An Insurance Advisor is a professional who plays a vital role in the insurance industry by providing expert advice and guidance to individuals and businesses seeking insurance coverage. They serve as intermediaries between clients and insurance companies, helping clients understand their insurance needs and finding suitable policies to protect their assets and mitigate risks. In this blog post, we will describe the primary responsibilities and the most in-demand hard and soft skills for Insurance Advisors.

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Main Responsibilities of an Insurance Advisor

The following list describes the typical responsibilities of an Insurance Advisor:

Accept

Accept risks within established guidelines.

Achieve

• Achieve individual goals for client service, sales, quality and productivity.

• Achieve performance targets.

• Achieve personal and team performance goals.

Adapt

• Adapt to changes within the insurance industry, including coverages, filings and procedures.

• Adapt your sales strategy based on the nature of your call, and customers priorities.

Address

Address client inquiries, concerns, and complaints in a timely and professional manner.

Administer

Administer a Personal Insurance book of business.

Advise

Advise and recommend coverages and policies that best meet client needs.

Analyze

• Analyze insurance policies and coverage options from various providers.

• Analyze issues and determines next steps.

Answer

• Answer account related questions / requests from clients, lawyers, and banks.

• Answer customer inquiries, striving for a 3-minute call time.

• Answer inbound calls and respond to online inquiries.

• Answer inquiries and provides accurate information about insurance products.

Apply

Apply critical thinking during client interactions in order to identify and analyze.

Assess

Assess clients' insurance requirements and financial situations.

Assist in

• Assist agent with quoting personal lines insurance.

• Assist clients in completing insurance application forms accurately.

• Assist clients, listen to their needs and propose personalized solutions.

• Assist customers with their daily insurance needs via phone, in person and by email.

• Assist direct channel customers with system issues or complaints and follow up as required.

• Assist in the collection of required coverage information and necessary deposit and renewal premiums.

• Assist new direct channel clients with their general insurance (home and auto) insurance needs.

• Assist the service team with income phone calls.

• Assist with building relations with referral partners (mortgage lenders, real estate agents, etc).

Attain

Attain sales, profitability and service goals for all products.

Attend

• Attend industry conferences and networking events to enhance professional knowledge.

• Attend required BCAA and industry training courses.

• Attend training sessions, courses, etc. to maintain up-to-date skills.

Believe

Believe in integrity and building success by developing relationships with others.

Build

• Build and maintain strong relationships with clients to foster loyalty and trust.

• Build strong working relationships with investor clients to support business growth.

Check

Check confidentiality agreements (with support from the Legal team, where required).

Collaborate with

• Collaborate and communicate effectively with team members and all other teams.

• Collaborate and help educate Advisors in matters relating to insurance concepts.

• Collaborate with a team who is passionate about igniting unparalleled Member.

• Collaborate with other supplier's Underwriters.

• Collaborate with colleagues and insurance specialists to address complex client needs.

• Collaborate with insurance underwriters to negotiate policy terms and premiums.

• Collaborate with internal and external stakeholders in order to deliver on business objectives.

Commit

Commit to current underwriting rules and workflow procedures.

Compare

Compare and evaluate insurance quotes to find the most cost-effective options.

Complete

• Complete home, commercial and farm inspections as required.

• Complete inspections and re-inspections.

Conduct

• Conduct a full file review for underwriting quality and risk exposure for each customer contact.

• Conduct all meetings over the phone and record daily activities using Salesforce.

• Conduct periodic policy reviews with clients to ensure coverage remains adequate.

• Conduct presentations or seminars on insurance-related topics.

• Conduct risk assessments for individuals and businesses to identify potential vulnerabilities.

Contact

• Contact clients for renewal information and updating information as changes occur.

• Contact appropriate branch staff or division for underwriting guidance when needed.

Coordinate

• Coordinate the involvement of appropriate business partners when necessary.

• Coordinate with insurance carriers to resolve policy-related issues.

Create

• Create and follows up on future business leads and upcoming renewals.

• Create and maintain a professional development plan.

• Create and maintain computer records on all systems to ensure accuracy of client information.

Customize

Customize insurance plans to meet specific client requirements.

Deepen

Deepen Member relationships through cross-selling other products and services.

Deliver

Deliver the business results in alignment with the desired client experience.

Determine

Determine customer needs and respond appropriately.

Develop

• Develop and implement strategies to expand the client base and generate new leads.

• Develop knowledge and skills to qualify and follows up with sales leads.

• Develop new business opportunities by securing expiry dates and cross selling.

• Develop new relationships and deepen existing ones.

• Develop relationships with key insurers and manage client-insurer relationships.

• Develop your client base and maintaining clients relationships.

Drive

• Drive and support cross-selling strategies for existing clients, as well as new relationships.

• Drive growth in new business and meet revenue and profitability targets.

Educate

Educate clients on the importance of insurance and its benefits.

Engagement

Engagement in on-going coaching sessions & observations with your sales manager.

Ensure

• Ensure accurate risk selection and adhere to underwriting criteria.

• Ensure client satisfaction.

• Ensure compliance with government agencies and corporate policies and procedures.

• Ensure customer satisfaction.

• Ensure quality and productivity objectives are met.

• Ensure quality of call standards are met and maintained.

Enter

Enter new business and policy change data.

Estimate

Estimate and quote policy premiums complying with underwriting guidelines.

Evaluate

Evaluate insurance applications and assess risks before submitting them to carriers.

Execute

Execute new business presentations.

Follow

Follow ethical and legal standards in all interactions and transactions.

Follow-up

Follow-up with customers after sales to complete the sales process.

Foster

Foster and seek relationships with teammates across all levels of Brown & Brown.

Generate

Generate leads through community involvement and events.

Handle

• Handle and resolve client concerns in a positive proactive fashion.

• Handle ongoing service requests from your clients.

• Handle policy renewals and make adjustments based on clients' changing needs.

• Handle service and sales calls to ensure the maximum level of service for our clients.

Help

• Help customers understand insurance, provide advice, and address concerns.

• Help with billing issues and policy transactions.

Identify

• Identify clients needs and cultivate effective sales relationships.

• Identify opportunities to offer other Marsh services which would be valuable to clients.

• Identify the appropriate selling features in each quote and offer most relevant products.

• Identify which risks require inspections and re-inspections.

Implement

• Implement advice and customer service procedures and approaches to complete work efficiently.

• Implement marketing strategies to promote insurance services and attract new clients.

Initiate

Initiate new business through lead generation, lead qualification and establishing first contact.

Interact with

Interact with clients by phone and email, and proactively hold client reviews, as needed.

Issue

Issue new and renewal home and travel insurance policies, cancellations and endorsements.

Keep

• Keep customer updated throughout the resolution process.

• Keep up-to-date with changes in insurance laws and regulations.

• Keep up-to-date with industry knowledge and competitor's product offerings.

Maintain

• Maintain Account Receivable's in accordance company policy.

• Maintain accurate records of client interactions and policy details.

• Maintain and manage a book of business and strong client relationships.

• Maintain annual I nsurance licensing requirements.

• Maintain annual Insurance licensing requirements.

Make

Make outbound calls for customer policy renewals.

Manage

• Manage Member / Customer Accounts and Concerns.

• Manage walk-in queries, sales and up-selling of products to new and existing clients.

• Manage your pipeline of leads and Achieve results.

Negotiate

Negotiate commercial terms of engagement and issue engagement documentation.

Optimize

Optimize sales opportunities in each call, while prioritizing customers' needs.

Oversee

Oversee all aspects of your new clients with the assigned account manager.

Participate in

• Participate and drive new marketing initiatives and sales strategies.

• Participate in Community Marketing events and organizational initiatives.

• Participate in community marketing initiatives.

• Participate in ongoing training programs.

• Participate in on-going training sessions to further develop skills.

• Participate in store events designed to promote brand awareness and educate consumers.

• Participate in the business community and / or professional associations.

• Participate in the local community and support TDI charity and community initiatives.

• Participate in various CRC Projects and initiatives.

Perform

Perform defined policy administration tasks and submits for approval as required.

Prepare

Prepare quotes and issue insurance contracts.

Process

• Process and manage member / customer documents.

• Process home and travel insurance endorsements and cancellations.

• Process insurance claims and guide clients through the claims settlement process.

• Process payments and follow up on outstanding payments.

Promote

• Promote brand awareness through participation in branch and community events.

• Promote client loyalty through attention to detail and relationship-building.

• Promote company features and benefits as part of ongoing portfolio reviews.

Prospect

Prospect, develop, propose, and bind new business.

Provide

• Provide accurate and professional service by telephone, written mail or e-mail.

• Provide accurate and professional service in person, by telephone, written mail or e-mail.

• Provide advice and recommendations.

• Provide back office sales support to elite second tier PlanRight advisors.

• Provide clear explanations of insurance policies, terms, and conditions to clients.

• Provide customers with claims counseling.

• Provide integrated life insurance planning and advice.

• Provide policy and coverage information to clients upon request or inquiry.

• Provide prompt, accurate, and friendly customer service.

• Provide quotes and sell new policies to customers.

• Provide risk management advice to clients to prevent potential losses.

• Provide service to agents from the DAN (Desjardins Agents Network) and their clients.

Quote

Quote new business through referrals, introductory letters as well as walk-in clients.

Recommend

• Recommend suitable insurance products that align with clients' needs and budgets.

• Recommend workflow improvements to deliver a more efficient operation.

Remain

• Remain current on all company philosophies and procedures.

• Remain up to date on product knowledge and build relationships with insurance providers.

Renew

Renew home and travel insurance policies by reviewing current coverages and making recommendations.

Research

Research and stay updated on insurance market trends, products, and regulations.

Respond to

• Respond to information requests and follows established protocols.

• Respond to phone inquiries regarding coverage and how to make a claim.

Retain

• Retain existing book of business.

• Retain existing accounts by providing excellent customer service and holistic risk assessments.

Review

• Review and ensure accuracy of policy documentation from insurers before forwarding to the client.

• Review and provide processing instructions on endorsements, and follow up on payments.

Schedule

Schedule do not change unless required.

Secure

Secure future in the digital space.

Sell

• Sell and cross-sell TuGo' s products in accordance with established procedures and scripts.

• Sell and upgrade products and services to new and renewing members.

• Sell available insurance products to new customers or services existing customers.

• Sell new policies / write new business to existing or new clients, retain existing book of business.

Stay informed about

Stay informed about emerging risks and potential insurance solutions.

Support

• Support clients in the claims process.

• Support financial services sales activities in the agency.

• Support for your career-related training and development.

• Support programs to build multi-client relationships.

• Support team in administration and management of business.

• Support the agency team in their daily activities.

• Support the development of tools and delivery of training focused on delivering business.

Take

Take phone calls and handle information requests.

Transition

Transition new accounts to the service team.

Update

• Update client information as changes occur.

• Update job knowledge by participating in educational opportunities.

Use

• Use data analytics and market research to identify potential growth opportunities.

• Use procedures effectively and seamlessly during calls.

Visit

Visit properties of homes for field underwriting and take photos of properties.

Work

• Work on the prospective clients and provide proposals and run sales calls.

• Work with company portals.

• Work with leaders who support your development through coaching and managing opportunities.

• Work with the agent to establish and meet marketing goals.

Write

Write new business, upsell existing clientele to achieve established growth targets.

Most In-demand Hard Skills

The following list describes the most required technical skills of an Insurance Advisor:

1. Knowledge of various insurance types, including life, health, property, and casualty.

2. Understanding of insurance policies, terms, and conditions.

3. Proficiency in insurance software and customer relationship management (CRM) tools.

4. Strong analytical and quantitative skills for risk assessment and pricing.

5. Ability to conduct thorough research and market analysis.

6. Knowledge of insurance laws, regulations, and compliance requirements.

7. Familiarity with underwriting guidelines and practices.

8. Competence in data analysis and interpreting insurance-related data.

9. Proficiency in using spreadsheets and financial calculators.

10. Understanding of insurance claims procedures and documentation.

11. Knowledge of actuarial principles and techniques.

12. Ability to explain complex insurance concepts in simple terms to clients.

13. Competence in evaluating insurance carrier financial strength and stability.

14. Familiarity with insurance product development and pricing strategies.

15. Understanding of risk management principles and methodologies.

16. Knowledge of industry-specific software for insurance needs assessment.

17. Competence in using online insurance marketplaces and platforms.

18. Proficiency in preparing and delivering insurance proposals.

19. Understanding of insurance fraud detection and prevention measures.

20. Knowledge of emerging trends and technologies in the insurance industry.

Most In-demand Soft Skills

The following list describes the most required soft skills of an Insurance Advisor:

1. Excellent communication and interpersonal skills for building client relationships.

2. Strong sales and negotiation abilities to secure insurance deals.

3. Empathy and understanding to address clients' concerns and needs effectively.

4. Active listening skills to comprehend clients' unique insurance requirements.

5. Problem-solving and critical thinking skills for assessing risks and recommending solutions.

6. Time management and organizational skills to handle multiple client interactions.

7. Adaptability to stay resilient in a dynamic and evolving insurance market.

8. Confidence and assertiveness in presenting insurance options to clients.

9. Patience and composure to handle difficult or emotional client situations.

10. Professional ethics and integrity to uphold the highest standards of trustworthiness.

Conclusion

Insurance Advisors play a pivotal role in the insurance industry, providing valuable guidance to clients seeking protection and risk management solutions. By possessing a combination of technical expertise, practical skills, and personal qualities, these professionals can excel in their roles and contribute to the financial security and well-being of individuals and businesses alike.