Insurance has become a necessity for many people in today's society. You cannot buy a house or drive a car legally, for instance, without having some sort of insurance. The insurance sector is always expanding and looking to take on new employees, and for many is a viable, profitable and challenging new career move.
You might not have previously considered building a new career in insurance. As an insurance broker, however, you would put many different skills into practice, and you might be surprised at how many of these skills you may already have, making a transition into insurance broking surprisingly easier than first thought.
Getting a Foot in the Door
Insurance broking utilises different skills, such as sales technique, administrative duties, numeracy and analysis and customer service. The basic duties that an insurance broker will undertake include processing accounts, negotiating the best possible policy with insurance providers, dealing with customer accounts, claims and queries, data input and administrative tasks, as well as preparing data reports.
Insurance brokers are not salesmen as such, as they have to take a more impartial role in finding the best deal for their customer, so in effect are a sort of mediator between the insurance provider and customer.
If you have previously had employment that required any of these skills, as well as any relevant financial services employment, then you'll be well equipped to start working as a trainee broker or insurance technician. To achieve full broker status you'll probably have to undertake some On-The-Job Training combined with study towards an industry qualification, such as a CII Certificate in Insurance for trainees (Chartered Insurance Institute).
Having suitable GCSEs or equivalent qualifications will also be very helpful, particularly in maths and English. Relevant A-Levels will also help you to progress through any training into more senior positions faster than others. Similarly, A-Level standard qualifications will also open up opportunities to enter directly into Management Training.
You may also be lucky enough to be able to train in insurance as an apprentice. These schemes are largely dependent on your locality, and will need to be researched thoroughly to get an idea of what's on offer where you live.
If you have recently obtained a degree, or think you can afford to take time to study as an undergraduate, another possible employment route is via one of the various graduate training schemes offered by some larger insurance broking firms. Although the majority of degree subjects can get you into a graduate training programme, there are definite benefits in gaining a degree in maths or a business-related field.
Career Prospects and Development
Insurance broker companies come in all different shapes and sizes, from small independent firms, to the vast conglomerates. If you have an idea of the type of company you want to work for, it's worth checking out the appropriate job sections. For local jobs it makes sense to just peruse your local newspaper vacancies or sign up with a local recruitment agency. If you have your sights set on a multinational, then industry magazines and national newspapers are a better option.
In both cases, you can also sign up with specialist financial services recruitment agencies, which will have many useful and productive contacts. Recruitment Agencies are also a great source of information regarding which steps can be taken to make a positive switch to a new career in insurance.
Because there are so many different types of insurance, the career development prospects are abundant. Working as an insurance broker and gaining the appropriate qualifications as you work, can lead to further employment in specialist insurance sectors, such as underwriting and loss adjustment, or working in the London Insurance Market, which can pay handsomely.
It does take time to work up to a senior position in insurance, but the benefits once you get there can be plentiful! Because there are so many different employment routes for a potential insurance broker, as well as opportunities to train on the job, it's no wonder that so many people are turning to insurance as a new career.
Other Financial Opportunities
To find out about a variety of other potential careers available in the finance sector, visit our Finance & Management category of this site.
I need a guide towards becoming an insurance broker for car, van and private hire.
Mudia - 12-Jan-21 @ 7:52 PM
I am keen to become mini cab / taxi insurance broker. This is due to high volume of new taxi drivers in our area and beyond.
I hope you'll guide me through this prospect. Thank you.
Mo - 6-Nov-20 @ 11:43 PM
i would like to set up car insurance company can you tell me the requirement
nu - 11-May-17 @ 7:44 PM
I would like to become a taxi or mini cap insurance broker as i have over 200 friends who are taxi and mini cap drivers, i feel there is a great opportunity to become a broker or simply an agent for insurance companies, would you please advise me the best possible way that i can either become an agent or broker which ever easier
Khalif - 9-Feb-16 @ 7:21 PM
Hi I would like start brokerage business for cars and minicabs. I would appreciate if you could guide me through to become a specialist broker, thanks, Ajmal Hussain @ 07718621763.
A J - 9-Aug-15 @ 2:05 AM
Sal - Your Question:
Hi I would like to become insurance broker specialists in privet hire for hire and rewards insurance for taxidriver. Please guid me.Kind Regards
Please see the repsonse to @Gemmab below, who asked the same question.
ACareerChange - 7-Aug-15 @ 12:52 PM
I would like to become insurance broker specialists in privet hire for hire and rewards insurance for taxi
driver. Please guid me.
Sal - 6-Aug-15 @ 11:03 PM
@Gemmab. We don't have industry specific information on starting a business, but we hope you'll find the articles in this section useful.
ACareerChange - 4-Aug-15 @ 2:36 PM
I would like some guidance on setting up my own taxi insurance broker. Any advice or guidance would be greatly appreciated. I am also looking for a mentor in this arena if you know where to start with that!
Thanks in advance for your response
Gemmab - 3-Aug-15 @ 9:01 AM
@roberto. Please see the above article for details of how you can become a broker.
ACareerChange - 27-Oct-14 @ 11:37 AM
I am a graduate in italian law and I would like to please know what I have to do to become a profesional insurance broker in England. Please tell me step by step what I have to do without passing other exams. Thank you and best regards
roberto - 24-Oct-14 @ 12:29 PM
I would like to become a taxi or mini cap insurance broker as i have over 200 friends who are taxi and mini cap drivers, i feel there is a great opportunity to become a broker or simply an agent for insurance companies, would you please advise me the best possible way that i can either become an agent or broker which ever easier to stablish.
AA - 10-Sep-14 @ 10:40 PM
As I stated before that I Graduate in Legal Terminology from Cours Direct on the 5th June 2014. As I have my own insurance cover through Country Club UK it would be nice if I could sell their insurance to clients voluntary so the company can see how I operate, but I don't have a business so where do I go from here.
Das - 8-Jul-14 @ 8:48 PM
I Graduated from course direct in Legal Terminology and now would like to move on as an Insurance Broker. How can I sell insurance from firms to clients.
Das - 8-Jul-14 @ 1:01 PM
i would like to become a taxi insurance broker - would you please guide me of the same.
thx n regards.
j - 8-Jul-13 @ 8:05 PM
Hi, i am looking to become a taxi insurance broker as there no service like this in our area, please could some one point me to the right direction, thank you.
Nas - 4-Feb-13 @ 6:27 PM
I was thinking to open an insurance broker agency to provide insurance for minicab driver and probably other sorts of insurance to public. I was just wondering what are the procedures and what sort of qualifications are required to become a broker.. cheers
KRISH - 24-Jan-13 @ 6:23 PM
I would like to be a business insurance broker.please contact me on 07984693505
Kal - 19-Jan-13 @ 11:02 AM
Hello, I would like to set up insurance broker agency to minicab drivers please help me about this Business.... Thanks
chuks - 11-Jan-13 @ 9:46 AM
i would like to become a insurance broker, all possible area. can you advice me about procedure & steps to take.
hary - 2-Dec-12 @ 9:58 PM
hi i want to become a taxi insuranc broker because i have many taxi driver friend i need full information to become a broker and how to join insurance company and what is commision.
mob - 24-Nov-12 @ 3:10 PM
i m intrasted to be come insureance broker can you contect me on 07808645662
harry - 26-Oct-12 @ 11:10 AM
I am looking for a part time internet job to become an Insurance Broker.
Kindly send me full details on how to work with your company.
Thanks for your kind co-operation.
Modupeh - 24-Oct-12 @ 8:33 PM
I'm a travel agent, good office location and have good contacts of relevant field. Help me to become a public & private hire insurance broker. Thanks Nad.
Nad - 10-Oct-12 @ 12:14 PM
hi i had been with a company for over 10 years selling car, home travell insurance, i was just wodering if i want to work for my self as a insurance broker how do i go about it.
fee fee - 4-Oct-12 @ 2:26 PM
I am in contact with over 100 taxi drivers and I want to sell taxi insurance to them.How do I go about it.
arif - 3-Sep-12 @ 12:15 PM
would like to set up insurance broker agency to provide insurance for minicab driver. I need help regarding the procedures and what sort of qualifications are required to become a broker.
Riz - 8-Aug-12 @ 9:18 PM
I would like to set up insurance broker agency to provide insurance for minicab driver. I need jelp regarding the procedures and what sort of qualifications are required to become a broker.
OLA - 2-Aug-12 @ 12:23 AM
I am a fully-licensed insurance agent currently working in the USA.I am very interested in moving to the UK (specifically England or Northern Ireland) within the next year.
My question is:How do I move or transfer my insurance license number from the US to the UK and is there work without having to have a brokerage company?
Sisu - 24-Jul-12 @ 10:12 PM
Would like to ask for some help
Wanted or thinking of a career change as in setting up a insurance broker company
What do I do or what have I got to compliant to