Insurance Account Manager
What is the work like?
As an insurance account manager, it would be your job to develop business accounts and increase sales of your employer's insurance policies. You would promote the insurance company's policies to agents like insurance brokers and independent financial advisers (IFAs), with the aim of getting them to sell the policies to their customers.
Your duties would typically include:
- building good working relationships with brokers and other agents
- promoting new insurance products, often working to agreed sales targets
- being responsible for several business accounts
- setting up meetings to develop new business accounts
- working with insurance underwriters to adapt policies
- setting up claims handling teams and contact centre support for new policies
- monitoring agents’ sales performance
- developing marketing literature
- advising on existing products
- making sure that agents meet Financial Services Authority (FSA) rules.
You may be known by several other job titles, such as insurance sales executive, broker consultant or business development manager.
What qualifications and experience will employers look for?
You would often start as an insurance technician, junior account handler, underwriter or sales administrator, and progress into business development as your experience grows. Alternatively, you could have a background in sales and marketing, financial advice or another area of financial services.
Entry requirements can vary between employers in the insurance industry. Companies often prefer you to have minimum qualifications of GCSEs (A-C) in English and maths. You may need A levels or similar to get onto management training schemes.
You may be able to get into the insurance industry through an Apprenticeship scheme. The range of Apprenticeships available in your area will depend on the local jobs market and the types of skills employers need from their workers. For more information on Apprenticeships, visit www.apprenticeships.org.uk.
If you have a degree, you could join a large insurance firm’s graduate training scheme. Most degree subjects are accepted, but you may have an advantage with a good degree (class 2:2 or above) in a business or maths-related subject.
Some insurance account managers are independent financial advisers who choose to move into the business and account handling side. See the Financial Adviser profile for more details about qualifying as an IFA.
What further training and development can I do?
Most of your training would be on the job. Your employer will train you in their insurance products, and may also provide sales and marketing training.
You may improve your career prospects by taking professional insurance industry qualifications. The Chartered Insurance Institute (CII) provides a clear career structure from trainee to professional level, with qualifications as follows:
- CII Certificate in Insurance
- CII Diploma in Insurance
- CII Advanced Diploma in Insurance (ACII).
See the CII’s website for more details about their qualifications.
There are other qualifications aimed at anyone offering advice on general insurance products, such as the ifs School of Finance Certificate in Regulated General Insurance (CeRGI).
If you work for a company that mainly markets insurance products to independent financial advisers, you may find it helpful to take qualifications in financial advice and planning from the CII or ifs School of Finance. For more details, see the Financial Adviser profile.
You may also find it useful to take qualifications and short courses in sales, marketing and account management, from the Chartered Institute of Marketing (CIM) or the Institute of Sales and Marketing Management (ISMM). See the CIM or ISMM websites for more information.
Where can I go for more information?
25 The North ColonnadeCanary Wharf
London
E14 5HS
Tel: 020 7066 1000
Lower Woodside
LU1 4DQ
Tel: 01582 840001
South Woodford
London
E18 2JP
Tel: 020 8989 8464
Cookham
Maidenhead
Berkshire
SL6 9QH
Tel: 01628 427500
4-9 Burgate Lane
Canterbury
Kent
CT1 2XJ
Tel: 01227 818609
London
EC2V 7HQ
Tel: 0845 257 3772
If you would like to discuss your career options with a learning adviser, call 0800 100 900 or use our online enquiry form
Alternatively, you can visit our website at: www.direct.gov.uk/careersadvice
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What salary and other benefits can I expect?
- Starting salaries are usually between £17,000 and £22,000 a year.
- Earnings can be £25,000 to £35,000 a year with experience.
- Senior managers can earn £40,000 or more.
It is also common to earn commission and bonuses on top of the basic salary. A salary package may also include a company car allowance, insurance and pension benefits.
Figures are intended as a guideline only.
What are the hours and working conditions?
Your standard working hours would be 9am to 5pm, Monday to Friday. You may also need to network with clients in the evenings.
You would normally be office-based, although it is also possible to work from home. You would spend much of your time visiting brokers and agents in your sales area.
What skills and knowledge will I need?
- good spoken and written communication skills
- excellent sales and negotiation skills
- honesty and integrity
- organisation and attention to detail
- drive and motivation, for meeting targets
- the ability to gather and analyse information
- good business sense
- confidence in making presentations and networking
- the ability to manage large budgets and contracts.
What opportunities are there?
You could work for insurance companies all over the UK. Jobs may be advertised in the local and press, in industry magazines, and by financial services recruitment agencies.
With experience and a good track record, you could be promoted to sales manager, area manager or other senior management jobs. Alternatively, you could move into sales, marketing or account handling in other industries.
You may find the following links useful for job vacancies and general reading (links open new window):
ID Newscentre
Post
Insurance Age
Insurance Times
Financial Times
We do not accept responsibility for the content of external sites.
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