How to Become an Insurance Manager
In order to become an insurance manager, you will need to have at least a bachelor’s degree in business administration, insurance, or a related field. Additionally, most insurance companies will require you to have several years of experience working in the insurance industry. Some companies may also require you to take and pass a state insurance exam.
What Is an Insurance Manager?
An insurance manager is someone who oversees the insurance needs of a company or organization. They work with insurance brokers and underwriters to ensure that the organization has the coverage it needs at the best possible price. They also handle claims and questions from employees and customers.
What Does an Insurance Manager Do?
An insurance manager is responsible for overseeing the insurance needs of a company. They work with insurance brokers and underwriters to develop insurance programs that meet the needs of the company and its employees. They also manage the claims process and work with employees to ensure they are properly covered.
The individual responsibilities of an insurance manager can include:
- Managing overall operations in an insurance setting.
- Creating and implementing policies that allow your insurance company to function as a cohesive unit.
- Reviewing company performance to identify areas where individual employees and entire departments can improve their efficiency.
- Connecting specifically with insurance agents to ensure that employees communicating personally with policyholders represent the company in the best light.
- Identifying and minimizing threats as part of ongoing risk management responsibilities.
- Managing collected data and creating user-friendly reports that can help executives identify company progress, regression, and any fluctuations in output.
- Continually reviewing insurance policies to confirm that policyholder needs are best addressed.
- Managing any claims investigations.
- Controlling company finances to maintain correct budget allocation to all departments.
These and other duties help insurance managers find success on a day-to-day basis.
What Education Does an Insurance Manager Need?
An insurance manager typically needs a bachelor’s degree in business administration, finance, or a related field. Some employers may prefer candidates with a master’s degree in business administration or a master’s degree in insurance.
Aspiring insurance managers can further their education by obtaining a Master of Business Administration (MBA) degree. As you work toward advancing your education, an MBA hones skills in technological proficiency, team management, corporate data analysis, department-specific budgeting, and self-assessment.
What Skills Does an Insurance Manager Need?
An insurance manager needs to have good communication, negotiation, and customer service skills. They should also have experience in the insurance industry and be able to understand insurance policies.
Insurance managers might need some or all of the following skills:
- Business management. The ability to coordinate insurance company operations to continually accomplish goals, expand service portfolios, and assist policyholders.
- Interpersonal communication. The ability to correspond effectively with all insurance agents, claims investigators, brokers, appraisers, executives, and other team members.
- Problem-solving. The ability to creatively solve problems between team members, or between insurance agents and clients, before they escalate.
- Technological proficiency. The ability to efficiently operate all necessary pieces of technology in an insurance workplace, including computers, tablets, phones, communication tools, and any online platforms or resources.
- Organization. The ability to appropriately manage insurance organization teams and resources for the best possible applications.
- Insurance sales. The ability to market the services of your insurance programs, exercising self-confidence to find success in all sales positions.
- Data analysis. The ability to collect, analyze, and present data to executives in a way that they can understand and learn from.
Insurance Manager Summary:
The insurance manager is responsible for the management and administration of the company‘s insurance program. This includes developing and maintaining the insurance program, overseeing the claims process, and managing the budget for the insurance program. The insurance manager also works with the company‘s risk management team to identify and manage risks to the company.
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