How much does an Insurance Managing Broker make in the United States? The average Insurance Managing Broker salary in the United States is $211,563 as of July 27, 2020, but the range typically falls between $170,262 and $264,451. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession. With more online, real-time compensation data than any other website, Salary.com helps you determine your exact pay target.
Insurance Managing Broker develops and markets customer business to different insurance carriers to obtain quotes based on an evaluation and analysis of the customer's insurance needs and requirements. Assesses and negotiates quotes from different carriers based on exposure, risk, and financing. Being an Insurance Managing Broker develops recommendations to advise customers on the best options that will meet their needs and to place and retain the business. Requires knowledge of complex insurance products and a variety of lines such as commercial property & casualty, employee benefits, and others. Additionally, Insurance Managing Broker requires a bachelor's degree. Requires insurance licensing. May also require professional credentials such as CPCU (Chartered Property Casualty Underwriter), CIC (Certified Insurance Counselor), or ARM (Associate in Risk Management). Typically reports to a supervisor or manager. The Insurance Managing Broker work is highly independent. May assume a team lead role for the work group. A specialist on complex technical and business matters. To be an Insurance Managing Broker typically requires 7+ years of related experience. (Copyright 2020 Salary.com)... View full job description
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These charts show the average base salary (core compensation), as well as the average total cash compensation for the job of Insurance Managing Broker in the United States. The base salary for Insurance Managing Broker ranges from $170,262 to $264,451 with the average base salary of $211,563. The total cash compensation, which includes base, and annual incentives, can vary anywhere from $186,846 to $349,997 with the average total cash compensation of $242,969.