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Insurance Broker Profile

 
Introduction

This Section of the site details information that you might find useful if you are looking to secure employment or require further details regarding working as an Insurance Broker. This page details the following Information:-

  • Finding Suitable Work as an Insurance Broker
  • Working Duties Expected
  • Hours and Environment
  • Working Skills Required
  • Training Requirements
  • Salary Expectations
  • Trade Information
  • Other useful Insurance Broker Work Information


Finding Suitable Work

This website features a volume of Job vacancies advertised on behalf of a number of different employers and specialist recruiters that post vacancies on a regular basis so you can start your search for work right here:-

Click here to View all the latest Insurance Broker jobs online today

 

We feature many Insurance Broker Jobs live online at this site and these posts are updated daily. Please book mark this page and return here on a regular basis or register with our site for Jobs by email so that you don't miss out on the latest work opportunities.

Working Duties Expected

Insurance brokers are independent professional advisers who help clients seeking insurance cover make the right choices. For this, they need an in-depth knowledge of insurance and the products on offer.

They advise clients on what sort of cover will suit their needs, which companies provide the appropriate policies and what will be a fair price to pay. Complex cases can involve presenting reports to insurance underwriters, carrying out surveys and negotiating with underwriters for cover. They also advise clients who have to make a claim. Some specialise in this work and become a claims broker.

Large brokerages usually specialise in one type of insurance, such as marine or aviation. In smaller firms, brokers advise on all types of insurance. Brokers keep records, deal with correspondence and collect premiums. They may be involved in marketing and acquiring new business.

Lloyd's brokers deal with Lloyd's insurance companies and tend to deal with the more complicated risks, which can involve assets worth millions of pounds and may have an international nature.

Hours and Environment

The normal hours of work are 9am - 5pm, Monday to Friday.

The work is mainly office based, but may involve travel to visit clients. A driving licence is useful. Brokers working for firms with business overseas may travel abroad and spend short periods of time away from home.

Skills and Interests

To be an insurance broker you should:

  • be scrupulously honest and discreet, both with clients and with other professionals
  • have excellent communication skills
  • be computer literate
  • pay attention to detail
  • be able to gather and absorb information quickly
  • be numerate in order to understand and work with statistics.


Entry

There are no formal entry requirements for insurance brokers but you would need to be working in an insurance related environment to enter this job. Many employers ask for two A levels/three H grades plus two GCSEs (A-C)/S grades (1-3) in English and maths or equivalent. Degrees in business studies, finance and accountancy or related subjects are an advantage but not always necessary. The minimum entry requirements for a degree course are five GCSEs (A-C)/S grades (1-3) with two A levels/three H grades or equivalent.

This can be combined with some experience working with financial products. Employers may ask for relevant qualifications such as the Certificate of Insurance Practice or Advanced Financial Planning Certificate awarded by the Chartered Insurance Institute (CII) or equivalent. The Financial Services Authority provide information on qualifications within financial services.

If you do not have the relevant qualifications, it is possible to start as a broker technician (usually with four GCSEs/S grades (A-C/1-3) or equivalent, and progress through training as a broker.

For details of qualification equivalents see:

Qualifications and Curriculum Authority (England, Wales and Northern Ireland)
Scottish Qualifications Authority
An Access to Higher Education qualification may also be accepted for entry to certain courses. If experienced in a related field, you may be able to gain recognition of skills through Accredited Prior Learning (APL). Please check with colleges or universities for exact entry requirements.

Note: Organisations working in general insurance are now being affected by regulation. Over 6,000 businesses are members of the General Insurance Standards Council (GISC) and have signed up to rules which include requirements for the competence and training of their staff. It is likely that training requirements will be introduced by the Financial Services Authority (FSA) when it becomes Financial Regulator for the General Insurance sector in January 2005. Current entry and training requirements may therefore be subject to change. Please contact the FSA for further advice.

Training

Training is usually undertaken on the job, with trainee brokers working under the supervision of a senior broker or team leader.

It is possible to study towards several qualifications such as the CII Associateship examination or NVQs/SVQs in Insurance at Levels 2,3 and 4.

If you wish to work as a Lloyds broker you must pass the Lloyds Introductory Test, based on the Lloyds market. Applicants for the test must be already working for a Lloyds broker. Study routes for the test can be in-house or public courses and the test must be passed within 15 months of starting work.

The CII and the British Insurance Brokers Association (BIBA) run courses in insurance broking and other relevant subjects such as information technology and marketing, some of which may be linked to qualifications at NVQ/SVQ levels 2 and 3.

Foundation and Advanced Modern Apprenticeships (MAPPs) may be available for people aged 16-24.
For details see: MAPPs (England); Skillseekers MAPPs (Scotland); National Traineeships MAPPs (Wales); and MAPPs (Northern Ireland).

Opportunities

Broking firms range in size from a small employer, with just a few staff, to large multinational brokers with over 1000 employees and offices abroad. Opportunities exist in all parts of the country.

There are opportunities for self-employment. There may be opportunities for part-time work, but this is not common.

Promotion to team leader, department manager and eventually director may be possible. Brokers may move into related areas of work, such as risk management or loss adjustment, training or marketing in large broking organisations.

Annual Income

The annual income section is intended as a guideline only. Additional payments can be made based on personal or company performance.

Trainee new entrants start at around £10,000 - £12,000.
Graduate entrants usually earn between £14,000 and £17,000.
Experienced brokers may earn between £18,000 and £25,000.
Senior brokers with ten or more years experience can earn £40,000 and more.

Further information

Chartered Insurance Institute
20 Aldermanbury
London
EC2V 7HY
Tel: 020 8989 8464
www.cii.co.uk

Financial Services Authority
The Financial Services Authority
25 The North Colonnade
Canary Wharf,
London
E14 5HS
Tel: 020 7066 1000
www.fsa.gov.uk

Other Useful Insurance Broker Work Information

We have a section available at this site on Insurance Broker job interview tips that you may find of interest should you wish to brush up your skills in this area and we also have number of career articles that may also be of use to you from within our guides and documents section.

Locations where we feature Jobs include:-
Aberdeen, Berkshire, Aberdeen, Bath, Bedfordshire, Berkshire, Birmingham, Bradford, Bristol, Cambridgeshire, Cardiff, Central London, Cheltenham, Cornwall, Coventry, Derby, Devon, Docklands, Dorset, Dundee, Durham, East Midlands, East Sussex, Edinburgh, Essex, Glasgow, Gloucester, Hampshire, Hertfordshire, Kent, Lancashire, Leeds, Leicester, Leicestershire, Lincolnshire, Liverpool, London, Manchester, Middlesbrough, Midlands and in various parts of the West Midlands

Details of other Insurance Broker Jobs can also be found in other UK wide areas including:-
Milton Keynes, Newcastle, Newcastle Upon Tyne, Norfolk, North London, North Midlands, Northampton, Northamptonshire, Northern Ireland, Northumberland, Norwich, Nottingham, Nottinghamshire, Oxford, Oxfordshire, Plymouth, Salisbury, Scotland, Sheffield, Shropshire, Somerset, South East, South London, South Midlands, Southampton, Staffordshire Surrey, Swansea, Swindon, Telford, Wales, Warwickshire, West End, West London, West Midlands, Worcestershire, York and throughout Yorkshire.

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