An insurance broker's primary duty is to sell life, property, casualty, health, automotive, or other more specific types of insurance. This goal is accomplished by calling or visiting current and potential clients to explain the benefits of current or offered policies. An insurance broker will need to be able to analyze policies to determine what options will be the best fit for the customer and his or her beneficiaries. An insurance broker might also sell supplemental insurance policies that go above and beyond what a typical policy provides.
Depending on the type of insurance being sold, an insurance broker might need to collect a large variety of information from his or her clients. An insurance broker might need to collect the client's personal demographics, health history, family health history, personal finance information, information on personal property, and types of existing coverage. The broker will use this information to help determine the premiums of the policy.
In some cases, an insurance broker will earn his or her commission by referring a client to another company or broker that specializes in a more specific type of insurance. These insurance brokers might also sell to fields that are more difficult or risky to insure. These policies might insure emergency vehicles and responders, individual high-cost items, fishing boats, and people who have a higher level of risk.
An insurance broker will need to find new clients. This can be achieved through advertising, cold calling, and providing good service to generate word-of-mouth leads. Retaining clients is also important. Customers are retained by providing good service and helping clients when they need to file a claim. Many brokers keep track of clients' claims and work hard to ensure that they are processed quickly.
An insurance broker can work in a variety of places. He or she might be an independent broker and work out of a home or small office. Insurance brokers might earn their commission by simply referring people to the right broker, or to an insurance agency that does the same. A broker might be employed by an insurance company or underwriter.
Insurance Broker Tasks
Sell life, property, casualty, health, automotive, or other types of insurance.
May refer clients to independent brokers, work as independent broker, or be employed by an insurance company.