An Insurance Broker according to Moneyhelper.org is a “regulated financial adviser who specialises in general insurance. They are experts who will help you decide what type of insurance and level of coverage you need and recommend a suitable policy at a price you can afford.” Overall Insurance Brokers usually fall into two categories:
Commercial Insurance Broker:
A Commercial Insurance Broker is an individual dealing with significantly higher value and more complex Insurance deals. They arrange and cover public and private organisations.
Retail Insurance Broker:
Retail Insurance Brokers are the most common type of broker, these brokers generally arrange and source insurance policies for companies and private clients. They ensure they deal with them both directly throughout the selling process. Brokers are responsible for facilitating a client’s liability.
Although, there are different specialisms within the insurance sector there are common responsibilities within the role that includes:
· Building and maintaining nosiness relationships with clients
· Discussing and assessing clients’ current and future insurance needs
· Collecting insurance premiums
· Arranging insurance policies and products
· Undertaking general administrative duties
· Negotiating policy terms and costs with insurance providers
· Keeping detailed computer records
· Advising clients on making claims on their policies
· Scheduling and attending meetings
· Invent effective marketing strategies to sell insurance plans to new clients or up-sell to current clients
Requirements and skills to become an Insurance Broker
· CII Diploma in Insurance
· CII Advanced Diploma in Insurance
· CII Level 3 Certificate in Insurance
· CII Level 4 Certificate Insurance
· Proven experience as an insurance Broker
· Basic understanding of statistics and computers
· Experience in delivering client-focused solutions and in creating long-lasting relationships
Advantages of using an Insurance Broker
There are multiple reasons why getting professional advice from an Insurance Broker is important, such as:
· Risk management and protection
· Tailored communication
· Claims support advocacy
How do Insurance Brokers help?
Insurance Brokers are experts within the Insurance Market and offer tailored advice to every individual. They ensure clients purchase the appropriate Insurance policies as well as give advice on how to declare insurance claims. Brokers will make certain they outline the similarities and differences between each policy and ensure you completely understand your insurance coverage.
If you’re interested in taking the next steps in your career as an Insurance Broker or working in the Insurance sector in general, apply with us today and we can find the perfect placement for you. Feel free to call us on 0203 225 5584 to discuss everything in further detail.