As an insurance broker, you are acting upon your clients’ behalves and providing advice to them in their interests. You would serve as the link between insurance companies and your customers. To become one, you also must have skills in math and English, and also have A-levels in school. If you are interested in financial services and enjoy working with figures, then you will enjoy working as an insurance broker.
Skills You Need to Acquire:
Insurance brokers communicate with people daily, and so must have excellent communication skills, interpersonal skills, and the ability to understand and communicate complex information. It is also a must to be very independent and organised, as your clients are depending on you to communicate and negotiate with the insurance companies for them. Benjamin Thornton from Laing Markey Lyness says, “Communication skills and being helpful to customers is vital when it comes to Broker’s service. The key to success is to build a long-term relationship with both vendors and customers”. You can also go into any insurance you like, so whatever you like to do, you could insure for clients, and this means that you would have experience in the branch of insurance you would like to go into. These skill sets are crucial to becoming an insurance broker, and imperative to becoming a great one.
How to Qualify?
Becoming an insurance broker also requires certain qualifications, too. It is open to all graduates, but you should also have a degree in one of these subjects: accounting or finance, business, management, economics, and mathematics. These degrees will help you to become the best insurance broker that you could be. Working on any job previously that utilizes any of the above skills, and also a job in financial services, you are equipped to become an insurance broker. Having succeeded very well in both math and English will also suit you well, and having relevant A-levels will also help you to progress through any training into more senior positions than others. These A-Level qualifications will also open up more opportunities for you to advance into other branches if that is what you are interested in. You may also get the chance to undergo an insurance apprenticeship. You need at least financial services skills, high skills in both math and English, and having relevant A-Levels, to become an insurance broker.
Improve and Scaling Up:
Even having acquired all of these skills, there are many ways that you can improve upon them to make yourself even more qualified for becoming an insurance broker. A way that you could do this is by targeting what skill you need to improve. For example, if you require targeting communication, practice communication with a close friend or relative, such as having conversations related to your insurance set. You should also ask brokers with more experience for advice to be able to answer more questions from clients and be able to be more qualified for any challenge. You should also set up your goals, such as more clients, or put more work into clients, whatever your goal is, you should set it up in your mind or on paper, and continue to work towards it.
There are many responsibilities to being an insurance broker. Insurance agents are responsible for giving their clients suitable insurance for their personal needs. They need to build and maintain business relationships with clients, requiring good communication. Insurance brokers also need to assess and discuss clients’ current and future insurance needs, negotiate policy terms and costs with potential insurance companies, arrange insurance cover for clients, and renew and mend existing policies for clients, among other things, including writing reports and organising meetings and files for clients.
One other important side of any job is the salary. The average salary is €25,878 per year. Experience does have a moderate effect on your job pay, and most people move after about 20 years. Starting out, you would earn about €16,000 to €20,000 as a junior or trainee broker. Once you are qualified, you could make up to €40,000. If you can become a senior broker or account director handling more complex risks, then you could earn between €40,000 and €80,000, perhaps even more.
Becoming an insurance broker includes many responsibilities, but if you know what you are doing and know that this is what you want to do, then you are already half way there.