Exchange Street Executive Search is one of the leading recruiters in the UK for 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 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.
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.
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:
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.
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.
These figures are only intended as a guide: (salary data collected Sep 08).