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Insurance Broker Job Description – Are you excited to help customers and meeting their insurance needs? Do you take pleasure in walking clients through their policy options and helping them settle their claims as quickly and efficiently as possible? If so, you are urged to apply for a job as an Insurance Broker and we have this article to take you through all you will need to know about the job of an Insurance Broker.
Who is an Insurance Broker
Insurance Broker is a specialist in insurance and risk management. Insurance brokers liaise between clients and insurance companies, with a goal to find the best deal to suit their clients’ needs. An insurance broker is the ‘middleman’ in insurance-based transactions between insurance companies and individual or commercial customers.
Unlike captive agents, who are associated with specific providers or with specific insurance products, insurance brokers sell and manage insurance products across companies and risk types. However, a distinction may be drawn between personal versus commercial insurance products and clients.
Insurance brokers can be salaried or self-employed. In the case of the former, working for an established regional, national or multinational company is more advantageous in terms of income, benefits and career growth.
The job description of an Insurance Broker
Insurance brokers often work as agents of large insurance companies or independently; in either case, they work directly with clients and must have necessary licenses in their states of employment. Insurance brokers provide insurance quotes via phone, online, or in-person.
They must assess consumers’ individual needs prior to providing quotes and may need to conduct evaluations of properties or businesses to be insured. They may also take photographs, obtain inspection reports, and compare coverage plans of different insurers.
They must always try to secure the best rates without sacrificing quality (above-average ratings by third-party institutions) for their clients and must always be fair, ethical and unbiased in their work. Some insurance brokers may also need to pass series 6 and 7 exams administered by the Financial Industry Regulatory Authority (FINRA), a government agency.
Excellent customer service and interpersonal skills are important in this position; on behalf of their clients, they must research ways to reduce premiums by combining different types of insurance, such as home and auto insurance, for substantial discounts. They must also explain any small print that clients should know, such as terms and conditions, and send them certificates of insurance when necessary. Insurance brokers are encouraged to read professional journals relevant to their industry to stay up-to-date in their careers.
Setting-up your own brokerage consultancy is preferable when dealing with individual customers and small businesses segments not tapped by large insurance intermediaries.
Some other Duties of an Insurance Broker may include him to
- Invent effective marketing strategies to sell insurance plans to new clients or up-sell to current clients
- Use methods such as networking, cold calling, etc to spot opportunities and cultivate trust with potential customers
- Gauge the condition of a business or individual customers and discover plans according to their requirements
- Collaborate with clients to introduce them with befitting risk management strategies
- Submit regular reviews of progress to interested parties
- Retain and renew bookkeeping systems, database, and records
- Oversee insurance claims to ensure fair dealing and satisfaction
- Accomplish predetermined development goals by obtaining new clients
- Follow the market trends and continuously refurbish knowledge of products and services
- Fulfill all policy requirements
Insurance Broker Job Requirements
Large insurance companies with in-house brokerage teams offer annual graduate-level entry programs of 12 to 36 months’ duration, depending upon the size and business operations of the company.
You can get on to these grad programs with a degree in any discipline, so long as you have excellent communication skills, logic, and analytical thinking. All insurance brokers also need to complete professional credential requirements mandated by the Chartered Insurance Institute (CII) and the Financial Conduct Authority (FCA), which regulates the insurance industry.
Certain qualities are required of you to be able to operate professionally as an Insurance Broker individually or when working for a firm and these requirements entail that you should have a
- Proven experience as an insurance broker
- Knowledgeable in all types of insurance plans (automobile, fire, life, property, medical, etc)
- Basic understanding of computers and statistics
- Demonstrated ability to present, persuade and eventually sell
- Experience in delivering client-focused solutions and in creating long-lasting relationships
- Valid license to practice the profession
- High school or BSc degree
Professional qualifications are grouped into several levels, with specific training and experience requirements at each level.
Credentials offered by the CII are:
- Certificate in Insurance
- Diploma in Insurance (after two years of work experience)
- Advanced Diploma in Insurance (after two to five years of work experience)
- Chartered Insurance Broker (CIB) status (after five years of work experience).
Insurance Broker Salary Information
Salaried entry-level insurance brokers can earn between £16,000 and £30,000, increasing to £45,000 and upwards with experience and completion of professional credentials.
An entry-level Insurance Broker with less than 1-year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of $48,331 based on 189 salaries. An early career Insurance Broker with 1-4 years of experience earns an average total compensation of $53,601 based on 541 salaries.
A mid-career Insurance Broker with 5-9 years of experience earns an average total compensation of $63,897 based on 339 salaries.
An experienced Insurance Broker with 10-19 years of experience earns an average total compensation of $73,746 based on 350 salaries. In their late career (20 years and higher), employees earn an average total compensation of $88,596.
Remuneration packages also include attractive and comprehensive benefits, such as health, retirement, leisure, and lifestyle. Some salaried brokers may be paid a fixed, monthly salary and percentage-based commissions, structured as differential levels of achievements against fixed targets.
Self-employed brokers earn through commissions from insurance companies and/or consulting fees charged to customers.
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