The CV Writing Workshop

Insurance brokers are the link between insurance companies and customers. They use their knowledge of the insurance market to find the most suitable policies for individual or business clients. Insurance brokers offer products from more than one insurer, so they must give impartial advice.

The work usually involves:

• gathering information from clients to assess their insurance needs
• researching policies from a number of insurance companies
• arranging insurance cover for clients
• negotiating with insurers for policies at the best terms
• renewing or changing existing policies
• collecting insurance premiums and processing accounts
• advising people making a claim on their insurance policy
• inputting data to a computer system, sending letters and keeping detailed records
• preparing reports for insurance underwriters and surveyors, in complex cases.

Some brokers advise on all types of insurance, others may specialise in one main area, such as motor insurance. Lloyd’s brokers deal with complex and specialist risks in the London Insurance Market.

Hours and Environment

As an insurance broker you will usually work 9am to 5pm, Monday to Friday. Part-time work is possible.

The work is office-based, but may involve travel to visit clients. If you work for a company with overseas business, you may sometimes travel abroad.

Skills and Interests

To be an insurance broker you need:

• excellent spoken and written communication skills
• confident negotiating skills
• honesty and integrity, to put the client’s interests first
• organisational skills
• accuracy and attention to detail
• report writing skills
• the ability to gather and analyse information
• good business sense
• good computer and mathematical skills.

Entry

You will often start as an insurance technician, junior account handler or trainee broker, and work your way up to broker as you gain experience and insurance industry qualifications.

Entry requirements can vary between employers when you join the insurance industry. Companies often prefer you to have some GCSEs (A-C)/S grades (1-3) including English and maths. Some employers may ask for A levels/Highers or similar qualifications to get onto management training schemes.

If you have a degree, you could join a large insurance broking firm’s graduate training scheme. Most degree subjects are accepted, but you may have an advantage with a good degree (class 2:2 or above) in a business or maths-related subject.

Whatever your qualifications, you will find it useful to have experience in office work, sales or financial customer service.

You may be able to get into this job through an apprenticeship scheme. Funding for apprenticeships is available for 16-24 year olds and some over-25s. To find out more, visit www.apprenticeships.org.uk. For information about apprenticeships in other parts of the UK, see Scotland, Wales and Northern Ireland.

Training

Your training will usually be a mixture of on-the-job learning and study for insurance industry qualifications, possibly through a company’s structured training scheme.

Many insurance brokers study for qualifications from the Chartered Insurance Institute (CII). The CII provides a clear career structure from trainee to professional level, known as Pathways, with qualifications as follows:

• CII Certificate in Insurance – for trainee brokers
• CII Diploma in Insurance
• CII Advanced Diploma in Insurance (ACII).

You can achieve Chartered Insurance Broker status when you hold ACII and have at least five years’ experience in the industry. See the CII’s website for more details on their qualifications and membership.

Some employers offer other entry-level insurance qualifications, such as:

• Institute of Financial Services (IFS) Certificate of Regulated General Insurance (CeRGI)
• Chartered Institute of Bankers in Scotland (CIOBS) General Insurance Certificate.

You should keep up-to-date with new products and financial regulations throughout your career. The CII and the British Insurance Brokers’ Association both run a range of short courses at training centres throughout the UK.

Lloyd’s
If you deal with the London Insurance Market, you should pass the Lloyd’s and London Market Introductory Test (LLMIT). The LLMIT is delivered by the CII, and also counts towards the CII’s other insurance qualifications. Please see the CII’s website for more details.

Opportunities

The UK’s insurance industry employs over 330,000 people. As an insurance broker, you could work for firms ranging in size from small brokers to large multinational companies. There are jobs in all parts of the UK.

Jobs may be advertised in the local press and the financial pages of the national press, in specialist industry magazines like Post Magazine, Insurance Age and Insurance Times, and by financial services recruitment websites and agencies.

With experience, you could move into account handling, claims broking or new business, or choose to specialise in one area of insurance like motor or marine. You could also progress into management, or move into other types of insurance work such as loss adjusting, underwriting or compliance.

Annual Income

Figures are intended as a guideline only.

Trainee brokers can start on £15,000 to £23,000 a year.
Brokers with three to five years’ experience usually earn £20,000 to £40,000 a year.
Salaries at senior level can be £50,000 to £100,000 a year.

Part of a broker’s income may be made up of commission and bonuses. A salary package may also include a company car, insurance and pension benefits.

Further information

51 Gresham Street
London
EC2V 7HQ
Tel: 0845 257 3772

25 The North Colonnade
Canary Wharf
London
E14 5HS
Tel: 020 7066 1000

14 Bevis Marks
London
EC3A 7NT
Tel: 0870 950 1790

One Lime Street
London
EC3M 7HA
Tel: 020 7327 1000

Drumsheugh House
38b Drumsheugh Gardens
Edinburgh
EH3 7SW
Tel: 0131 473 7777

20 Aldermanbury
London
EC2V 7HY
Tel: 020 8989 8464

IFS House
4-9 Burgate Lane
Canterbury
Kent
CT1 2XJ
Tel: 01227 818609