The following article discusses the career path of Insurance Manager. Learn about how to become one, education requirements, job duties, traits and qualities, national salary outlook as well as top national employers of Insurance Managers.
Insurance managers work together with claims adjusters in order to make sure that claims are properly handled. Periodically, they review the work done by other adjusters to ensure that all claims have been correctly processed. They usually do not perform any claims adjusting themselves, instead holding responsibility for the work of the team they supervise. This also means they must ensure all other adjusters follow the relevant guidelines.
As these managers have line management responsibilities, they also recruit, train, and retain employees. This includes monitoring whether everyone is aware of policy changes and organizing relevant continuous education. They must answer questions posed by their team members, usually in relation to unusual circumstances. This also means that they have to understand the different policies in depth, as well as the factors that influence them.
Other job duties of an insurance manager are:
- To oversee a business unit’s claims activity
- To manage consultations and investigations with legal counsel
- To investigate inquiries that are out of the ordinary, making sure that they are compliant with claims settlement and other services’ policies and procedures
- To gather and report on different data and metrics, reporting back to senior management so they can put new policies and procedures in place
Where We Work
According to the U.S. Bureau of Labor Statistics, there were 311,100 claims adjusters, examiners, and investigators in 2016. The largest employers of these professionals were:
- Direct insurance (except life, health, and medical) carriers: 32%
- Agencies, brokerages, and other insurance related activities: 25%
- Government: 19%
- Direct health and medical insurance carriers: 8%
- Administrative and support services: 3%
How to Become
It is generally expected for an insurance manager to hold a bachelor’s degree in a business-related field as a minimum. In rare cases, experience is accepted in lieu of a bachelor’s degree. It is particularly important that the manager demonstrates the ability to be a team player and to work well under pressure, while always meeting deadlines.
Typically, insurance managers are expected to hold a bachelor’s degree, although some started as claims adjusters with a high school diploma or GED and worked their way up. Some also come from a background in private investigations or law enforcement, as they have a better understanding of interrogation and interviewing. Insurance managers are expected to receive a lot of on the job training so that they gain a greater understanding of how claims are investigated and settled.
Some states also have licensing and certification requirements in place for those working in the insurance industry. That said, some insurance companies have a license that covers all employees, which means an insurance manager does not have to become personally licensed. If a license is required, it is likely that the insurance manager has to take part in regular continuous education in order to maintain it. Most licenses and certifications focus on specific parts of insurance, such as medical, life, or auto insurance.
Traits & Qualities
The most effective insurance managers have the following traits to some degree or other:
- Strong analytical skills
- Excellent communication skills, both oral and written
- Highly detail oriented
- Strong interpersonal skills
- Excellent mathematical skills
- Critical thinking skills
- Ability to work well under pressure
- Most Reported
Salary by State
The following section lists Insurance Manager salaries in each state around the country. The figures are based on the total number of job postings through Indeed.com. For example, New York had the largest quoted salary of $95,684 while North Dakota had the smallest quoted salary of $33,004.
Top 20 National Employers
According to Indeed.com, the following states had employers looking to hire a Insurance Manager. The quoted salary figure represents the average salary from all job postings by this employer.
|Employer Name||Location||Average Salary|
|Accenture Insurance Manager||Illinois||$211,581|
|Marcum Search LLC Insurance Manager||New York||$168,840|
|Selby Jennings Insurance Manager||New York||$167,273|
|Innovative Life Group Insurance Manager||Massachusetts||$150,000|
|EY Insurance Manager||California||$149,406|
|Godfrey Personnel, Inc. Insurance Manager||Illinois||$146,962|
|Diedre Moire Insurance Manager||Virginia||$138,593|
|Adam Hale & Associates Insurance Manager||Florida||$133,396|
|DCSI- Global Consulting Company Insurance Manager||Georgia||$125,000|
|Lifetime Recruiting Strategies Insurance Manager||Texas||$122,573|
|InsuranceTechies Executive Search Insurance Manager||Massachusetts||$122,373|
|Liberty Mutual Insurance Manager||Indiana||$121,755|
|A client of Roland & Associates Insurance Manager||Connecticut||$118,367|
|Addition Management Insurance Manager||New York||$117,261|
|Pull Skill Techonologies Inc Insurance Manager||New Jersey||$117,103|
- CAREER GUIDE FOR INSURANCE MANAGER – Virginia
- Financial Managers : Occupational Outlook Handbook: : U.S …
- Risk and Insurance Management Society – Wikipedia
|Career Name||Average Salary|
|Business Operations Manager||$68,007|
|Supply Chain Analyst||$66,387|