,250 AZN | -1% |
| Insurance Account Manager | 4,030 AZN | +22% |
| Insurance Accounts Executive | 3,470 AZN | +5% |
| Insurance Adjuster | 3,160 AZN | -4% |
| Insurance Agent | 1,990 AZN | -40% |
| Insurance Analyst | 3,200 AZN | -3% |
| Insurance Appraiser | 3,350 AZN | +2% |
| Insurance Claims Clerk | 1,250 AZN | -62% |
| Insurance Compliance Officer | 3,620 AZN | +10% |
| Insurance Data Scientist | 2,980 AZN | -10% |
| Insurance Examiner | 3,110 AZN | -6% |
| Insurance Fraud Investigator | 2,720 AZN | -18% |
| Insurance Investigator | 3,230 AZN | -2% |
| Insurance Manager | 5,700 AZN | +73% |
| Insurance Operations Manager | 5,950 AZN | +80% |
| Insurance Policy Processing Clerk | 1,280 AZN | -61% |
| Insurance Pricing Assistant | 2,670 AZN | -19% |
| Insurance Product Manager | 3,870 AZN | +17% |
| Insurance Program Manager | 4,350 AZN | +32% |
| Insurance Project Manager | 4,220 AZN | +28% |
| Insurance Quality Assurance Agent | 3,000 AZN | -9% |
| Insurance Sales Agent | 2,070 AZN | -37% |
| Insurance Sales Director | 5,550 AZN | +68% |
| Insurance Sales Manager | 4,210 AZN | +28% |
| Insurance Sales Representative | 1,830 AZN | -45% |
| Insurance Team Leader | 3,520 AZN | +7% |
| Insurance Underwriter | 2,420 AZN | -27% |
| Insurtech Analyst | 3,060 AZN | -7% |
| Loss Control Specialist | 3,360 AZN | +2% |
| Loss Prevention Investigator | 3,650 AZN | +11% |
| Loss Prevention Manager | 4,660 AZN | +41% |
| Loss Prevention Specialist | 3,440 AZN | +4% |
| Marine Underwriter | 2,380 AZN | -28% |
| Medical Auditor | 3,370 AZN | +2% |
| Monitoring and Performance Officer | 2,320 AZN | -30% |
| Parametric Insurance Specialist | 3,300 AZN | +0% |
| Payment Services Specialist | 3,520 AZN | +7% |
| Peer-to-Peer Insurance Manager | 4,240 AZN | +29% |
| Policy Change Director | 5,150 AZN | +56% |
| Policy Change Supervisor | 3,590 AZN | +9% |
| Policy Change Technician | 1,620 AZN | -51% |
| Risk Analyst | 3,810 AZN | +16% |
| Risk Management Director | 6,670 AZN | +100% |
| Risk Management Supervisor | 4,350 AZN | +32% |
| Risk Manager | 6,520 AZN | +98% |
| Risk Modeling Manager | 5,950 AZN | +80% |
| Social Media Risk Analyst | 3,330 AZN | +1% |
| Title Insurance Typist | 3,000 AZN | -9% |
| Training Manager | 3,730 AZN | +13% |
| Underwriting Assistant | 1,620 AZN | -51% |
Salary Comparison By City
| City | Average Salary |
| Baku | 3,300 AZN |
Government vs Private Sector Salary Comparison
Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Azerbaijan is 10% on average across all career fields.
| Private Sector | 2,800 AZN | |
| Public Sector | +10% | 3,070 AZN |
Salary Statistics and Calculation Guide
What is considered to be a good and competitive salary for the job title Parametric Insurance Specialist in Baku?
A good and competitive compensation would range anywhere between 3,050 AZN and 3,480 AZN. This is a very rough estimate. Experience and education play a very huge part in the final earnings.
Gross Salary (before tax) and Net Salary (after tax)
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.
Base / Basic Salary
The base salary for a careers like Parametric Insurance Specialist in Baku ranges from 1,650 AZN to 2,510 AZN. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.
What is the difference between the median and the average salary?
Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn 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
