There are many career opportunities within the insurance space, from underwriting, and claims to risk management these roles are all common but there is one role that is in particularly high demand and that is an insurance broker.
The role of an insurance broker is to be a middleman between Insurance companies and their clients, making sure that both parties are finding the right coverage for their specific needs.
Within the industry insurance brokers hold a large share of the market size at £15.8 billion in 2023. This share is only increasing more and more and is the largest out of any other role in the insurance sector.
To be an insurance broker you typically need qualifications and licensing requirements, apart from these qualifications certain soft skills are 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
Insurance brokers at the core need to have customer service skills and should be able to provide exceptional service. Brokers should understand their client’s be able to listen actively to their concerns and find solutions to address their needs.
Insurance brokers also need strong interpersonal skills, empathy and a genuine want to help. These skills work together to build trust and relationships that create excellent customer service.
Numeracy is another skill needed to become an insurance broker
Working in insurance involves numeracy and data, from policy premiums and deductibles to coverage limits and claims calculations. Insurance brokers need to be confident with numbers, interpreting complex financial information, and explaining in ways that clients can understand.
Organisational skills are needed to be an insurance broker
Brokers commonly juggle multiple clients, each client has their own unique policies and renewal dates. Insurance brokers must have organisational and time management skills, 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, this means brokers can 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. Insurance brokers must have a good eye for details to ensure that everything is fully understood and there are no misinterpretations.
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 assess different policy's coverage, limitations and costs, and then combine that information to make an informed decision on which option is the best for their client's circumstances.
Communication is key for insurance brokers
Communication is key within the insurance industry, brokers are expected to explain complex concepts in clear and concise language that clients can easily understand. Strong written and verbal communication skills are essential for relaying information, addressing concerns and making sure that clients fully understand.
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?