Insurance brokers negotiates insurance for compensation. Clients may be either individuals or commercial businesses and organisations. They use their knowledge of risks and the insurance market to find and arrange the right insurance policies and arrange cover. They act in the interest of their clients and offer products from more than one insurer to ensure that their clients get the best deal. Retail insurance brokers usually arrange insurance policies for individuals or companies and deal directly with them. Policies range from motor, house, travel or pet cover for individuals or property to employer's liability and public and product liability insurance. Commerical insurance brokers deal with high value and more complex insurance cover in areas such as marine, aviation, oil and gas and financial risks.
- Gathering information from clients, assessing their insurance needs and risk profile.- Building and maintaining ongoing relationships with clients including scheduling and attending meetings and understanding the nature of clients businesses or lives.- Foreseeing clients insurance needs, such as policy renewals.- Researching insurance companies policies and negotiating with underwriters to find the most suitable.- Renewing or amending existing policies.- Marketing and acquiring new clients.- Administrative tasks such as dealing with paperwork, correspondence, keeping detailed ecords.- Winning accounts against competitors- Keeping up with changes in the insurance market and in the clients industries.- Collecting insurance premiums and processing accounts.
Salary And Conditions
Salaries for trainee brokers without a degree start around £16,000. Graduates on training schemes may start on around £22,000. People with experince and qualified brokers will get up to £40,000 - £80,000 (not including additional benefits and bonuses). Salary may be affected by specific pay structures, as some brokers receive performance-related pay or commission. The size and location of the firm and the nature of its work will also be a factor. Those with commercial clients may pay more than those with personal clients.
This area of work is open to all graduates, although a degree in the following subjects may increase your chances to either accounting or finance, business, management, economics, mathematics. try without a degree is possible in a support or administrative position. Progression to broker is possible after gaining experience and insurance industry qualifications. Although pre-entry experience is not essential, relevant work experience with an insurance company may improve your chances. Many of the major insurance companies have work placement or summer internships programmes. Competition for places is strong and employers often ask for a predicted 2:1 or above. Skills and personal qualities are seen to be as important as qualifications and experience for this area of work.