Insurance brokers are intermediaries between clients and insurance companies, using their specialist knowledge to recommend the most suitable products, acting in the interest of the client. Insurance brokers can work in either retail or commercial areas. Retail insurance brokers tend to arrange insurance policies for companies or individuals whilst commercial brokers will be involved in more complex and high value deals. Here are some insights from graduates in insurance broker positions.
1. What do you do on a day-to-day basis?
‘My day involves coordination with client managers to see what risks need to go to the market and gathering the necessary information I will need to present to underwriters. This may involve speaking to clients directly or one of our local offices. Once I have the relevant information, I usually carry out some analysis of various exposures in order to negotiate with underwriters. If it is a busy time of year, I will spend most of the day out of the office.’
‘Work on any new project submissions, receive quotes from insurers and submit them to clients. Work on ongoing projects, administration of endorsements and risk management. Occasional site visits.’
‘Draft insurance policy documentation, liaise with colleagues to identify prospects, transact business across the global insurance markets.’
2. What are the best and worst things about being an insurance broker?
Very much based upon relationship building and the maintenance of those relationships. It’s a very social industry and I meet someone new every week. The size and scope of the clients we serve involves a good deal of travelling. Balancing the demands of the ACII with an increased workload is challenging and stressful..’
‘Influence, interaction with people, challenge of understanding and delivering solutions around complex risk. Market environment, managing relationships with internal and external stakeholders. Dealing with limited risk information. Certain aspects of broking are purely transactional.’
‘The fact that I am able to experience something new every day, no day is the same. In addition, I am in a role that allows me to aid people in something (their Insurance needs), which is designed to make a difference to their day to day lives. Within the Insurance industry, it also provides you with the opportunity to create and form relationships with colleagues, clients and Insurers from all over the world. The most challenging aspects of my role are to multi-task and to keep track of the status of where you are with different clients. Also, the ability to make time for studying is also a difficult aspect of managing my daily routine.’
3. What are the average working hours?
9am – 6pm
£29,000 – £30,000
‘Salary increases with exam passes’
5. Do you have any interview tips?
‘Make sure you know something about the industry and the company. Read up on relevant current affairs. Be sincere during the application process.’
‘Look into competitors and the general financial climate (ABI website etc.) to find out what is going on.’
‘During the interview, it is important to be sincere and answer honestly rather than give the answer you think they are looking for.’
Interested in finding out more? Take a look here for information on the top employers in Insurance & Pensions along with a full range of job reviews.
