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Insurance broker

insurance agent
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Financial services
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Career outlook for insurance broker

UK Salary Ranges

Entry-level

£20,000

Experienced

£65,000

Currently employed in Scotland

2,300

Salary information is provided by the "National Careers Service". "Oxford Economics" supplies job forecasts and employment figures. Due to COVID-19 the jobs market is constantly changing. Some of the information may not reflect the current situation.

What's it like?

You would get the best deal to protect people and companies financially against accidents and problems.

People will trust you to find the best, value-for-money insurance policy for them and their circumstances.

If you work in retail insurance you would find car, home, life, pet and travel insurance for individuals. You’d organise insurance for companies to protect its property and any unexpected interruptions to business.

In commercial insurance you'd deal with more complex high value situations. This could mean working for companies in the marine, aviation, oil and gas and financial industries.

It also includes unusual requests, like insuring sportspeople and celebrities.

You would:

  • Check your client’s needs and assess their risks
  • Compare features, level of cover and price of different insurance policies
  • Negotiate the best policy terms with the insurers
  • Arrange insurance cover for your client
  • Renew or change existing policies
  • Make sure that the insurance cover meets legal requirements
  • Collect insurance premiums and process accounts
  • Advise customers who need to claim on their insurance policy
  • Keep detailed records using computer systems
  • Issue documentation
  • Prepare reports for insurance underwriters and surveyors in complex cases

You would offer products from more than one insurance provider, so your advice must be impartial. You’d need to keep up to date about insurance products and financial markets.

Working conditions

Hours

You would typically work standard office hours Monday to Friday. Some brokers open on Saturdays. Part-time work is also possible.

Environment

You would be mainly office-based, contacting clients over the telephone and by email, although in some jobs you may travel locally to visit client companies.

UK employment status

Full-time

84%

Part-time

6%

Self employed

9%

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Here are some of the skills needed for this job. Sign in to see how your skills match up.

  • Building relationships
  • Verbal communication
  • Written communication
  • Working with numbers
  • Observation
  • Attention to detail
  • Developing a plan
  • Negotiating

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Getting in

Entry requirements for courses can change. Always contact the college, university or training provider to check exactly what you'll need.

Foundation Apprenticeships

Choosing a Foundation Apprenticeship as one of your subjects in S5 and S6 can help you get a head start with this type of job.

You'll get an SCQF level 6 qualification (the same level as a Higher) plus valuable work placement experience and skills you can't learn in a classroom.

Interested? Find out what's on offer at your school on Apprenticeships.scot.

Qualifications

When applying straight from school you will usually require Nationals and many employers prefer Highers. Or qualifications at SCQF levels 4 to 6 or relevant work-based qualifications such as Modern Apprenticeship in Providing Financial Services (SVQ level 2/3).

A relevant Higher National Certificate (SCQF level 7), Higher National Diploma (SCQF level 8), or a degree (SCQF level 9/10) is usually required to gain access to graduate training schemes.

Larger insurance broking companies increasingly offer graduate training programmes for applicants with a 2:2 honours degree or above. Qualifications in accounting, business management, economics, finance, mathematics and statistics are particularly useful.

Useful subjects

  • English (required by most employers and courses) 
  • Maths (required by most employers and courses)
  • Accounts
  • Economics
  • Business subjects
  • ICT subjects

You will also need

Once in the job a range of professional qualifications are available.

Most individuals study insurance qualifications from Chartered Insurance Institute (CII) but to be eligible to offer certain types of financial advice such as life, health or mortgage insurance you will require an appropriate Financial Conduct Authority (FCA) qualification.

Helpful to have

 Qualifications and experience in finance and/or customer service such as Skills for Work Financial Services (SCQF level 5).