Profession insurance broker

Insurance brokers advise on and sell life, accident, automobile, liability, endowment, fire, marine and other types of insurance to new and established clients.

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Personality Type

• Conventional / Enterprising

Related professions insurance

• Appraiser of businesses
• Appraiser of damages
• Claims adjuster
• Insurance claims examiner
• Insurance representative
• Insurance services manager

Knowledge

• Insurance market

  The trends and major driving factors in the insurance market, insurance methodologies and practices, and the identification of the major stakeholders in the insurance sector.

• Actuarial science

  The rules of applying mathematical and statistical techniques to determine potential or existing risks in various industries, such as finance or insurance.

• Types of insurance

  The various types of risk or loss transfer policies that exist and their characteristics, such as health insurance, car insurance or life insurance.

• Principles of insurance

  Understand the principles of insurance, including third party liability, stock and facilities.

• Sales promotion techniques

  The techniques used to persuade customers to purchase a product or a service.

• Insurance law

  The law and legislation concerning the policies of transferring risks or losses from one party, the insured, to another, the insurer, in exchange for a periodic payment. This includes the regulation of insurance claims and the business of insurance.

• Claims procedures

  The different procedures that are used to formally request a payment for a suffered loss from an insurance company.

Skills

• Apply technical communication skills

  Explain technical details to non-technical customers, stakeholders, or any other interested parties in a clear and concise manner.

• Analyse insurance needs

  Gather information about the insurance needs of a client, and give information and advice about all possible insurance options.

• Advise on financial matters

  Consult, advise, and propose solutions with regards to financial management such as acquiring new assets, incurring in investments, and tax efficiency methods.

• Protect client interests

  Protect the interests and needs of a client by taking necessary actions, and researching all possibilities, to ensure that the client obtains their favoured outcome.

• Sell insurance

  Sell insurance products and services to customers, such as health, life or car insurance.

• Handle financial transactions

  Administer currencies, financial exchange activities, deposits as well as company and voucher payments. Prepare and manage guest accounts and take payments by cash, credit card and debit card.

• Create insurance policies

  Write a contract that includes all the necessary data, such as the insured product, the payment to be made, how often the payment is needed, the personal details of the insured and on what conditions the insurance is valid or invalid.

• Calculate insurance rate

  Gather information on your client's situation and calculate their premium on the basis of various factors such as their age, the place where they live and the value of their house, property and other relevant assets.

• Prospect new customers

  Initiate activities in order to attract new and interesting customers. Ask for recommendations and references, find places where potential customers can be located.

• Compare insurance products

  Compare the offers of several insurance companies in order to find the product which will best suit the client's needs and expectations.

• Inform on insurance products

  Inform customers on insurance-related matters such as current insurance offers, changes in existing contracts or the advantages of certain insurance packages.

Optional knowledge and skills

Source: Sisyphus ODB