What does a Insurance Broker Consultant do?
Insurance broker consultants, or insurance account managers, work for insurance companies developing sales opportunities and new business with insurance brokers. They have a thorough knowledge of their company’s products and their job is to advise brokers about these products and encourage brokers to sell them on to their clients. They may also market their company's products to Independent Financial Advisors (IFAs).
A broker consultant can also act as an intermediary between a broker and an insurance underwriter. A consultant might make assessments for cover, have discussions with brokers, gather further information and present underwriting cases. If a problem develops between a broker and an insurance company they would act as a mediator to resolve it.
As this is a sales role, broker consultants need to develop contacts with brokers and IFAs. They may service existing accounts or may find new business leads. They need a thorough understanding of the insurance market so they can explain the benefits and features of their company's products. They usually need to hit agreed performance targets.
What's the working environment like working as a Insurance Broker Consultant?
Broker consultants work 9am to 5pm, Monday to Friday, and are likely to be office based, although increasingly they may work from
Much of the time is spent visiting brokers at their offices. They usually cover a specific geographic area. In rural parts of the country they are likely to cover large distances and travel extensively. A clean current driving licence is often necessary.
What does it take to become a Insurance Broker Consultant?To be a broker consultant you should:
- have excellent communication skills in order to explain the different products to brokers
- be able to use persuasion and negotiation techniques
- be able to build and maintain good working relationships with brokers
- be able to win the confidence and trust of others
- have an interest in business and finance
- have a tenacious, energetic and outgoing personality
- be trustworthy, discreet and respect confidentiality
- be computer literate.
Insurance Broker Consultant Career Opportunities
Broker consultants are usually employed by major insurance companies. Promotion to sales manager, area manager and other senior management roles may be possible with experience and a proven track record.
It is possible to become self employed. Some broker consultants may move into financial advice and become Independent Financial Advisors. They are likely to need an Advanced Financial Planning Certificate, new Diploma or CII Associate Status (ACII) to acheive this.