Insurance account manager
Insurance account managers promote their company’s insurance products to those who will be directly selling them, such as brokers and independent financial advisers (IFAs). It is an account manager’s role to develop sales of the products and business accounts and they will usually specialise in one particular area of insurance such as corporate insurance, life assurance or reinsurance.
Insurance account managers work with a caseload of several clients, building up long-term relationships with them. They play a central role in introducing new insurance products to the market, while also seeking to maintain the commercial performance of existing products. Insurance account managers have a detailed knowledge of their employer’s portfolio of products and can target policies to their clients to supply the most appropriate product.
Insurance account managers usually work to sales targets. Work is mainly with commercial insurance, although the tasks are similar in all sectors.
Work activities typically include:
Although this area is open to all graduates/diplomates, the following degree/HND subjects may be preferred by some employers:
A degree/HND is not an essential requirement as entry can be made at a lower-level position such as claims handler, sales administrator, junior account handler or call centre operator. The employee can then work their way up to the role of an account manager after a few years’ experience.
An exception to this kind of entry is for enrolment onto graduate training schemes where a good degree, usually a 2:1 or above, is the minimum requirement. Graduate trainees usually spend time gaining experience across all functions of the business before specialising in a certain area. This could be in sales, which can then lead on to account management roles.
Insurance account management is frequently a career development move from roles such as sales and broking, so applicants with previous relevant experience are generally welcomed.
Employers tend to greatly value personal qualities and tend to look for a balance between skills and academic results.
Candidates need to show evidence of the following:
Gaining work experience in the insurance industry, or even in a related financial services sector, is of great help in gaining entry-level positions or places on graduate schemes. This could be achieved through a structured vacation scheme, part-time or temporary work or through work shadowing. Roles in a customer service centre that provide experience of dealing with clients can also be helpful.
For more information, see work experience and internships and search courses and research.
Insurance account managers generally undergo on-the-job training which focuses on their employer’s business, products and services. This is usually carried out through a combination of structured in-house training courses and shadowing experienced colleagues. Further familiarity is gained by performing the role and learning from colleagues (and clients) on an ongoing, informal basis.
Most insurance account managers gain one of the industry’s professional qualifications, if they have not done so already in a previous role. Increasing regulatory demands from the Financial Services Authority (FSA) have made this all the more important. The Chartered Insurance Institute (CII) provides a qualifications framework for those working in insurance. The qualification route is as follows:
Other providers exist, including the ifs School of Finance with its Certificate of Regulated General Insurance.
Some account managers also take other related qualifications in areas such as sales technique and people management. These types of courses are offered by many organisations including the Chartered Institute of Marketing (CIM) and the Institute of Sales and Marketing Management (ISMM) .
Continuous professional development (CPD) is essential once qualified. The CII runs a CPD scheme which is required of all qualified members. Regular in-house training is followed by all insurance account managers.
With experience and a good performance record, it is possible to move into a senior account manager role, perhaps with greater responsibility for monitoring and meeting targets.
With five to ten years' experience, insurance account managers can move into sales management positions. This involves overseeing the performance of a team of account managers and other sales staff.
The next step is to manage a geographical area or region, through supervision of a team of local managers. While contact with key clients is still part of the role, there is more emphasis on strategic planning, people management and liaison with other senior managers. Greater flexibility of working hours, with more travel, may be required.
Some account managers choose to change emphasis and become independent financial advisers (IFAs) or brokers, looking to gain greater personal responsibility and reward for their sales efforts. Some become self-employed in these roles.
It is also possible to transfer your sales and marketing skills into other business areas outside of insurance.
Your career advancement may be maximised if you are able to relocate regularly within the UK.
Insurance account managers are employed by two main types of employer:
According to the Association of British Insurers (ABI) there are 934 companies that are authorised by the Financial Services Authority (FSA) to carry out insurance business in the UK (ABI, UK Insurance - Key Facts, 2010). These are divided into:
The top ten general insurance and life and pension insurance groups are by far the most likely to recruit and train graduates through formal schemes, although account managers with experience are regularly sought by smaller insurers.
Lloyd's of London also employs insurance account managers. Lloyd’s is a unique insurance market where brokers place business on the market for their clients. This business is then taken up by a syndicate of underwriters or individual companies within the London Underwriting Centre (LUC) .
Several recruitment agencies, for example Independent Appointments , also specialise in insurance vacancies. See the Recruitment and Employment Confederation (REC) website for details.
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