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Broking Jobs

Broking Jobs

Exchange Street Executive Search is one of the leading recruiters in the UK for broking jobs.

What are broking jobs?

Insurance broking jobs involve acting as intermediaries between clients and insurance companies. Clients may be either individuals or commercial businesses and organisations. Brokers use their in-depth knowledge of risks and the insurance market to find and arrange suitable insurance policies. Broking jobs, unlike tied agents, are independent and offer products from more than one insurer to ensure clients get the best deal.

Typical tasks for broking jobs:

  • gathering information from clients, assessing their insurance needs and risk profile
  • building and maintaining ongoing relationships with clients
  • researching insurance companies' policies and negotiating with underwriters to find the most suitable insurance for clients at the best price
  • advising clients on risk management, and helping to devise new ways to mitigate risks
  • renewing or amending existing policies
  • marketing and acquiring new clients
  • administrative tasks such as dealing with paperwork, correspondence, keeping detailed records
  • Typical work activities in broking jobs depend largely on the size and nature of the employer and the scale of the business. In large companies, broking jobs may specialise in a core area; in small firms, broking jobs may require involvement in most functions, including new business development and acting as placing broker and claims broker.

    Skills & Personal Qualities required in Broking Jobs:

    Important skills required in broking jobs are:

  • strong communication and interpersonal skills;
  • the confidence to advise and negotiate with clients and underwriters;
  • a high level of numeracy;
  • the ability to manage a number of projects concurrently;
  • an understanding of insurance-related legal issues;
  • strong analytical skills;
  • negotiating skills;
  • attention to detail.
  • Entry Requirements for Broking Jobs

    Opportunities in broking jobs are open to all graduates although the subjects of accounting/finance; business/management; economics; statistics; mathematics; modern languages; international business/business with languages may increase your chances.

    Entry to broking jobs without a degree is also possible, in which case the entry-level post would be as a trainee insurance technician or junior/administrative level with progression to a broking job after gaining experience and insurance industry qualifications.

    Work experience in customer services in the financial services sector is advantageous although not always essential. Sales experience may also be useful.

    Opportunities within insurance broking jobs occur mainly with national brokers who offer structured training schemes.

    Typical Career Path for Broking Jobs

    Broking jobs generally require training and gaining a few years' general experience before moving into a specialist sector, management roles or other functions within the industry.

    There is a clear career route within the profession for broking jobs with the ability to move into other areas of insurance quite freely. Specialist broking jobs include:

  • insurance account executive
  • technical broker
  • claims broker
  • new business executive or manager
  • sales manager
  • It is also common for broking jobs to be specialised in one area of insurance, such as risk management, assessment, marine, household or motor.

    Progression into management is also possible, managing a team of brokers or several branches of a broking firm.

    Typical Employers for Broking Jobs

    The majority of insurance broking jobs are available in insurance broking firms, which range from small niche firms to large multinational firms.

    The UK's insurance market is the largest in Europe and second largest in the world employing nearly 309,000 people - almost a third of all financial services jobs. Of the 1,017 authorised insurance businesses in the UK, 762 are for general business only, 209 are for long-term business only, and 46 for both (Source: UK Insurance - Key Facts, 2008, published by The Association of British Insurers (ABI) . Other potential employers offering broking jobs include insurance companies and the insurance risk management departments of non-insurance companies.

    Salaries and Benefits for Broking Jobs

    These figures are only intended as a guide: (salary data collected Sep 08).

  • Typical starting salaries for broking jobs range from: 14,000 - 25,000
  • Typical senior level salaries for broking jobs range from 40,000 - 60,000
  • Salaries in very senior positions in broking jobs can rise to 100,000
  • To see our range of broking jobs browse our list here.

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    I was very impressed with Exchange Street from the initial meeting through to the offer of my new job. They understood exactly what I was looking for and the support through the recruitment process was superb.

    Matt - IFA, Manchester