Insurance Careers--Management

If you have considered a role in the insurance field or already in the industry, consider yourself ahead of the game. In an industry projected to grow tremendously in the next few years, there is plenty of room for advancement.

It is estimated that by the year 2020 there be the need for 400,000 positions in every department and every skill level.  And with all those employees, someone must be able to run the show.

Insurance Management Responsibilities

Obviously, a management position will require insurance experience. Generally, a manager has "seen it all." They have marketed all types of policies, processed claims, handled tough situations and executed many other tasks. As a manager, you are in a supervisory role whether you are on the company side or working in a brokerage.

Most of the time a manager will oversee other types of specialists like producers, underwriters, risk managers, claims personnel, account managers and customer service staff. However, the ultimate goal is always the same, sell insurance policies.

This means that as a manager you must ensure your sales team are well-trained on the insurance products they sell, licensed and behave ethically.  

Other job duties of an insurance manager are:

  • To manage consultations and investigations with legal counsel

  • To oversee a business unit’s claims activity

  • To gather and report on different data and metrics, reporting back to upper management so they can put new policies and procedures in place if necessary

  • To investigate inquiries that are out of the normal, ensuring that they are compliant with claims settlement and other services’ policies and procedures

Qualifications for an Insurance Manager

Most insurance managers start their careers at entry level and progress through the ranks.  Doing so equips them with the necessary skills to be exceptional leaders. Most companies will also have in-house training to glean their managers to fit their company vision. Primarily how their products work and standard procedures.  In any case, overall knowledge of how insurance works is a must. Obtaining an insurance license is usually not necessary for a management role. But having one is undoubtedly beneficial. Even if you don't want to pursue a license, taking a prep class or licensing review course could increase your chances of landing a managerial role.

Types of Managerial Jobs
  • Director

  • Division Manager

  • Office Manager

  • Manager of Customer Billing

  • Project Manager

  • Marketing Manager

  • Training Manager

  • Risk Manager

  • Account Executive

  • Account Manager

A career as an insurance manager be the right path for you if you identify with the following:

  • Strong analytical skills

  • Excellent communication skills, both oral and written

  • Excellent mathematical skills

  • Highly detail oriented

  • Critical thinking skills

  • Strong interpersonal skills

It is especially noteworthy that as a manager you demonstrate the ability to be a team player. Plus having a knack to work well under pressure, and always meeting deadlines.

As insurance manager you are an integral part of the company and its success. Depending on your location, the size of the company and your experience, you can expect to make anywhere between $55,000 to $136,000 annually.  

This is part 4 of a multi-post series.  Please visit the other Insurance Career posts below:

Insurance Careers--Sales

Insurance Careers--Training

Insurance Careers--Compliance

Insurance Careers--Management...Now Playing!

Insurance Careers--Underwriting

Insurance Careers--Fraud Prevention

Insurance Careers--Claims

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