Insurance Broker
Job overview
Insurance brokers, also known as insurance account executives, act as intermediaries between insurance companies and insurance buyers.
They assess the risk profiles of individuals and companies, and then advise them on the most suitable insurance product for their needs.
Thereafter insurance brokers facilitate the actual insurance cover for policyholders.
Individuals can choose from various types of insurance cover such as life, vehicle or travel insurance.
Companies can also secure cover from a wide array of products that include general liability, commercial property or professional liability insurance among others.
What do people do in this occupation?
Responsibilities for insurance brokers usually include the following:-
- Talking to clients to gain an understanding of their insurance needs
- Talking to insurers to negotiate the price as well as terms and conditions of insurance for each client
- Forming and maintaining business relationships in order to secure new clients
- Attending networking events to build relationships which may help to secure future business
- Maintaining existing policies on behalf of clients
What kinds of people are suitable for this career?
In order to be successful, insurance brokers must possess the following traits:-
- The ability to work well within a team
- Excellent communication skills
- The ability to socialise in different situations
- Excellent telephone manners
- The ability to think analytically
- The capacity to consolidate and summarise information
- A confident demeanor
- Good time management skills
- The capability to make good first impressions
- An aptitude for repetitive work as they often have to conduct the same conversation several times with different people
What qualifications are needed?
Employers in the insurance industry expect passes at A Level coupled with good O Levels (including A-C grades in English and Maths).
University graduates usually opt for graduate training schemes, where they enter at a more senior level and are usually offered a permanent job at the end of the programme.
Entry through graduate training schemes is extremely competitive and has an extensive interviewing process.
It is quite common on graduate training schemes for employers to encourage or demand that employees study for additional qualifications.
These qualifications are often regulated by the country's relevant insurance industry body, which in Zimbabwe would be the Insurance Institute of Zimbabwe (IIZ).
While graduate training schemes are an excellent way to enter the insurance business at a fairly high level, many people find success by taking an entry level position and working their way up.
As account executives gain experience, and possibly IIZ qualifications, they may become eligible for more senior positions and management roles. They may also choose to specialise in a particular type of insurance.