Insurance Broker

Insurance brokers act as a link between individual customers and commercial companies wanting insurance and insurance companies. Using their knowledge of the insurance market, brokers source the most suitable policies to suit their clients' needs.

There are two main areas of work:

• Retail insurance brokers focus on sourcing general insurance cover for individuals and companies, typically motor, household, pet or travel.
• Wholesale insurance brokers deal with more complex and higher-value requests, such as insuring a fleet of ships or footballers' legs.

The work of individual brokers can vary widely. Some specialise in technical areas like marine, energy or engineering. Claims brokers advise and help clients to prepare and submit claims. Risk assessment brokers conduct safety and claims audits. Brokers in smaller companies tend to have wider responsibilities, which may include administration, surveying, loss adjusting, risk management, account handling and claims.

Brokers typically work office hours, Monday to Friday. Some broking firms open on Saturdays. Part-time work is possible. The work is largely office based. Some local travel to meet clients and underwriters may be involved.

Salaries range from at least £15,000 a year for insurance juniors to £70,000 or more for experienced brokers.

An insurance broker needs:

• good interpersonal skills
• numeracy and business communication skills
• accuracy and attention to detail
• confidence, with strong negotiating and influencing skills
• honesty and integrity
• to enjoy working with people.

Over 100,000 people are employed within insurance broking. Employers range from small brokers to large multinational companies. They work throughout the UK, with a concentration in London.

There are no standard entry requirements. Some entrants have a degree, while others enter as insurance technicians or administrators. GCSEs (A*-C) or Level 2 equivalent qualifications in English and maths are usually expected, due to the numeracy and communication aspects of the work. The Diploma in business, administration and finance may be relevant. Apprenticeships are available.

Insurance brokers generally follow industry-specific professional qualifications offered by the Chartered Insurance Institute (CII), choosing units of study most relevant to their work area. Some brokers have to pass an Appropriate Exam if working in a regulated area.

With experience, brokers could specialise in a product area or move into account handling, claims broking, business development or related insurance fields like underwriting, loss adjusting or compliance. Chartered CII status can be achieved through study and three years' continuing professional development.

Further details