Average Insurance Account Manager Salary in Singapore for 2024

In this article, we will look at the average Insurance Account Manager salary for 2024 in Singapore and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the Singapore dollar. To keep things simple, we are using the SGD currency code instead of the currency symbol $.

How Much Does an Insurance Account Manager Make in Singapore?

An Insurance Account Manager working in Singapore will typically earn around 125,100 SGD per year, and this can range from the lowest average salary of about 56,460 SGD to the highest average salary of 195,200 SGD.

Average Annual Salary
125,100 SGD
Average Monthly Salary
10,425 SGD

Lowest Annual Salary
56,460 SGD
Lowest Monthly Salary
4,705 SGD

Highest Annual Salary
195,200 SGD
Highest Monthly Salary
16,266 SGD

These are average salaries for an Insurance Account Manager in Singapore and include benefits such as housing and transport. It's also possible for an Insurance Account Manager to earn more or less than the average salaries shown above.

Insurance Account Manager salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Insurance Account Manager Salaries in Singapore

So we've looked at the average salaries an Insurance Account Manager will earn in Singapore. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that an Insurance Account Manager can earn between 56,460 SGD and 195,200 SGD on average in Singapore. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for an Insurance Account Manager in Singapore is 134,600 SGD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 134,600 SGD, and 50% of the population earn more than 134,600 SGD.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Insurance Account Manager salary in Singapore, 25% of the population are earning less than 86,760 SGD while 75% of the population earn more than 86,760 SGD.

75% of the population earn less than 175,900 SGD, and 25% of the population earn more than 175,900 SGD.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Insurance Account Manager Salary by Experience Level in Singapore

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average insurance account manager salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. An Insurance Account Manager in Singapore that has less than two years of experience can expect to earn somewhere in the region of 63,040 SGD.
  • 2 - 5 Years Experience. With two to five years of experience the average Insurance Account Manager salary would increase to 84,560 SGD.
  • 5 - 10 Years Experience. From five to ten years of experience as an Insurance Account Manager, the average salary would be 125,700 SGD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 154,700 SGD.
  • 15 - 20 Years Experience. An Insurance Account Manager with 15 to 20 years of experience can earn an average of 169,000 SGD.
  • 20+ Years Experience. For an Insurance Account Manager with more than 20 years, the expected average salary increases to 183,700 SGD.

Average Salary by Experience Chart

0-2 Years
63,040 SGD
2-5 Years +34%
84,560 SGD
5-10 Years +48%
125,700 SGD
10-15 Years +22%
154,700 SGD
15-20 Years +9%
169,000 SGD
20+ Years +8%
183,700 SGD

Insurance Account Manager Salary by Education Level in Singapore

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for an Insurance Account Manager in Singapore based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Bachelor's Degree. An Insurance Account Manager in Singapore with a bachelor's degree education can earn an average salary of 75,500 SGD.

  • Master's Degree. An Insurance Account Manager in Singapore with a master's degree education can earn an average salary of 146,200 SGD.

Average Salary by Education Chart

Bachelor's Degree
75,500 SGD
Master's Degree +93%
146,200 SGD

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Singapore is around 42,200 to 127,000 SGD and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Insurance Account Manager Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Singapore, a male insurance account manager will earn an average of 125,700 SGD, while a female insurance account manager will earn around 118,520 SGD.

This means that a male insurance account manager earns approximately 6% more than a female insurance account manager for performing the same job.

Average Salary by Gender Chart in Singapore

Male
125,700 SGD
Female -6%
118,520 SGD

Insurance Account Manager Average Pay Raise in Singapore

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for an Insurance Account Manager in Singapore is around 12% every 16 months.

The national average pay raise across all professions and industries in Singapore is around 9% every 15 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 12 ÷ 16 ) × 12  = 9%

What this means is that an Insurance Account Manager in Singapore can expect to receive an average pay raise of around 9% every 12 months.

Annual Pay Raise by Industry in Singapore for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Singapore.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
7%
Energy
5%
Information Technology
3%
Healthcare
1%
Travel
8%
Construction
6%
Education
4%

Insurance Account Manager Bonus and Incentive Rates in Singapore

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

An Insurance Account Manager is a high bonus based job, with 86% of employees reporting at least one bonus in the last 12 months.

14% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 5% to 9%.

Received Bonus
86%
No Bonus
14%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Singapore earn approximately 5% more than private sector employees in the same role.

Public Sector
103,440 SGD
Private Sector -5%
98,540 SGD

Salaries for Jobs Similar to an Insurance Account Manager

In the table below, we have salary information for jobs that are similar to an Insurance Account Manager in Singapore.

Job Title Category Salary
Actuarial Analyst Insurance 128,900 SGD
Actuarial Assistant Insurance 89,960 SGD
Actuarial Specialist Insurance 93,100 SGD
Actuary Insurance 134,600 SGD
Adjustment Insurance Clerk Insurance 35,260 SGD
Assistant Broker Insurance 58,000 SGD
Assistant Claims Manager Insurance 101,980 SGD
Associate Insurance Representative Insurance 53,600 SGD
Auditing Insurance Manager Insurance 146,200 SGD
Broker Insurance 99,080 SGD
Claim Advocacy Professional Insurance 96,600 SGD
Claims Adjuster Insurance 37,620 SGD
Claims Analyst Insurance 49,200 SGD
Claims Examiner Insurance 49,560 SGD
Claims Manager Insurance 136,200 SGD
Claims Processor Insurance 34,120 SGD
Claims Representative Insurance 40,600 SGD
Claims Resolution Specialist Insurance 101,120 SGD
Claims Supervisor Insurance 96,340 SGD
Complaints Specialist Insurance 90,660 SGD
Compliance Examiner Insurance 96,160 SGD
Compliance Officer Insurance 79,600 SGD
Compliance Reviewer Insurance 94,800 SGD
Consultant Insurance 99,100 SGD
Eligibility Interviewer Insurance 101,120 SGD
Eligibility Specialist Insurance 96,160 SGD
Insurance Accounts Executive Insurance 102,960 SGD
Insurance Adjuster Insurance 91,840 SGD
Insurance Agent Insurance 58,000 SGD
Insurance Analyst Insurance 91,520 SGD
Insurance Appraiser Insurance 93,280 SGD
Insurance Claims Clerk Insurance 35,300 SGD
Insurance Examiner Insurance 92,500 SGD
Insurance Investigator Insurance 96,160 SGD
Insurance Manager Insurance 163,800 SGD
Insurance Operations Manager Insurance 172,200 SGD
Insurance Policy Processing Clerk Insurance 37,740 SGD
Insurance Pricing Assistant Insurance 71,400 SGD
Insurance Program Manager Insurance 125,100 SGD
Insurance Project Manager Insurance 125,700 SGD
Insurance Quality Assurance Agent Insurance 83,400 SGD
Insurance Sales Agent Insurance 59,940 SGD
Insurance Sales Director Insurance 159,100 SGD
Insurance Sales Manager Insurance 128,900 SGD
Insurance Sales Representative Insurance 50,560 SGD
Insurance Team Leader Insurance 103,600 SGD
Insurance Underwriter Insurance 72,360 SGD
Loss Control Specialist Insurance 91,560 SGD
Loss Prevention Investigator Insurance 97,060 SGD
Loss Prevention Manager Insurance 136,100 SGD
Loss Prevention Specialist Insurance 108,320 SGD
Marine Underwriter Insurance 69,400 SGD
Medical Auditor Insurance 96,180 SGD
Monitoring and Performance Officer Insurance 65,940 SGD
Payment Services Specialist Insurance 93,280 SGD
Policy Change Director Insurance 148,300 SGD
Policy Change Supervisor Insurance 100,140 SGD
Policy Change Technician Insurance 46,720 SGD
Risk Analyst Insurance 104,600 SGD
Risk Management Director Insurance 175,900 SGD
Risk Management Supervisor Insurance 125,700 SGD
Risk Manager Insurance 189,300 SGD
Risk Modeling Manager Insurance 187,300 SGD
Title Insurance Typist Insurance 87,000 SGD
Training Manager Insurance 104,500 SGD

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