Insurance Broker Job Description

March 19, 20120 Comments

Insurance broker Job Profile and Description

An insurance broker has the same profile as any insurance agent. But whereas an insurance representative is a licensed agent who works for a particular company, the insurance broker is more of an independent worker and represents many companies.

Duties and Responsibilities

  • When an insurance broker initially starts his business, his main concern is to find prospective customers
  • Prospecting for customers never stops and he may have to participate in charitable organizations or community functions
  • The insurance broker schedules appointments to evaluate he customers’ needs and suggests appropriate insurance policies for them
  • Since he represents various insurance agencies, he provides a wide range of insurance options to the customer
  • They help the customer to calculate the premiums and find out a convenient payment method
  • They have to inspect property, or health condition of the customer to determine insurance risk
  • They need to maintain records of all the polices and remind the customer of renewals
  • He also need to manage his own personal income and expenses, like paying the bills, self-employment tax and social security etc

Skills and Specifications

  • Insurance brokers need to have very good communication both written and verbal
  • They must be good with numbers and have be analytical
  • Strong negotiations and sales skills are also required
  • A lot of legwork is needed in this line and so insurance workers must be hardworking
  • They have to work under pressure and meet deadlines and targets on time
  • Networking skills are very important especially as the broker doesn’t work for any particular company

Education and Qualifications

Those interested in this field can go for a bachelor’s degree in any field finance, accounting, sales or business administration. There aren’t any specific degrees available for this job, but there institutes offering specialized diploma courses which may be of help.

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