Insurance brokers: missions, skills, training, salary and career development

The increasing diversity of insurance products and the need to respond to specific customer needs have led to the emergence of the Insurance Broker. By negotiating the best contracts and offering specialist advice, this professional plays a crucial role in ensuring customer security and satisfaction in a highly competitive sector.

Description of the Insurance Broker profession

The Insurance Broker is a key intermediary in the insurance field, acting as a go-between for policyholders and insurance companies. His main task is to advise his customers on the best insurance deals to suit their needs, whether for private individuals or professionals. They have to find the most advantageous contracts and compete between different insurance companies.

Brokers often work in brokerage firms or may be self-employed. They must be registered with ORIAS (Single register of insurance, banking and finance intermediaries) and comply with the regulations set out in the Insurance Code.

What is the role and mission of an Insurance Broker?

Needs analysis and advice

Insurance brokers start by analysing their clients' needs, whether they are private individuals or professionals. They need to understand their requirements in terms of car insurance,home insurance, health insurance, etc. Then they look for the most suitable insurance solutions by comparing the insurance products offered by different insurance companies.

Negotiating and taking out policies

Once the best offers have been identified, brokers negotiate insurance contracts to obtain the best terms for their customers. They also help them to take out policies and ensure that all the necessary cover is included.

Claims management

In the event of a claim, the Insurance Broker assists clients in their dealings with insurers. They help them to complete the declarations and obtain the compensation provided for in their contracts. Claims management is an important part of their work, ensuring rigorous and efficient follow-up.

Renewing and terminating contracts

Insurance brokers also monitor the expiry dates of their customers' policies. He advises them on renewing existing policies or cancelling and taking out new policies if more advantageous offers become available.

Tools and technologies used by Insurance Brokers

Insurance comparators

Online insurance comparators are essential tools for brokers. They allow brokers to quickly compare the various offers on the market and identify the best cover for their customers.

Customer portfolio management software

Brokers use specialised software to manage their customer portfolios, keeping track of current contracts and renewal deadlines. These tools also facilitate administrative management and customer relations.

What skills do you need to be a good insurance broker?

Professional skills:

• Knowledge of the insurance market: Good understanding of different insurance products and insurance companies.
• Negotiation skills: Ability to negotiate the best terms for clients.
• Claims management: Ability to manage claims files efficiently and obtain prompt compensation for customers.
• Regulatory compliance: Mastery of the regulations in force, in particular the Insurance Code and the obligations relating to registration with ORIAS.

Personal skills:

• Communication skills: Ability to explain complex insurance contracts in a clear and accessible manner.
• Analytical skills: Ability to analyse clients' needs and find the most appropriate insurance solutions.
• Rigour and organisation: Methodical management of customer files and contract deadlines.
• Reactivity and proactivity: Ability to respond quickly to customer requests and anticipate their needs.

What are the current challenges facing insurance brokers?

Digital transformation and digitalisation

The brokerage business is evolving with digitalization. Brokers must adapt to new digital tools and online platforms to remain competitive and offer modern services to their customers.

Risk management and regulatory compliance

With the rapid evolution of regulations in the insurance sector, brokers must constantly monitor and adapt their practices to remain compliant with legal and regulatory requirements.

Increased competition

The insurance brokerage market is increasingly competitive. Brokers must differentiate themselves through the quality of their services, their expertise and their ability to find the best deals for their customers.

How do I become an Insurance Broker?

Education and training

To become an Insurance Broker, you should have a 2 to 5-year degree in insurance, finance, business or management. The following courses are particularly popular:

• BTS in Insurance
• Professional degree in insurance
• Master's degree in finance or management
• Business school diploma with a specialisation in insurance

EM Normandie offers courses tailored to this profession, in particular the MSc Banking, Finance and FinTech. This course provides the necessary skills in risk management, market analysis and negotiation, offering a complete preparation for becoming a successful Insurance Broker .

Professional experience

Previous professional experience in insurance, finance or brokerage is often required. Internships and work-study schemes offer valuable opportunities to gain this practical experience.

What are the career prospects for an Insurance Broker?

Insurance brokers can move up to become managers of brokerage firms, directors of brokerage agencies or asset managers. They may also consider setting up their own brokerage firm or specialising in specific areas of insurance.

What does an insurance broker earn?

The salary of an insurance broker varies according to experience, the size of the firm and the sector of activity:

• Beginner: Gross monthly salary (approx.): €2,000 - €3,000
• 2-5 years' experience: Gross monthly salary (approx.): €3,000 - €5,000
• 5+ years' experience: Gross monthly salary (approx.): €5,000 and more

In what field does an Insurance Broker work?

Insurance Brokers can work in a variety of sectors, such as :

• Brokerage firms: Contract management and insurance advice.
• Insurance companies: Intermediation between customers and insurers.
• Brokerage firms: negotiating and managing insurance offers for clients.
• Banks: Insurance advice for banking products such as mortgages and loan insurance.
• Companies: Management of risks and insurance policies for companies.

In summary

Insurance brokers are essential intermediaries who advise customers on the best insurance offers and help them manage their policies. Thanks to their skills in analysis, negotiation and claims management, they play a strategic role in protecting people and property. With varied career prospects and the integration of new technologies, this profession offers interesting development opportunities in a constantly changing environment.