What They Do:

An insurance account manager acts as a customer service representative at insurance companies. With a focus on the customer service side of the insurance sales cycle, they manage and nurture customer relationships, and lead all client communications..

Why are Account Managers important:

Once the sales team wins a client, account managers are the main point of contact for your clients. They are essential to resolving conflicts with the client, smoothing communications with sales and customer support, and understanding the client's goals and pain points in order to best meet their needs.

Why It's Important:

Once the sales team wins a client, account managers are the main point of contact for your clients. They are essential to resolving conflicts with the client, smoothing communications with sales and customer support, and understanding the client's goals and pain points in order to best meet their needs.

Typical Duties:

  1. Responding to customer inquiries
     

  2. Explaining coverage and premiums
     

  3. Informing clients on any policy or billing changes
     

  4. Facilitating the claims process between clients and the adjuster
     

Important Skills:

  • Knowledgeable

  • Customer/relationship-oriented

  • Customer relations-oriented

  • Strong communicator

  • Results-oriented

Salary Range:

The median annual wage: $51,952

The lowest 10% ~$43,347

The highest 10% ~$64,661

Professional Designations:

CPRM, Certified Personal Risk Manager

ARM, Associate in Risk Management

CIC, Certified Insurance Counselor

AAI, Accredited Adviser In Insurance

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Job Outlook (Based on 2019 BLS)

Employment of actuaries is projected to grow 20 percent from 2018 to 2028, much faster than the average for all occupations. However, because it is a small occupation, the fast growth will result in only about 5,000 new jobs over the 10-year period. Actuaries will be needed to develop, price, and evaluate a variety of insurance products and calculate the costs of new, emerging risks.

 

More actuaries will also be needed to help companies manage their own risk, a practice known as enterprise risk management. Actuaries will help companies avoid, manage, and respond to any potential financial risks across all areas of their business operations. This analysis helps companies adjust their business or investment strategies to achieve economic returns and respond to new financial regulations and requirements.

Insurance companies will need actuaries to analyze the large amount of information, such as medical or property data, collected from consumers. The increase in available data will allow insurance companies to better develop new products, set competitive prices, predict consumer behavior, and make more accurate projections of future risks and costs.

 

In addition, health insurance companies will require more actuaries to help evaluate the effects of changing healthcare regulations and guidelines, expand into new insurance markets, and offer products to new customers.

Number of Jobs (BLS, 2018): 25,000

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Collegiate Experience: University Listing with Actuarial Programs and Courses to Pursue

Coursework to pursue:

Applied Statistics

Corporate Finance

Economics

Financial Mathematics

Accounting and Finance

Mathematical Statistics

Universities with Actuarial Programs

Scholarships: There are a number of opportunities for financial assistance available for students pursuing actuarial science.

• Actuary of Tomorrow - Stuart A. Robertson Memorial Scholarship

• CAS Trust Scholarship Program

• D.W. Simpson Actuarial Science Scholarship Program

• Ezra Penland Actuarial Scholarship

• Curtis E Huntington Memorial Scholarship

• The Society of Actuaries James C. Hickman Scholar Program

• Modeling the Future Challenge Scholarship

• Actuarial Diversity Scholarship

• International Association of Black Actuaries Scholarship

• Mutual of Omaha Actuarial Scholarship for Minorities