How to Become an Insurance Manager

The insurance field is complex and involves many different concepts, rules, and regulations. Insurance managers are highly trained professionals that manage a variety of insurance tasks.

What does an insurance manager do?

Insurance managers oversee a wide variety of insurance tasks and perform a variety of duties such as consulting and teaching. They supervise staff that complete daily activities, manage budgets and expenses, and sometimes they interact with clients and handle claims. They often provide advice and expertise on the laws, legal codes, and other topics related to insurance. Insurance managers are often involved in strategic planning and implementing new programs and policies. They review policies and order modifications. They also oversee investigations of claims and ensure they comply with the necessary regulations. Insurance managers often plan and coordinate seminars and training sessions for employees.

What kind of training does an insurance manager need?

Insurance managers typically need at least a bachelor degree in finance, business management, accounting, or other related field. Many aspiring insurance managers complete internships at insurance firms while pursuing their education to gain practical experience in the field. Most insurance managers begin their careers in entry-level positions such as claims or sales, and move into management positions after they gain the necessary skills and experience. Most employers offer on the job training programs to enable new managers to learn the necessary policies, procedures, and expectations. Insurance managers must complete regular continuing education throughout their careers to keep their skills up to date, stay abreast with advancements in the field, and keep up with the changes of insurance laws.

What are the prospects for a career as an insurance manager?

Employment of insurance managers is expected to grow as fast as average for all professions, increasing 8% from 2008 to 2018 (1). The growing population and increased demand for a variety of insurance will drive job growth.

Job prospects should be good with strong competition. Insurance managers with advanced education and extensive experience will have the best job opportunities. Many job openings will stem from the need to replace insurance managers that retire, transfer, or leave the field for other reasons.

How much do insurance managers make?

As of February 2010, the middle 50% of insurance managers earn annual salaries between $56,289 and $80,870. The top 10% earn annual salaries of more than $90,361 (2).

A career as an insurance manager is an excellent choice for individuals with a strong interest in insurance and providing a variety of management tasks. Insurance managers must have a solid understanding of many different insurance topics and the related rules, regulations, and concepts. Detail orientation, dedication, analytical thinking, and good problem solving skills are necessary characteristics. Insurance managers must have excellent communication and interpersonal skills and the ability to work as part of a team. They must also be able to make effective decisions and provide good leadership to other insurance professionals.

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