AccountancyISCO 3321
Insurance broker
Insurance brokers promote, sell and provide advice on various insurance policies such as life insurance, health insurance, accident insurance and fire insurance to individuals and organisations. They also work as intermediaries between individuals or organisations and insurance companies, and negotiate the best insurance policies for their clients, arranging insurance cover where needed. Insurance brokers engage with new prospective clients, provide them with quotes for their policy needs, assist them in the signing of new insurance contracts and propose specific solutions to their specific problems.
Check yourself in a minute: insurance broker
Rate 5 of the 18 essential skills of this occupation (European ESCO data). No account needed.
calculate insurance rate
protect client interests
analyse insurance needs
inform on insurance products
prospect new customers
European Skills Framework
Skills and knowledge areas required for this occupation based on European classification.
Essential (18)
insurance lawinsurance lawThe law and legislation concerning the policies of transferring risks or losses from one party, the insured, to another, the insurer, in exchange for a periodic payment. This includes the regulation o...sales promotion techniquessales promotion techniquesThe techniques used to persuade customers to purchase a product or a service.principles of insuranceprinciples of insuranceThe understanding of the principles of insurance, including third party liability, stock and facilities.actuarial scienceactuarial scienceThe rules of applying mathematical and statistical techniques to determine potential or existing risks in various industries, such as finance or insurance.claims proceduresclaims proceduresThe different procedures that are used to formally request a payment for a suffered loss from an insurance company.insurance marketinsurance marketThe trends and major driving factors in the insurance market, insurance methodologies and practices, and the identification of the major stakeholders in the insurance sector.types of insurancetypes of insuranceThe various types of risk or loss transfer policies that exist and their characteristics, such as health insurance, car insurance or life insurance.calculate insurance ratecalculate insurance rateGather information on the client's situation and calculate their premium on the basis of various factors such as their age, the place where they live and the value of their house, property and other r...protect client interestsprotect client interestsProtect the interests and needs of a client by taking necessary actions, and researching all possibilities, to ensure that the client obtains their favoured outcome.analyse insurance needsanalyse insurance needsGather information about the insurance needs of a client, and give information and advice about all possible insurance options.inform on insurance productsinform on insurance productsInform customers on insurance-related matters such as current insurance offers, changes in existing contracts or the advantages of certain insurance packages.prospect new customersprospect new customersInitiate activities in order to attract new and interesting customers. Ask for recommendations and references, find places where potential customers can be located.advise on financial mattersadvise on financial mattersConsult, advise, and propose solutions with regards to financial management such as acquiring new assets, incurring in investments, and tax efficiency methods.apply technical communication skillsapply technical communication skillsExplain technical details to non-technical customers, stakeholders, or any other interested parties in a clear and concise manner.create insurance policiescreate insurance policiesWrite a contract that includes all the necessary data, such as the insured product, the payment to be made, how often the payment is needed, the personal details of the insured and on what conditions ...compare insurance productscompare insurance productsCompare the offers of several insurance companies in order to find the product which will best suit the client's needs and expectations.sell insurancesell insuranceSell insurance products and services to customers, such as health, life or car insurance.handle financial transactionshandle financial transactionsAdminister currencies, financial exchange activities, deposits as well as company and voucher payments. Prepare and manage guest accounts and take payments by cash, credit card and debit card.
Optional (26) — show
financial productsfinancial productsThe different types of instruments that apply to the management of cash flow that are available on the market, such as shares, bonds, options or funds.customer servicecustomer serviceProcesses and principles related to the customer, client, service user and to personal services; these may include procedures to evaluate customer's or service user's satisfaction.contract lawcontract lawThe field of legal principles that govern written agreements between parties concerning the exchange of goods or services, including contractual obligations and termination.social security lawsocial security lawLegislation concerning the protection of individuals and the provision of aid and benefits, such as health insurance benefits, unemployment benefits, welfare programs and other government-provided soc...modern portfolio theorymodern portfolio theoryThe theory of finance that attempts to either maximise the profit of an investment equivalent to the risk taken or to reduce the risk for the expected profit of an investment by judiciously choosing t...tax legislationtax legislationTax legislation applicable to a specific area of specialisation, such as import tax, government tax, etc.manage claim filesmanage claim filesFollow up on the progress of a claim file, keep all parties informed of the status of the file, ensure the customer receives the damages owed, treat any problems or complaints from customers, close th...use data processing techniquesuse data processing techniquesGather, process and analyse relevant data and information, properly store and update data and represent figures and data using charts and statistical diagrams.maintain relationship with customersmaintain relationship with customersBuild a lasting and meaningful relationship with customers in order to ensure satisfaction and fidelity by providing accurate and friendly advice and support, by delivering quality products and servic...apply statistical analysis techniquesapply statistical analysis techniquesUse models (descriptive or inferential statistics) and techniques (data mining or machine learning) for statistical analysis and ICT tools to analyse data, uncover correlations and forecast trends.develop investment portfoliodevelop investment portfolioCreate an investment portfolio for a customer that includes an insurance policy or multiple policies to cover specific risks, such as financial risks, assistance, reinsurance, industrial risks or natu...provide cost benefit analysis reportsprovide cost benefit analysis reportsPrepare, compile and communicate reports with broken down cost analysis on the proposal and budget plans of the company. Analyse the financial or social costs and benefits of a project or investment i...decide on insurance applicationsdecide on insurance applicationsAssess applications for an insurance policy, taking into account the risk analyses and client information, in order to deny or approve the application and set in motion the necessary procedures follow...maintain records of financial transactionsmaintain records of financial transactionsCollate all the financial transactions done in the daily operations of a business and record them in their respective accounts.create cooperation modalitiescreate cooperation modalitiesPrepare, determine and agree on the conditions for cooperation contracts with a company, by comparing products, following evolutions or shifts in the market and negotiating terms and prices.monitor legislation developmentsmonitor legislation developmentsMonitor changes in rules, policies and legislation, and identify how they may influence the organisation, existing operations, or a specific case or situation.promote financial productspromote financial productsInform existing or potential customers about the various financial goods and services that are offered by the company.manage contractsmanage contractsNegotiate the terms, conditions, costs and other specifications of a contract while making sure they comply with legal requirements and are legally enforceable. Oversee the execution of the contract, ...file claims with insurance companiesfile claims with insurance companiesFile a factual request to an insurance company in case a problem occurs which is covered under an insurance policy.deliver visual presentation of datadeliver visual presentation of dataCreate visual representations of data such as charts or diagrams for easier understanding.manage claims processmanage claims processManage the relation with an insurer related to its obligation to receive, investigate and act on a claim filed by an insured.build business relationshipsbuild business relationshipsEstablish a positive, long-term relationship between organisations and interested third parties such as suppliers, distributors, shareholders and other stakeholders in order to inform them of the orga...analyse insurance riskanalyse insurance riskAnalyse the probability and size of the risk that is to be insured, and estimate the value of the insured property of the client.identify clients' needsidentify clients' needsIdentify the areas in which the client may require aid and investigate the possibilities for meeting those needs.manage contract disputesmanage contract disputesMonitor issues that arise between the parties involved in a contract and provide solutions in order to avoid lawsuits.organise a damage assessmentorganise a damage assessmentOrganise a damage assessment by indicating an expert to identify and examine the damage, give information and instructions to experts and follow up on the experts, and write a damage report.
Related Occupations
Occupations that need many of the same essential skills, so the move between them is shortest.
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Frequently asked questions
What does an insurance broker do?
Insurance brokers promote, sell and provide advice on various insurance policies such as life insurance, health insurance, accident insurance and fire insurance to individuals and organisations. They also work as intermediaries between individuals or organisations and insurance companies, and negotiate the best insurance policies for their clients, arranging insurance cover where needed. Insurance brokers engage with new prospective clients, provide them with quotes for their policy needs, assist them in the signing of new insurance contracts and propose specific solutions to their specific problems.
What skills does an insurance broker need?
An insurance broker needs 18 essential skills, including insurance law, sales promotion techniques, principles of insurance, actuarial science, claims procedures.
Will AI replace insurance broker jobs?
The AI disruption score for insurance broker is 80/100 (very high risk). Skills most exposed to automation: calculate insurance rate, provide cost benefit analysis reports, maintain records of financial transactions. Most resilient: build business relationships, protect client interests, maintain relationship with customers.
AI Replacement Risk
80/ 100
Very High Risk
Low riskHigh risk
Skills most at risk from AI
Skills resilient to automation
This is the average for the whole occupation. The AI Career Shield test (about 10 minutes) shows the risk in your own work and what you can do about it.
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