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Insurance Broker

The role

Insurance Brokers work to find the best insurance deals for their clients. They offer impartial advice, based on the insurance requirements of their client, their extensive knowledge of the insurance market, the research they carry out, and the negotiations they engage in with the insurance companies.

They may also renew or change existing insurance policies for their clients, collect insurance premiums, provide advice on making insurance claims, and prepare reports for insurance underwriters where required.

Insurance Brokers may work in a particular field of insurance, such as health insurance.

How to become an Insurance Broker

Insurance Brokers often start in more junior positions and work their way up from there. Typical starting positions are those of trainee broker or junior account handler. Entry requirements for these positions vary between employers.

Minimum requirements are GCSEs that include maths and English, however A-Levels or above will help a candidate’s progression and also increase their chances of getting onto a management training scheme. Apprenticeships are also sometimes available for candidates.

Some companies have graduate training schemes for those with degrees, and while a degree in any subject is often accepted, those who have studied maths or business studies may have an advantage.

Once employed, a candidate would receive on-the-job training, and work towards professional qualifications with the Chartered Insurance Institute (CII). There are three levels of CII qualification which takes a candidate from trainee to professional: the CII Certificate in Insurance, the CII Diploma in Insurance and the CII Advanced Diploma in Insurance (ACII).

When a candidate holds an ACII and has gained at least five years’ industry experience, they gain Chartered Insurance Broker status.

Candidates who work in the London Insurance Market with complex and specialist risks – occasionally known as Lloyd’s brokers – are also required to hold the CII's Lloyd’s and London Market Introductory Test (LLMIT).

Skills and knowledge required

  • Good analytical skills
  • Excellent communication skills
  • Confidence in negotiation
  • High level of organisation
  • Excellent research skills
  • IT and maths skills

Income

Starting salaries can range from £15,000 to £23,000 a year. Candidates with experience earn in the region of £20,000 to £40,000. Those at senior management level can earn anywhere from £50,000 to £100,000.

The hours

Typical hours for a full-time role are normal office hours from Monday to Friday, however some Insurance Brokers may also work on Saturdays.

Useful websites

www.cii.co.uk – Chartered Insurance Institute

www.fssc.org.uk – Financial Services Skills Council

www.biba.org.uk – British Insurance Brokers Association (BIBA)

www.ifslearning.ac.uk – ifs School of Finance

www.lloyds.com - Lloyds

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