An Insurance Broker sources the most appropriate policies for clients from a wide range of different insurance companies.
The type of insurance policies the Broker deals in depends upon whether his clients are companies or individuals. For example, if the client base is mostly individuals, the policies will be mainly for car or home insurance, whereas if clients are companies, most policies will be employer or public liability related.
Whatever the type of policy, the Insurance Broker must use his experience of the market to source the most appropriate and competitively priced policy for his client.
Duties include:
Speaking to clients and understanding their insurance requirements.
Advising on the renewal of policies.
Analysing the range of insurance policies available in a particular market.
Advising clients on their rights to claim.
Arranging payment for policies.
Liaising with underwriters to discuss tailor-made policies.
Presenting to clients to win new contracts.
Completing policy documentation on behalf of clients.
Giving advice to clients on how to minimise their level of risk.
Qualifications
A lot of employers will ask for a degree on entry and during their career will expect candidates to gain some sort of industry recognised qualification such as the Advanced Diploma in Insurance offered by the Chartered Insurance Institute (CII).
Salary Snapshot
Recent salaries for roles advertised at time of writing (Nov 2009) include:
£35-42,000 for a Corporate Insurance Broker based in Manchester.
£17-19,000 for a Graduate Trainee Insurance Broker based in Birmingham.
£50-55,000 for a Senior Commercial Broker based in London.
£22-27,000 for a Commercial Motor Insurance Broker based in Surrey.
Are you an Insurance Broker? Would you like to contribute to our "Day in the Life of..." series? Email us at info@topfinancialjobs.co.uk for more details.
