Insurance Account Manager Job Description

Account Managers

An account manager can serve a variety of roles. They need to adjust their focus to fit the situation of the client and how satisfied they are with their current account status. The account manager would often be a combination of several people.

The account manager is a point of contact for customer support and other services. An account manager may be in charge of a number of smaller accounts or may focus on a few larger accounts. Account managers are used to make sure that customers feel like they are being listened to.

It is less expensive to keep existing clients than to find new clients to replace those that have defected because of poor customer service. Retention can offer a significant return on investment for financial firms and most businesses in general. Account managers and the sales team work together to make sure that the products and services the client has purchased fit their needs.

Depending on the account and the nature of the client, the account manager may be able to serve as a liaison or go-between with other teams or staff members who may have some relation to or impact on the account. The range for account managers in the US is between $45,000 and $85,000 per year. New York is the most populous city with most account management jobs there.

An account management career is often suited for excellent communicators with a commitment to client satisfaction. An account manager who is attentive to the needs of their customers can be the difference between a happy customer and one who leaves the company. Account managers work with the appropriate people within their company to resolve problems if they occur.

Customers know who to contact for reliable answers when they need them. Account managers who are effective may go on to an account director position. Some become a director of account services, a high-level role that oversees the entire account management department.

Account managers work from home, on-site or in an office. They can travel to meet with clients and work from home. Account managers sometimes need to be available on evenings or weekends.

Each firm has a unique approach to customer service and that makes it different from agency to agency. The type and style of the account managers will be related to the style of the producers. Account managers are important to the retention of accounts because of their personal contact with clients.

They must provide quality support to keep the business going. Revenue and value of the agency can be affected by accounts being lost. Half of the employees in an agency are account managers.

The ratio of account managers to producers is dependent on the size of the producer and the house books. The productivity of account managers is related to the profitability of the agency, and is usually 55 percent to 70 percent of payroll. Increasing profitability and value can be achieved by hiring and retaining good account managers.

The account manager is responsible for collecting, processing and distributing information. The collection of information is the most important skill. The account manager needs to know how to ask for information.

Whether probing the client for pertinent information to complete a claim form or quizzing a producer is dependent on patience, determination and diplomacy. The account manager needs to be a person. Good social skills and the ability to act as a go-between for different parties are required.

A Risk Account Manager in the Insurance Industry

You will work with a large amount of clients, and will play a central role introducing new insurance products to the market, while also trying to maintain the commercial performance of existing products. You're likely to earn more in bonuses or commission for reaching or exceeding targets, and in addition to your basic salary. Additional benefits may include a car allowance, private medical insurance, gym membership, and pension.

The UK General Insurance Salary Guide is produced by the IPS Group and provides up-to-date information current salary levels in the UK insurance and reinsurance sector. Other recruitment companies produce salary surveys as well. You need a 2:1 or higher degree to get into a graduate training scheme with one of the large insurance companies.

The Lloyd's Insurance Graduate Scheme will accept a 2:1. You can get into the insurance industry through an apprenticeship, which combines paid work with part-time study. CII has apprenticeship information insurance and personal finance.

Work experience with an insurance company or the financial services sector may improve your chances. Many insurance companies offer summer internship programmes. Competition for places is strong and employers often ask for 2:1 or higher.

The top ten general insurance and life and pension insurance groups are the most likely to recruit and train graduates through formal schemes, although smaller insurers are often looking for account managers with experience. If you haven't done so already in a previous role, you will most likely work towards a professional qualification. The CII Advanced Diploma in Insurance is a professional qualification that gives an enhanced understanding of insurance practice and is the starting point for many graduates.

10 Top Account Management Skills for Key Account Managers

Most Account Managers don't listen long enough to get a complete grasp of the situation before they start to spout their solutions. Sometimes they hit it, but most of the time they miss the mark. If you think you need to change something in your time management skills, you can simply change some things you do on a daily basis.

Understanding your client's business objectives allows you to manage and execute programs that are in sync with their objectives as well as yours, according to Thom. A client development plan template can help you ask the right questions to help you identify the challenges of your client's business. Patrick Wendrich believes you should be passionate about your products.

Savinides believes that Account Managers should be able to transfer their passion to the person they are talking to. The group was divided on whether formal training was a good place to develop account management skills. Many Account Managers believed they could gain skills on the job if they had formal training.

If you want to see the whole discussion for the 10 top skills for key account managers, please send me a message and I will invite you to the account management skills discussion page on Linkedin. I am really happy that you have found the information useful. Everyone has their own style of being an account manager and they can learn a lot from it.

I am sorry that your manager isn't giving you the encouragement, training and guidance you need. Maybe it is time to find a new manager. If you need help, please contact me at jenny@accountmanagementskills.com.

Become an Insurance Account Manager

You could be competent to enter the insurance company. The local employment market and the types of expertise employers require as of their employees are two of the factors that will determine the variety of Apprenticeships available within your region. Few insurance account managers are able to determine who will move within the business and account handling area.

The Financial Adviser job summary should include more information about being eligible as an adviser. You may be encouraged to apply for superior management posts if you have experience and an excellent track-record. You can shift into trade, marketing or account managing in other industries.

Account Managers in Insurance Companies

Insurance account management is a mixture of sales and marketing. Account managers are employed by insurance companies to manage their existing business portfolios. They seek new opportunities to grow their insurance business, as well as maintaining existing relationships.

Account managers encourage their employees to buy insurance policies from their company. They handle accounts in one kind of insurance. The insurance account managers work Monday to Friday.

The job requires a lot of travel. It may include early and late meetings and corporate entertainment events. It is possible that part-time work is possible.

Account managers usually work from an office in the insurance company. They usually cover a geographical area. Those who cover rural locations may travel a lot.

A driving licence is useful. Job vacancies are advertised in national newspapers and in publications. They are on the websites of individual companies and specialist insurance, finance or marketing recruitment agencies.