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A Career as an Insurance Broker

The job role

The role of an Insurance Broker involves providing clients with the best possible advice on insurance products that match their individual needs.  They are required to demonstrate an excellent working knowledge not only of the cost of particular insurance products offered by a wide range of insurers but also of the different contract details that clients will be required to agree to.  Ultimately, the Insurance Broker works for the client so their advice should be impartial and advantageous to the client.

There are general administrative duties associated with the role of an Insurance Broker including maintaining computerised client records, producing formal documentation and handling correspondence.  They can also be involved in the development of new business.

Relevant qualifications

An approved financial qualification is required, unless handling only non-investment insurances, in order to demonstrate knowledge of Financial Services Authority (FSA) guidelines.  Entry into the role of Broker Technician can be achieved with limited academic qualifications thus enabling future progression to the role of Insurance Broker.  The British Insurance Brokers’ Association (BIBA) and the Chartered Insurance Institute (CII) offer professional training and qualifications and chartered status can be achieved with the relevant experience.

Skills requirements

Good communication skills are imperative as Insurance Brokers are required to liaise extensively with clients and insurers.  They work on a commission basis, paid by the insurers, so they must be capable of working to targets and of handling confidential client information.

Career development

Tere are a number of brokerage firms throughout the UK although the largest tend to be based in London.  The size of the company will dictate whether the Broker is required to specialise in one particular type of insurance, such as marine or aviation, or to advise on a wide range of insurance products.  It is possible to progress to senior broker, manager or director level positions, and to work in specialist areas including loss adjustment.  Overseas positions are sometimes available through the larger brokerage firms and some brokers choose to operate on a self-employed basis.