Profession insurance broker

Insurance brokers advise on and sell life, accident, automobile, liability, endowment, fire, marine and other types of insurance to new and established clients.

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Personality Type

  • Conventional / Enterprising
  • Enterprising / Conventional

Related professions insurance

  • Appraiser of businesses
  • Appraiser of damages
  • Claims adjuster
  • Insurance claims examiner
  • Insurance representative
  • Insurance services manager

Knowledge

  • Sales promotion techniques

    The techniques used to persuade customers to purchase a product or a service.

  • Principles of insurance

    Understand the principles of insurance, including third party liability, stock and facilities.

  • Insurance law

    The law and legislation concerning the policies of transferring risks or losses from one party, the insured, to another, the insurer, in exchange for a periodic payment. This includes the regulation of insurance claims and the business of insurance.

  • Insurance market

    The trends and major driving factors in the insurance market, insurance methodologies and practices, and the identification of the major stakeholders in the insurance sector.

  • Claims procedures

    The different procedures that are used to formally request a payment for a suffered loss from an insurance company.

  • Actuarial science

    The rules of applying mathematical and statistical techniques to determine potential or existing risks in various industries, such as finance or insurance.

  • Types of insurance

    The various types of risk or loss transfer policies that exist and their characteristics, such as health insurance, car insurance or life insurance.

Skills

  • Prospect new customers

    Initiate activities in order to attract new and interesting customers. Ask for recommendations and references, find places where potential customers can be located.

  • Advise on financial matters

    Consult, advise, and propose solutions with regards to financial management such as acquiring new assets, incurring in investments, and tax efficiency methods.

  • Analyse insurance needs

    Gather information about the insurance needs of a client, and give information and advice about all possible insurance options.

  • Apply technical communication skills

    Explain technical details to non-technical customers, stakeholders, or any other interested parties in a clear and concise manner.

  • Create insurance policies

    Write a contract that includes all the necessary data, such as the insured product, the payment to be made, how often the payment is needed, the personal details of the insured and on what conditions the insurance is valid or invalid.

  • Compare insurance products

    Compare the offers of several insurance companies in order to find the product which will best suit the client's needs and expectations.

  • Protect client interests

    Protect the interests and needs of a client by taking necessary actions, and researching all possibilities, to ensure that the client obtains their favoured outcome.

  • Sell insurance

    Sell insurance products and services to customers, such as health, life or car insurance.

  • Calculate insurance rate

    Gather information on your client's situation and calculate their premium on the basis of various factors such as their age, the place where they live and the value of their house, property and other relevant assets.

  • Inform on insurance products

    Inform customers on insurance-related matters such as current insurance offers, changes in existing contracts or the advantages of certain insurance packages.

  • Handle financial transactions

    Administer currencies, financial exchange activities, deposits as well as company and voucher payments. Prepare and manage guest accounts and take payments by cash, credit card and debit card.

Optional knowledge and skills

identify clients' needs tax legislation use data processing techniques financial products deliver visual presentation of data create cooperation modalities decide on insurance applications manage contracts manage claim files contract law build business relationships organise a damage assessment modern portfolio theory apply statistical analysis techniques maintain relationship with customers customer service manage contract disputes promote financial products social security law analyse insurance risk initiate claim file manage claims process file claims with insurance companies develop investment portfolio monitor legislation developments provide cost benefit analysis reports maintain records of financial transactions analyse claim files

Common job titles

  • Insurance practice leader / vice president
  • Assistant broker
  • Broker - commercial lines
  • Broker placement specialist, property
  • Inside broker
  • Insurance sales broker - memphis tn
  • Insurance specialist
  • Broker
  • Sales representative-spec ins