Sales manager, insurance salary

Salary and Responsibilities for Sales Manager in Insurance

Working as a Sales Manager in the insurance sector entails leading and developing the sales operations within an insurance company. The role requires a combination of strategic thinking and the ability to motivate and inspire a sales team. Apart from setting goals and monitoring sales results, you work on developing sales strategies and building long-term customer relationships. It is also common for a sales manager in insurance to closely collaborate with insurance salespeople and advisors to ensure customers receive the best possible service.

Salary Statistics for Sales Manager in Insurance

The salary for a Sales Manager in insurance varies depending on several factors such as experience, education, and gender. The average monthly salary is 49 500 kronor. Men in the profession earn an average of 54 000 kronor, while women earn 45 000 kronor, meaning that women earn approximately 83 percent of what men do. On average, an hourly employee in the profession has an hourly wage of 298 kronor, based on 166 working hours per month. The average salary has increased from 47 400 kronor to 49 500 kronor since the last measurement.

Salary Range

Salaries in the profession can vary significantly. The highest salary for a male Sales Manager in insurance is 64600 kr. This salary belongs to a privately employed executive with a post-secondary education of three years or more. The highest salary for a female in the same profession is 54200 kr. At the lower end of the salary scale, a female privately employed executive with pre-secondary education earns 40700 kr, while the lowest salary for a male in the same profession is 46300 kr.

Benefits and Working Conditions

Sales Managers in insurance may sometimes be offered various benefits such as paid training, which can be valuable for staying updated with the latest insurance products and sales techniques. Other possible benefits may include a company-paid mobile phone and the opportunity to work from home, depending on the employer and company policies.

Education and Qualifications

To become a Sales Manager in insurance, a post-secondary education in economics, sales, or marketing is typically required. Experience in the insurance industry or in a similar sales role is often a prerequisite. Leadership experience is also a significant advantage, as the role involves leading and motivating a team. The ability to analyze market trends and develop strategies to achieve sales goals are also important skills for the profession.

Future Outlook and Job Market

The future outlook for Sales Managers in insurance is difficult to assess precisely, as the profession falls within a broader occupational group that includes insurance salespeople and advisors. The Public Employment Service does not have sufficient data to make a specific assessment for this profession, but in general, demand for competent sales managers in the insurance industry is expected to continue as insurance companies strive to improve their sales processes and customer relationships.

Challenges in the Profession

As a Sales Manager in insurance, you face several challenges. It may involve balancing between achieving sales goals and ensuring high customer satisfaction. Another challenge is staying updated with changes in insurance products and regulations. Additionally, managing and motivating a diverse sales team, where individuals may have different motivations and needs, can be a challenge.

Competition and Working Conditions

Competition for positions as a Sales Manager in insurance can be tough, especially in larger cities where more candidates compete for the same roles. Working conditions can vary depending on the company, but generally, you are expected to work under pressure with high sales targets and deadlines. Many sales managers work long hours, and travel may be part of the job, depending on the size of the company and the scope of the business operations.

What to Consider?

If you are considering a career as a Sales Manager in insurance, be prepared for demanding yet rewarding work. It is essential to have a strong sales background and leadership skills and be ready to continuously improve your knowledge through further education and certifications. Staying updated with market trends and customer needs is crucial to succeed in the role and contribute to the company's success.