Insurance broker Insurance agent
Insurance brokers use their knowledge of the insurance market to find the best level of insurance cover at the best price for their customers.
1. Entry requirementsYou’ll usually need to start as an insurance technician, junior account handler or trainee broker and work your way up. To get taken on you'll usually need GCSEs at grades 9 to 4 (A* to C), including English and maths, and A levels.
You’ll also usually need to study for qualifications from the Chartered Insurance Institute.
You could join a large insurance broking firm's graduate training scheme, or get into this this job through an apprenticeship.
2. Skills required
- confident negotiating skills
- an organised, methodical approach
- accuracy and attention to detail
- report writing skills
- the ability to gather and analyse information
- IT skills
3. What you'll do
You’ll work in either retail or commercial insurance.
In retail insurance you’ll find general cover for individuals or companies in areas of insurance like:
- pet or travel cover for individuals
- property damage
- business interruption for companies
In commercial insurance, you'll deal with more complex requests in areas like:
- oil and gas
Your day-to-day duties may include:
- gathering information from clients to assess their insurance needs and risk
- researching insurance policies
- arranging insurance cover for clients, and submitting details to insurers
- negotiating the best policy terms with insurers
- renewing or changing existing policies
- making sure the cover and paperwork you provide meets legal requirements
- collecting premiums and processing accounts
- advising customers who are making a claim
- keeping records using IT systems
- issuing documentation
- preparing reports for insurance underwriters and surveyors in complex cases
Starter: £16,000 and £24,000
Highly Experienced: £40,000 to £80,000
Your earnings could include commission and bonuses.
Your salary package could also include benefits like a company car, insurance and pension.
These figures are a guide.
5. Working hours, patterns and environmentYou’ll usually work standard office hours Monday to Friday. Some brokers also open on Saturdays.
You’ll mainly be office-based, contacting clients by phone and email, but you might travel locally to visit client companies.
You might travel abroad, if you work for a company with overseas business.
6. Career path and progressionWith experience, you could move into account handling, claims broking or a business development role.
You could specialise in an area of insurance, progress into management, or move into other types of insurance work like loss adjusting, underwriting or compliance.
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Last updated: 18 August 2017