As an apprentice insurance broker, you will act as a liaison between customers, individuals or commercial enterprises, organisations, and insurance providers. You will also provide products from various insurers to ensure that your clients get the best deal.
Property damage (loss or damage to home and contents), motor, house, travel, or pet insurance are examples of individual policies. In contrast, corporate policies may include property damage and business interruption, motor fleet, business travel, employer’s liability, professional indemnity, and public and product liability insurance.
There are also opportunities to manage high-value and complex insurance coverage in industries such as marine, aviation, oil and gas, and financial risk.
Small brokerage firms may advise on different types of insurance, but larger corporations may have trading units that specialise in a specific form of insurance.
Responsibilities
Throughout your apprenticeship, you may help:
- gather information from clients to assess their insurance needs and risk
- research insurance policies
- arrange insurance cover for clients
- negotiate the best policy terms with insurers
- renew or change existing policies
- make sure all business and paperwork meets legal requirements
- advise customers who are making a claim
- use IT systems to keep records and prepare documents
- prepare case reports for insurance underwriters and surveyors.
Salary
- At an apprentice broker level you can earn around £20,000.
- Salaries for qualified brokers can range from around £22,000 to £60,000.
- Senior brokers/account directors can earn around £40,000 to £100,000, with salaries rising to in excess of £100,000 for those in managing/client director roles or those handling more complex, high-value risks.
Working hours
Normally, you’ll work standard office hours, but you may be needed to work certain evenings or weekends to meet with clients. In addition, there may be opportunities for hybrid employment, such as three days at the office and two days at home.
Career breaks are also an option, but you must remain up to date on industry advances.
Qualifications
Qualifications you can achieve as an apprentice insurance broker include:
- Level 4 Insurance Professional – Entry requirements for this level include 4 or 5 GCSEs at grades 9 to 4 (A* to C) and A levels, or equivalent, for a higher or degree apprenticeship.
Skills
On an insurance broker apprenticeship, you’ll learn:
- customer service skills
- the ability to sell products and services
- to be thorough and pay attention to detail
- the ability to use your initiative
- persistence and determination
- patience and the ability to remain calm in stressful situations
- excellent verbal communication skills
- maths knowledge
- to be able to use a computer and the main software packages confidently.
Employers
The vast majority of insurance brokers work for brokerage firms. They range from small specialised businesses to large worldwide insurance and financial advisory firms.
Professional development
You may use the designation ACII and apply to the CII for chartered insurance broker status after you have obtained the Advanced Diploma (subject to five years of experience, not necessarily post-qualification).
Career prospects
Brokers often get comprehensive training and gain a few years of general experience before moving into a specialised sector, management roles, or other activities within the organisation. There is a clear career path within the profession, with opportunities to expand into other insurance areas.
Specialist roles include:
- insurance account executive
- technical broker
- claims broker
- new business executive or manager (whose role is to find and develop new business relationships for a firm)
- sales manager (whose role it is to allocate new business once the initial client interest has been generated).