Manager, Commercial Lines (Insurance) Salary
Managers of Commercial Lines Insurance in the United States tend to be well-versed in their field, and more than three-fourths have more than 10 years of experience. Average salary is expected to be around $64K annually, but may range from $38K to $114K per year. Overall cash earnings for Managers of Commercial Lines Insurance stretch from $38K on the lower end to $114K near the top, and the heftiest packages can encompass around $20K from bonuses and $18K from profit sharing. The majority of workers are highly satisfied with their job. While some workers in this profession — approximately one-fifth — do not have any health coverage, a strong majority do receive medical benefits and the larger part have dental insurance. There are far more female Managers of Commercial Lines Insurance who answered the questionnaire than men, making up 85 percent. The data for this synopsis comes from respondents who took the PayScale salary survey.
Job Description for Manager, Commercial Lines (Insurance)
Commercial lines insurance managers are responsible for a variety of tasks within insurance companies which generally revolve around managing various commercial accounts, and they generally work in indoor office environments during traditional business hours. Most employers prefer applicants who have a bachelor’s degree in a relevant field and prior experience with insurance, and this position also requires in-depth knowledge of insurance markets, products, underwriting, and reference. Many employers may require various certifications and licenses, though exact requirements depend on the organization.Read More...
Commercial lines insurance managers focus heavily on managing accounts and aiding executives within their company. Common responsibilities include: providing support to sales and account executives; scheduling appointments with executives; completing and submitting applications to carriers; ordering, issuing, and verifying insurance forms and items (including policies, endorsements, certificates, and binders); tracking invoices for accuracy; preparing insurance summaries; reviewing accuracy and corrections of policies; and staying up-to-date on all aspects of insurance policies.
Candidates for this position must be highly organized, attentive to detail, and able to remain calm in high-stress environments. Strong communication skills and a sense of professionalism are also important.
Manager, Commercial Lines (Insurance) Tasks
- Manage a group of existing accounts and assist with reviewing and processing renewals and new accounts.
- Sell insurance policies to new customers and identify cross-selling opportunities.
- Work with customers and insurance company to arrange premium payments, answer questions, and explain changes.
- Prepare rate quotes, assemble coverage summaries and proposals, and monitor the status of claims reports.
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Popular Skills for Manager, Commercial Lines (Insurance)
Managers of Commercial Lines Insurance usually report a few specific skills. Most notably, skills in People Management, Insurance, Account Management, and Customer Service are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Customer Service and Account Management. Most people familiar with Account Management also know People Management.
Pay by Experience Level for Manager, Commercial Lines (Insurance)
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience seems to be a major factor in determining the incomes of Managers of Commercial Lines Insurance. Relatively untried employees who have less than five years' experience make $40K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $54K. Managers of Commercial Lines Insurance see a median salary of $69K after reaching one to two decades on the job. Individuals who have achieved more than 20 years of experience don't seem to earn much more than people who have 10 to 20 years under their belts; the more senior group reports an average income of $72K.
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