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Insurance Account Manager
Account managers establish and develop relationships with insurance brokers, advising them on all aspects of the business from start to finish. Each account manager will have responsibility for several accounts.
Most British insurance companies sell their services through firms of insurance brokers or independent financial advisers, who act as agents for the insurance company. Increasingly, insurance is being sold to customers through direct companies, but more complex situations still require the intervention of these intermediaries. Account managers provide the link between the insurance company and the broker.
Insurance account managers may also be referred to as business developers or account executives.
Typical activities include:
• building and maintaining effective professional relationships with clients, usually insurance brokers;
• contacting and visiting brokers or agents to introduce new insurance products;
• monitoring the performance of brokers and agents in respect of profits and standards;
• advising brokers and agents about existing products and encouraging them to sell these products;
• contributing to business plans;
• collaborating with regional and national teams in order to deliver business objectives and maximise performance;
• identifying and developing new business in line with branch objectives - this usually involves working to set targets for the area or 'patch' they cover;
• acting as a mediator between the broker and the underwriter when developing new business (for example, a broker may need help with offering specific advice on complicated business premises - the account manager can do initial investigations and negotiate with the underwriters about the case);
• dealing with queries on existing business, responding quickly and accurately;
• liaising with regional and national managers;
• helping to negotiate with claims departments when problems arise;
• keeping up to date with new legislation and technicalities;
• keeping abreast of market and customer changes;
• building up detailed knowledge about the company's products;
• understanding and maintaining a good working knowledge of the rules and compliance procedures of Financial Services Authority (FSA), and implementing the regulatory framework;
• undertaking necessary administration, e.g. report writing;
• attending training and updating sessions run by the company.
Jobs of this type currently available
- Category:
- Insurance
- Published:
- 17 Mar 08
- Based in:
- Edinburgh
- Salary:
- £20,000 - £22,000
