Insurance Broker job description
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What does a Insurance Broker do?
The Insurance Broker plays a crucial role in advising clients on the best insurance policies that suit their needs. They negotiate with insurers to secure optimal coverage and premiums, thereby contributing to the company's reputation and client satisfaction.
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What are the Key Responsibilities of Insurance Broker
- Assess clients’ insurance needs and financial status to propose appropriate plans.
- Research and recommend insurance products, ensuring compliance with regulations.
- Negotiate policy terms and conditions with insurance providers.
- Develop and maintain relationships with clients and insurers.
- Process insurance policy renewals, amendments, and claims.
- Provide risk management advice to minimize liabilities.
- Keep up-to-date with industry trends and regulatory changes.
What are the Skills and Requirements for a Insurance Broker?
- Excellent negotiation and communication skills.
- Strong analytical and risk assessment abilities.
- Proficient in using insurance brokerage software.
- Detail-oriented with the ability to manage complex client portfolios.
- Strong customer service skills.
What are the KPIs to track for Insurance Broker?
The Insurance Broker's performance is evaluated based on increased client acquisition, retention rates, successful negotiation of premium rates, and client satisfaction scores.
Client Acquisition
Increase the number of new clients onboarded.
Client Retention
Maintain or improve client retention rates.
Negotiation of Premiums
Secure favorable premium rates for clients.
Reports to
Branch Manager
Collaborates with
Insurance Underwriters, Compliance Officers
Leads
Junior Brokers
Are any specific tools or software required for the Insurance Broker role?
- Applied Epic
- Vertafore
- Microsoft Office Suite
What is the qualification of Insurance Broker?
Bachelor's degree in Finance, Business Administration, or related field, with 2-4 years of experience in insurance sales or brokerage.
