Product Manager Insurance / Financial IT Systems Software Salary Overview
Salaries vary depending on experience, location, company size, and specialization in insurance or finance. Additional factors include certifications like PMP or CSPO, as well as domain-specific knowledge of insurance compliance, underwriting, or claims platforms.
National Average: $105,000 - $165,000 per year
Experience-Based Salary Ranges
Entry Level (0-2 years)
$85,000 - $110,000
Mid Level (3-5 years)
$110,000 - $130,000
Senior Level (6-9 years)
$130,000 - $155,000
Manager/Director (10+ years)
$155,000 - $190,000+
Entry Level (0-2 years)
- Works under senior product managers to gather and prioritize requirements.
- Assists in stakeholder interviews and initial wireframe validation.
- Coordinates with QA teams to track user stories and test scenarios.
- Learns internal claims, policy, or billing system workflows.
Mid Level (3-5 years)
- Leads agile ceremonies and backlog grooming for key platform features.
- Owns product roadmap for core financial or insurance modules.
- Collaborates with compliance teams to implement regulatory changes.
- Oversees vendor integrations or cloud-based system migrations.
Senior Level (6-9 years)
- Drives vision for digital claims processing or real-time risk analytics tools.
- Manages multi-product delivery teams across financial systems portfolios.
- Establishes KPIs and customer success metrics with business partners.
- Plays a leadership role in system modernization or AI adoption efforts.
Manager/Director (10+ years)
- Owns enterprise platform roadmap across underwriting, policy, and billing.
- Directs product strategy in line with market and competitive intelligence.
- Manages cross-functional teams including product, dev, UX, and operations.
- Drives stakeholder alignment and budget decisions for system upgrades.
Regional Salary Variations
Salaries are highest in financial hubs and major tech cities. Remote roles in regulated sectors often still require U.S. residency or regional compliance knowledge.
New York City
$130,000 - $185,000
San Francisco
$135,000 - $190,000
Chicago
$120,000 - $165,000
Los Angeles
$120,000 - $170,000
Dallas
$115,000 - $160,000
Atlanta
$110,000 - $155,000
Phoenix
$105,000 - $150,000
Remote (US-based)
$115,000 - $170,000
- Urban centers offer higher salaries but also come with steep living costs.
- Remote roles offer flexibility but may cap compensation at median benchmarks.
- States with insurance or financial regulations may pay more for local expertise.
- Bonuses and RSUs can make up a significant portion of total compensation.
Industry Salary Comparison
Compensation for Product Managers in financial and insurance software is typically higher than general SaaS due to regulatory complexities, legacy integration challenges, and required domain knowledge.
| Industry | Salary Range | Bonus/Equity | Growth Potential |
|---|---|---|---|
| Insurance Software (P&C, Life) | $115,000 - $170,000 | Moderate | Very Good |
| Banking & Financial Services | $120,000 - $180,000 | High | Very Good |
| FinTech Startups | $110,000 - $160,000 | High | Good |
| Regulatory Technology (RegTech) | $120,000 - $175,000 | Moderate | Very Good |
| Healthcare IT (Cross-over roles) | $105,000 - $150,000 | Low | Stable |
Job Outlook and Career Growth
With increased digitization in insurance and finance, demand for product managers with deep domain expertise is accelerating. Firms are investing in policy modernization, cloud systems, and customer-first digital experiences.
- Emerging demand for digital claims and fraud detection systems.
- Growth in SaaS-based core platforms for underwriting and billing.
- Increased need for regulatory technology (RegTech) product leaders.
Salary Negotiation Tips
Effective salary negotiation can significantly improve your compensation package—especially in high-stakes, highly regulated industries like insurance and finance.
Preparation Strategies
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Know the Market
Research current salary benchmarks based on city, experience, and insurance/finance specialization.
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Highlight Domain Expertise
Emphasize your understanding of compliance, underwriting, or core systems like Guidewire or FIS.
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Gather Internal Data
Ask peers or recruiters about compensation bands within the company.
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Prepare Value Stories
Document measurable outcomes from past product launches, feature savings, or growth.
During Negotiation
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Request Total Compensation Breakdown
Ask for base, bonus, equity, and benefits to be clearly detailed.
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Negotiate Sign-On Bonuses
If base salary is firm, ask for sign-on compensation to bridge the gap.
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Be Willing to Walk Away
Know your bottom line and don’t accept below-market offers.
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Ask About Review Cycles
Secure a 6-month or annual review to revisit compensation.
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Consider Long-Term Growth
Weigh promotions, exposure to leadership, and future total comp potential.