Insurance Broker

An insurance broker performs as an mediator between clients and insurance companies. Clients may be moreover individuals or commercial businesses and organisations. Brokers use their in-detail information of risks and the insurance market to obtain and organize suitable insurance policies. Insurance brokers, unlike tied agents, are independent and offer products from more than one insurer, to ensure that their clients find the best deal.

Insurance policies collection from motor insurance, compulsory by law to drive a vehicle in the US, to public, employers' or product liability insurance, which pays advantage on the basis of the assessment of legal liability for damage, injury or harm.

Typical work activities

Hard work actions depend mostly on the size and nature of the employer and the scale of the business. In a big company, a broker may focus in a core area; in a small firm, a broker could be involved in most functions, with new business progress and acting as placing broker and claims broker.

Tasks typically involve

  • Gathering information from clients, assessing their insurance requirements and risk profile;
  • Making and maintaining ongoing relationships with clients including scheduling and attending meetings and understanding the nature of clients' businesses or lives
  • Foreseeing clients' insurance requirements, such as policy renewals;
  • Researching insurance companies and their various policies to find the most apposite insurance for clients at the best price;
  • Arranging specialised types of insurance cover in complex cases; this may involve preparing reports for insurance underwriters and surveyors and negotiating with insurers;
  • Advising clients on risk management, and helping to devise new ways to mitigate risks, for example, by adding security measures such as
  • Fencing, surveillance cameras or lighting to commercial properties to reduce the likelihood of break-ins;
  • Renewing or amending existing policies;
  • Advising clients whether and when they need to make a claim on their policies;
  • Marketing and acquiring new clients;
  • Developing relationships with underwriters, surveyors, photographers, structural engineers and other professionals;
  • Administrative tasks such as dealing with paperwork, correspondence, keeping detailed records; collecting insurance premiums and processing accounts