Insurance brokers work in the interest of clients to sell life, car, property, and other types of insurance that help protect individuals in times of stress. An intermediary between clients and insurance companies, brokers determine the insurance needs of a customer then consult numerous providers for policies. Brokers then present clients with a selection of policies, explaining and negotiating their terms, conditions and price, to get their client the best deal.
Whether representing individuals, businesses or public institutions, an insurance broker may be tasked with gathering information from clients, assessing risk profiles, building and maintaining relationships, researching, selling, and renewing policies, advising clients on claims, keeping detailed records, ensuring appropriate forms are completed, and staying up-to-date on the insurance market. Brokers conduct business both over the phone and in-person with clients and other individuals like insurance underwriters.
An insurance broker has many responsibilities and almost all involve interaction with others. Networking allows brokers to practice their social skills and build relationships with other insurance agents and potential clients, and helps to secure business down the road. Many insurance brokers attend networking events as a job requirement.
- Ability to consolidate and summarize information for clients
- Excellent interpersonal skills with a talent for networking
- Ability to work well as a member of a team
- Strong telephone skills
- Technical knowledge of the insurance industry