An insurance broker has responsibilities same to the responsibilities of an insurance representative. An insurance broker works for many companies rather than working for a particular company. He makes appointments with his clients and suggests them for particular insurance schemes and policies according to the client’s needs. He presents the best possible schemes in personal lines like life, health, property and investment products to the clients. The job of an insurance broker has great career growth in the future with high earnings.
An insurance broker is an intermediary between the insurance companies and the clients. Clients may be individuals, organisations or commercial businesses. Their job is to find and suggest the client the most suitable insurance policy according to their needs by using his detailed knowledge of insurance market. He has to complete lots of duties to be a successful one in this profession. The job of an insurance broker demands for communication skills as well as in-depth market knowledge in the employee.
There are many skills associated with the profession of an insurance broker and few of them are:
- Updated with all the advancements taking place in the insurance market.
- Capability in good communication skills and interpersonal interaction should be the highlights of the candidate.
- An active listener who could well interpret with his client’s vision.
- Should be patient and attentive towards his work.
- Management skills such as time management as well as stress management skills.
- Ability to gather all the information and analysing skills.
- Must be honest and well-organised.
- Ability to work for long hours under high pressure.
- Also the presentation needs to be aesthetically very pleasing.
- A good insurance broker needs be good spoken to attract the large part of the audience.
- Should have complete knowledge of computer and good mathematical skills too.
- Must always work with an organised approach.
- Must be a confident personality and have good negotiating skills.
- Must be service-oriented and put attention to the details.
- The most important of all the skills is that the candidate must have good business sense.
Major Job duties of a good insurance broker include:
- Arranging and suggesting the clients about the best possible insurance policies and schemes.
- Gathering information from the clients to find their needs.
- Researching policies from different insurance companies.
- Advising the clients about making the claims.
- Assembling premiums and handling the accounts.
- Preparing records of the policies for the clients.
- Maintaining complete reports for the surveyors and the insurance underwriters.
- Use appealing and interesting skills to make clients feel satisfied with the insurance policies.
- Changing or renewing the existing policies of the clients.
- Negotiating for the best terms with the insurers.
- Building healthy relationships with the clients.
- Keeping themselves updated with the changes being taking place in the insurance policies.
- Marketing and obtaining new clients.
- Instructing clients on risk management.
The duty of an insurance broker demands to work for long working hours throughout the week. They usually work in their offices using their computers for connecting with their clients as well as the insurance companies. But they may often travel for marketing and acquiring more clients. The insurance broker needs to provide the clients with the best available insurance policy matching with their needs.
Tips for a good job:
- Experience in marketing skills and other relevant experience are the key points that employers looks for.
- Capability to work for long hours.
- Should be well-organized as the work demands good communication as well as computer skills.