Insurance account manager job profile

Insurance account managers promote their company's insurance products to those who will be directly selling them, typically brokers and other agents

As an insurance account manager, you'll have detailed knowledge of your employer's portfolio of insurance products and will develop business accounts and increase sales of the products.

You'll work with a caseload of clients, building up long-term relationships with them, and will play a central role in introducing new insurance products to the market, while also seeking to maintain the commercial performance of existing products.

Jobs won't necessarily be advertised as 'account manager', and other job titles may include:

account executive
affinity account manager
business developer
commercial insurance manager
customer service director
relationship manager
senior account handler.

Types of insurance account manager

Work is mainly in commercial insurance in areas such as:

corporate insurance
life assurance
reinsurance.

Responsibilities

As an insurance account manager, you'll need to:

manage a portfolio of clients, achieving targets for new business and renewals/retention of current clients
develop and manage good working relationships with clients, primarily insurance brokers, independent financial advisers (IFAs) and other agents
attract new business by identifying and exploiting opportunities in the local market
provide accurate quotations and meet sales targets
introduce new products and promote them through regular visits and communication with intermediaries
increase the profitability of existing product lines by encouraging clients to use added-value services wherever possible
consult on the most effective cover for a particular need
deliver good customer service by responding swiftly to queries and concerns from clients
follow up on lapsed clients, generate new leads and visit potential new clients
liaise with colleagues to keep your knowledge of new and existing products up to date
keep up to date with current market conditions and competitors' products
monitor and report on performance against agreed sales targets, which at a more senior level can include monitoring the performance of other sales staff
ensure compliance with regulations and procedures as laid down by the Financial Conduct Authority (FCA), by keeping up to date with all changes in the regulatory framework
work with underwriters to amend policies where necessary in order to meet client demand
produce marketing literature and website content to support marketing campaigns.

Salary

Starting salaries typically range from £18,000 to £22,000, although graduates on a training scheme with a major insurance company may earn more. The salary on the two-year Lloyd’s Insurance Graduate Scheme, for example, is £30,000 a year.
With a few years' experience, salaries can range from £25,000 to £55,000.
Salaries for those with substantial experience, e.g. senior management roles, can range from £55,000 to more than £80,000.

Salaries can vary significantly depending on your experience, location (salaries in London, for example, are usually higher), the size and type of employer and the area of insurance.

In addition to your basic salary, you're likely to earn significantly more in bonuses or commission for reaching or exceeding targets. Additional benefits may include a company car allowance, private medical insurance, gym membership and pension.

The IPS Group produces an annual UK General Insurance Salary Guide, providing up-to-date information on current salary levels in the UK insurance and reinsurance sector. Salary surveys are produced by other recruitment companies as well, such as HAYS and IDEX Consulting.

Income figures are intended as a guide only.

Working hours

Working hours are usually 9am to 5pm, Monday to Friday, although the client-focused nature of the work means you may have to work some evenings when entertaining or meeting with clients.

What to expect

You could work either in an office or from home.
Jobs are available in large towns and cities across the UK, as well as in rural areas if you're working from home.
With experience, it's possible to become self-employed and move into a role as a broker or IFA.
Working to demanding sales targets can be challenging, although the financial rewards can be good for those who enjoy this type of work.
You may need to travel during the day to meet clients. Overseas travel is rare.

Qualifications

Although this area of insurance is open to all graduates, the following degree or HND subjects may improve your chances:

business management
economics
finance
marketing
mathematics
statistics.

You'll need a good degree, usually a 2:1 or above, for entry onto a graduate training scheme with one of the large insurance companies. However, some schemes, for example the Lloyd's Insurance Graduate Scheme, will accept a 2:2.

Entry without a degree is possible in a support or administrative position, such as insurance technician, sales administrator, junior account handler or call centre operator. You can then progress to account manager after getting experience and insurance industry qualifications through, for example, the Chartered Insurance Institute (CII) - see CII - Qualifications.

You can also get into the insurance industry through an apprenticeship, which combines paid work with part-time study. For more information, see the CII Aspire Apprenticeships in insurance and personal finance or search Find an apprenticeship.

Lloyd's also offers an Insurance Apprenticeship Programme.

Skills

You'll need to have:

excellent communication and interpersonal skills
an interest in meeting new people and relationship management skills
strong sales and negotiation skills
the ability to inspire trust
good customer service skills
a results-driven approach to work for meeting targets and delivering results to tight deadlines
strong presentation skills
numeracy, especially the ability to analyse and interpret statistical data
attention to detail and accurate record keeping
integrity, sincerity and discretion
the ability to develop and deliver innovative ideas
commercial awareness and a keen interest in business
excellent time management skills and self-motivation
a flexible approach to work
computer literacy
teamworking skills
a driving licence - may be useful for visiting clients.

Work experience

Relevant work experience with an insurance company or within the wider financial services sector may improve your chances. Many of the major insurance companies have work placement or summer internship programmes. Competition for places is strong and employers often ask for a predicted 2:1 or above.

Smaller firms may offer work experience, but you may need to approach them directly to find out about opportunities.

It's also possible to get into account handling with previous experience in areas such as customer service, sales, marketing or financial advice.

Find out more about the different kinds of work experience and internships that are available.

Employers

Insurance account managers are employed by two main types of employer - insurance companies and large brokers.

The top ten general insurance and life and pension insurance groups are the most likely to recruit and train graduates through formal schemes, although account managers with experience are regularly sought by smaller insurers.

Insurance account managers are also employed by Lloyd's, the world's specialist insurance and reinsurance market.

Look for job vacancies at:

Specialist recruitment agencies handle vacancies. You can also look for jobs in the national press and specialist journals. Larger insurance companies advertise jobs on their websites. LinkedIn also advertises vacancies.

Professional development

Graduates on structured training schemes usually spend time gaining experience across all functions of the business before specialising in a particular area. This could be in sales, which can then lead on to account management roles. Support and mentoring is provided by senior colleagues.

Insurance account managers generally undergo on-the-job training, which focuses on their employer's business, insurance products and services. This is usually carried out through a combination of structured in-house training courses and shadowing experienced colleagues. Sales training may be provided.

You'll usually work towards one of the industry's professional qualifications, if you haven't done so already in a previous role. The CII Advanced Diploma in Insurance is a professional qualification providing an enhanced understanding of insurance practice and is the starting point for many graduates.

Employers will usually encourage you to follow these professional qualifications, choosing modules relevant to your specialist area. Upon completion of the Advanced Diploma, CII members are entitled to use the designation 'ACII' and are eligible for chartered status (subject to having five years' experience, not necessarily post-qualification) with the CII.

Graduates on the Lloyd's Graduate Programme take the ACII Diploma in Insurance as part of their training. This two-year programme provides a broad understanding of roles within insurance and includes four six-month placements. You will also receive support towards achieving the ACII qualification as well as completing the Level 6 Senior Insurance Professional apprenticeship standard.

Some account managers take other related qualifications in areas such as sales technique and people management. Courses are offered by many organisations including The Chartered Institute of Marketing (CIM) and the Institute of Sales Professionals (ISP).

Continuing professional development (CPD) is essential throughout your career. The CII runs a CPD scheme for all qualified members. Regular in-house training is followed by all insurance account managers.

Career prospects

With experience and a good performance record, you can move into a senior account manager role, perhaps with greater responsibility for monitoring and meeting targets.

With five to ten years' experience, it's possible to move into sales management, overseeing the performance of a team of account managers and other sales staff. Geographical mobility can help career development.

The next step is to manage a geographical area or region, through the supervision of a team of local managers. While contact with key clients is still part of the role, there's 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 IFAs or brokers, looking to gain greater personal responsibility and reward for their sales efforts. Some become self-employed in these roles.

It's also possible to transfer your sales and marketing skills into other business areas outside of insurance.

Insurance account manager