Insurance Broker Essay

1039 words - 4 pages

We picked broker/agent occupation for our assignment. Responsibilities of the job vary according to the size and type of employer: smaller companies offer less opportunity for specialization than larger firms. Typical duties include:Gathering information from clients, assessing their insurance needs and risk profileBuilding and maintaining ongoing relationships with clients including scheduling and attending meetings and understanding the nature of clients' businesses or lives;Foreseeing clients' insurance needs, such as policy renewalsResearching insurance companies' policies and negotiating with underwriters to find the most suitable insurance for clients at the best priceArranging specialized types of insurance cover in complex cases; this may involve preparing reports for insurance underwriters and surveyors and negotiating with insurersAdvising 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-insRenewing or amending existing policiesAdvising clients whether and when they need to make a claim on their policiesMarketing and acquiring new clientsDeveloping relationships with underwriters, surveyors, photographers, structural engineers and other professionalsAdministrative tasks such as dealing with paperwork, correspondence, keeping detailed recordsWinning accounts against competitorsKeeping up with changes in the insurance market and in the clients' industriesCollecting insurance premiums and processing accountsQualities that will make brokers successful are following:Good communicator: The best agents can talk to anyone; they can effectively communicate with people from different backgrounds and cultures.Professional: An agent who presents himself as a professional and stays abreast of changes in law and the industry will be an agent who has more customers.Good Listener - The agent should be able to discern what the consumer wants or needs and be able to provide the product that will satisfy the consumer.
Accessible: a good agent ensures that you can reach him when you need to, even during odd hours.Attention to detail: Looking at the policy, paying attention to legal and insurance terminology in the policy.Excellent written communication: this is required to contact underwritersIT skills: knowledge of computer system and softwaresGood at researching and analysing information: this is needed to research new policies different underwriters are offeringExcellent customer service: The insurance agent who periodically checks in with you to ensure that all is well is a person who puts your business needs first.Honesty: Best agents are honest. They don't try to sell you insurance that you don't need. This helps in gaining trust of clients and hence long term success.Negotiating skills: This relates to communication skills where agents require skills to negotiate...

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