Insurance account manager

Insurance account managers play a key role in promoting and selling their company's insurance products to intermediaries such as brokers, financial advisers and corporate clients

You'll have detailed knowledge of your employer's portfolio of insurance products and will be responsible for:

• managing a portfolio of client accounts
• ensuring the financial performance of your company’s insurance products
• growing new business
• retaining existing clients
• supporting the rollout of new insurance products into the market.

A significant part of the role involves building up long-term relationships with clients, acting as the key point of contact for queries, negotiations and renewals, and ensuring that your company remains their preferred provider.

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

• account executive
• affinity account manager
• business development manager
• commercial insurance manager
• customer service director
• client relationship manager
• senior account handler.

Types of insurance account manager

You'll usually work in the commercial insurance sector in areas such as:

• corporate insurance - working with large companies to manage their complex insurance needs, including liability, property and cyber insurance
• life assurance - developing and maintaining relationships in the life insurance market, often involving financial advisers
• reinsurance - working with firms that provide insurance to insurers to spread risk and manage large-scale policies.

Responsibilities

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

• manage a portfolio of clients, achieving targets for new business acquisition and renewals/retention of current clients
• develop and manage strong working relationships with clients, primarily insurance brokers, independent financial advisers (IFAs) and other agents
• identify and attract new business through market research, networking and exploiting local market engagement
• provide accurate quotations and meet both personal and team-based sales targets
• introduce new and updated products to the market and promote them through regular visits and communication with intermediaries
• increase the profitability of existing product lines by cross-selling and up-selling relevant products and encouraging clients to use added-value services wherever possible
• advise clients on the most effective coverage options based on a comprehensive understanding of their risk profile and business or personal needs
• follow up on lapsed clients, generate new leads and visit existing and potential new clients
• lead on renewal strategies for your portfolio of clients
• liaise with colleagues to keep your knowledge of new products and updates to existing offerings up to date
• keep up to date with current market conditions and trends, as well as competitors' products to keep a competitive edge
• 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 legal regulations and procedures as laid down by the Financial Conduct Authority (FCA), by keeping up to date with all changes in the regulatory framework
• liaise with underwriters to negotiate bespoke policy amendments that align with clients' risk profiles and changing needs
• produce engaging digital content to support marketing and sales campaigns.

Salary

• Starting salaries typically range from £20,000 to £25,000, depending on your experience and qualifications. Graduates on training schemes with major insurance companies, for example the two-year Lloyd's Insurance Graduate Programme, can earn more.
• With experience, salaries can range from £30,000 to £60,000.
• Salaries for those with substantial experience, e.g. senior management roles, can range from £55,000 to in excess of £100,000.

Salaries can vary significantly depending on your experience, location (salaries in London, for example, are usually higher, largely due to the higher cost of living), the size and type of employer you work for, your area of insurance and professional qualifications.

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

You'll usually work a 37-hour week, 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.

There may be opportunities for hybrid working.

What to expect

• You could work either in an office or from home but will need to travel during the working day to meet clients.
• Jobs are available in cities and large towns 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.

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 Programme, 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. Entry requirements include A-levels or equivalent (Grade C or above) and GCSE maths and English (Grade 4/C or above).

Skills

You'll need to have:

• excellent interpersonal and relationship management skills
• strong analytical and data analysis skills, with an understanding of risk management
• commercial awareness with strong sales and negotiation skills
• written and verbal communication skills
• customer service skills and the ability to inspire trust
• the ability to think creatively and strategically
• excellent time management skills and a results-driven approach to work for meeting targets and delivering results to tight deadlines
• attention to detail and accurate record keeping
• integrity, sincerity and discretion
• the ability to develop and deliver innovative ideas
• a flexible approach to work
• digital skills and knowledge of using CRM systems and performance analytics tools
• self-motivation and a drive to succeed
• teamworking skills.

You may also need a driving licence for visiting clients.

Work experience

Having work experience with an insurance company or within the wider financial services sector can significantly increase your chances of getting a job.

Many large insurers, for example, Aviva and Zurich Insurance UK, offer structured summer internships and industrial placement schemes that provide hands-on experience and the opportunity to build a network of contacts. Competition for places is strong, and employers often ask for a predicted 2:1 or above.

Smaller or regional firms may not have formal internships but can offer valuable short-term placements or shadowing opportunities. You may need to approach them directly with a targeted speculative application to find out about opportunities.

Networking on LinkedIn or via industry events hosted by the Chartered Insurance Institute (CII) can help you make contacts and 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 employers - insurance companies and large brokers.

The large general insurance and life and pension insurance groups are the most likely to recruit and train graduates through formal training 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:

• FutureMe Insurance Jobs - jobs website of the Chartered Insurance Institute.
• CityJobs.com
• Insurance Careers
• Careers at Lloyd's

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 are 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. You will 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).

Undertaking continuing professional development (CPD) throughout your career is essential to ensure your skills and knowledge remain up to date. 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 proven track record, you can progress to senior account manager roles. These positions typically involve greater responsibility for setting and monitoring performance targets, managing key client accounts and mentoring junior staff.

Further advancement may lead to roles in sales or regional management, which involves leading a team of account managers or sales professionals, setting regional sales goals and aligning performance with wider business objectives. Your focus will move towards strategic planning, high-level client engagement and collaboration with other senior stakeholders.

Geographical mobility can significantly enhance progression opportunities, especially when stepping into roles with broader operational scope, such as regional director or head of sales, which involve overseeing multiple branches or territories. These roles often require increased travel, flexibility in working hours and greater coordination with executive-level staff.

Some account managers choose to change emphasis and become IFAs or brokers. These roles can provide greater autonomy, potentially higher financial rewards and the chance to develop a personal client base. Some become self-employed in these roles.

It's also possible to use your sales, client relationship management and marketing skills to transition into related sectors such as banking and financial services, real estate, fintech or corporate consulting.