Home | Site Map

Financial Industry Resources Directory:
Insurance Broker

Site Topics

Our Free Resources Updated Daily:

What does an Insurance Broker do?

A broker is an expert both on insurance and insurance products. Their role is to identify and arrange appropriate insurance cover for personal or company clients.

A broker is an intermediary who works between the client and the insurance company. They use their experience and knowledge to assess the clients' risks accurately and then to find and recommend appropriate policies.
Brokers are client-centered, putting the client first even though they receive their commission from the insurance company. Routine duties include maintaining client records, chasing accounts and collecting premiums, and may also include marketing and developing new accounts/business.

The job of a broker will depend on the size and policies of the firm and the scale of its business. With a large company a broker might specialize in a core area. With a small firm a broker could be involved in most functions; the same person may perform the role of insurance account executive, technical broker and placing broker.

Tasks typically include: understanding the clients' business and risk profiles; identifying and understanding clients' needs; communicating clients' needs to technical staff; building a relationship with clients and giving prompt attention to their requests: discussing what their future insurance needs might be and maintaining business contact with them; ensuring that requested work is carried out promptly; maintaining records; preparing detailed reports; generally keeping up to date with routine paper work; organizing and attending meetings; liaising with other professional staff, surveyors, photographers, structural engineers; identifying new trends and developments; carrying out research into available insurance products and policies; collecting premiums; developing new business and clients and marketing the brokerage services.

In a smaller firm a broker may sample all of the above as part of their role. In the larger firms these would be very distinctive and separate specialties, only reached via promotion.

Progression can be into management positions, managing a team of brokers or even several branches of a brokers' firm, which could include an international role. Other possibilities include developing a greater degree of specialization within broking, eg risk management or environmental impact assessment in areas such as marine, aviation, household, motor, oil rigs, pets and personal assets.

Mergers amongst broking firms have made the profession very competitive. This continues to be the case and has affected the career progression of individuals. There are now a smaller number of brokers' firms to progress to, though broking can still be a truly international career. Good IT and language skills can help with this ensuring that a wider range of promotion prospects are available.

 

 

 

 

 


 

 

Mortgage Banker | Mortgage Broker | Financial Analyst | Financial Advisor | Budget Analyst | Investment Banker | Commercial Banker | Insurance Broker | Credit Analyst | Asset Manager | Plant Controller | Real Estate Broker | Risk Analyst | Contract Negotiator | Accountant | Senior Internal Auditor | Private Banker | Business Analyst | Internal Auditor | Controller Position in OFFM | Option Trading | Trust Officer | Home | Site Map