Top 10 Things Every Insurance Manager Must Know

Typically, an insurance manager holds a Bachelor’s degree in finance, business, or accounting along with an MBA in management or finance. However, you can enrol for online insurance courses and work your way up to securing an MBA in Insurance to become an Insurance Manager. 

Work Profile of an Insurance Manager

  • An insurance manager oversees insurance claims and approvals. 
  • They are part of the investigation with legal counsel to avoid fraudulence. 
  • They must cross-check facts before releasing any claims to steer clear of fraudulence. 
  • They are responsible for setting monthly targets and overseeing the sales team’s progress.
  • Their monthly routine is ideating, strategising and developing marketing campaigns to boost insurance sales.  

If you wish to pursue a career as an Insurance Manager, here are some essential skills to help you stand out in the crowd. 

  1. Communication: To communicate clearly and put your point across is an essential skill. The role of an insurance manager is to supervise and delegate work in their department, so a good command – oral, written and verbal – becomes easier to get the job done. 
  2. Analytical Skills: Being able to solve problems effortlessly, analyse data, and develop creative or logical solutions is an essential trait of a good insurance manager. Since they will be dealing with claim approvals, it is imperative to have sharp analytical skills.
  1. Customer Service: As the insurance manager of the branch, it is essential to pay attention to customer service. This includes customer service over the phone; the tone of voice, politeness, support, and active listening are some signs of a good insurance manager.
  1.  Risk Management: When it comes to insurance, knowledge about risk management is a must. Being an insurance manager, one must be able to assess and predict the risk involved in the subject matter.
  1. Finance Management: Strong financial management and mathematical skills can benefit the customer and the insurance company. An insurance manager should be able to explain, negotiate, calculate and provide a profitable investment.
  1. Sales Skills: An insurance manager is also a salesperson. Systematically turning customer relations into sales is a trait of a fine salesman. 
  1. Organisational Skills: An insurance manager has to go through a lot of paperwork before approving any claims. In such a case, having an organised system will boost better workflow. 
  1. Time Management: Optimising working hours can benefit the branch and the customers. An insurance manager can function smoothly by prioritising and scheduling work based on urgency, and this helps in getting the job done efficiently.
  1. Emotional Intelligence: The ability to relate and empathise with your customer will win you more business. Customers trust people they like, and as an insurance manager, building trustworthy relationships will drive more sales to the branch.
  1. Decision-making Skills: A manager who makes the right decision after analysing every aspect becomes an asset to the company. Inspiring and motivating the team with decision-making skills is a sign of leadership. 

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