5 essential skills you need to be an insurance broker
Are you considering a career as an insurance broker? Whether you are just starting out or if you are already an experienced broker, you can benefit from developing five essential skills. From interpersonal skills to organisational abilities, there is a range of capabilities that will increase your chances of being hired. Read our informative blog and discover what you need to be successful when applying for an insurance vacancy. You can find insurance jobs on Job Mail.
What is a broker?
An insurance broker assesses the needs of their clients and offers them advice on which policies to invest in. Brokers identify good deals and ensure that their clients find what they are looking for. They typically work during regular business hours, however, some companies may require you to work on evenings and Saturdays if necessary. Once you have enough experience, you can look for senior level broker positions. Advantages of this career choice include a good salary, commission, and benefits. You may be provided with a company car, and you can gain experience in the industry by working as a junior account handler or as an administrator.
Here are the five skills you need before you start applying for insurance jobs:
1. Excellent interpersonal skills
If you are looking into an insurance vacancy, you will need to have superior interpersonal skills. Brokers are required to liaise with other insurance professionals, which requires the ability to relate to other people. Outstanding verbal communication skills are also needed in order to recruit new clients.
The ability to network is important since this skill increases your chances of securing new business. You will need to have good listening skills in order to gain an understanding of what your client’s needs are. Written communication skills are essential since you will be responsible for writing reports. Trustworthiness is an important characteristic as it forms the foundation of a good relationship with clients.
2. Negotiation skills
Brokers are responsible for researching the different insurance policies that are available. Once they have found suitable policies, they need to negotiate with underwriters in order to secure the best deal for their clients. Self-confidence is required to be a good negotiator. Good decision-making skills are necessary to complete the duties that come with insurance jobs. You will need to analyse the different policies and decide on a price that is suitable for your client in order to complete the negotiation process.
3. Time-management skills
If you want to succeed as a broker, you’ll need to be organised. The extensive range of tasks that are associated with this position means that you’ll need to manage your time properly in order to get everything done. When you are meeting with clients, it’s important to be on time as this helps to demonstrate your reliability, which in turn builds trust. As well as being organised, you will also need to be able to multi-task. Paying attention to details and completing tasks meticulously are vital characteristics for this role.
4. Ability to work under pressure
An insurance broker must be able to cope with high levels of stress. The rising number of insurance companies has increased the workload that brokers need to handle. They are responsible for researching the policies that each company offers in order to provide their clients with the best deals.
5. Administrative capabilities
When employers are looking for someone to fill an insurance vacancy, they want candidates with outstanding administrative abilities. From handling renewals to collecting premiums, there are plenty of administrative tasks that need to be completed by brokers. They assist with changing their client’s existing policies if necessary and they also help to process accounts. As with most jobs, brokers must be computer literate in order to complete their administrative tasks.
Important questions, like what is a broker and what skills they need, has been answered in this blog. Search for insurance jobs with confidence and knowledge of what to expect. Not only is the career of a broker lucrative, it also comes with a pleasant work environment.