Broker account manager salary
Personal lines Account Managers tend to be more social and a little less detail-oriented and less risk averse when it comes to asking for a sale or for referrals.
Assessments provide a fast and simple way to discover how closely your personality matches those of the best performers in a certain job. Not all assessments are of equal quality, especially those which are free online.
The better assessments have been scientifically validated to ensure that they measure what they claim to measure, that the measurement results are repeatable, and that what is being measured actually relates to performance in a particular job.
One of the more researched career-related personality theories was developed by Dr. Holland, who was a psychologist, researcher, and professor from United States. Holland postulated that there six types of personalities that are distinguished by their relative interests in working with People, Things, Data, or Ideas. Take a free online Holland-style personality assessment here offered free from a government-sponsored website: The job analysts at www.
Physical, mental or emotional abilities that are learned and improved to meet or exceed a certain standard through deliberate practice. Active listening—listening for understanding, emotions, and using questions to check understanding. Customer service excellence—helping others and forming and maintaining client long-term relationships.
Values are beliefs about what is desirable or undesirable at work, important or unimportant, needed or not needed, good or bad.
Typical benefits packages include Kplans, group life, health, vision, life, and disability insurance. Account managers mostly stay in the office, though some may travel with a producer to take part in sales presentations or to meet a new client in person, especially for large commercial accounts. Anyone who handles insurance accounts must be licensed to either service or sell the type of insurance with which they work. Maintaining an insurance license requires yearly continuing education.
Entry-level positions require a high school diploma and usually two or more years of work experience, preferably in customer service or in an office environment. Strong insurance coverage and policy knowledge is expected. The CISR Certified Insurance Service Representative designation is the industry standard for practical continuing insurance education for service personnel.
The designation can be focused on either personal lines or commercial lines coverage. For more complex commercial accounts, we recommend the CIC Certified Insurance Counselor designation, which focuses on both personal lines and commercial lines policy types, or the CPRM Certified Personal Risk Manager , which is a combination of risk management, technical insurance knowledge, and account development.
Personal lines account managers work with individuals and families. These customers typically know little about insurance and may need clear explanations of coverage details or claims procedures. Commercial account managers work with businesses of all sizes. Accuracy, speed, and professionalism are very important for commercial clients. Workplace cultures, formality, service standards, and the sales and service focus can vary widely between different employers, as well as among internal service groups.
Most of the work takes place in an office environment in teams. In some larger offices, Account Managers may be assigned accounts based on the producer, the region of the country that the customer is from, the size and complexity of the account, etc. In smaller offices, an Account Manager may support a single producer.
With continuing education, experience, and dedication, one can attain the skills and knowledge that are necessary for handling increasingly complex accounts and making a complete service career, or pursing other industry positions. Gallagher Risk Management Services, Inc. Producers may work as Agents or Brokers. Agents represent insurance companies, meaning that they have appointments with multiple insurance companies to sell their products to retail customers.
Independent agents may sell products from many insurance companies. Producers typically specialize in selling a particular line of insurance. While all successful producers may share key personality elements and skills, the knowledge demands and sales approaches change with the different lines of insurance sold. Commercial lines property and casualty, professional liability, etc. Commercial lines can be very lucrative, and they require a good deal of insurance knowledge, development time, and business acumen to sell effectively.
Personal lines auto and homeowners insurance — selling personal insurance requires a warm touch, strong people skills, and the ability to explain abstract insurance concepts to clients who may not be very insurance savvy. This type of business tends to have a much shorter sales cycle, smaller premium, and a higher number of accounts. Much personal lines business today is automated and may be purchased online and over the phone.
Many personal lines producers are combining their social interests, hobbies, and computing skills to increase their customer reach through social media. Further, advances in web database design, email management, and other self-service online marketing tools have allowed personal lines producers to expand their customer base. Life and health life insurance, health and benefits — requires the ability to explain insurance concepts clearly and simply to clients. In addition, life and health producers must be able to deal with the highly emotional topics of death and sickness.
The best life and health producers are able to empathize with prospects and create an emotional sense of need and urgency so that clients will take action. Multiple lines a combination of two or more lines of insurance — in smaller towns and cities, agents will often be licensed to sell multiple lines of insurance — sort of a one-stop-shop for insurance and risk management needs.
Proactive Business Development Actively prospecting, networking, cold calling, and following up on referrals to develop new clients. Reactive Sales Selling to in-bound callers who are responding to company or agency marketing efforts. Account Renewals Calling existing clients to review their coverage, renew their coverage, sell additional coverage if needed, and get referral business. In sales, there are certain personality elements that needed to be truly effective.
Assessments Assessments provide a fast and simple way to discover how closely your personality matches those of the best performers in a certain job. Commercial Lines Producers work with corporate decision makers and they tend to be more analytical, objective, and oriented toward facts and problem solving with their clients than colleagues who sell other lines of insurance.
Personal Lines Producers are often quite active, outgoing, and people oriented. They might be involved in community social networks, fund raisers, and community-based and family fun activities. Life and Health Producers tend to also be quite social as well, but a little less interested in extraverted social activity and more comfortable displaying empathy and helping clients with emotionally challenging subjects such as death and serious health issues.
Skills are physical, mental or emotional abilities that are learned and improved to meet or exceed a certain standard through deliberate practice. Active listening on different levels: Demonstration and presentation skills: To enter this line of work, you will need an undergraduate degree or HND in any discipline.
However, studying a subject such as economics, maths, business studies or marketing may boost your chances of securing an entry-level position.
Alternatively, you can enter the industry lower down the food chain and gradually work your way up the career ladder into an account management position.
Many insurance account managers start their career as part of a graduate scheme. If you are accepted onto one of these training programmes, the majority of your training will be completed whilst on the job under the supervision of a senior account manager.
You may also be required to attend in-house sales workshops from time to time. As part of your training programme, you may also be given the opportunity to complete the professional examinations required to become a member of the Chartered Insurance Institute.
This can be highly beneficial for career progression. Eventually, you may progress into a senior account manager position with added team leading responsibilities. Alternatively, you might decide to move into a different area of the insurance industry; for instance, you might decide to become an insurance broker.
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