Insurance Broking

As an insurance broker you will be offering a host of insurance products and services for consideration, to your clients and helping them choose the best financial product that suits their needs.

What do Insurance Brokers do?

Insurance brokers sell, solicit or negotiate insurance for compensation. They act on behalf of their clients making them aware of the terms and conditions, benefits, exclusions and costs of a wide range of competing insurance policies to help them make purchases appropriate to their requirements and insurance budget . Being specialists in insurance and risk management, they help identify individual and/or business risks to help decide what to insure, and how to manage those risks in other ways. They also give technical advice required for making a claim.

What does a typical day at work involve?

  • Checked Selling various insurance policies to individuals and business companies on behalf of insurance companies
  • Checked Interviewing clients to obtain data about their financial resources and requirements and the conditions of the properties for insurance
  • Checked Explaining to policyholders about the policy for analysing insurance program , suggesting additions or changing beneficiaries
  • Checked Seeking out new clients by networking and generating lists of prospective clients
  • Checked Ensuring the fulfilment of policy requirements like completion of different forms and medical examinations,etc

Job roles in Insurance broking

Direct Insurance brokers operate between the end user and primary insurers. They provide their advice and services to their clients who are the individuals /companies who require to be insured.
Direct Life insurance brokers deal with Life insurance policies whereas Direct General insurance brokers deal with areas such as fire, marine, automobile, accident and other miscellaneous non-life insurance.
Reinsurance brokers are not linked to direct policyholders. Their clients are insurance companies which are looking for acquiring reinsurance from other larger companies for the purpose of reducing risk. They job is to negotiate rates and find the best policies to purchase from the reinsurance company.
They carry out work done by both direct and reinsurance brokers.

How to become an insurance broker

Step 1
Take any Stream at +2 level

You can take any stream at +2 level but taking up commerce stream may give you a better insight to this career field.

Step 2
Take a bachelor’s degree in any discipline

A bachelor’s degree in any discipline including sciences, commerce, engineering or law makes you eligible to take up training and licencing as an insurance broker.


Note:

You may also take up CA/ CS/ CWA/ FRM or associateship/ fellowship of Actuarial Society of India to become eligible.

Step 3
Take up 50/25 hours of online training conducted by National Insurance Academy

Number of hours of training required depends on your previous educational qualifications and pass the Broker’s Licencing examination with at least 50% marks

Step 4
Obtain Licence issued by Insurance Regulations and Development authority IRDA

Insurance broking Colleges

Name State District Type Website Course

Requirements for masters in insurance broking

Requirements for admission into a PG course in one of the top institutions to help you get an overall picture

India (For admission into Amity School Of Insurance, Banking & Actuarial Science)

  • Minimum 50% marks in Graduation
  • Minimum score of MAT - 500/GMAT – 500 / CMAT - 150 Or percentile in CAT/XAT - 75 / NMAT - 60 or Or Amity Written Test
  • Based on Personal Interview

Foreign (For admission into MSc Insurance and Risk Management at the CASS Business School)

  • A UK upper second class degree or its international equivalent.
  • English Language Requirements : Based on IELTS results.
  • Personal statement Consisting of 500-600 words explaining your intent for applying for the particular program.

To see the entrance exams, scholarships and UG admission details, click here

Skills Required

Communication skills

Insurance brokers are required to possess excellent interpersonal and communication skills as they work on behalf of clients making them aware of the terms and conditions, benefits, exclusions and costs of a wide range of competing insurance policies to help them make purchases appropriate to their requirements and insurance budget.

Team work

Insurance brokers would be working as part of a team to achieve their unit or organization-wide objectives. They will use their group skills to work collaboratively to identify new business opportunities, generate a solution to a problem or emerging issue, or develop a strategy to manage a potential risk effectively.

Computer skills

Insurance brokers will be preparing and maintaining computer based documents, thus IT skills are required.

Attention to detail

Insurance brokers will have to pay attention to detail as they are supposed to provide clients with information about companies they may be interested in investing in and also give suggestions for similar options that may be considered.

Organizational Skills

Insurance brokers have to be highly organized . They will always keep track of existing clients, stay alert for new potential clients and remain aware of new policies available for all clients.

Industries

  • Checked Insurance brokerage firms
  • Checked Financial advice companies
  • Checked Insurance or Reinsurance Companies
  • Checked Insurance Risk Management departments
  • Checked Investment banks

Top companies

  • Checked Life Insurance Corporation of India (LIC)
  • Checked SBI Life Insurance
  • Checked HDFC Standard Life Insurance
  • Checked Max Life Insurance
  • Checked ICICI Prudential Life Insurance