Nature of work
Insurance account managers usually work to sales targets. Work is mainly with commercial insurance, although the tasks are similar in all sectors and typically include:-Gaining new business by identifying and exploiting opportunities in the local market.
-Developing and maintaining good working relationships with clients, primarily insurance brokers and independent financial advisers.
-Introducing new products and promoting them through regular visits and frequent communication with intermediaries.
-Increasing profitability of existing product lines by encouraging clients to use added value services wherever possible.
-Consulting on the most effective cover for a particular need, while taking a number of factors into account.
-Maintaining detailed knowledge of new and existing products by liaising with colleagues.
-Monitoring and reporting on performance against agreed sales targets, sometimes including monitoring the performance of other sales staff.
Environment of work
He/she works mainly from 8.30am to 4pm, although the client-focused nature of the work means that evening work is common when entertaining or meeting with clients. The work can be office or home based initially, although management posts require greater presence in the office. Self-employment is possible with experience by moving into a position as a broker or independent financial adviser. Career breaks are possible but training and professional knowledge must be kept up to date. Smart business dress is required, given the client-focused nature of the work. Working to demanding targets can be stressful. Travel during the working day is frequent and essential in order to visit clients. Overnight stays are occasionally required but overseas travel is rare. Professional life
With experience and a good performance record, it is possible to move into a senior account manager role, perhaps with greater responsibility for monitoring and meeting targets.With five to ten years' experience, insurance account manager can move into sales management positions. This involves overseeing the performance of a team of account managers and other sales staff. Geographical mobility can be an aid to career development.
The next step is to manage a geographical area or region, through supervision of a team of local managers. While contact with key clients is still part of the role, there is 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 independent financial advisers (IFAs) or brokers, looking to gain greater personal responsibility and reward for their sales efforts. Some become self-employed in these roles.
It is also possible to transfer your sales and marketing skills into other business areas outside of insurance.
Starting salaries typically range from 35000 to 50000 SYP
Getting the job
Although this area is open to all graduates/diplomats, the following degree subjects may be useful:· business/management;
· economics;
· statistics;
· mathematics;
· marketing.
A pre-entry postgraduate qualification is not needed.
Entry without a degree is possible in a support or administrative position, such as claims handler, sales administrator, junior account handler or call centre operator. 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.
Skills
Candidates need to show evidence of the following:- excellent communication and interpersonal skills;
- strong sales and negotiation skills;
- good customer service skills;
- strong presentation skills;
- numeracy, especially the ability to analyse and interpret statistical data;
- attention to detail and accurate record keeping;
- commercial awareness and a keen interest in business;
- excellent time management skills and self-motivation;
- computer literacy;
- teamwork skills.
Sources and references
If you need any further information on what is provided in this file, you can visit the following websites: www.sisc.sy, National Assurance Agency.
Arab Standard Classification of Occupations, 2008, Ed. Arab Labor Organization
Summary
Insurance account manager promotes his/her company's insurance products to those who will be directly selling them, such as brokers and independent financial advisers.Insurance account manager works with a caseload of several clients, building up long-term relationships with them. He/she play a central role in introducing new insurance products to the market, while also seeking to maintain the commercial performance of existing products. Insurance account managers have a detailed knowledge of their employer's portfolio of products and can target policies to their clients to supply the most appropriate product.