What is Insurance Broking?
Insurance provides a service to customers who wish to be protected from loss caused by events such as fire, theft, accident or illness. The customer pays a regular premium and receives a written policy that sets out the conditions under which an insurance company would pay compensation.
Commercial banks provide insurance for their clients. Insurance brokers provide a link between clients who need insurance and insurers who provide cover. They identify clients’ needs and approach the insurers most likely to give the best quotations.
If I work in Insurance Broking what will I be doing?
Brokers provide a link between clients needing insurance and insurers who provide cover. A broker first identifies a client’s needs, assesses the hazards they face and examines any existing policies they possess. Having agreed a provisional insurance plan with the client, a broker approaches insurers to discuss the risks with the underwriters.
A broker always acts on behalf of the client, aiming to find the best quotes for cover from the underwriters. Where large sums of cover are needed, a broker may negotiate with underwriters from several insurance companies, getting each one to accept a percentage of the cover.
In larger companies, brokers may specialise in a particular function. Account executives advise clients on their insurance needs while placing brokers negotiate with insurance underwriters. Other specialists are claims brokers who negotiate a client’s claim with their insurer and agree on a settlement, and technical specialists who are involved in tax planning or surveying.
How do I get a graduate scheme / internship / entry level job or career in Insurance Broking?
Obtaining a graduate scheme, internship or entry level role in insurance broking can be very challenging and competitive – though very achievable by getting your application, CV, interview and general approach right. You can guarantee that ninety percent of applicants for insurance broking roles will not know how to apply, so getting your application in the top ten percent makes things a lot more achievable.
Approaching the company in the right way will make all the difference. Combining the right approach with a strong interview (and in some cases assessment centre) writ a strong focused tailored CV will go a long way. Make sure you have gone through the free videos on this sight by entering your name and email address in the top right of this screen underneath the video. Once you have filled this in you will have instant access to everything you need to secure your career in insurance broking.
