You came across this post for two reasons: either you were curious about insurance brokers or you were looking for the requirements in hopes to become one.
An insurance broker is a professional individual or an institution that provides protection products to buyers, and bridges the insured party and the insurance company. As an insurance broker, it is important to have an enhanced persuasion skills and marketing strategy to be able to convince individuals to purchase their products. Likewise, they must be knowledgeable enough to each insurance policy offered by the company he works for to help solve queries and challenges that may arise.
Either ways, here are the requirements in joining such profession:
- Knowledgeable on the types of insurance policies such as life insurance, health insurance, investment insurance, property insurance, and vehicle insurance, among others.
- Proficient in operating computers and statistics.
- Able to work under pressure and with a target in mind (target-oriented).
- Has time to attend meetings and persuasion skills, which is one of the important features of becoming a broker.
- Has focus and is able to provide solutions to clients.
- Can build long-term relationships with clients.
- At least a high school graduate and has the willingness to get a professional license as an insurance broker.
The regulation of insurance matters between the insured party and the insurer (insurance company) usually occurs smoothly because insurance brokers work based on the authority that becomes an extension of the government and regulated by the Act. The following is the responsibility of an insurance broker.
- Insurance brokers are responsible for introducing prospective clients to risk management strategies, thus the insurance plan can be chosen in accordance with the client's conditions, including the business and financial conditions.
- Matters relating to effective marketing strategies, including up sell for old clients, bookkeeping system updates, databases and records, and even monitoring of claims and fair insurance distribution between the insured and the bearer are already in the responsibility slot.
- The insurance broker is responsible for submitting regular progress reviews to each interested party.
The responsibility of insurance brokers is also accompanied by authority. This authority becomes a united force with the duties, roles and responsibilities that are charged and become work bills for the insurance broker.