Are you good at assessing risk? Insurance brokers help their clients to get good value insurance cover.
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Insurance brokers act as intermediaries between clients and insurance companies to arrange the best possible cover at the best possible price.
The work depends on the size and nature of the employer and the scale of the business. In a large company a broker may specialise in a core area. In smaller firms brokers would be involved in most functions. These would include assessing the insurance needs and risk profile of clients as well as building and maintaining relationships with them. They would advise clients on risk management and arrange special types of insurance cover in complex cases.
You will need good GCSEs in maths and English and two A-levels. It is possible to train as an apprentice but it is usually better to have a degree preferably in maths or in a business related field. There are various graduate training schemes offered by large insurance broking firms.
Insurance broker companies vary from small independent firms to vast conglomerates. You will need to qualify with the Chartered Insurance Institute. If you wish to work with the Lloyd’s market you will also need to take the Lloyd’s Introductory Test.
Chloe is a forensic accountant (sometimes called a ‘forensic auditor’) for PriceWaterhouseCoopers. We caught up with her to find out why she likes her job.