The salary for insurance account managers can depend on a few different factors. The experience you have and your location are two of the biggest ways that insurance account manager salaries vary. Most insurance account managers have a bachelor’s degree in business, management, marketing or another similar field.
How much do insurance account managers make? Whether you’re just starting out as an insurance account manager or have been in the industry for years, it would be helpful to see what your peers are earning nearly anywhere in the country.
The average salary for insurance account managers in the United States is $73,000 per year. The lowest paid 10% of insurance account managers earn less than $47,000 per year, and the highest paid 10% earn more than $106,000 per year.
The median salary is $81,550 per year.
Insurance account managers are some of the most sought-after professionals in the insurance industry. They are responsible for managing customer accounts, developing new business and maintaining existing relationships with clients. Insurance account managers are trained to understand the unique needs of each client and tailor their services accordingly. Account managers often have a background in business administration, finance or marketing.
The average salary for an insurance account manager is $63,000 per year, according to the U.S. Bureau of Labor Statistics’ Occupational Employment and Wages database. This figure does not include commission or bonuses, which can greatly increase an insurance account manager’s earnings.
Salary for insurance account manager
Insurance account managers use their charm and knowledge of the insurance industry to build relationships with insurance brokers and independent financial advisers. They don’t do this because they like making friends; their ultimate aim is to promote their company’s insurance products to the right people.
As well as promoting new insurance products, insurance account managers are responsible for maintaining the reputation of the existing products that they manage.
On a day-to-day basis, insurance account managers make business development calls, meet with clients and network their socks off in an attempt to make sure that their companies’ products are recommended by brokers and financial advisers.
To thrive in this competitive industry, insurance account managers need to develop an encyclopaedic knowledge of their company’s products, whilst simultaneously understanding their clients’ needs. Based on this expertise, they can make sure that the right products are pitched in the right place.
It’s also a good idea for an insurance account manager to keep up-to-date with market trends, industry developments and changes in Financial Conduct Authority (FCA) legislation.
You can find current vacancies on our Jobs page in the Banking, Finance and Accountancy sector.
Salary & benefits
Entry-level insurance account managers tend to earn between £18,000 and £26,000 per annum, while senior professionals with a wealth of experience can earn up to £45,000.
However, in addition to their basic salary, most insurance account managers earn bonuses or commission payments for hitting and/or ‘smashing’ their targets.
Working hours
Insurance account managers tend to work nine-to-five. However, extra evening work may be required from time to time, especially when you’re schmoozing with clients.
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Travelling around the country to meet clients is also a regular fixture. Consequently, you may be given the use of a company car.
Entry
To enter this line of work, you will need an undergraduate degree or HND in any discipline. However, studying a subject such as economics, maths, business studies or marketing may boost your chances of securing an entry-level position.
Alternatively, you can enter the industry lower down the food chain and gradually work your way up the career ladder into an account management position.
If you enter this line of work via a grad scheme, you will start off as a trainee but you’ll become a fully-fledged account manager a lot quicker.
Training & progression
Many insurance account managers start their career as part of a graduate scheme. If you are accepted onto one of these training programmes, the majority of your training will be completed whilst on the job under the supervision of a senior account manager. You may also be required to attend in-house sales workshops from time to time.
As part of your training programme, you may also be given the opportunity to complete the professional examinations required to become a member of the Chartered Insurance Institute. This can be highly beneficial for career progression.
Eventually, you may progress into a senior account manager position with added team leading responsibilities.
Alternatively, you might decide to move into a different area of the insurance industry; for instance, you might decide to become an insurance broker.
