Warnings To Insurance Brokers
Warnings To Insurance Brokers
You must have often read about insurance companies and their insurance brokers. Everyone punts insurance brokers as a great way of getting insurance coverage that is suited to you. So being an insurance broker may be a very lucrative career option. What needs to be done to become an insurance broker?
The one major requirement is to have a matric or matric equivalence qualification. You do not need any special tertiary education though there are a few things that would help you along your way.
Insurance brokers are primarily salesmen. Being able to make sales is a vital skill in order to make enough money to make ends meet. Taking sales courses and being an extrovert helps immensely. You need to be able to relate to people and empathise with them so that they come to trust you and will take your advice. Listening to your potential clinet's needs and finding a way to meet them will guarantee you sales and referrals.
Insurance falls under the banner of personal finance. Managing to get a degree in economics of business will definitely work to your advantage as it gives you an understanding of how economics works and what is sound financial advice. Some insurance companies will only consider those people who have taken the trouble to get a degree for employment as insurance brokers. The closer your degree is to a BCom the better your chances of finding employment at an insurance company.
According to law, any person who intends to offer financial advice to other people and be paid for it has to have a financial advisors licence. You could be sued should someone you have advised to purchase certain insurance policies or stocks or followed any financial advice given by you and fallen prey to bankruptcy.
It would also behove insurance brokers to carefully consider the reputations of the insurance companies they represent. A dodgy insurance company will reflect badly on you as a broker and may lose you many clients in one fell swoop by failing to pay claims or live up to their promises. It will be up to you to resolve any complaints from you clients about their insurance companies and policies.
A good insurance broker will always put their client's needs first. They will take care of all the issues any client has with an insurance company, thus preventing the client from having to experience the frustration of the red tape that comes along with any personal finance solution, whether it be changing details or placing and following up on a claim.
People who are considering looking to an insurance broker for financial advice on insurance policies should definitely check that the brokers they investigate and consider as a professional partner in a financial relationship are well qualified for the job. They must be licensed financial advisor and have sound knowledge of finance and economics. They should only represent reputable insurance companies who pay claims fairly and timeously. Always take the time to do research on the people you intend to take financial advice of any kind from.
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