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The differences between commercial lines account managers and insurance brokers can be seen in a few details. Each job has different responsibilities and duties. Additionally, an insurance broker has an average salary of $94,006, which is higher than the $57,372 average annual salary of a commercial lines account manager.
The top three skills for a commercial lines account manager include customer service, management system and cancellations. The most important skills for an insurance broker are customer service, life insurance products, and lead generation.
| Commercial Lines Account Manager | Insurance Broker | |
| Yearly salary | $57,372 | $94,006 |
| Hourly rate | $27.58 | $45.20 |
| Growth rate | 6% | 6% |
| Number of jobs | 84,354 | 38,403 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 64% |
| Average age | 46 | 46 |
| Years of experience | - | - |
A commercial lines account manager is an individual who provides quality service to clients as well as act as the daily liaison between insurance company, agent, and their clients. Commercial lines account managers are required to address various coverage issues and handle inside service work that is associated with the client's account. They must assist their clients in making appropriate coverage changes and educate them about coverage, exclusions, and exposures. Commercial lines account managers must also set up finance contracts with PFS and help negotiate rates if applicable.
Insurance brokers are responsible for assisting clients to determine their liability risks and in selecting the appropriate policies for their family, home, business, or automobile to ensure their protection. They direct clients in creating a sound decision and supply them with a variety of quotes that best suit their needs. Their duties include demonstrating the benefits, terms, conditions, and suspension for a number of participating insurance policies. Also, they may negotiate lesser rates for their clients and continue in guiding these clients in technical issues like filing a claim or changing their insurance coverage.
Commercial lines account managers and insurance brokers have different pay scales, as shown below.
| Commercial Lines Account Manager | Insurance Broker | |
| Average salary | $57,372 | $94,006 |
| Salary range | Between $44,000 And $74,000 | Between $62,000 And $141,000 |
| Highest paying City | Bothell, WA | Birmingham, AL |
| Highest paying state | Washington | Washington |
| Best paying company | UBS | Liberty Mutual Insurance |
| Best paying industry | Start-up | Insurance |
There are a few differences between a commercial lines account manager and an insurance broker in terms of educational background:
| Commercial Lines Account Manager | Insurance Broker | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 64% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between commercial lines account managers' and insurance brokers' demographics:
| Commercial Lines Account Manager | Insurance Broker | |
| Average age | 46 | 46 |
| Gender ratio | Male, 12.8% Female, 87.2% | Male, 62.5% Female, 37.5% |
| Race ratio | Black or African American, 9.3% Unknown, 3.6% Hispanic or Latino, 15.8% Asian, 4.9% White, 66.4% American Indian and Alaska Native, 0.1% | Black or African American, 9.3% Unknown, 3.6% Hispanic or Latino, 15.9% Asian, 4.9% White, 66.2% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 7% | 7% |