Insurance Broker

Reporting Line Manager: Business Head

Job Overview

The Insurance Broker will act as an intermediary between clients and insurance companies, providing expert advice and assistance in securing insurance coverage tailored to their needs. You will analyse client requirements, recommend suitable insurance products, and negotiate terms and pricing with insurance underwriters to ensure comprehensive coverage at competitive rates.

Objectives of this role

• Serve as a trusted advisor to clients, understanding their business risks and insurance needs to provide tailored solutions.
• Develop and maintain relationships with insurance underwriters and carriers to access a wide range of insurance products and secure favourable terms for clients.
• Drive revenue growth and profitability through new business acquisition, client retention, and cross-selling opportunities.
• Stay abreast of market trends and competitor activities to identify opportunities and mitigate risks.
• Ensure compliance with industry regulations and internal policies.

Key Responsibilities

• Identify and prospect potential clients in need of short-term commercial insurance coverage, including businesses, organizations, and individuals.
• Conduct thorough risk assessments and insurance needs analyses for clients, identifying gaps in coverage and recommending appropriate insurance solutions.
• Research insurance markets and carriers to identify suitable products and underwriters for client needs, obtaining quotes and negotiating terms as needed.
• Present insurance proposals and recommendations to clients, explaining coverage options, terms, and pricing in clear and understandable terms.
• Assist clients with the completion of insurance applications, forms, and documentation, ensuring accuracy and completeness.
• Coordinate with underwriters and insurance carriers to bind coverage for clients, facilitating the issuance of insurance policies and certificates.
• Provide ongoing support and assistance to clients throughout the insurance lifecycle, including policy renewals, claims processing, and coverage adjustments.
• Develop and maintain relationships with clients, insurers, and other stakeholders, serving as the primary point of contact for all insurance-related inquiries and issues.
• Stay abreast of changes in insurance regulations, market conditions, and industry trends, providing guidance and recommendations to clients as needed.
• Collaborate with colleagues and team members to share knowledge, resources, and best practices, fostering a culture of collaboration and continuous improvement.
• Manage client accounts and portfolios effectively, ensuring high levels of satisfaction, retention, and loyalty.
• Track and report on sales activities, pipelines, and performance metrics, identifying areas for improvement and optimization.
• Participate in networking events, industry conferences, and professional development opportunities to expand knowledge, skills, and professional network.
• Adhere to ethical standards and professional codes of conduct in all interactions with clients, insurers, and other stakeholders.
• Demonstrate professionalism, integrity, and a commitment to providing exceptional service to clients at all times.

Qualifications and Experience

• Bachelor's degree in Business Administration, Finance, Insurance, or a related field (preferred).
• Proven experience in insurance brokerage or sales, with a focus on short-term commercial insurance.
• Active insurance broker license or the ability to obtain one within the required timeframe.
• Strong understanding of insurance products, coverages, and industry practices.
• Excellent communication, negotiation, and interpersonal skills.
• Ability to build and maintain relationships with clients, insurers, and other stakeholders.
• Proficiency in insurance software and tools.

Skills and Knowledge

• Insurance product knowledge
• Risk assessment and analysis
• Client relationship management
• Negotiation and persuasion
• Communication and presentation
• Sales and business development
• Market research and analysis
• Regulatory compliance
• Problem-solving and decision-making
• Attention to detail and accuracy

Minimum insurance regulatory requirements :

• Accredited representative in Personal and Commercial insurance RE5 Qualification
• NQF4 120 Credits in short term insurance (or NQF 5 Wealth Management or bachelors degree in finance or similar)
• Class of Business Qualification in Personal and commercial insurance
• 18 CPD Points in the last CPD cycle
• Current or previous criminal issues (even if resolved)
• Current or previous financials issues (even if resolved)
• Current or previously debarred by the insurance regulatory authority (I.e The FSCA)
• Brand new/ less than 1 year experience or just complete 1-year learnership
• Poor command of English both spoken and written

Carriers
Renewals
Performance Metrics
Pipelines
Options
Regulatory Compliance
Client Requirements
Codes
Adjustments
Product Knowledge
Decision-Making
Risk Assessment
Metrics
Conferences
Forms
Continuous Improvement
Market Research
Optimization
Interpersonal Skills
Insurance
Networking
Business Development
Negotiation
Regulations
Administration
Research
Documentation
Finance
Software
Business
Communication
Sales
Management