Selling insurance goes a long way beyond the standard home, contents and car cover people deal with everyday. Companies also require insurance to protect their money, assets and against liability. The job of an insurance broker is to act as an agent between insurance companies and clients. The main aspects of the job are selling policies, renewing contracts and liaising with existing and potential clients, but there are other parts of the position.
Negotiating deals, both on behalf of the customer and for the insurance company is major element as is designing appropriate insurance packages for individual clients and companies. The role also involves an advisory capacity to help clients claim or reduce insurance premiums. As the insurance industry deals with individuals and companies, there is potential to work in a range of industries and specialise as much or as little as possible. Insurance brokers can be employed both by insurance companies or operate on a contractual basis on behalf of specific clients.
The specific skills required depend a lot on the type of insurance being dealt with. Personal insurance, such as house or car, requires general skills, whereas selling insurance to companies needs a much more in depth knowledge of the industry and the potential problems it could face.
Along with negotiating skills and a knowledge of the insurance market, insurance brokers also need to be organised to ensure policies are tailor made for clients, renewed on time and meet all regulations. Strong networking skills are also required to bring in new clients and with specialists, such as lawyers and engineers, who can be called upon when claims need to be made.