Insurance broker Job Description
Insurance broker Job Profile and Description
An insurance broker has the same profile as any insurance agent. But whereas an insurance representative is a licensed agent who works for a particular company, the insurance broker is more of an independent worker and represents many companies.
Duties and Responsibilities
- When an insurance broker initially starts his business, his main concern is to find prospective clients
- Prospecting for clients never stops and he may have to participate in charitable organizations or community functions
- The insurance broker schedules appointments to evaluate he clients’ needs and suggests appropriate insurance policies for them
- Since he represents various insurance agencies, he provides a wide range of insurance options to the client
- They help the client to calculate the premiums and find out a convenient payment method
- They have to inspect property, or health condition of the client to determine insurance risk
- They need to maintain records of all the polices and remind the client of renewals
- He also need to manage his own personal income and expenses, like paying the bills, self-employment tax and social security etc
Skills and Specifications
- Insurance brokers need to have very good communication both written and verbal
- They must be good with numbers and have be analytical
- Strong negotiations and sales skills are also required
- A lot of legwork is needed in this line and so insurance workers must be hardworking
- They have to work under pressure and meet deadlines and targets
- Networking skills are very important especially as the broker doesn’t work for any particular company
Education and Qualifications
Those interested in this field can go for a bachelor’s degree in finance, accounting, sales or business administration. There aren’t any specific degrees available for this job, but there institutes offering specialised diploma courses which may be of help.