Insurance Account Manager

Insurance account managers look after existing business portfolios and relationships with agents, which include insurance brokers and financial advisers. The job is a mixture of sales and marketing. It involves building up existing customers' accounts and gaining new ones.

Account managers promote their company's insurance products and benefits. Levels of responsibility vary widely. They range from making basic business introductions to underwriters through to the complete placement and management of corporate business accounts.

Work may include:

• following up new opportunities, making presentations and preparing business tenders
• informing agents of new product developments
• liaising with insurance underwriters to customise policy wordings
• setting up call centre support teams and claims handlers
• tracking the sales performance of agents.

Insurance account managers usually work office hours, Monday to Friday. Usually office based, the job involves a good deal of travelling to clients' premises. They usually cover a geographical area or manage set accounts. Some may be based at home.

Salaries range from £15,000 a year for junior account handlers to £70,000 or more for senior managers handling high-value accounts and pitching for new business.

An insurance account manager needs:

• good written and verbal communication skills
• excellent interpersonal, sales and negotiation skills
• good business sense and knowledge of the insurance sector
• ambition and energy to thrive in a pressurised environment
• good numerical ability
• to enjoy networking and meeting new people.

Account managers are employed by insurance companies throughout the UK, both in head offices and regional centres. Large firms of insurance brokers also employ them.

Entry requirements vary between employers. Some enter with a degree. Others move into a business development role after gaining insurance experience in different functions. It may be possible to enter these roles via the Apprenticeship in providing financial services, which offers pathways in general insurance. The Diploma and Advanced Diploma in business, administration and finance may be relevant.

Normally trained in-house, account managers may be encouraged to study towards technical insurance qualifications or more generic sales and marketing qualifications. These range from introductory right up to postgraduate levels. NVQs in marketing, sales or management are also available.

Progression to sales manager, area manager and sales director is possible. Account managers may move into marketing, training or compliance within the insurance or financial sector, or might apply their skills in business development roles in other industries.

Further details