The Ultimate Guide for Insurance Broking Jobs
Insurance Brokering is an important role in the Insurance industry. From finding the right Insurer to lead a multi-million-pound company to finding someone the right insurer for their home, this can be a varied role. We give you all of the latest insights into the role and how to get into Insurance brokering. Find your perfect Insurance Broking job today!
Insurance Brokers: The Introduction
What do they do?
An Insurance Brokers job is to find the right insurer to provide for a client’s specific needs; they use their knowledge of the market to find the best level of cover at the best price for their customers.
Insurance Brokers are typically experts in certain fields, be it property insurance, financial insurance or aviation insurance, for instance. They will get paid through commission for making a sale, so to keep them objective and fair, the Financial Conduct Authority (FCA) acts as the regulating body in the UK. Large brokerage firms will typically specialise in one type of insurance, while smaller firms tend to advise on all types of insurance.
Day to day duties include:
- Gathering information from clients to assess their insurance needs and risk
- Researching insurance policies
- Advising customers who are making a claim
- Arranging insurance cover for clients, and submitting details to insurers
- Negotiating the best policy terms with insurers
- Renewing or changing existing policies
- Collecting premiums and processing accounts
- Preparing reports for insurance underwriters and surveyors in complex cases
Insurance Brokers deal with a wide range of products including;
- Property Damage – loss or damage to buildings and contents
- Public and Products Liability
- Employers Liability
- Business Interruption
- Cargo & Goods in Transit
- Legal Expenses
- Professional Indemnity
- Directors and Officers Liability
- Business Travel
- Motor Insurance (Single Vehicle or Fleet)
- And much, much more
How do you become an Insurance Broker?
To begin with, most people will start as an insurance technician, junior account handler or trainee broker and work their way up. To get taken on, most firms require GCSEs at grades 9 to 4 (A* to C), including English and maths, and A levels.
It is worth noting that a degree is not necessary to become an Insurance Broker. However, large insurance firms do offer graduate schemes which could help kick-start your career. If this is the route that you would prefer to take, a degree with a background in business, finance or economics is ideal.
The Chartered Institute of Insurance (CII) provides the ‘Certificate of Insurance’, which is deemed as the core qualification for all insurance staff. In order to be a licensed Insurance Broker, one must first pass this certification. As well as this, there will be certification in specific areas of expertise to add more legitimacy
Insurance Brokers: Skills and Qualifications
- Interpersonal communication
- Confident negotiating skills
- Accuracy and attention to detail
- Ability to gather and analyse information
- IT skills
- Customer service experience
- Organisational skills
- Report writing skills
- GCSE’s A* to C (Including English and Maths)
- A Level’s (Maths and Economics based preferable)
- Bachelors Degree (Finance and Economics based preferable)
- Masters Degree
Insurance Brokers: Where can you go next?
In most cases, brokers will undergo general training and gain general experience for the first few years of their career. They will then move on to a more specialist sector or a management role within the industry.
Specialist roles include:
- New business executive or manager (whose role is to find and develop new business relationships for a firm)
- Sales manager (whose role it is to allocate new business once the initial client interest has been generated)
- Insurance account executive
- Claims broker
- Technical broker
In smaller firms, many of these roles will be covered by the same person, but in larger firms, there will be specialists that take on one role each and they will have been sought by the company for these roles or promoted internally.
Progression into management is also an option, managing a team of brokers or several branches of a broking firm. Finally, you could also move into a related area of work such as loss adjusting or underwriting.