Insurance broker
Insurance brokers use their knowledge of the insurance market to help find the right cover, at the best price, for their customers.
Also known as: Insurance agent
- Starter salary£25,000 a year
- Experienced£65,000 a year
- Typical hours37 to 40 a week
What you'll do
As an insurance broker, you could:
- gather information from clients to assess their insurance needs and risk
- research insurance policies
- arrange insurance cover for clients
- negotiate the best policy terms with insurers
- renew or adjust existing policies
- make sure paperwork meets all legal requirements
- follow up on leads and generate new business
- advise customers who are making a claim
- prepare documents and keep client records up to date
- create case reports for insurance underwriters and risk surveyors
Working environment
You could work in an office or at a client's business.
Skills and knowledge you'll need
You'll need:
- customer service skills
- knowledge of financial services
- the ability to sell products and services
- to be thorough and pay attention to detail
- the ability to use your initiative
- excellent verbal communication skills
- administration skills
- maths knowledge
- to be able to use a computer and the main software packages confidently
How to become a insurance broker
You can get into this job through:
- a university course
- an apprenticeship
- working towards the role
University
You can take a degree before applying for a place on an insurance company's graduate training scheme. Useful subjects include:
- business studies
- finance
- surveying
- engineering
- law
It can help to get some relevant work experience whilst you're studying, for example through an internship or placement.
Your university careers service will be able to help you with this.
Entry requirements
You'll usually need:
- 2 to 3 A levels, or equivalent, for a degree
Apprenticeship
You could apply to do an apprenticeship with an insurance firm or company that provides brokerage services, such as:
- Insurance Practitioner Level 3 Advanced Apprenticeship
- Insurance Professional Level 4 Higher Apprenticeship
- Senior Insurance Professional Level 6 Degree Apprenticeship
Entry requirements
You'll usually need:
- 5 GCSEs at grades 9 to 4 (A* to C), or equivalent, including English and maths, for an advanced apprenticeship
- 4 or 5 GCSEs at grades 9 to 4 (A* to C) and A levels, or equivalent, for a higher or degree apprenticeship
Work
You could start as an insurance trainee or junior account handler and become a broker through workplace training and promotion.
Employers will usually look for a minimum of GCSEs at grades 9 to 4 (A* to C), including English and maths, and A levels. IT skills are also important.
Experience in customer care, finance or sales could be helpful, though not essential.
Once working, you could take qualifications offered by the Chartered Insurance Institute (CII) , such as:
- Certificate in Insurance - for trainee brokers
- Diploma in Insurance
- Advanced Diploma in Insurance
Career path and progression
With experience, you could move into account handling or a business development role.
You could also specialise in a particular area, like property, commercial or motor insurance.
You could progress into management or move into other types of insurance work, like loss adjusting, underwriting or compliance.
You might also set up your brokerage business or work as a freelance consultant.
Professional and industry bodies
You could join the Chartered Insurance Institute or British Insurance Brokers' Association for professional development and training opportunities.
Guides for this industry
Related roles
- Job roleInsurance underwriter
- Job roleInsurance account manager
- Job roleInsurance claims handler
- Job roleFinancial adviser
- Job roleInsurance loss adjuster
Contains public sector information licensed under the Open Government Licence v3.0