Insurance

The salary range for people working in Bosnia and Herzegovina in Insurance is typically from 989 BAM (minimum salary) to 2,287 BAM (highest average, actual maximum salary is higher).

This is the total monthly salary including bonuses. Salaries can vary drastically among different job positions. If you are interested in the salary of a particular job, please choose it from the list.

List of positions in the Insurance category and their job descriptions

Actuary

• Monitoring the insurance market, developing new products and proposing changes of existing products.
• Formulating insurance contracts, insurance conditions and special arrangements.
• Determining premium tariffs, the amount of technical provisions in life insurance and supplementary insurance.
• Preparing and updating technical business plans and manuals.
• Preparing documents for the implementation of changes related to product innovation in the information system.
• Creating and updating computer programs for distribution networks, pricing, taxation and technical changes in life insurance.
• Testing the profitability of products.
• Preparing personalised insurance offers.
• Preparing documents for the assessment of non-standard changes in life insurance.
• Performing and ensuring activities related to financial funds in investment life insurance.
• Preparing documentation and participating in conducting methodological trainings for distribution networks.
• Preparing documentation for accounting, the National Bank of Slovakia, auditors, shareholders and other entities, preparing periodic reports for the reinsurer.
• Providing expert consultation on life insurance products to other units of the company.

1,204 - 3,515 BAM

Branch Director

• Overseeing the overall operations and strategic direction of the branch.
• Leading and managing a team to ensure high levels of performance and productivity.
• Developing and implementing business plans to achieve branch goals and objectives.
• Building and maintaining strong relationships with clients, stakeholders, and partners.
• Ensuring compliance with company policies, industry regulations, and quality standards.
• Monitoring branch performance metrics and preparing regular reports for upper management.
• Identifying opportunities for growth and improvement within the branch's services and operations.
• Managing budgets and financial performance, including forecasting and expense control.
• Conducting regular training and development sessions for staff to enhance skills and knowledge.
• Addressing customer inquiries and resolving issues promptly to maintain satisfaction and loyalty.
• Collaborating with other branches and departments to align strategies and share best practices.
• Representing the branch at industry events, conferences, and community engagements.

770 - 4,080 BAM

Insurance Broker

• Seeking out potential customers and providing customer care to existing clients.
• Analysing needs and proposing individual insurance solutions according to customer requirements.
• Providing advice and consultations concerning the insurance industry.
• Concluding contracts with individual and corporate clients.
• Responsibility for updating client database.
• Participating in regular trainings and courses.

893 - 2,007 BAM

Insurance Underwriter

• Assessing the risks of the proposed insurance, completing insurance proposals and wording the insurance endorsements.
• Ensuring medical examinations, medical records and other data that are necessary for a comprehensive risk assessment.
• Reviewing insurance policies in terms of their accuracy and completeness, and entering the policies into the information system.
• Reviewing insurance policies concluded after the evaluation.
• Keeping records of the personal data of people interested in insurance, including those with whom an insurance policy has not been concluded.

1,088 - 3,308 BAM

Insurance administrator

• Checking the accuracy and completeness of contracts and their amendments, their processing in the information system and intervening in incorrect contracts.
• Processing the technical and nontechnical changes in contracts.
• Supplementing insurance premiums, and entering premium accountings into the information system.
• Identifying and pairing the received payments with the premium regulations.
• Sending reminders and calls regarding the monthly accounting and outstanding premium payments to clients.
• Processing unused insurance premium and premium overpayments (calculation and payment to clients).
• Cancelling, terminating and extending insurance contracts.
• Preparing documents for bookkeeping.
• Keeping a register of contracts in accordance with the applicable registration regulations of the company.
• Communicating with clients and distribution networks regarding the management of insurance policies.

1,064 - 2,011 BAM

Loss Adjuster

• Performing or ensuring the sightings of damaged or destroyed things, including the completion of the relevant documentation.
• Communicating with clients, involved or invited persons, public authorities and external contracting partners with the aim of ensuring all the documents necessary for a comprehensive assessment of a claim.
• Assessing client claims for indemnification under the applicable legal regulations and insurance contract and informing clients about the outcome.
• Determining the amount of indemnification reserve and the amount of indemnification in accordance with applicable legal regulations, internal regulations and insurance contract and the delivering the insurance benefits to clients.
• Preparing documentation for the regression procedures.
• Handling complaints and appeals from clients.
• Providing professional consulting services to clients and other sections of the company in matters related to the settlement of claims in the given class of insurance.
• Updating the appropriate forms, internal regulations and directives.

1,101 - 2,076 BAM

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