ADD ADVICE TO FAVInsurance broker
Insurance brokers work with clients (whether individuals or companies) to find the right protection for the risks they have.
What insurance brokers do
- look for the best possible cover at the best possible price
- keep in close contact with their clients in order to assess their changing risks and hence their insurance needs
- keep in close contact with insurers to find out what products are available and at what price.
Key skills
- good communication and presentational skills
- ability to build strong relationships
- drive and motivation
- numeracy
- attention to detail
- an understanding of the legal, ethical and regulatory issues involved in insurance.
Training to be an insurance broker
Although soft-skill training is normally provided in house, brokers usually have to qualify with the Chartered Insurance Institute.
Anyone working with the Lloyd’s market also has to take the Lloyd’s Introductory Test.
The British Insurance Brokers’ Association also provides training courses.
Salaries
Typical starting salaries range from £15,000 to £23,000 and many companies offer performance-related bonuses. After three to five years you can expect to earn £20,000 to £40,000, but remuneration depends on the size and nature of the company you join. At senior levels salaries may go as high as £100,000.
