Description

Account managers in the insurance industry are found in a variety of insurance firms, from small insurance companies to large nationwide dealers. Most positions do not have defined educational requirements, but many do list a bachelor’s degree as being preferred. However, many positions require relevant experience in the field, though the exact amount varies by company and position. Other requirements include licenses specific to the type of insurance practice and location of the job.

The account manager's principal responsibility is developing new business and finding referrals from established clients. This includes producing quotes and resolving client issues, as well as following all procedures to ensure protocols and regulations are followed at all times. Many positions require computer skills, as they operate in a paperless environment; general analytical skills and strategic thinking are needed as well. Communication skills and the ability to work effectively with minimal supervision are highly valued.

Generally, insurance account managers work independently, though some companies may have small teams of account managers that work together. Hours generally include regular business operating hours, although schedules may vary depending on the needs of the employer. Remote work and travel are possible, but most work is done in an office environment with minimal physical requirements or hazards. Extended hours to accommodate new customers or projects may also be necessary.

Roles & Responsibilities

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

  • Build and maintain strong relationships with clients, ensuring their insurance needs are met and providing ongoing support and guidance.
  • Analyze clients' insurance requirements, assess risk exposure, and recommend appropriate insurance products and coverage options.
  • Collaborate with underwriters and insurance carriers to negotiate terms, pricing, and coverage enhancements for clients.
  • Stay updated on industry trends, regulations, and changes in insurance policies, and effectively communicate these updates to clients to ensure compliance and maximize coverage benefits.

Qualifications & Work Experience

For an Account Manager, Insurance, 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.

Managing Accounts

3%

Career Prospects

For an experienced Account Manager in the Insurance industry in Canada, there are several alternative roles to consider. Here are four options to explore:

  • Client Relationship Manager: A role that focuses on building and maintaining strong relationships with clients, ensuring their satisfaction, and identifying opportunities for upselling or cross-selling.
  • Underwriting Manager: A position that involves assessing risks, determining policy terms and conditions, and managing a team of underwriters to ensure accurate and profitable underwriting.
  • Claims Manager: A role dedicated to overseeing the claims process, ensuring timely and accurate claims settlements, managing customer inquiries, and handling complex claims issues.
  • Business Development Manager: A position focused on identifying new business opportunities, developing strategic partnerships, and driving revenue growth through effective sales and marketing strategies.

How to Learn

According to recent data from Google, the role of an Account Manager in the insurance industry in Canada is expected to experience significant growth in the market. Over the past 10 years, the job role has shown a positive trend in terms of demand and opportunities. With the constantly evolving insurance sector in Canada, the projected growth for this position is expected to continue. The future looks promising for individuals seeking employment in this field, as a substantial number of employment opportunities are anticipated to be available.