Insurance broker - Career description, activities, functions and salary

How much does an Insurance broker earn

A Insurance broker earns between $1.110 and $3.381 per month, with an average monthly salary of $1.576 and a median salary of $1.275 according to an Averwage.com salary survey along with to data of professionals hired and fired by companies in the labor market.

Our research is based on the salaries of 1.257 professionals hired and dismissed by the period from 06/2021 to 05/2022 (last year).

Professional job categories

• Middle level technicians
• • medium level technicians in administrative sciences
• • • middle level technicians in business operations
• • • • insurance brokers

Related Positions:

Main workplaces

Insurance Brokers they work in the area of insurance and private pension. As individuals, they work on their own. As legal entities, they maintain a brokerage team, under their supervision.

What does it take to work in the field of Insurance Brokers

For professional practice, in all insurance lines, an ongoing qualification from the Fundação Escola Nacional de Seguros (Funaseg) is required. There is also training for qualification in specific types of insurance.

Functions and activities of Insurance broker

Insurance Brokers must:

Activities

monitor the claim until its settlement;
represent the insured with the insurer;
transmit proposal to the insurer;
collect claim data;
search for information about insurance via the internet;
agree with the insurer to pay the claim;
training employees at work;
use the telephone to communicate with the insurer and insured;
act promptly;
notify the insurance company of the claim;
archive customer data on computer;
issue product direct mail;
respect attendance and punctuality;
keep looking good;
install the insurer's flag at the point of sale;
propose the creation of a new insurance product;
promote insurance disclosure;
delegate responsibilities to your employees;
negotiate fees and commissions with the insurer;
ensure professional ethics;
identify customer needs;
distribute freebies;
set sales targets;
send policy to the insured;
evaluate the financial situation of insurance companies;
request risk inspection;
search for updates in the insurance area;
visit the customer;
advise the customer about insurance;
control cash flow;
transmit security;
contact the departments of the insurer;
advertise in newspapers and magazines;
negotiate proposal with client;
supervise sales team;
provide information about contracts;
assume responsibility for your professional actions;
participate in class events;
verify the issuance of the policy;
operate fax machine to receive and send documents;
check policy data;
define employee assignments;
manage anxiety and stress;
offer promotion to customers;
act with optimism and perseverance;
controlling customer payments;
write documents;
schedule insurance maturities;
participate in meetings with policyholders and the insurer;
intermediate the relationship between the insurer and the insured;
elaborate proposal, calculation and endorsement;
recruit employees;
set up the claim process;
prospect customers;
mount page on the internet (site);
register with the insurer;
offer insurance option;
discuss risk acceptance with the insurer;
adjust contracts to monitor changes in risk;
operate telemarketing system;
use electronic mail (e-mail) to correspond with insurer and insured;
demonstrate general culture;
close contract;
congratulate customers on their birthdays;
establish the employees' work routine;
seek customer loyalty;

Sectors that hire Insurance broker the most in the job market

• insurance, pension plan and health brokers and agents
• auxiliary activities of insurance, supplementary pensions and health plans
• retail sale of new cars, vans and utility vehicles
• intermediation activities and agency services and business in general
• document preparation and specialized administrative support services
• combined office and administrative support services
• health plans
• temporary labor lease
• dental activity with resources for performing surgical procedures
• sales promotion