A week in the life of an Insurance Broker
I recently spent a week at EIC Insurance where I was able to spend time with most of the staff individually, learning about the different roles within the business such as Account Handlers and Executives who look after a book of clients, and the New Business Sales Executive who is responsible for developing new leads/business. I was also given a taste of the types of risks they deal with including Commercial Combined, Liability, Fleet, Property Owners, Home and Cyber.
The computer platform they use is Acturis Limited and I was shown things like how they input information to get a quote and send quotes and renewals to clients. I also spent time with the Accounts Manager where, under supervision, I was able to reconcile some client and insurer payments.
I was also lucky enough to experience a networking event. I accompanied one of the Account Executives to The Aylesbury Group networking lunch. This is an invitation only group of professional members holding senior positions in businesses in and around Aylesbury Vale. Here I ate a delicious lunch of sushi and mingled with different business owners and entrepreneurs. After the lunch we watched a presentation by a currency exchange business and completed a number of interactive activities.
I attended an online Cyber Security seminar hosted by CFC with some of the Account Executives. They spoke about the threats such as hacking and other cyber-attacks which can lead to financial losses, data breaches, and disruption of services. They pointed out the need to understand the nature of cyber-attacks and how defending against them is crucial in maintaining digital security. Cyber-attacks are deliberate exploits targeting information systems to gain unauthorised access, steal data, or cause harm. They can be executed through various means, including malware, phishing and ransomware attacks. Each method employs different techniques but shares the common goal of compromising digital security.
In addition to spending time with the team, I was able to complete some Online Work Experience which is supported by Chartered Insurance Institute
The Chartered Insurance Institute (CII) is a professional body dedicated to promoting higher standards of competence and integrity in the insurance and financial services industry. Established in 1912, the CII provides education, training, qualifications, and professional development to individuals working in these sectors. Here’s an in-depth look at the Chartered Insurance Institute:
The CII’s mission is to build public trust in insurance by raising professional standards. This is achieved through:
➔ Education and Training: Offering a comprehensive range of qualifications and training programs to help individuals develop their skills and knowledge.
➔ Professional Development: Providing continuous professional development (CPD) opportunities to ensure members keep up to date with industry changes and best practices.
➔ Ethics and Integrity: Promoting high standards of ethical behaviour and professionalism among its members.
The CII offers a variety of qualifications, from introductory to advanced levels, catering to different roles within the insurance and financial services industries:
The online programme gives a really good introduction to Insurance including the different types, how it works and why it is important. You can explore the different roles available within the insurance market, but I was also able to understand what an Insurance Broker is and why you should use a Broker.
Insurance Broking
What is it?
Insurance broking involves the act of brokering insurance policies on behalf of clients. Unlike agents who typically represent a single insurance company, brokers work with multiple insurers to offer a range of products. This gives clients access to a broader spectrum of options, ensuring a more tailored insurance solution.
Why Use an Insurance Broker?
➔ Expertise and Knowledge: Insurance brokers possess in-depth knowledge of the insurance market. They are well-versed in the intricacies of various policies and can offer professional advice on the most suitable options based on individual or business needs.
➔ Personalised Service: Brokers provide personalised services, taking the time to understand clients’ unique circumstances and risks. This customised approach ensures that the coverage selected offers the best protection.
➔ Cost-Effective Solutions: By comparing policies from different insurers, brokers can find cost-effective solutions without compromising on coverage. Their ability to negotiate better terms can result in significant savings for clients.
➔ Claims Assistance: In the event of a claim, brokers assist clients through the process, advocating on their behalf to ensure fair and prompt settlements. This support can be invaluable during stressful times.
The Broking Process
The insurance broking process typically involves several key steps:
➔ Risk Assessment: Brokers conduct a thorough risk assessment to understand the client’s exposure to potential losses. This involves analysing various factors such as business operations, personal assets, and health conditions.
➔ Market Research: Based on the risk assessment, brokers research the market to identify suitable insurance products. They compare policies from different insurers, considering factors like coverage, exclusions, and premiums.
➔ Recommendation and Placement: After evaluating the options, brokers present their recommendations to the client. Once the client makes a decision, the broker facilitates the placement of the insurance policy.
➔ Ongoing Support: Brokers provide ongoing support, monitoring the policy to ensure it continues to meet the client’s needs. They also offer assistance with renewals and adjustments as circumstances change.
I was certainly surprised to learn that you really can insure against almost anything! He’s some fun facts…..
Whacky insurance facts
– Welsh singer Tom Jones insured his chest hair for £7 million.
– Alien abduction insurance is offered by a few companies up to £1.5 million in coverage
Many of these policies will also cover in case of a UFO crash
– The most expensive life insurance policy in the world belongs to famous American director Steven Spielberg which costs £12 million and the lead singer and bassist of the 70’s band Kiss, Gene Simmons insured his tongue for £1 million
– Coverage for werewolf and vampire attacks is available from Lloyds of London for customers concerned about such events
