Insurance broker
Get people the best deal to protect them financially against accidents and problems.
Also known as: insurance agent
About the job
What it's 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.
Explore more information about this job
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Other careers that you might like
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Stockbroker
Related industries
Many jobs can be done in lots of different industries. We've highlighted the ones we think are most important for this job.
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Financial and professional services
Top skills
Skills are things you're good at. Whether you know what yours are or not, everyone has them!
It's useful to learn which ones are important in a job so you know the areas you need to brush up on. It can also help you work out if you're suited to a career.
Meta skills
Here are some of the meta skills you'll need to do this job.
- negotiating
- developing a plan
- attention to detail
- observation
- working with numbers
- written communication
- verbal communication
- building relationships
Your skills are important
Our unique skillsets are what make us stand out from the crowd. Learn about each skill in depth and discover what employers look for in your applications and interviews.
Getting in
Explore each section to find more information about getting into this career.
Colleges and universities will list subjects you'll need for entry to a course. Some useful subjects include:
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Accounting
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Business
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Maths (Mathematics)
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Foundation Apprenticeship: Financial Services
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Foundation Apprenticeship: Accountancy
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Applications of Mathematics
You can get a head start in this career by doing a Foundation Apprenticeship in S5 and S6.
You'll get an SCQF level 6 qualification which is the same level as a Higher. You'll also learn new skills and gain valuable experience in a work environment.
Discover what's on offer at your school on Apprenticeships.scot.
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.
Qualifications and experience in finance and/or customer service such as Skills for Work Financial Services (SCQF level 5).
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.
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