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Insurance Executive Job Responsibilities

Job Description of an Insurance Claims Specialist

Learn about the education and preparation needed to become an insurance claims specialist. Get a quick view of the requirements as well as details about training, job duties, and licensure to find out if this is the career for you.

Insurance claims specialists work in a variety of industries reviewing insurance claims. The job growth outlook for these positions is slower than the job market as a whole. The average annual salary is about $64,000.

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  • Vehicle and Vehicle Parts Marketing

Essential Information

Insurance claims specialists, also referred to as claims examiners, or claims investigators are responsible for reviewing a client’s claim in order to determine whether or not they are covered under a policy and to evaluate the extent of a settlement that the insurance company must pay. According to the U.S. Bureau of Labor Statistics (BLS), education and training requirements vary by employer and by state.

Source: *U.S. Bureau of Labor Statistics.

Educational Requirements

Education requirements for insurance claims specialists vary depending on the employer. There is no minimum required education for an insurance claims specialist, and in some cases a high school diploma may be sufficient. However, according to the BLS, employers generally prefer to hire college graduates or those who already have significant experience in the insurance industry (www.bls.gov). One reason that continuing education is useful, the BLS explains, is that federal and state laws affect policies, particularly as they apply to new drug and auto industry regulations. Undergraduate and graduate degree programs in insurance and risk management are available via on-campus and distance-learning options.

Other Requirements

The BLS maintains that licensing requirements for insurance claims specialists vary by state. Some states have few or no requirements for claims examiners, while others have specific licensing requirements. Common requirements include completion of pre-licensing training courses and passing a licensing exam. Some states require insurance companies to be licensed, and allow claims specialists to work under the firm’s license rather than requiring individuals to be licensed. Prospective insurance claims specialists should research their state’s licensing requirements to determine local regulations.

Job Duties of an Insurance Claims Specialist

An insurance claims specialist or claims examiner is responsible for reviewing insurance claims after they are submitted to make sure that proper filing procedures have been followed. Claims specialists may also assist insurance adjusters with complicated or unusual claims. According to the BLS, most insurance claims specialists work full-time outside of the office.

Insurance claims specialists may work in a variety of industries, including auto, property and life insurance. Many claims specialists work for health insurance companies, ensuring that the costs of a particular treatment are reasonable depending on the diagnosis a patient received. In such a case, a claims specialist may consider common treatments, expected hospital stay and disability time. Depending on their findings, claims specialists have the power to approve or deny claims, or to forward them to claim investigators for further review.

An insurance claims specialist’s primary duty is to examine complex or unusual claims to determine whether they may be covered. Other duties include authorizing claim payment, setting reserves on payment, ensuring timely disbursement of funds to clients, coordinating or conducting investigations on insurance claims, identifying claims with possible recovery from third parties, and consulting with attorneys, doctors and agents in regards to the disposition of complex claims.

Career Outlook

The U.S. Bureau of Labor Statistics (BLS) states that the mean salary for claims examiners in May 2015 was $64,300. Most people in the insurance claims specialist occupation earned between $37,880 and $94,190 in 2015, and the profession was expected to see a 3% increase in job growth between the years of 2014 and 2024, the BLS indicates.

In the process of investigating a claim, insurance claims specialists often act as liaisons between legal professionals and the client, manage claim disbursements and research the cost of health treatments. Educational requirements vary by employer and may include a high school diploma or the completion of a postsecondary or degree program, along with prior work experience. Licensing varies by state and may include educational requirements as well as passing an exam.

Auto Insurance Agent: Job Description & Requirements

Learn about a career as an auto insurance agent. Read the job description, duties, education requirements, salary and employment outlook to decide if this is the right career for you.

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Job Description for Auto Insurance Agents

An auto insurance agent sells policies that protect vehicle owners from financial loss through damage, car accidents, or auto theft. They sell coverage for property loss, natural disasters, and vandalism. Policies may also cover incidental charges, such as towing and rental car costs while a damaged vehicle is being repaired. Independent auto insurance agents who work as ‘brokers’ look at policies from several insurance companies to find the best deal for their clients; ‘captive’ agents only sell policies for one insurance carrier. Independent brokers usually work on commission, while staff agents are generally paid a salary. Common duties include contacting prospective customers, sometimes through cold calling, providing information on different policy types, tailoring policies to clients’ coverage needs and financial status, maintaining records, renewing current policies, and assisting with claims.

Auto insurance agents are typically employed full time. They may work flexible hours and meet with clients in the evenings and on weekends. Some auto insurance agents, especially those who work independently, complete administrative and marketing tasks around regular work hours. Most people in this position spend their time in an office setting, but they may also travel for client meetings.

Source: *U.S. Bureau of Labor Statistics

Educational Requirements

Depending on the company, a high school diploma may be sufficient for many auto insurance agent positions; however, a bachelor’s degree program with coursework in finance, business administration, economics, sales, and public speaking is preferred by some employers. Most auto insurance agents learn their duties through on-the-job training under experienced agents. As state and federal laws change the needs of policy holders, agents may be expected to continue their education through college courses or seminars.

Licensing Requirements

Auto insurance agents must be licensed in each of the states in which they operate. Licensing requirements vary by state, but may include the completion of educational prerequisites, insurance exams, and continuing education courses. Agents can also obtain optional certification from organizations such as the American Institute for Chartered Property and Casualty Underwriters.

Required Skills

The U.S. Bureau of Labor Statistics (BLS) reported that auto insurance agents must have the below qualities:

  • Strong communication, sales, and customer service skills
  • Sense of initiative and follow through when possibly cold calling customers
  • Good computer skills, including familiarity with Internet research, databases, spreadsheets, and word processing programs
  • Familiarity with state insurance laws
  • Multiple language skills are a plus

Employment and Salary Outlook

The BLS predicted a 9% job growth for all insurance sales agents between 2014 and 2024, which was faster than the national average for all occupations. Employment opportunities should be highest for independent auto insurance agents as insurance companies increasingly outsource their work to brokerages. Candidates with demonstrated sales ability, formal training, and a broad knowledge of insurance products may have an advantage. Auto insurance agents can be paid on salary, commission, or a combination of both; in 2015, the median annual earnings for insurance sales agents were $48,200, according to the BLS.

Roles and Responsibilities of Chief Executive Officer of a Corporation

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Roles of Chief Executive Officer

NOTE: References to a Boards of Directors in the following are in regard to chief executive officers of corporations, whether for-profit or nonprofit.

Leader

  • Advises the Board
  • Advocates / promotes organization and stakeholder change related to organization mission
  • Supports motivation of employees in organization products/programs and operations

Visionary / Information Bearer

  • Ensures staff and Board have sufficient and up-to-date information
  • Looks to the future for change opportunities
  • Interfaces between Board and employees
  • Interfaces between organization and community

Decision Maker

  • Formulates policies and planning recommendations to the Board
  • Decides or guides courses of action in operations by staff
  • Oversees operations of organization
  • Implements plans
  • Manages human resources of organization
  • Manages financial and physical resources

Board Developer

  • Assists in the selection and evaluation of board members
  • Makes recommendations, supports Board during orientation and self-evaluation
  • Supports Board’s evaluation of Chief Executive

Responsibilities of Chief Executive Officer

There is no standardized list of the major functions and responsibilities carried out by position of chief executive officer. The following list is one perspective and includes the major functions typically addressed by job descriptions of chief executive officers.

1. Board Administration and Support

Supports operations and administration of Board by advising and informing Board members, interfacing between Board and staff, and supporting Board’s evaluation of chief executive

2. Program, Product and Service Delivery

Oversees design, marketing, promotion, delivery and quality of programs, products and services

3. Financial, Tax, Risk and Facilities Management

Recommends yearly budget for Board approval and prudently manages organization’s resources within those budget guidelines according to current laws and regulations

4. Human Resource Management

Effectively manages the human resources of the organization according to authorized personnel policies and procedures that fully conform to current laws and regulations

5. Community and Public Relations

Assures the organization and its mission, programs, products and services are consistently presented in strong, positive image to relevant stakeholders

6. Fundraising (nonprofit-specific)

Oversees fundraising planning and implementation, including identifying resource requirements, researching funding sources, establishing strategies to approach funders, submitting proposals and administrating fundraising records and documentation

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Insurance account manager

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You’ll need excellent customer service and negotiations skills, as well as a results-driven approach to succeed as an insurance account manager

As an insurance account manager, you’ll promote your company’s insurance products to those who will be directly selling them, typically brokers and independent financial advisers (IFAs). You’ll have detailed knowledge of your employer’s portfolio of products and will develop sales of the products and business accounts.

You’ll work with a caseload of several clients, building up long-term relationships with them, and will play a central role in introducing new insurance products to the market, while also seeking to maintain the commercial performance of existing products.

Jobs will not necessarily be advertised as ‘account manager’ and other job titles may include:

  • account executive
  • business developer
  • commercial insurance manager
  • customer service director
  • relationship manager
  • senior account handler.

Types of insurance account manager

Work is mainly in commercial insurance and you’ll usually specialise in one particular area, such as:

  • corporate insurance
  • life assurance
  • reinsurance.

Responsibilities

As an insurance account manager, you’ll need to:

  • attract new business by identifying and exploiting opportunities in the local market
  • develop and maintain good working relationships with clients, primarily insurance brokers and IFAs
  • introduce new products and promote them through regular visits and communication with intermediaries
  • increase the profitability of existing product lines by encouraging clients to use added-value services wherever possible
  • consult on the most effective cover for a particular need
  • deliver good customer service by responding swiftly to queries and concerns from clients
  • liaise with colleagues to keep your knowledge of new and existing products up to date
  • keep up to date with current market conditions and competitors’ products
  • monitor and report on performance against agreed sales targets, (which at a more senior level can include monitoring the performance of other sales staff)
  • ensure compliance with regulations and procedures as laid down by the Financial Conduct Authority (FCA) by keeping up to date with all changes in the regulatory framework
  • work with underwriters to amend policies where necessary in order to meet client demand
  • produce marketing literature and website content to support marketing campaigns.
  • Starting salaries typically range from £18,000 to £22,000, although graduates on a graduate-training scheme with a major insurance company may earn more.
  • With a few years’ experience, your salary can range from £25,000 to £50,000.
  • Salaries for those with substantial experience, e.g. senior management roles, can range from £50,000 to in excess of £80,000.

Salaries may vary depending on a range of factors, including your location and the size of the company you work for.

In addition to your basic salary, you’re likely to earn significantly more in bonuses or commission for reaching or exceeding targets. This means that if you enjoy and succeed in sales, you can decide to forego promotion and still achieve high levels of reward.

Additional benefits may include a company car allowance, private medical insurance and pension benefits.

Income figures are intended as a guide only.

Working hours

Working hours are usually 9am to 5pm, Monday to Friday, although the client-focused nature of the work means you may have to work some evenings when entertaining or meeting with clients.

What to expect

  • You’ll usually be based in an office, although there may be opportunities to work from home.
  • Jobs are available in large towns and cities across the UK, as well as in rural areas if you’re working from home.
  • With experience, it’s possible to become self-employed and move into a role as a broker or IFA.
  • Working to demanding sales targets can be challenging, although the financial rewards can be good for those who enjoy this type of work.
  • You may need to travel during the day to meet clients. Overseas travel is rare.

Qualifications

Although this area of insurance is open to all graduates and diplomates, the following degree or HND subjects may improve your chances:

  • business and management
  • economics
  • marketing
  • mathematics
  • statistics.

You’ll need a good degree, usually a 2:1 or above, for entry onto a graduate training scheme with one of the large insurance companies. However, some schemes, for example the Lloyd’s Graduate Programme, will accept a 2:2. Personal qualities and skills are typically viewed as just as important as qualifications in the insurance industry.

Entry without a degree is possible in a support or administrative position, such as insurance technician, sales administrator, junior account handler or call centre operator. You can then progress to account manager after getting experience and insurance industry qualifications.

You can also get into the insurance industry through an apprenticeship or advanced apprenticeship in insurance and financial planning.

You will need to have:

  • excellent communication and interpersonal skills
  • an interest in meeting new people and relationship management skills
  • strong sales and negotiation skills
  • the ability to inspire trust
  • good customer service skills
  • a results-driven approach to work in order to meet targets
  • strong presentation skills
  • numeracy, especially the ability to analyse and interpret statistical data
  • attention to detail and accurate record keeping
  • integrity, sincerity and discretion
  • the ability to develop and deliver innovative ideas
  • commercial awareness and a keen interest in business
  • excellent time management skills and self-motivation
  • computer literacy
  • team working skills.

You will also need a driving licence for visits to clients.

Work experience

Relevant work experience with an insurance company or within the wider financial services sector may improve your chances. Many of the major insurance companies have work placement or summer internship programmes. Competition for places is strong and employers often ask for a predicted 2:1 or above.

It’s also possible to get into account handling with previous experience in areas such as customer service, sales, marketing or financial advice.

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Insurance account managers are employed by two main types of employer – insurance companies and large brokers.

The top ten general insurance and life and pension insurance groups are the most likely to recruit and train graduates through formal schemes, although account managers with experience are regularly sought by smaller insurers.

Insurance account managers are also employed by Lloyd’s, the world’s specialist insurance and reinsurance market.

Look for job vacancies at:

Specialist recruitment agencies handle vacancies. See advertisements in the national press and specialist journals. The large insurance companies advertise vacancies on their websites.

Professional development

Graduates on structured-training schemes usually spend time gaining experience across all functions of the business before specialising in a particular area. This could be in sales, which can then lead on to account management roles. Support and mentoring is provided by senior colleagues.

Insurance account managers generally undergo on-the-job training, which focuses on their employer’s business, insurance products and services. This is usually carried out through a combination of structured in-house training courses and shadowing experienced colleagues. Sales training may be provided.

You will usually work towards one of the industry’s professional qualifications, if you haven’t done so already in a previous role. The Advanced Diploma in Insurance is the starting point for many graduates, as it provides a comprehensive overview of insurance. The qualification is offered by the Chartered Insurance Institute (CII).

Employers will usually encourage you to follow these professional qualifications, choosing modules relevant to your specialist area. Upon completion of the Advanced Diploma, CII members are entitled to use the designation ‘ACII’ and are eligible for chartered status (subject to having five years’ experience, not necessarily post-qualification) with the CII.

If you’re interested in the London insurance market, the CII offers the Award in London Market Insurance (ALMI), which provides a flexible study path for those interested in a career in this area.

Graduates on the Lloyd’s Graduate Programme take the CII Diploma in Insurance as part of their training. This two-year programme provides a broad understanding of roles within insurance and includes four six-month placements.

Some account managers take other related qualifications in areas such as sales technique and people management. Courses are offered by many organisations including The Chartered Institute of Marketing (CIM) and the ISM.

Continuing professional development (CPD) is essential throughout your career. The CII runs a CPD scheme for all qualified members. Regular in-house training is followed by all insurance account managers.

Career prospects

With experience and a good performance record, you can move into a senior account manager role, perhaps with greater responsibility for monitoring and meeting targets.

With five to ten years’ experience, insurance account managers can move into sales management positions. This involves overseeing the performance of a team of account managers and other sales staff. Geographical mobility can help career development.

The next step is to manage a geographical area or region, through supervision of a team of local managers. While contact with key clients is still part of the role, there’s more emphasis on strategic planning, people management and liaison with other senior managers. Greater flexibility of working hours, with more travel, may be required.

Some account managers choose to change emphasis and become independent financial advisers (IFAs) or brokers, looking to gain greater personal responsibility and reward for their sales efforts. Some become self-employed in these roles.

It’s also possible to transfer your sales and marketing skills into other business areas outside of insurance.

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