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.
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.
You can take any stream at +2 level but taking up commerce stream may give you a better insight into this career field.
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.
You may also take up CA/ CS/ CWA/ FRM or associateship/ fellowship of the Actuarial Society of India to become eligible.
Number of hours of training required depends on your previous educational qualifications and pass the Broker’s Licencing examination with at least 50% marks
Requirements for admission into a PG course in one of the top institutions to help you get an overall picture
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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.
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.
Insurance brokers will be preparing and maintaining computer based documents, thus IT skills are required.
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.
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.