An insurance broker goes by many names, including insurance representative and field agent. The insurance broker roles and responsibilities rely on a skill set that prioritizes efficiency, drive, determination, ethical behaviour, and more.

An insurance broker specializes in many skills and performs different types of tasks. Here is a list of insurance broker roles and responsibilities, and more information behind the position.

1. Sell insurance coverage to clients

An insurance broker’s main responsibility is the selling of insurance to clients. This can be health, life, property, car, or other types of insurance. Whether they operate independently or as a part of a firm, an insurance broker must have an understanding of complex insurance plans, and customization options that would allow them to qualify the interest of a customer and close the sale.

2. Knowledge of multiple companies’ offerings

Where an insurance agent and a broker differ is that the agent works with a singular company offering their products and services only. Comparatively, an insurance broker’s role is to work independently from any one company and instead offer products from multiple companies. One must retain to memory various companies’ offerings and their insurance product line.

3. Build relationships with new and existing clientele

As an insurance broker, you’re expected in your role to maintain the accounts you have and locate new accounts. This involves cultivating relationships to acquire and retain business. If a broker’s communication skills are lacklustre, they are hardly going to thrive in their role.

4. Find the best insurance policy for the client

A primary responsibility of an insurance broker is to find the best insurance policy for their client. This requires a broker to be attentive to the needs of their client and ensure they’re providing policies that are right for the customer. If you don’t take time to get to know your client and/or ignore their needs, you will find it difficult to retain their interest.

5. Conduct a thorough interview with the client

A broker doesn’t want to be selling insurance policies to high-risk clients. Therefore, interviewing clients is a part of the job, especially when it relates to life or health insurance. Get to know their personal background, complete a medical examination, and evaluate financial record and any medical histories they have.

6. Inspecting assets when it’s property or car insurance

To provide insurance on an asset, sort of like our previous point, you must analyze and inspect. Within the context of an insurance broker selling property or car insurance, an inspection will determine state of the asset, any signs of previous damage, assess risks, and you may have to consult with others prior to offering your client a policy.

7. Creating custom insurance packages for the client

A client may have unique needs that are only met by going through two or more insurance companies. If this is the case, you have to customize a special package for them that satisfies every need while pulling from plans across different companies. This has to be supported with paperwork as well which can prove to be a time-consuming aspect of the job.

8. Calculating payments and given accurate financial information

A client does not want any surprises when buying insurance from an insurance broker. It is your responsibility to calculate the payment plans and premiums for them. Take all costs in consideration, coordinate the payment arrangement, and process payment transactions as needed.

9. Fulfill various administrative functions

As an insurance broker, when you’re not busy communicating one-on-one with clients, you’re performing administrative tasks. This includes record-keeping, processing transactions, and coordinating any policy renewals with insurance companies.

10. Handle insurance claims as they arise

If a client needs to make a claim on their insurance, as their insurance broker, it’s within your responsibility to help them. Collect information on policies, explain the coverage to clients, and assist them during the claim process. It is also necessary to monitor claims to ensure an equitable payment.

11. Problem-solve

Things come up in insurance. Issues present and they’re going to need a timely resolution. A client or insurance company could be relying on you. Your role is to do what you can to satisfy all parties which can be challenging when one’s interests are at times pitted opposite of the other.

This is why insurance brokers have to be excellent at managing time, be organized, be ambitious, have no hesitation making decisions, and be adaptive to circumstance. Fortunately, if you help solve a problem, you can reap a lot of rewards in loyalty, appreciation, and respect.

12. Keep your insurance knowledge up to date

Insurance offerings can change. New plans come along. Promotions occur occasionally. Insurance brokers must keep their ear to the ground and be aware of recent changes. When creating and selling insurance coverage plans, you only have what’s available. A mistaken assumption of a plan that’s no longer active or not being aware of a specific promotion could result in providing the client with an insurance offer that either isn’t accurate or which could be better.