Insurance Broker Profile and Description

An insurance broker is a person who forms a link between the client and the insurance company and sees to it that the client gets the best insurance policy and insurance cover. An insurance broker works closely with an insurance company and must have in depth knowledge of the risks in the market and what kind of cover would suit which client.

Insurance Broker Duties and Responsibilities

An insurance broker has to tend to a lot of duties and tasks; the following given points would throw light on a few of them:

  • Collecting data of the client and identifying the insurance related needs of the client.
  • Working closely with insurance company and conducting meetings with clients whenever required.
  • Suggesting the best possible policies etc to the clients.
  • Renewing or changing existing policies of the clients.
  • Marketing and trying to build up new clientele.
  • Studying the insurance market to be aware of the new trends and policies etc.
  • Collecting the insurance premiums and the processing accounts etc.

Insurance Broker Skills and Specifications

The following are the skills required by a person who wants to be an insurance broker:

  • Oral and written communication skills of an insurance broker must be strong.
  • Decision making and problem solving abilities.
  • Good Computer use and critical thinking.
  • Inclination towards improving knowledge.
  • Significant use of memory is also required to be a good insurance broker.
  • Knowledge of all insurance policies, premiums etc.

Insurance Broker Education and Qualifications

The following given educational requirements must be possessed by an insurance broker:

  • A broker does not necessarily need to have a degree or bachelor’s program but a license is required.
  • Degree in a field like insurance, finance etc, though not required, but is preferred.

Insurance Broker Salary

On an average, an insurance broker earns about $38000 in a year.