An Insurance Broker is a professional who acts as an intermediary between insurance companies and clients seeking insurance coverage. They play a critical role in helping individuals and businesses find the right insurance policies that meet their specific needs and provide adequate protection. In this blog post, we will describe the primary responsibilities and the most in-demand hard and soft skills for Insurance Brokers.

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Main Responsibilities of an Insurance Broker

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

Adhere to

• Adhere to the underwriting criteria set out by our broker partners.

• Adhere to underwriting criteria set out by broker partners.

Advise

• Advise clients and negotiates transactions to secure the Company's revenue.

• Advise clients on risk management and loss prevention strategies.

Analyze

• Analyze client coverage, exposures and loss experience, to determine risk requirements.

• Analyze insurance policy documents to ensure accuracy and compliance.

Answer

Answer all calls in a timely fashion.

Ask

Ask each client for referrals and explain our referral program.

Assess

Assess risks, calculate premiums, bind coverage and prepare documentation.

Assist

• Assist branch supervisor and underwriting manager when needed.

• Assist clients in completing insurance applications and forms.

• Assist clients with insurance policy renewals and updates.

• Assist customers with claims, complete forms.

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

• Assist with processing payments and other administrative tasks.

Attend

Attend industry events and seminars to stay informed about industry trends.

Build

• Build and maintain long-term relationships with clients and insurers.

• Build personalized client relationships through proactive communication.

• Build strong lasting relationships with new and existing clients.

Choose

Choose the appropriate coverage.

Collaborate

• Collaborate with insurance underwriters to assess risk factors.

• Collaborate with other professionals, such as accountants and financial advisors.

Communicate

• Communicate and respond to broker inquiries regarding amendments to policies in a diligent manner.

• Communicate with clients, brokerage staff and company underwriters.

• Communicate with insurance companies, and follow through the business cases in timely manner.

Complete

Complete quote / firm order information.

Comply with

Comply with ethical standards and legal regulations in insurance sales.

Conduct

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

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

• Conduct policy reviews and annual renewals.

• Conduct renewal and follow up phone calls to maintain relationships and client service levels.

• Conduct sales calls for new business and making timely renewal calls for existing customer business.

Coordinate

Coordinate and follow up on client leads.

Create

• Create positive relationships with brokers and insurers, to foster more opportunity and growth.

• Create relationships from a cold start.

Customize

Customize insurance packages to meet individual client requirements.

Determine

• Determine customer needs and respond appropriately.

• Determine the appropriate premium for the policy.

• Determine the client's needs.

Develop

• Develop and implement marketing strategies to attract new clients.

• Develop and maintain a positive, professional image with clients and staff.

• Develop and maintain productive business relationships with key insurance underwriters.

• Develop and maintain productive working relationships with peers, insurers and brokers.

• Develop and maintain thorough knowledge of the Aviation insurance marketplace, products and services.

• Develop insurance quotes, makes sales presentations and closes sales.

• Develop new client business from prospecting, referrals and lead.

• Develop training and skills development strategies and action plans for team members.

• Develop your client base and maintaining clients relationships.

Ensure

• Ensure accurate processing of policy documentation.

• Ensure accurate risk selection and adhere to underwriting criteria.

• Ensure appropriate forms, medical examinations and other policy requirements are completed.

• Ensure files are accurate and up to date.

• Ensure that all information is accurately entered and maintained in Broker Management System.

Establish

• Establish client insurance coverage, calculate premiums and establish method of payment.

• Establish customer relationships and follow up with customers, as needed.

Explain

• Explain any exclusions to the policy.

• Explain policy terms, conditions, and exclusions to clients.

• Explain the benefits of the coverage.

Facilitate

Facilitate communication and negotiation between clients and insurance carriers.

Follow

Follow privacy, compliance and and security procedures.

Follow-up

• Follow-up on all client accounts to resolve outstanding activities.

• Follow-up with clients to provide ongoing support and service.

Generate

• Generate leads and build a strong network of potential clients.

• Generate leads through community involvement and events.

• Generate new business through existing networks and Centers of influence.

• Generate new business through existing networks and given leads.

• Generate new commercial and / or personal lines sales.

Handle

• Handle client Payment inquiries.

• Handle insurance claims on behalf of clients and assist with the process.

• Handle ongoing service requests from our clients by both telephone & email.

• Handle renewals, endorsements and claims.

• Handle underwriter requests and adjustor requests as required.

Help

• Help manage and distribute incoming phone calls.

• Help resolve complaints and problems in accordance with the organization's practices.

Identify

• Identify and assess clients' insurance needs and risk profiles.

• Identify and assess potential institutional, business and individual client markets.

• Identify, develop and recommend strategic directions and business positions.

• Identify opportunities to drive customer value with cross selling / up selling.

Implement

Implement the Placement strategy to achieve growth goals and provide exceptional client service.

Input

Input and confirm coverage information and invoicing transactions into Epic.

Issue

• Issue binders, processing requests from brokers as required.

• Issue in-house endorsements and new business on company portals, when needed.

• Issue pink slips when needed in addition to completing miscellaneous duties as assigned.

Keep

• Keep detailed records of client interactions and transactions.

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

• Keep up to date with industry developments through training courses, seminars or publications.

Lead

Lead and Follow market broking.

Maintain

• Maintain accurate up-to-date client records on our broker management system.

• Maintain a database of insurance policies and client information.

• Maintain a good understanding and knowledge of marketplace, products, brokerages, and competitors.

• Maintain a strong work ethic with a total commitment to success each and every day.

• Maintain contact with clients to ensure satisfaction at all times via calls or email.

• Maintain files internally / centrally.

• Maintain professional relationships with underwriters, co-workers and clients.

• Maintain thorough understanding of all products and services offered by the company.

Manage

• Manage client relationships and market relationships.

• Manage clients' files and coordinate endorsements, renewals and claims.

• Manage incoming customer service calls.

• Manage leads and provide quotes to prospective clients in a timely manner.

• Manage renewals and new enquiries.

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

Meet

• Meet new business production goals and objectives as established.

• Meet sales targets established in coordination with the broker\owner.

Monitor

• Monitor insurance claims and respond to clients' enquiries.

• Monitor insurance market conditions and competitor offerings.

Offer

Offer exceptional service to clients while building and managing client relationships.

Oversee

Oversee and maintain a book of business.

Perform

Perform endorsements as required, to amend risks to the broker's needs.

Prepare

• Prepare and present insurance proposals to clients.

• Prepare and present quotes to clients in a professional manner.

• Prepare Applications and submission for both new business, renewals and policy remarkets.

• Prepare documentation for clients.

• Prepare new business documents to be sent for signatures, etc..

• Prepare remarkets for clients.

Process

• Process all change requests, endorsements, and renewals online with company portals.

• Process change requests on company portals, when needed.

• Process letters, endorsements, renewals and new business.

• Process New Business Uploads on company portals.

• Process renewals and day to day client inquiries.

Provide

• Provide accurate and transparent insurance quotes to clients.

• Provide exceptional and prompt service to clients.

• Provide expert advice and recommendations based on client needs and budget.

• Provide information and answer inquiries to new or existing clients.

• Provide invoicing instructions.

• Provide our clients the coverage they need by building strong business relationships.

• Provide prompt, accurate, and friendly customer service.

• Provide quotes and sell new policies to customers.

• Provide service to existing customers and selling the company's insurance products and services.

Recognize

Recognize and support growth goals.

Recommend

• Recommend and explain coverages based on individual customer needs.

• Recommend suitable insurance products and coverage options.

Record

Record broking activities in market sheets.

Remain

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

Research

Research and compare insurance policies from various providers.

Resolve

Resolve client complaints and concerns in a timely and professional manner.

Retain

Retain and grow assigned clients / prospects.

Re-underwrite

Re-underwrite files to ensure policy information and documentation remains up to date.

Review

• Review and analyze quotes and binders to ensure appropriate coverage.

• Review and invoice all endorsements (and renewals, if necessary).

• Review clients' existing insurance coverage and identify gaps or overlaps.

• Review / Create / Enhance Submission.

• Review quotes and recommend coverage based on individual consumer needs.

• Review renewal policies for accuracy and premium, ensuring a high retention rate.

Scan

Scan and attach documents to our client management system.

Sell

Sell automobile, fire, health, life, property, marine, aircraft and other types of insurance.

Send

Send initial engagement emails to clients.

Solidify

Solidify customer relationships through retention efforts and follow through on commitments.

Support

• Support and service to existing clients.

• Support clients in the claims process.

• Support other members of the team when needed.

• Support other team members when needed.

Travel

• Travel as required for client, prospect and industry events.

• Travel occasionally for Broker visits and meetings.

Understand

Understand the business and support the team reach their goals.

Use

• Use a customer-focused, needs-based review process to educate customers about insurance options.

• Use the system to record all contact with clients, both written and prospects.

Work with

• Work with clients to file necessary insurance documentation.

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

Write

Write new business and develop new business opportunities by securing expiry dates and cross-selling.

Most In-demand Hard Skills

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

1. In-depth knowledge of various types of insurance products (e.g., life, auto, property).

2. Familiarity with insurance regulations and compliance requirements.

3. Competence in insurance policy analysis and risk assessment.

4. Understanding of insurance policy language and terminology.

5. Proficiency in insurance quoting and proposal tools.

6. Knowledge of insurance underwriting guidelines and practices.

7. Competence in using customer relationship management (CRM) software.

8. Understanding of insurance pricing and premium calculations.

9. Knowledge of insurance claim procedures and documentation.

10. Competence in data analysis and market research.

11. Understanding of insurance industry trends and market dynamics.

12. Knowledge of insurance contract terms and conditions.

13. Competence in conducting insurance needs analysis for clients.

14. Understanding of different insurance product lines and coverage options.

15. Knowledge of marketing and lead generation strategies in the insurance industry.

16. Competence in using productivity tools like Microsoft Office.

17. Understanding of insurance carrier ratings and financial stability.

18. Knowledge of insurance sales and negotiation techniques.

19. Competence in handling and processing insurance applications.

20. Understanding of insurance agency operations and workflows.

Most In-demand Soft Skills

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

1. Excellent communication and interpersonal skills.

2. Strong sales and persuasion abilities.

3. Effective problem-solving and critical thinking skills.

4. Adaptability and resilience in a competitive market.

5. Active listening and empathetic understanding of client needs.

6. Collaboration and teamwork for working with clients and insurers.

7. Time management and organizational skills for managing client relationships.

8. Strong work ethic and goal-oriented mindset.

9. Positive attitude and motivation to achieve sales targets.

10. Effective negotiation and relationship-building skills.

Conclusion

Insurance Brokers play a vital role in helping individuals and businesses navigate the complex world of insurance and find the best coverage to protect their assets and interests. By possessing a combination of technical expertise, practical skills, and personal qualities, these professionals can excel in the competitive insurance market and build lasting relationships with clients based on trust and reliability.