Profession insurance broker

Insurance brokers promote, sell and provide advice on various insurance policies such as life insurance, health insurance, accident insurance and fire insurance to individuals and organisations. They also work as intermediaries between individuals or organisations and insurance companies, and negotiate the best insurance policies for their clients, arranging insurance cover where needed. Insurance brokers engage with new prospective clients, provide them with quotes for their policy needs, assist them in the signing of new insurance contracts and propose specific solutions to their specific problems.

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Personality Type

  • Conventional / Enterprising

Knowledge

  • 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.

  • Sales promotion techniques

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

  • Actuarial science

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

  • Principles of insurance

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

  • Claims procedures

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

  • 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.

  • 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.

Skills

  • Sell insurance

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

  • 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.

  • 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.

  • Analyse insurance needs

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

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • Apply technical communication skills

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

Optional knowledge and skills

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