An insurance broker is a “go-between”—they go between the business or customer and the insurance company. An insurance agent works for only one insurance company while an insurance broker represents and works for many insurance companies. An insurance broker specializes in finding the best possible insurance for the best price with the insurance company that will best suit your needs. Often a broker will come back to you with several policy options for you to choose from, as well as their expert opinion on which policy and insurance company is your best bet.
Insurance brokers usually have access to dozens, even hundreds, of insurance companies. Brokers do not charge their customers for their service; instead the insurance companies pay them a commission on the policies they sell to their customers.
In order to have a broking job, you need to be a licensed insurance broker and then gain experience in the industry. A good broker knows the insurance industry and can search the companies for policies for their customers easily and quickly. As a broker, you will be red-tape cutter for your customer, know all the jargon, processes and procedures of the insurance companies and help your customer understand the insurance policy by putting it into more layman terms.
Broking jobs exist in every aspect of insurance, but particularly auto and home insurance. There are some life insurance brokers available, but they are primarily found in home and auto insurance.
Broking jobs in the UK are overseen by BIBA—the British Insurance Brokers Association, of which all brokers are a member. This association helps to ensure that brokers are who they say they are—true brokers who represent many insurance companies instead of a broker who is really an agent for only one insurance company. The BIBA symbol is imperative if you are looking for a broker, or becoming a broker—people across the UK will look for this symbol as a method of legitimizing your broking job.
The BIBA also offers training to ensure that people in broking jobs maintain their level of understanding of the insurance market in the UK. Brokers who take the courses are brought up to date on the most current trends, statistics and warnings of the insurance industry—all of which are key to having a broking job.
Hugo Reyes is a writer for Insurance Jobs, a leading recrutiment website specialising in underwriting, compliance, reinsurance and Broking Jobs. Insurance Jobs is the premier resource for those seeking a career in the Insurance sector.
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