MANAGE & LEAD
ACCOUNT MANAGEMENT : SO EASY , A CAVEMAN COULD DO IT
By : Cheryl Koch
Well , at least that ’ s what some people try to convince us ( and themselves ) to believe . But it ’ s simply untrue and an insult to the extraordinary account managers we enjoy working with every day . Rather than getting easier , professional account management ’ s job continues to get more and more complex , and that ’ s not likely to change in the future . In fact , with the onset of the hard market amidst a global pandemic , increasing consumer demands , and the daily acceleration of technology , it ’ s a wonder Account Managers are keeping their heads above water . The only way you could possibly believe that the job is so easy virtually anyone can do it is that you have never done it yourself .
Cue the latest entrant into the “ outsource your service work ” sweepstakes ! Firms run by people with little or no insurance industry experience , let alone account management backgrounds . All claim to hire only the best and brightest people – and we have no doubt they are – but most are sorely lacking in experience managing a large , complex group of accounts . Are there some agency tasks they are qualified to perform ? Perhaps , but not without the agency training them and performing quality assurance audits . Most of the individuals hired by these firms have only limited experience managing a desk , typically are not licensed , and don ’ t have the technical insurance knowledge necessary to perform the various tasks with speed and accuracy . So , what ’ s the attraction to an agency owner ? Money is certainly a compelling reason , although we believe much of the “ savings ” is illusory . But more than that , it ’ s an attempt to bring relief to an overwhelmed staff and improve the service experience for the agency ’ s clients – both noble causes but extremely difficult to achieve with people who are not a permanent part of the organization .
If carving out specific tasks currently performed by the Account Manager and shipping them abroad is not the answer , then what is ? It begins by having a deep understanding of the essential accountabilities of an Account Manager . Have you ever asked your service staff to give you a list of what they do ? Be prepared – it ’ ll sound a bit like rapid machine gunfire : process renewals , endorsements , audits , certificates , and the like . Handle requests from producers , clients , and carriers . Take claims . Rewrite or remarket accounts . Gather information and submit new business to multiple carriers . Review quotes and prepares proposals . Account-round and crosssell . Be knowledgeable about the appetite of 50 or more insurance providers . Interact with 25-30 different pieces of software each and every day . Meet with producers , clients , and carrier representatives . Invoice and collect money . Attend continuing education classes . Download items from carrier websites . Check policies . Follow up on open , incomplete items . Oh , and do all of this while working from home while balancing career and personal life .
The breadth of activities is astonishing but what will really impress you is that each Account Manager attempts to handle the myriad requests they receive on a critical basis – meaning each transaction is Priority # 1 . While it ’ s admirable that they would try , it ’ s also a recipe for failure . No wonder we have Account Managers who are stressed out and begging for help . But not all help is equally valuable .
If you ask Account Managers to delegate specific tasks , those will generally be the ones they perceive to be most
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