Becoming An Insurance Account Manager: Steps To Success

An insurance account manager is responsible for building and maintaining strong relationships with clients, providing excellent customer service, and promoting their company's insurance products. They act as the main point of contact for clients and help them understand their coverage and process their claims.

To become an insurance account manager, you'll need strong communication and relationship-building skills, as well as a good understanding of insurance policies and risk assessment. While there is no specific degree requirement, relevant degrees in areas such as insurance, risk management, business, or finance can enhance your chances of securing a position. Entry-level positions such as account executive or assistant account manager can also help you gain the necessary experience and progress into an insurance account manager role.

Education and qualifications

There is no specific degree requirement to become an insurance account manager, but a relevant educational background can enhance your chances of securing a position in this competitive field. Many insurance account managers hold degrees in insurance, risk management, business, or finance. These programs provide a solid foundation in insurance principles, risk assessment, and strategic planning.

An insurance degree program covers a range of topics, including insurance law and regulation, underwriting principles, claims management, and insurance marketing. It also covers different types of insurance, such as property and casualty insurance, life insurance, and health insurance. A risk management degree program, on the other hand, focuses on identifying, assessing, and managing risks, which is invaluable for insurance account managers when assessing the risks of different clients and recommending appropriate coverage.

Business and finance degrees offer a broader perspective on the corporate world and financial markets, covering topics like financial analysis, investment management, and strategic planning. This knowledge can be leveraged to analyse clients' financial situations and recommend insurance solutions aligned with their business objectives.

While a degree is not mandatory, relevant work experience is highly beneficial. Many major insurance companies offer work placement or summer internship programs, and competition for these places is often strong. Smaller firms may also offer work experience, but you may need to approach them directly.

Relevant work experience in areas such as customer service, sales, marketing, or financial advice can also be a good starting point for a career as an insurance account manager.

In addition to a degree or work experience, ongoing professional development is crucial in the insurance industry. Pursuing certifications, such as the Chartered Insurance Institute (CII) qualifications, demonstrates your commitment to excellence and can lead to advancement opportunities. The CII offers a range of qualifications in areas like underwriting, claims, risk management, and broking, enhancing your expertise and credibility.

Insurance account managers can also benefit from attending industry conferences, workshops, and seminars to stay updated on the latest trends and network with professionals. Staying informed about changes in insurance regulations and laws is also essential, as insurance account managers need to ensure their clients' policies comply with the latest legal requirements.

Some employers may expect account managers to be licensed insurance agents, and a college degree in a relevant field, such as business administration or accounting, is often preferred. Strong communication and sales skills are essential, as building relationships with clients is a key aspect of the role.

Skills

To become an insurance account manager, you will need a combination of technical and interpersonal skills.

Interpersonal Skills

• Communication and relationship-building abilities: You will need to build trust and rapport with clients, which requires strong verbal and written communication skills. This includes explaining complex insurance concepts in a clear and concise manner.
• Customer service skills: Providing excellent customer service is a key aspect of the role, so you will need to be friendly, approachable, and able to respond swiftly to client queries and concerns.
• Negotiation and persuasion skills: Insurance account managers often need to negotiate policy terms, premiums, and claims settlements on behalf of their clients. Effective negotiation ensures clients receive favourable outcomes.
• Problem-solving skills: You will need to assess client needs, evaluate risks, and recommend appropriate coverage solutions. This requires analytical skills and the ability to make informed decisions that align with the client's best interests.
• Initiative: You will need to be proactive in identifying and acting on opportunities to attract new business.

Technical Skills

• Attention to detail and accuracy: Insurance policies are complex, so attention to detail is crucial to ensure all details are accurate and that clients have the correct coverage.
• Computer literacy: You will need to be proficient in using computers and common software packages, as well as insurance software and CRM systems, to efficiently manage client information, policies, and claims.
• Industry knowledge: Staying updated on industry regulations, trends, and competitors' products is essential for providing the best service to clients and ensuring compliance with relevant laws and regulations.
• Math and numeracy skills: You will need to be comfortable with numbers, particularly when calculating premiums, creating quotes, and meeting sales targets.
• Time management and organisation: Prioritising tasks and managing your time effectively will be important, especially when working towards tight deadlines and sales targets.

Career progression

There are several routes to becoming an insurance account manager. You could start as an entry-level account executive or assistant account manager, where you will support senior team members in managing client portfolios and gain valuable hands-on experience. Alternatively, you could begin as an insurance technician, underwriter, or junior account handler and work your way up through training and promotion.

With experience and a proven track record, you can progress to more senior positions such as senior account manager, where you will take on more significant responsibilities and oversee the work of junior team members. You may also move into sales management, overseeing the performance of a team of account managers and other sales staff. Another option is to become a team lead, where you will manage client accounts and lead a team of account managers and account executives.

If you're interested in a more specialized role, you can become an insurance broker or independent financial advisor (IFA). This path allows you to gain greater personal responsibility and reward for your sales efforts. Some insurance account managers even choose to become self-employed in these roles.

With further experience and success, you may advance to managing a geographical area or region, supervising a team of local managers. This role involves more strategic planning, people management, and liaison with other senior managers.

The skills and experience gained as an insurance account manager are also transferable to other business areas outside of insurance, such as sales, marketing, business development, or account handling.

Salary expectations

For commercial insurance account managers in the US, the average salary is higher, at $103,857 per year, with a range of $80,747 to $136,330. The total pay, including additional compensation, can be even higher, with an estimated average of $107,027 per year.

In the United Kingdom, starting salaries for insurance account managers typically range from £18,000 to £22,000, while graduates on training schemes with major insurance companies may earn more. With a few years of experience, salaries can range from £25,000 to £55,000, and for those in senior management roles, salaries can be £55,000 to over £80,000.

In addition to the base salary, insurance account managers may also earn bonuses or commissions for reaching sales targets, and they may receive additional benefits such as a company car allowance, private medical insurance, gym membership, and pension contributions.

Job responsibilities

As an insurance account manager, your responsibilities will revolve around customer service. You will be expected to develop ongoing relationships with customers and clients, enabling future sales. You will advise customers about policy changes, assist with claims, and answer customer inquiries about coverages, premiums, and billing.

You will need to have detailed knowledge of your employer's portfolio of insurance products, and you will be responsible for developing business accounts and increasing sales of these products. This may involve seeking out new business opportunities in the local market, providing accurate quotations, and meeting sales targets.

You will also play a role in introducing new insurance products to the market and maintaining the commercial performance of existing products. This could include consulting on the most effective cover for a particular client, and promoting new products through regular visits and communication with intermediaries.

Additionally, insurance account managers are responsible for ensuring compliance with regulations and procedures as laid down by relevant authorities. In the UK, for example, this would involve keeping up to date with changes to the regulatory framework set by the Financial Conduct Authority (FCA).

You may also be responsible for producing marketing literature and website content to support marketing campaigns.

In larger agencies, you may oversee a team of assistants who handle administrative, clerical, and sales tasks.

Frequently asked questions