Average Insurance Sales Manager Salary in Malaysia for 2024

In this article, we will look at the average Insurance Sales Manager salary for 2024 in Malaysia 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 Malaysian ringgit. To keep things simple, we are using the MYR currency code instead of the currency symbol RM.

How Much Does an Insurance Sales Manager Make in Malaysia?

An Insurance Sales Manager working in Malaysia will typically earn around 106,360 MYR per year, and this can range from the lowest average salary of about 49,820 MYR to the highest average salary of 172,200 MYR.

Average Annual Salary
106,360 MYR
Average Monthly Salary
8,863 MYR

Lowest Annual Salary
49,820 MYR
Lowest Monthly Salary
4,151 MYR

Highest Annual Salary
172,200 MYR
Highest Monthly Salary
14,350 MYR

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

Insurance Sales 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 Sales Manager Salaries in Malaysia

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

Salary ranges

We already know that an Insurance Sales Manager can earn between 49,820 MYR and 172,200 MYR on average in Malaysia. 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 Sales Manager in Malaysia is 116,180 MYR. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 116,180 MYR, and 50% of the population earn more than 116,180 MYR.

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 Sales Manager salary in Malaysia, 25% of the population are earning less than 75,280 MYR while 75% of the population earn more than 75,280 MYR.

75% of the population earn less than 154,700 MYR, and 25% of the population earn more than 154,700 MYR.

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 Sales Manager Salary by Experience Level in Malaysia

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 sales 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 Sales Manager in Malaysia that has less than two years of experience can expect to earn somewhere in the region of 55,320 MYR.
  • 2 - 5 Years Experience. With two to five years of experience the average Insurance Sales Manager salary would increase to 72,740 MYR.
  • 5 - 10 Years Experience. From five to ten years of experience as an Insurance Sales Manager, the average salary would be 111,900 MYR.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 136,100 MYR.
  • 15 - 20 Years Experience. An Insurance Sales Manager with 15 to 20 years of experience can earn an average of 148,300 MYR.
  • 20+ Years Experience. For an Insurance Sales Manager with more than 20 years, the expected average salary increases to 159,100 MYR.

Average Salary by Experience Chart

0-2 Years
55,320 MYR
2-5 Years +34%
72,740 MYR
5-10 Years +48%
111,900 MYR
10-15 Years +22%
136,100 MYR
15-20 Years +9%
148,300 MYR
20+ Years +8%
159,100 MYR

Insurance Sales Manager Salary by Education Level in Malaysia

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 Sales Manager in Malaysia 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 Sales Manager in Malaysia with a bachelor's degree education can earn an average salary of 65,940 MYR.

  • Master's Degree. An Insurance Sales Manager in Malaysia with a master's degree education can earn an average salary of 127,700 MYR.

Average Salary by Education Chart

Bachelor's Degree
65,940 MYR
Master's Degree +93%
127,700 MYR

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 Malaysia is around 32,900 to 98,800 MYR 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 Sales 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 Malaysia, a male insurance sales manager will earn an average of 114,820 MYR, while a female insurance sales manager will earn around 101,900 MYR.

This means that a male insurance sales manager earns approximately 13% more than a female insurance sales manager for performing the same job.

Average Salary by Gender Chart in Malaysia

Male
114,820 MYR
Female -13%
101,900 MYR

Insurance Sales Manager Average Pay Raise in Malaysia

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 Sales Manager in Malaysia is around 12% every 18 months.

The national average pay raise across all professions and industries in Malaysia is around 9% every 17 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 ÷ 18 ) × 12  = 8%

What this means is that an Insurance Sales Manager in Malaysia can expect to receive an average pay raise of around 8% every 12 months.

Annual Pay Raise by Industry in Malaysia for 2024

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

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

Banking
4%
Energy
8%
Information Technology
3%
Healthcare
7%
Travel
2%
Construction
6%
Education
1%

Insurance Sales Manager Bonus and Incentive Rates in Malaysia

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 Sales Manager is a high bonus based job, with 84% of employees reporting at least one bonus in the last 12 months.

16% 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
84%
No Bonus
16%

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 Malaysia earn approximately 11% more than private sector employees in the same role.

Public Sector
81,960 MYR
Private Sector -11%
73,820 MYR

Salaries for Jobs Similar to an Insurance Sales Manager

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

Job Title Category Salary
Actuarial Analyst Insurance 104,140 MYR
Actuarial Assistant Insurance 75,100 MYR
Actuarial Specialist Insurance 80,340 MYR
Actuary Insurance 109,000 MYR
Adjustment Insurance Clerk Insurance 26,860 MYR
Assistant Broker Insurance 51,100 MYR
Assistant Claims Manager Insurance 87,940 MYR
Associate Insurance Representative Insurance 41,900 MYR
Auditing Insurance Manager Insurance 119,500 MYR
Broker Insurance 78,420 MYR
Claim Advocacy Professional Insurance 79,240 MYR
Claims Adjuster Insurance 31,660 MYR
Claims Analyst Insurance 43,080 MYR
Claims Examiner Insurance 41,900 MYR
Claims Manager Insurance 114,900 MYR
Claims Processor Insurance 29,160 MYR
Claims Representative Insurance 35,300 MYR
Claims Resolution Specialist Insurance 86,640 MYR
Claims Supervisor Insurance 75,100 MYR
Complaints Specialist Insurance 69,240 MYR
Compliance Examiner Insurance 72,260 MYR
Compliance Officer Insurance 67,360 MYR
Compliance Reviewer Insurance 75,280 MYR
Consultant Insurance 75,100 MYR
Eligibility Interviewer Insurance 83,200 MYR
Eligibility Specialist Insurance 78,260 MYR
Insurance Account Manager Insurance 102,160 MYR
Insurance Accounts Executive Insurance 86,640 MYR
Insurance Adjuster Insurance 78,160 MYR
Insurance Agent Insurance 47,400 MYR
Insurance Analyst Insurance 80,020 MYR
Insurance Appraiser Insurance 81,180 MYR
Insurance Claims Clerk Insurance 26,860 MYR
Insurance Examiner Insurance 72,380 MYR
Insurance Investigator Insurance 75,100 MYR
Insurance Manager Insurance 137,400 MYR
Insurance Operations Manager Insurance 142,300 MYR
Insurance Policy Processing Clerk Insurance 29,600 MYR
Insurance Pricing Assistant Insurance 64,620 MYR
Insurance Program Manager Insurance 107,900 MYR
Insurance Project Manager Insurance 98,820 MYR
Insurance Quality Assurance Agent Insurance 67,800 MYR
Insurance Sales Agent Insurance 47,760 MYR
Insurance Sales Director Insurance 134,600 MYR
Insurance Sales Representative Insurance 40,600 MYR
Insurance Team Leader Insurance 82,520 MYR
Insurance Underwriter Insurance 60,400 MYR
Loss Control Specialist Insurance 76,280 MYR
Loss Prevention Investigator Insurance 84,880 MYR
Loss Prevention Manager Insurance 112,420 MYR
Loss Prevention Specialist Insurance 85,940 MYR
Marine Underwriter Insurance 57,800 MYR
Medical Auditor Insurance 80,060 MYR
Monitoring and Performance Officer Insurance 57,900 MYR
Payment Services Specialist Insurance 81,180 MYR
Policy Change Director Insurance 119,860 MYR
Policy Change Supervisor Insurance 87,020 MYR
Policy Change Technician Insurance 40,560 MYR
Risk Analyst Insurance 88,260 MYR
Risk Management Director Insurance 157,600 MYR
Risk Management Supervisor Insurance 104,500 MYR
Risk Manager Insurance 142,300 MYR
Risk Modeling Manager Insurance 150,000 MYR
Title Insurance Typist Insurance 66,440 MYR
Training Manager Insurance 87,640 MYR

Salary Comparison by City

If you want to compare salaries with different cities in Malaysia, you can use the links below to explore the data for each specific city we have researched.

City Average Salary
Ampang 90,620 MYR
Ipoh 117,660 MYR
Johor Bahru 103,260 MYR
Klang 97,840 MYR
Kota Kinabalu 102,020 MYR
Kuala Lumpur 118,520 MYR
Kuching 104,500 MYR
Petaling Jaya 115,400 MYR
Shah Alam 107,580 MYR
Subang Jaya 104,040 MYR

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