How much to pay employees?

aaaaaaaahhhhhh

Hey Guys
Is there a location where we can see what salary employees should be paid based on job title?
Cheers

Into The Blue

http://www.morganmckinley.ie/about/2015-salary-survey-benefits

Mrs OBumble

Or Glassdoor.

Susandublin

What role are you recruiting for? Hard to get someone good.

aaaaaaaahhhhhh

Susandublin wrote: »

What role are you recruiting for? Hard to get someone good.

Insurance generalists
C.F.O
Insurance Actuaries
Insurance Underwriters

This is basically a ground up project.

Brian201888

Will depend greatly on what type of insurance and how senior a level you need

aaaaaaaahhhhhh

Specifically health in the beginning. we will be looking for junior and mid level actuaries and a high level CFO

pedroeibar1

.

pedroeibar1

aaaaaaaahhhhhh wrote: »

Specifically health in the beginning. we will be looking for junior and mid level actuaries and a high level CFO

One of the Mods deleted our posts above (as is / was his right) because mine were reported by “someone” as being aggressive. So, having found and now wearing my “very polite hat” I suggest you have a little re-think before you post your questions and consider how professionals (not just from the insurance industry) would view them. (BTW I still stand over my remarks – aggressive or not.)

For starters, it's obvious from any jobs advert that the minimum you need for any CFO of stature would start at €150k plus perks. Also, why employ an in-house actuary at an annual cost of €150k plus? You do not need to employ one – you can hire freelancers - one to prepare and (yes, another) an independent one to sign off on your figures. (Go look up SAO). The problem you will have with that suggestion relates to your “experience” –having read your posts no actuary I know would (ever, ever) work for you due to your lack of knowledge. Even if lucky enough to find two prepared to work with you, you will need well north of 150k annually for actuarial fees for your start-up. Nor would any senior insurance staff consider giving up nice (or even bad) jobs to work for the operation you describe. I would run a mile were you to approach me due to the risk of collateral damage to my other roles.

You seem to be unaware that all key in-house insurance positions must be approved in advance of appointment by the CBI, thankfully a lengthy and difficult process now that the like of the amnesiac Neary have “gone”. These are the PCF functions to which I referred and you ignored in the deleted posts and these include:
1. Chairman of the Board
2. All executive directors
3. All non-exec directors
4. Chairman of the audit committee
5. Chairman of the risk committee
6. Chairman of the remuneration committee
7. Chairman of the nomination committee
8. Chief executive
9. Head of Finance
10. Head of Compliance
11. Head of Internal Audit
12. Chief Risk Officer
13. Head of Compliance
14. Head of Retail Sales
15. Chief Operating Officer.

Insurance companies also need prior CBI approval before appointing the following officers:
1. Head of Underwriting
2. Head of Investment
3. Chief Actuary / Head of actuarial function
4. Head of Claims
5. Signing Actuary
6. Chief Risk Officer

Some of the foregoing positions can be combined, but you get the drift......

To obtain a new licence you must have quality people, which takes substantial cash and reputation. What quantities of both do you consider you have? Also, you must pay for your licence and annual operating supervision fees. Not cheap!

I’m not going to comment or ask how you have upped your game from starting out with a credit union loan / dosh from family to finding the finance for your new insurance company. I’m going to be good and not say much more, but you might like to consider learning something of the industry before you again post on looking for input on a proposal on which you have declined to outline the most basic of technical ideas.

Politeness is okay, but it’s boring and out of place when dealing with stupidity anywhere. If you want to succeed at anything you must act with passion, not with politeness, (or behind someone's back). Leaders need to show their teeth once in a while because people need to remember the passion, because, who cares about polite?

A little growling goes a long way, Mods just rely on the switch.;)

antoinolachtnai

You can establish as an intermediary and Be underwritten by a large global insurer and your regulation from CBI shouldn't be that bad. However the large insurer will have a lot of requirements.

In principal the actuarial is pretty straightforward in health insurance because of the market structure. That said you need to understand it at a very deep level to get your positioning to work.

But still, there are a lot of regulatory issues. The actuarial is probably the simplest and cheapest.

The marketing and positioning in health insurance is complex and immense. Have you ever been involved in coming up with a name for a health insurance company? I have and all I can say is coming up with those three or four letters is a lot more complex and expensive than it looks.

Coming up with the packages is also no joke. This is where you sink or swim but unless you have the right marketing and sales market knowledge you will probably sink.

pedroeibar1

The OP wants to start an insurance company. Have you looked at his post history? Aged early 20’s with a penchant for wrestling, did not make the cut at an application for an undergrad intake funds job some time back…..…

antoinolachtnai wrote: »

You can establish as an intermediary and Be underwritten by a large global insurer and your regulation from CBI shouldn't be that bad. However the large insurer will have a lot of requirements.

I think you mean OP should establish as an underwriting agent. An intermediary is a totally different animal. No insurer is going to hand its u/w pen to a start-up agency that has no industry experience. Nor IMO would the CBI approve. (Have you ever seen an IQ?)

antoinolachtnai wrote: »

In principal the actuarial is pretty straightforward in health insurance because of the market structure.

I disagree. Market structure has little to do with actuarial which is based on loss history and solvency capital requirement. Furthermore, it is by far the most expensive of the services utilised by an insurer (my experience has shown it to be more expensive than legal). In Ireland the small size of the market means that actuarial firms have limited models and ‘plug-ins’ have not been fully developed. That means more work i.e. higher cost. You tell me what the annual SAO letter would cost for a small insurer and I will tell you how near you are to the mark.;)
I really don’t see the point of continuing this thread – the OP has been given the cost answers (and a lot more!)

Axwell

Mod Note: Thread closed at the request of the OP