Insurance broker: job description
There are in excess of 800 insurance companies that operate within the UK.
Responsibilities of the job vary according to the size and type of employer: smaller companies offer less opportunity for specialisation than larger firms. Typical duties include:
- building and maintaining business relationships with clients
- scheduling and attending meetings
- discussing and assessing clients' current and future insurance needs
- relaying these to technical staff
- promptly attending to clients' requests
- making sure that work is undertaken efficiently
- researching insurance policies and products
- keeping records
- preparing reports
- collecting insurance premiums
- liaising with professionals such as surveyors, structural engineers and photographers
- undertaking general administrative duties
- marketing services
- developing new business.
- Insurance or reinsurance companies
- insurance risk management departments
- large and small brokers
Vacancies are advertised by recruitment agencies and careers services, in local and national newspapers, TARGETjobs City & Finance, The Financial Times and specialist publications such as Money Marketing, The Insurance Weekly, Insurance Times and Post Magazine. Many national insurance brokers operate structured graduate training schemes - for these early applications are essential.
A degree in any subject is acceptable. Relevant banking and/or insurance experience gained via vacation work and placements can be useful. Smaller companies tend to prefer graduates with prior financial experience. Postgraduate insurance and risk management qualifications can also be advantageous.
Training is normally provided for successful candidates once in post, often leading to professional qualification with the Chartered Insurance Institute.
- excellent time-management
- communication skills.