The insurance industry has a wide range of career opportunities, from underwriting, and claims adjusting to risk management, and sales. One role that is in high demand is the role of an insurance broker.
An insurance broker's role is to act as an intermediary between Insurance companies and their clients, helping individuals and businesses find the right coverage to meet their needs. The market size of the insurance broker industry is huge at £15.8 billion in 2023 and this is increasing faster than any other role in the insurance and financial sectors.
Certain qualifications and licensing requirements are typically needed to work as an insurance broker. Apart from qualifications, certain soft skills are equally crucial for success in being an insurance broker.
Here are some of the top skills for insurance brokers to cultivate:
Customer Service is a Top Skill for an Insurance Broker
At the core of an insurance brokers role is customer service, and ensuring they are providing exceptional services. Brokers must be able to understand their client’s situations, listen actively to their concerns and tailor solutions to address their unique needs.
To have exceptional customer service, insurance brokers also need strong interpersonal skills, empathy and a genuine want to help their customers. These skills work together and build trust and relationships that create excellent customer service.
Numeracy is another skill needed to become an insurance broker
Working in insurance involves a decent amount of numeracy and data, from policy premiums and deductibles to coverage limits and claims calculations. Insurance brokers need to be confident when working with numbers, interpreting complex financial information, and explaining it in a way that clients can easily understand.
Organisational skills are needed to be an insurance broker
Brokers are often juggling multiple clients at once, each client with their own unique set of policies and renewal dates. It's essential that insurance brokers have organisational skills, they can manage their time effectively, ensuring that no details or deadlines fall through the cracks. They need to be able to prioritise tasks, meet deadlines and keep accurate records.
Problem-solving is another top skill for insurance brokers
Each client is unique, and their situations can vary every time, this means brokers frequently encounter challenges or unforeseen circumstances. The ability to be problem solvers, to think critically, identify potential issues are key for insurance brokers.
Attention to Detail is another skill set needed to become an insurance broker
Insurance policies can be long and complex documents with many clauses, exclusions and fine print. This means to become an insurance broker you must have a good eye for details to ensure that everything is fully understood and there are no oversights or misinterpretations that could have serious implications for clients.
Analytical Skills are important to becoming an insurance broker
Evaluating and comparing different insurance products from different providers requires strong analytical skills. Insurance brokers need to be able to assess different policy's coverage, limitations and costs, and then collate that information to make an informed decision on which option is the best for their client's unique circumstances.
Communication is key for insurance brokers
Effective communication is key within the insurance industry, brokers must be able to explain complex concepts in clear and concise language that clients can easily understand. Strong written and verbal communication skills are essential for conveying information, addressing concerns and making sure that clients fully understand the policy.
While having qualifications and other requirements is important, having these soft skills can give aspiring insurance brokers a significant advantage in the competitive field.
Looking to become an insurance broker?