Description

Insurance brokers often work as agents of large insurance companies or independently; in either case, they work directly with clients and must have necessary licenses in their states of employment.

Insurance brokers provide insurance quotes via phone, online, or in-person. They must assess consumers’ individual needs prior to providing quotes and may need to conduct valuations of properties or businesses to be insured. They may also take photographs, obtain inspection reports, and compare coverage plans of different insurers. They must always try to secure the best rates without sacrificing quality (above-average ratings by third-party institutions) for their clients and must always be fair, ethical and unbiased in their work.

Some insurance brokers may also need to pass series 6 and 7 exams administered by the Financial Industry Regulatory Authority (FINRA), a government agency. Excellent customer service and interpersonal skills are important in this position; on behalf of their clients, they must research ways to reduce premiums by combining different types of insurance, such as home and auto insurance, for substantial discounts. They must also explain any small print that clients should know, such as terms and conditions, and send them certificates of insurance when necessary. Insurance brokers are encouraged to read professional journals relevant to their industry to stay up-to-date in their careers.

Roles & Responsibilities

With 6-9 years of experience, an Insurance Broker in Singapore is responsible for:

  • Cultivating and maintaining strong relationships with clients, providing personalized insurance solutions, and ensuring client satisfaction. Building and nurturing client relationships, tailoring insurance policies to meet their specific needs, and ensuring client happiness.
  • Conducting comprehensive risk assessments and analysis to identify potential gaps in coverage for clients. Evaluating risks associated with clients' assets and liabilities, identifying areas where existing insurance coverage may be insufficient, and proposing appropriate solutions.
  • Negotiating insurance terms and premiums with underwriters to secure the best possible coverage for clients. Engaging in effective communication with insurance underwriters, advocating for clients' interests, and obtaining optimal insurance terms and rates.
  • Staying updated with insurance industry trends, products, and regulations to provide expert advice to clients.

Qualifications & Work Experience

For an Insurance Broker job role, the following qualifications are required:

  • In-depth knowledge of insurance products and services to effectively assess clients' needs and recommend suitable coverage options.
  • Excellent communication and interpersonal skills to build and maintain strong relationships with clients, insurance underwriters, and other stakeholders.
  • Strong sales and negotiation abilities to close deals and secure competitive insurance premiums for clients.
  • Attention to detail and accuracy in analyzing policy terms, conditions, and exclusions to ensure clients' coverage aligns with their risk management goals.

Essential Skills For Insurance Broker

1

Managing Accounts

2

Insurance Management

Skills That Affect Insurance Broker Salaries

Different skills can affect your salary. Below are the most popular skills and their effect on salary.

Managing Accounts

1%

Insurance Management

1%

Career Prospects

For an Insurance Broker with 6-9 years of experience in Singapore, there are several alternative roles to consider. Here are following options to explore:

  • Underwriting Manager: A role that involves evaluating and assessing risks associated with insurance policies, determining appropriate coverage, and managing underwriting activities.
  • Risk Manager: A position focused on identifying and mitigating potential risks for an organization, developing risk management strategies, and implementing controls and policies to minimize exposure.
  • Claims Manager: A role that involves overseeing the process of insurance claims, ensuring timely and accurate settlement, managing claim disputes, and coordinating with stakeholders such as clients, insurers, and legal teams.
  • Insurance Operations Manager: A position focused on managing the day-to-day operations of an insurance company, including policy administration, customer service, and compliance with regulatory requirements.

How to Learn

The job role of an insurance broker in Singapore is projected to experience significant growth in the market. Over the last 10 years, there has been a steady rise in the demand for insurance products, leading to the expansion of this profession. With the increasing complexity of insurance policies and the need for expert advice, insurance brokers are expected to play a crucial role in analyzing and recommending suitable coverage options. This trend is likely to continue in the future, creating abundant employment opportunities for insurance brokers in Singapore. The projected growth of this position reflects the evolving insurance landscape and the importance of personalized insurance solutions.