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What does an Insurance Broker do?

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Talent.com talent.com
Answered April 21 2022
Career Expert at Talent.com
An Insurance Broker sells life, health, property, and other types of insurance to their clients. They may work independently or for an insurance brokerage firm. They use their industry knowledge to create complex coverage plans using insurance from different companies to satisfy all their clients’ needs.

Because Insurance Brokers earn their living through commission, they must be able to work independently and take the initiative to find new leads and potential customers. They must also maintain relationships with existing clients by promptly responding to their questions and inquiries and assisting them when processing insurance claims. 

Insurance Brokers must have a deep understanding of the insurance industry to do their job effectively and stay up to date on new plans and promotions, which they will often receive news about from insurance companies. 

Other duties typically include meeting and interviewing new clients, contacting Insurance Adjusters and medical examiners when necessary, and contacting clients and insurance companies regarding payment issues. 

Average day of an Insurance Broker 
Here's a non-exhaustive list of common tasks Insurance Brokers are required to complete:
  • Sell different types of insurance policies available by creating a coverage plan that satisfies all of the clients' needs using different plans from various insurance companies
  • Provide advice on finance and risk management 
  • Interview new clients to assess their risks when selling life or health insurance
  • Arrange for medical examinations when selling health or life insurance
  • Evaluate financial records, medical histories, criminal records, or other documents when necessary
  • Inspect assets when selling a property or car insurance
  • Verify that all paperwork is completed according to regulation
  • Calculate payment plans, methods, and premiums
  • Contact clients when there's an issue with their payment
  • Keep and maintain records of all transactions
  • Coordinate policy renewals with insurance companies
  • Assist their clients during the claim process
  • Monitor claims to ensure an equitable payment