Insurance broker: job description (2024)

What does an insurance broker do? Graduate salaries | Typical employers | Qualifications and training | Key skills

Insurance brokers liaise between clients and insurance companies, finding the client the best deal for their insurance cover.

You could work in retail insurance, providing general cover in areas such as property, travel, motor and pet insurance, or in commercial insurance, dealing with more complex, high-value areas such as marine, aviation and oil and gas.

Typical duties include:

• building and maintaining business relationships with clients
• scheduling and attending meetings
• helping clients’ articulate their current and future insurance needs
• researching insurance policies and products
• negotiating policy terms and costs with insurance providers
• explaining policy terms to clients
• arranging insurance cover for clients with the insurance provider
• collecting insurance premiums
• keeping detailed computer records
• preparing reports for insurance underwriters
• advising clients on making claims on their policies
• renewing or amending existing policies for clients.

You’re unlikely to need to work unsociable hours regularly, although some employers may expect you to meet clients at weekends or evenings.

Graduate salaries

Starting salaries for graduate starting out as insurance brokers tend to be around £22,000. It’s common to receive bonuses related to your performance (this is known as commission).

Typical employers of insurance brokers

• Large and small brokerages
• Lloyds, an insurance market
• Insurance and reinsurance companies.

Many national insurance brokers operate structured graduate training schemes. You’ll find these advertised on targetjobs and by careers services. You’ll also find jobs advertised by specialist recruitment agencies.

Qualifications and training required

There are routes into a career as an insurance broker for both university graduates and school leavers.

For graduates, a degree in any subject is acceptable, although business/management-related degrees or numerical degrees (such as economics or maths) may be beneficial. Having a degree means you have the opportunity to join the graduate scheme of a large insurance broking firm, although these are often very competitive. Relevant banking and/or insurance experience gained via internships and work experience placements will help your application stand out.

School leavers can start as trainees in insurance technician or trainee broker roles, and work their way up by gaining insurance qualifications and experience. Some firms also offer apprenticeships in insurance.

Key skills for insurance brokers

Successful applicants will have:

• excellent communication skills
• confident negotiation skills
• excellent time management
• the ability to make decisions based on data
• analytical skills
• accuracy and attention to detail
• interpersonal skills
• verbal and written communication skills.

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