Insurance account managers have to build and maintain effective relationships with mediators, usually insurance brokers. He develops and identifies new opportunities with the objective to achieve targets in specific areas. He liaises and visits the mediators to brief them about the new products and its benefits and encourages them to vend these to customers. They also give feedback regarding existing products and provide suggestions about the value of adding it. He responds or handles product or service queries from customers accurately, efficiently, and quickly. He supervises the mediator's performance in terms of standards and profits. He develops comprehensive knowledge about the products of the company. He keeps a close eye on the developments and conditions of market. He maintains an understanding of the working knowledge regarding compliance procedures, rules, and putting into operation the dictatorial framework. He manages and sets up call center groups to boost business deals. He also is the person who coaches and trains junior staff. Business management including budget management and report writing are also parts of his job responsibilities.
The area of insurance accounts management is open to almost all graduates. However, candidates who have a bachelor's degree in statistics, mathematics, economics, and business management will have an edge over other competitors. In case one doesn't have these degrees but are still seeking to work in this capacity, there are scopes for him too. He can gain experience by working at a junior level position like a sales administrator, call center operator, and technician. With experience and performance he can be promoted to the position of an insurance accounts manager. But this may require a few years of intense dedication and hard work.
Generally, the personal abilities and attributes are considered more vital than academic qualifications. The candidate should show the evidence of good interpersonal and communication skills. He should have the capability to consult with and persuade others. He should be able to gain a client's trust. He must have excellent customer service skills. An innovative approach to planning with the capability to deliver and develop creative ideas is required. A good sense of discretion, sincerity, and integrity is needed. To get along with allocated objectives, insurance managers should follow a result driven technique. They should have the capability to scrutinize and understand statistical data. He should have a keen interest towards business and financial market and commercial awareness. He should work according to schedule and must have good time management skills. Moreover, an insurance accounts manager should have the capability to achieve the targets by working together with the team. Computer literacy is also demanded by the employers as well.
Most of the companies provide on the job training to new recruits as they carry out daily responsibilities. Before joining projects, insurance accounts managers have to pass through numerous types of training sessions. Normally, the training sessions begin with a comprehensive introduction about the firm with business processes. They are also given a thorough demonstration of products and services that the business caters. Inductions also include working under the supervision of senior colleagues.
Just like other financial sectors, an illustratable experience in insurance industry can prove advantageous while applying for the job. Working part time with an insurance broker or firm or in any reputed call center will be precious. As a new recruit one has to spend considerable time in gaining experience by working in the same company and changing jobs to specialize in sales which can then direct them to good positions in insurance accounts management.
Advancements in career of insurance accounts manager are fast paced, if one has necessary experience, academic qualifications and skill set. One can be promoted to the position of senior insurance accounts manager by showing good performance and credibility.
The median salary for insurance accounts manager with a few years of experience varies from $30,000 to $35,000. For individuals who have years of experience in insurance accounts management, the mean wages varies from $40,000 dollars to $90,000.
Overall, there are good career prospects in insurance accounts management. One can opt for making a career in this field if one has the necessary skills and qualifications.
