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Insurance Broker

Insurance Broker

Do you want to become a Insurance Broker? Here is some information to help point you in the right direction:

Job Description - Print Page

Insurance brokers are independent advisers, helping individuals and companies to source the most appropriate insurance products.

To ensure they are offering suitable and cost effective cover, they will:

  • gather information about the customers' needs
  • maintain relationships with insurance companies
  • negotiate terms and conditions on behalf of the client.

Normal working hours are 9am to 5pm, Monday to Friday. Insurance brokers are office based, but frequently need to visit clients at their premises.

Starting salaries range from £10,000 to £22,000, rising to £40,000 after ten or more years' experience.

Insurance brokers need to be:

  • honest and discreet
  • excellent communicators
  • good with figures.

Insurance brokers usually have at least two A levels. Certain areas of financial advice, such as mortgages and life insurance, demand a professional qualification. Most employers encourage studying for qualifications. Older people can apply if they have relevant experience, for example as an insurance technician.

There are no formal entry requirements, but a degree in finance, business/management, or economics may be useful.

Training is usually on the job, working under the supervision of a senior broker or team leader. Trainees are encouraged to study for Chartered Insurance Institute (CII) Associateship examinations part time.

Industry competition means that experienced insurance brokers are in high demand. Opportunities are good for those who specialise with good technical competence.

As a broker's career develops, progression into a managerial position, managing a team of brokers, or even several branches of a division, is possible.

 

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