More about Insurance Broking
As somewhat of a complex industry to navigate, the role that an Insurance broker plays in helping to guide the decision-making process, demystify complex jargon, and give peace of mind in selecting a policy, is invaluable. The typical insurance broker job description may vary somewhat, but the core pillars of the role include offering impartial advice and expertise, risk management, clear guidance and communication, and often support with any claims.
In the not-so-distant past, the key location to secure insurance broker jobs was London. But, while broking jobs in London are still in demand and London remains a popular location for beginning a career in broking, particularly at an entry-level, it is now much more feasible to work in the broking industry in a much wider variety of locations.
Recent Trends in the Broking Market…
Mergers & Acquisitions
Globally, M&A within the industry has dropped in recent months compared to previously recorded figures; however, the UK has been leading the way with deals as opposed to other countries and we have seen signs that activity is likely to increase over the coming months. A key driver for M&A currently seems to be the impact of the digital world on the industry, with Insurtech thriving.
Emerging Tech
As the impact of AI becomes increasingly widespread across all industries, more and more brokers are harnessing emerging tech to their advantage and optimising their processes. Whether this is through automated streamlining, predictive analytics, or data source integration, this trend is set to continue and expand further as more brokers embrace technology for efficiency and accuracy.
Cybersecurity precautions
As firms continue to innovate, there comes along with this a heightened risk to security, with cyber-attacks becoming increasingly prevalent within the industry. In fact, a report found that as many as 82% of the largest insurance carriers were victims of ransomware attacks. Firms are now having to take extra precautions in order to protect themselves and their clients from these risks, including adopting new security models and upgrading outdated systems.
Looking to find out what the average Insurance Broker Salary in your region would be? Take a look at our Insurance Salary Survey to access a wealth of market insights and salary bandings for Insurance Broker jobs near you.