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The differences between commercial lines account managers and licensed insurance agents can be seen in a few details. Each job has different responsibilities and duties. Additionally, a commercial lines account manager has an average salary of $57,372, which is higher than the $54,118 average annual salary of a licensed insurance agent.
The top three skills for a commercial lines account manager include customer service, management system and cancellations. The most important skills for a licensed insurance agent are excellent time management, work ethic, and strong customer service.
| Commercial Lines Account Manager | Licensed Insurance Agent | |
| Yearly salary | $57,372 | $54,118 |
| Hourly rate | $27.58 | $26.02 |
| Growth rate | 6% | 6% |
| Number of jobs | 84,354 | 78,016 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 50% |
| 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.
A licensed insurance agent is primarily responsible for finding and utilizing opportunities to secure insurance sales. Moreover, a licensed insurance agent must reach out to potential clients, discuss and negotiate terms, respond to inquiries, and perform various assessments to determine their ability to uphold financial obligations. Besides building a client base, they also need to handle current policies, process renewals, monitor claims, maintain an accurate record of transactions, prepare progress reports and strategies, and distribute policy proceeds according to the company rules and regulations.
Commercial lines account managers and licensed insurance agents have different pay scales, as shown below.
| Commercial Lines Account Manager | Licensed Insurance Agent | |
| Average salary | $57,372 | $54,118 |
| Salary range | Between $44,000 And $74,000 | Between $32,000 And $88,000 |
| Highest paying City | Bothell, WA | Washington, DC |
| Highest paying state | Washington | Hawaii |
| Best paying company | UBS | Torchmark |
| Best paying industry | Start-up | Finance |
There are a few differences between a commercial lines account manager and a licensed insurance agent in terms of educational background:
| Commercial Lines Account Manager | Licensed Insurance Agent | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between commercial lines account managers' and licensed insurance agents' demographics:
| Commercial Lines Account Manager | Licensed Insurance Agent | |
| Average age | 46 | 46 |
| Gender ratio | Male, 12.8% Female, 87.2% | Male, 39.0% Female, 61.0% |
| 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, 9.2% Unknown, 3.6% Hispanic or Latino, 15.7% Asian, 4.9% White, 66.5% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 7% | 7% |