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How to become an Insurance Broker

insurance broker careers

What does a Insurance Broker do?

Insurance brokers are regulated, independent intermediaries that provide the link between clients and insurance companies. They can work on behalf of clients as agents, arrange contracts or act as independent advisers who help clients to make informed choices in their best interests. For this, they need an in-depth knowledge of insurance and the products on offer. Insurance brokers differ from tied agents (working for a single insurance company) as they offer products from more than one insurer, and in this respect must remain impartial.

Brokers often advise clients on the most suitable companies and types of cover, and what would be a fair price. Complex cases can involve presenting reports to insurance underwriters, carrying out surveys and negotiating cover. They also advise clients on the claims process, and may specialise in this work and become claims brokers.

Depending on the nature of the business, insurance brokers may also be involved in various administrative duties. They could keep records, deal with correspondence and collect premiums. They may be involved in marketing, acquiring new business and liaising with insurance broker consultants from various insurance companies.

Large brokerage firms often specialise in one type of insurance, such as marine or aviation. In smaller firms, brokers advise on all types of insurance. Lloyd's brokers deal with the London Insurance Market and tend to deal with the more complicated risks, which can involve assets worth millions of pounds and be of an international nature.

What's the working environment like working as a Insurance Broker?

Usual working hours are 9am to 5pm, Monday to Friday.

The work is mainly office based, but may involve travel to visit clients. A driving licence is useful. Brokers working for firms with business overseas may travel abroad and spend short periods of time away from home.

What does it take to become a Insurance Broker?

To be an insurance broker you should:

  • be scrupulously honest and discreet, both with clients and with other professionals
  • have excellent communication skills
  • be computer literate
  • be able to pay close attention to detail
  • be able to gather and absorb information quickly
  • be numerate in order to understand and work with statistics.

Insurance Broker Career Opportunities

Broking firms range in size from a small employer, with just a few staff, to large multinational brokers with many employees and offices abroad. Opportunities exist in all parts of the country.

There are opportunities for self-employment, and part-time work is possible.

Promotion to team leader, department manager and eventually director may be possible. Brokers may move into related areas of work, such as risk management or loss adjustment, training or marketing in large broking organisations.

Further information

If you would like to know anything about Insurance Broker that does not appear on Hotcourses, further information can be found below.

Financial Services Skills Council (FSSC)
51 Gresham Street
London
EC2V 7HQ
Tel: 020 7216 7366
www.fssc.org.uk

British Insurance Brokers' Association (BIBA)
14 Bevis Marks
London
EC3A 7NT
Tel: 0870 950 1790
www.biba.org.uk

Chartered Insurance Institute (CII)
20 Aldermanbury
London
EC2V 7HY
Tel: 020 8989 8464
www.cii.co.uk

Institute of Financial Services (IFS)
IFS House
4-9 Burgate Lane
Canterbury
Kent
CT1 2XJ
Tel: 01227 818609
www.ifslearning.com

The Chartered Institute of Bankers in Scotland (CIOBS)
Drumsheugh House
38b Drumsheugh Gardens
Edinburgh
EH3 7SW
Tel: 0131 473 7777
www.ciobs.org.uk

Financial Services Authority (FSA)
25 The North Colonnade
Canary Wharf
London
E14 5HS
Tel: 020 7066 1000
www.fsa.gov.uk



Facts and Stats:

  • The UK pet insurance market is worth more than £110m
  • Insuring the Mona Lisa would cost an estimated $35m
  • The Great fire of London in 1666 heralded the introduction of fire insurance on buildings

Courses to help you become a Insurance Broker