Insurance Broker
What is the work like?
As an insurance broker or agent, you would act as the link between insurance companies and customers. You would use your knowledge of the insurance market to find the most suitable policies for individual or business clients. You would offer products from more than one insurer, so your advice must be impartial.
Your typical tasks would include:
- gathering information from clients to assess their insurance needs
- researching policies from a number of insurance companies
- arranging insurance cover for clients
- negotiating with insurers for policies at the best terms
- renewing or changing existing policies
- collecting insurance premiums and processing accounts
- advising people making a claim on their insurance policy
- inputting data to a computer system, sending letters and keeping detailed records
- preparing reports for insurance underwriters and surveyors, in complex cases.
You might advise on all types of insurance, or you could specialise in one main area, such as motor insurance. If you were a Lloyd's broker you would deal with complex and specialist risks in the London Insurance Market.
What qualifications and experience will employers look for?
You would often start as an insurance technician, junior account handler or trainee broker, and work your way up to broker as you gain experience and insurance industry qualifications.
Entry requirements can vary between employers in the insurance industry. Companies often prefer you to have minimum qualifications of GCSEs (A-C) in English and maths. You may need A levels or similar to get onto management training schemes.
If you have a degree, you could join a large insurance broking firm’s graduate training scheme. Most degree subjects are accepted, but you may have an advantage with a good degree (class 2:2 or above) in a business or maths-related subject.
Whatever your qualifications, you will find it useful to have experience in office work, sales or financial customer service.
You may be able to get into the insurance industry through an Apprenticeship scheme. The range of Apprenticeships available in your area will depend on the local jobs market and the types of skills employers need from their workers. For more information on Apprenticeships, visit www.apprenticeships.org.uk.
What further training and development can I do?
Your training would be a mixture of on-the-job learning and study for insurance industry qualifications, possibly through a company's structured training scheme.
Many insurance brokers study for qualifications from the Chartered Insurance Institute (CII). The CII provides a clear career structure from trainee to professional level, with qualifications as follows:
- CII Certificate in Insurance – for trainee brokers
- CII Diploma in Insurance
- CII Advanced Diploma in Insurance (ACII).
If you deal with the London Insurance Market, you should pass the CII's Lloyd’s and London Market Introductory Test (LLMIT). LLMIT also counts towards the CII’s other insurance qualifications.
You can achieve Chartered Insurance Broker status when you hold ACII and have at least five years’ experience in the industry. See the CII’s website for more details on their qualifications and membership.
Some employers offer other entry-level insurance qualifications, such as the ifs School of Finance Certificate of Regulated General Insurance (CeRGI).
You should keep up to date with new products and financial regulations throughout your career. The CII and the British Insurance Brokers’ Association both run a range of short courses at training centres throughout the UK.
Where can I go for more information?
IFS House4-9 Burgate Lane
Canterbury
Kent
CT1 2XJ
Tel: 01227 818609
London
EC3M 7HA
Tel: 020 7327 1000
London
EC3A 7NT
Tel: 0870 950 1790
London
EC2V 7HQ
Tel: 0845 257 3772
South Woodford
London
E18 2JP
Tel: 020 8989 8464
Canary Wharf
London
E14 5HS
Tel: 020 7066 1000
If you would like to discuss your career options with a learning adviser at Careers Advice, call 0800 100 900 or use our online enquiry form
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What salary and other benefits can I expect?
- Starting salaries can be between £15,000 and £23,000 a year.
- Experienced brokers usually earn between £20,000 and £40,000.
- Salaries at senior level can be £50,000 to £100,000 a year.
Earnings may include commission and bonuses. A salary package may also include a company car, insurance and pension benefits.
Figures are intended as a guideline only.
What are the hours and working conditions?
In a full-time job you would normally work 9am to 5pm, Monday to Friday, although some high street brokers also open on Saturdays. Part-time work is possible.
The work is mainly office-based, but may involve travel for networking with client companies. If you work for a company with overseas business, you may occasionally travel abroad.
What skills and knowledge will I need?
- good spoken and written communication skills
- confident negotiating skills
- honesty and integrity
- an organised approach
- accuracy and attention to detail
- report writing skills
- the ability to gather and analyse information
- good business sense
- computer and mathematical skills.
What opportunities are there?
You could work for firms ranging in size from small brokers to large multinational companies. Jobs may be advertised in the local and national press, in industry magazines and by financial services recruitment agencies.
With experience, you could move into account handling, claims broking or new business, or choose to specialise in one area of insurance. You could also progress into management, or into other types of insurance work such as loss adjusting, underwriting or compliance.
You may find the following links useful for job vacancies and general reading (links open new window):
ID Newscentre
Post
Insurance Age
Insurance Times
Financial Times
We do not accept responsibility for the content of external sites.
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