Description

Account managers within the insurance industry can be found in a range of insurance companies, ranging from small insurance firms to major dealers across the nation. The majority of positions don't have specific requirements for education, however some do require the requirement of a bachelor's degree as the preferred. However, many jobs require prior knowledge of the field, however the amount required varies depending on the company and the job. Other requirements include licensing specifically for the type of insurance practice as well as the location of the work.

The primary responsibility of the account manager is to develop new business and obtaining referrals from existing clients. This involves preparing quotations and resolving issues with clients and ensuring that they follow the procedures to ensure that the rules and procedures are adhered to in all instances. A lot of jobs require computer proficiency because they work in a paper-free environment. general analytical abilities as well as strategic planning are required in addition. Skills for communication and the ability to perform tasks effectively under minimal supervision are extremely valued.

In general insurance account managers operate in a separate manner, although some firms might have small teams of account managers who work with each other. The hours of operation generally correspond to normal business hours but schedules can change according to the requirements of the company. Travel and remote work is feasible, however the majority of work is performed in a workplace environment that has only a few physical requirements or risks. Flexible times to meet the needs of new clients or projects could be required.

Roles & Responsibilities

As an Account Manager, Insurance with 6-9 years of experience in the United Kingdom, your main responsibilities include:

  • Building and maintaining strong client relationships by providing expert insurance advice and addressing their needs.
  • Developing and implementing insurance strategies to optimize coverage and minimize risk for clients.
  • Negotiating insurance contracts and premiums with underwriters to ensure favorable terms and conditions.
  • Monitoring market trends and staying updated with changes in insurance regulations to provide accurate and relevant advice to clients.

Qualifications & Work Experience

For an Account Manager, Insurance job role, the following qualifications are required:

  • In-depth knowledge of the insurance industry to understand various insurance products, policies, and regulations, enabling effective client management and risk assessment.
  • Strong sales and negotiation skills to generate new business opportunities, build relationships with clients, and close deals that meet or exceed sales targets.
  • Excellent communication and interpersonal skills to effectively communicate complex insurance information to clients and provide exceptional customer service, addressing their needs and concerns.
  • Analytical mindset and attention to detail to analyze insurance data, identify trends, and develop strategic plans to optimize client portfolios and enhance profitability.

Essential Skills For Account Manager, Insurance

1

Accounting Fundamentals

2

Management Accounting

3

General Insurance Policy

4

Insurance Management

Skills That Affect Account Manager, Insurance Salaries

Different skills can affect your salary. Below are the most popular skills and their effect on salary.

Insurance Management

18%

Career Prospects

For an experienced Account Manager in the insurance industry in the United Kingdom, there are several alternative roles to consider. Here are following options:

  • Underwriting Manager: This role involves assessing risks and setting insurance premiums. It requires a deep understanding of market trends, regulations, and underwriting guidelines.
  • Claims Manager: As a Claims Manager, you would oversee the processing and settlement of insurance claims, ensuring they are handled efficiently and within company policies.
  • Risk Manager: This position involves identifying, assessing, and managing potential risks within an organization. You would develop risk mitigation strategies and ensure compliance with insurance requirements.
  • Business Development Manager: If you have strong networking and sales skills, this role would involve expanding the company's client base, fostering key relationships, and identifying new business opportunities.

How to Learn

The Account Manager role in the insurance industry in the United Kingdom is projected to experience steady growth in the market. Over the past 10 years, this job role has seen consistent demand and is expected to continue this trend. With a positive outlook for the insurance industry, there is likely to be an increase in employment opportunities for Account Managers in the future. According to Google data, the market indicates a strong demand for professionals in this role, indicating a positive growth trajectory for the position in the coming years.