Insurance account managers develop business accounts and sales for insurance companies. They promote their company's insurance products to insurance brokers and other agents like independent financial advisers (IFAs), with the aim of getting the agents to sell the policies to their customers.

Duties typically include:

• building good working relationships with brokers and other agents
• promoting new insurance products, often working to agreed sales targets
• looking after existing 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.

Account managers are usually responsible for several business accounts.

Insurance account managers may be known by several other job titles, such as insurance sales executive, broker consultant or business development manager.

Hours and Environment

As an insurance account manager, you will usually work 9am to 5pm, Monday to Friday. You may sometimes need to attend later meetings or socialise and network with clients in the evening.

You will usually have an office base at your insurance company, although it is also possible to work from home. You will spend much of your time visiting brokers and agents in your sales area.

Skills and Interests

To be an insurance account manager you 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.

A driving licence is necessary for most jobs.

Entry

Many insurance account managers start as insurance technicians, junior account handlers, underwriters or sales administrators, and progress into business development with experience. Alternatively, you could have a background in sales and marketing, financial advice or another area of financial services.

Entry requirements can vary between employers when you join the insurance industry. Companies often prefer you to have some GCSEs (A-C)/S grades (1-3) including English and maths. Some employers may ask for A levels/Highers or similar qualifications to get onto management training schemes.

If you have a degree, you may be able to 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.

You may be able to get into the insurance industry through an apprenticeship scheme. Funding for apprenticeships is available for 16-24 year olds and some over-25s. To find out more, visit www.apprenticeships.org.uk. For information about apprenticeships in other parts of the UK, see Scotland, Wales and Northern Ireland.

Training

You will usually be trained on the job by experienced account managers. 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, known as Pathways, 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 information about their qualifications (contact details in Further Information below).

There are other qualifications aimed at anyone offering advice on general insurance products, such as:

• Institute of Financial Services (IFS) Certificate in Regulated General Insurance (CeRGI)
• Chartered Institute of Bankers in Scotland (CIOBS) General Insurance Certificate.

If you work for a company that mainly markets insurance products to independent financial advisers, you may find it helpful to take advanced qualifications in financial advice from the CII or IFS. For more details, see the Financial Adviser profile and visit the CII or IFS websites.

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 (in Further Information) for more details.

Opportunities

As an insurance account manager, you will be employed by insurance companies of all sizes. Jobs are available all over the UK, mainly in larger towns and cities.

Jobs may be advertised in the local press and the financial pages of the national press, in specialist industry magazines like Post Magazine, Insurance Age and Insurance Times, and by financial services recruitment websites and 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.

Annual Income

Figures are intended as a guideline only.

Account handlers usually start on between £17,000 and £20,000 a year.
Experienced account managers usually earn £25,000 to £35,000 a year.
Senior managers can earn £40,000 or more.

Part of the income may be made up of commission and bonuses. A salary package may also include a company car allowance, insurance and pension benefits.

Further information

25 The North Colonnade
Canary Wharf
London
E14 5HS
Tel: 020 7066 1000 Harrier Court
Lower Woodside
LU1 4DQ
Tel: 01582 840001 Moor Hall
Cookham
Maidenhead
Berkshire
SL6 9QH
Tel: 01628 427500 Drumsheugh House
38b Drumsheugh Gardens
Edinburgh
EH3 7SW
Tel: 0131 473 7777 20 Aldermanbury
London
EC2V 7HY
Tel: 020 8989 8464 IFS House
4-9 Burgate Lane
Canterbury
Kent
CT1 2XJ
Tel: 01227 818609 51 Gresham Street
London
EC2V 7HQ
Tel: 0845 257 3772