Insurance Broker Jobs
Insurance broker jobs are to help individual consumers and commercial companies to find and arrange insurance cover. Representing the customers interests, they analyse each risk, then approach different insurance companies to negotiate the terms and premiums for cover.
Insurance broker jobs may be able to provide an instant quotation, but for more complex cases they may need to visit customers to find out about what they need, explain about what they can do to reduce the risks (eg an alarm system), prepare a detailed documents for insurance underwriters.
Insurance broker jobs working in larger companies tend to specialise in a particular sector or product area. Insurance broker jobs typically work office hours, Monday to Friday, although some brokers open on Saturdays. Although office-based, the job can involve frequent travel to visit clients.
Insurance broker jobs require excellent communicators, good negotiation, honesty, putting their clients interests first, be computer-literate and good with numbers and
interested in networking and building up contacts.
More than 100,000 people work in insurance broker jobs. Although many of the brokerage firms have a London base, there are also many regional branches as well as smaller brokers in major towns and cities.
There are no formal entry requirements for insurance broking, although the larger companies normally require a degree for their training schemes. Typically, employers are more interested in someone's selling skills and ability to mix with people, communicate effectively and inspire trust. Many people transfer to this work as adults, after working in insurance or financial services.
Training is usually a combination of practical experience and study for formal qualifications. Insurance broker jobs can require study for professional qualifications and to reach Chartered Insurance Broker status within five years.
Prospects for promotion are good for certified insurance broker jobs. They may take higher-level professional qualifications, or specialise in an area of insurance such as construction or commercial property. It is also possible to progress to a managerial position.
Insurance broker jobs salaries range from around £20,000 to £35,000 for trainee brokers, rising to £82,500 or more for experienced account directors.
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