Insurance broker: job description

Insurance broker: job description

Insurance brokers are responsible for identifying and organising suitable insurance cover for commercial organisations and private clients.
There are in excess of 2,000 insurance brokerages registered in the UK.

What does an insurance broker do? Typical employers | Qualifications and training | Key skills

Responsibilities of the job vary according to the size and type of employer: smaller companies offer less opportunity for specialisation than larger firms. You could work in retail insurance, providing general cover in areas such as property, travel, motor and pet insurance, or in commercial insurance, dealing with more complex, high value areas such as marine, aviation and oil and gas. Typical duties include:

  • building and maintaining business relationships with clients
  • scheduling and attending meetings
  • discussing and assessing clients' current and future insurance needs
  • researching insurance policies and products
  • negotiating policy terms and costs with insurance providers
  • arranging insurance cover for clients with the insurance provider
  • collecting insurance premiums
  • keeping records
  • preparing reports for insurance underwriters
  • advising clients on making claims on their policies
  • renewing or amending existing policies for clients
  • undertaking general administrative duties
  • marketing services

Typical employers of insurance brokers

  • Large and small brokerages
  • Financial advice companies
  • Insurance or reinsurance companies
  • Insurance risk management departments

Vacancies are advertised by recruitment agencies and careers services, in local and national newspapers, publications such as The Financial Times and the Insurance Times, plus their online equivalents. Many national insurance brokers operate structured graduate training schemes – for these early applications are essential.

Qualifications and training required

A degree in any subject is acceptable, although business/management-related or numerical degrees, such as economics or maths, may be beneficial. Relevant banking and/or insurance experience gained via internships and work experience placements can be useful. Postgraduate insurance and risk management qualifications can be advantageous.

Training is normally provided for successful candidates once in post, often leading to professional qualification with the Chartered Insurance Institute.

Key skills for insurance brokers

  • Confident negotiation skills
  • Reliability and honesty
  • Excellent time management
  • Decision-making
  • Analytical skills
  • Accuracy and attention to detail
  • Interpersonal skills
  • Verbal and written communication skills

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