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Insurance broker : Salary and conditions

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  1. Job description
  2. Salary and conditions
  3. Entry requirements
  4. Training
  5. Career development
  6. Employers and vacancy …
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Case studies

  • Range of typical starting salaries: £15,000 - £22,000.
  • Range of typical salaries at senior level: up to £40,000 and even rising to £70,000 in very senior positions.
  • Salary may be affected by specific pay structures, as some brokers receive performance-related pay or commission. The size of the firm and the nature of its work will also be a factor. Those with commercial clients may pay more than those with personal clients. Salaries may be up to 10% higher in some larger London companies.
  • Additional benefits may include company car, private medical insurance and pension scheme, often non-contributory.
  • Working hours are usually structured around typical office hours, although some extra evening hours may be required to meet clients, and some brokers conduct business on Saturdays if their clients require it.
  • The work may be undertaken from the company’s offices, but it is common to visit clients at their place of business.
  • Self-employment or freelance work as a consultant is sometimes possible with experience. This is likely to be at the smaller end of the market and would not usually involve working with major industrial or commercial clients. Career breaks may be possible, but training must be kept up to date.
  • This profession has traditionally been male dominated, although the gender balance is improving, with some large broking companies adopting equal opportunities policies and actively recruiting more women.
  • Jobs are available in most areas, although the larger companies tend to be based in cities, with London being the main centre for insurance.
  • As well as regular liaison with other company departments and colleagues, the work involves constant contact with clients, which may involve travelling during the working day and also means that smart dress is essential.
  • The job may be stressful because of the need to interact with a large number of different clients and work to set deadlines. Workload peaks occur related to the work pattern of clients.
  • With the increasingly international nature of the insurance market, some brokers working for firms with business overseas may travel abroad and spend short periods of time away from home.
 
AGCAS
Written by AGCAS editors
Date: 
September 2010
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