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insurance broker

5 Professional Qualities Of An Insurance Broker

Photo by Mikhail Nilov from Pexels

Every profession in the world requires skills and qualities. These qualities serve as the determining factor of whether one is the best candidate to perform the responsibilities that come with the job. Some jobs give importance to social skills, computation skills, analysation skills, or service skills. Other careers value one skill over the other. Most, prefer candidates who possess a range of skills and talents.

Even your mentors, advisors, or agents possess skills that draw you to trust them. Insurance brokers are professionals who fall under that category. Just like every other job in the world, it’s no walk in the park to be an insurance broker. These professionals possess skills that make them reliable, trustworthy, and competent that appeal to clients. 

But, it doesn’t stop there. A lot of traits are honed and learned by insurance brokers to continue to succeed and be good at what they do. If you’re an insurance broker or dream of becoming one, here are 5 professional qualities that you must have to be a great one. 

1. Knowledgeable (you should be adept with what you offer and what you do)

As you know, insurance is a very complex matter. A lot of people know nothing about insurance. Most people only have a connotation or an impression of insurance which often drives them to apply. Only a few are well-versed in what it is and what it truly covers. 

Let’s assume that you have a new client who falls under the category of ‘insurance newbie.’ As a newbie, we can expect that the client would prefer to talk to an insurance broker who can explain everything about insurance (whether it is business insurance or life/health insurance) in an easy-to-digest manner. 

As an applicant, you wouldn’t want to work with an insurance broker who knows little about the plans available. Of course, you would want someone who can explain to you in detail about its terms and conditions. It would be nice if the broker could give real-life situations as to how a certain plan could benefit the applicant.

An insurance broker should be able to explain in detail the plans that he is offering. He needs to be able to apply it in real-life situations to help the applicants understand them better. Staying up to date about the latest policies and changes is a must.

2. A good listener and is open-minded 

One vital part of an insurance broker’s job is communication. Communication goes both ways. This means that both parties should be able to listen well to give a well-thought response. An insurance broker should listen well. 

Since you’ll encounter different types of people daily, it can be a struggle to continuously keep your attention, and be attentive to your clients’ needs. But, being a good listener is an important factor in an insurance broker’s career. 

If you listen well to your client’s needs, you get a good overview of what they’re looking for. With that, it’s easy for you to narrow down the options that they can choose from. Also, giving them your full attention and being open-minded to their suggestions will help you gain their trust. This can show how you truly empathise with their needs and how you want the best for them.

If you’ve been dreaming of becoming one, start with your listening skills. Don’t just hear what other people are saying, but listen to their intentions and stories. This is a vital skill that you’ll need not only as an insurance broker but in life as well. 

3. Persistent and flexible

The insurance industry is a challenging one. It’s an industry that changes a lot and encounters problems frequently. Since a lot of people don’t take the time to understand their plan’s terms and policies, a lot of clients file complaints and are disappointed with the benefits that they can get. 

This also means that at every client’s application stage, there’s a 50% chance that they can withdraw from the process. That means insurance brokers should be flexible to a lot of rejections and ‘I’ll think about it’ scenarios. 

Even though insurance comes with a lot of benefits, it’s important to keep in mind that not everyone has the luxury of getting one. As an insurance broker, rejections can get you down. But, it’s important to keep in mind that your job comes with it. 

Being persistent and flexible to your client’s decisions is a skill that you must learn. Remember, you can’t control other people’s decisions. As an insurance broker, your job is to guide and help them get a plan that aligns with their goals.

4. ‘Honesty is the greatest policy’ 

If you’ve been rejected countless times already and encountered hundreds of “I’ll think about it” it’s tempting to shift to non-ethical ways. But, there’s always a price that comes with it. Honesty is a vital quality that insurance brokers must practice and not only have.

It’s easy to swindle clients into believing that a plan with a higher premium would work best for their underwriting. But, this won’t only strain your conscience, but also your professional endeavours. Also, if a client is not financially capable of paying that premium monthly, this can be a headache for you once the client abruptly stops her plan. 

If you practice honesty in your work and to your clients, it won’t only be easy to gain their trust, but also attract more clients to believe you. If you happen to provide a great service to your client, it would be easy for you to be referred to other potential clients as well.

A lot of people have an indifferent view on insurance. It can be hard to persuade people to see its benefits, but you can do something about it. As an insurance broker, start by being honest with its pros and cons. Help your clients see how they can benefit from it when they need it most. 

5. Lastly, be passionate about what you do 

The four qualities I mentioned above can be hard to possess if you don’t like what you do. An insurance broker might have a hard time listening to their clients and correlating their knowledge with real-life situations if they’re not passionate about their profession.

All professions in the world are hard. But, it makes a huge difference when you love what you do. It will be easier to gain the trust of your clients if they sense your passion for your work. All of the four qualities that I mentioned above are easy to practice and possess if you have the passion. 

To cap it off,

If you happen to find yourself possessing all five qualities, maybe this is a sign for you to pursue your career in insurance. Remember, these five qualities will help you build the structure of your profession. These qualities can help you reach your goals and be great at what you do. These qualities and skills will serve as the roadmap to your career’s success in the long run. 

About the author:

Bianca Banda is a writer for Lewis Insurance, an insurance company located in Australia, offering wide financial services and management for both business and family matters through proven quality service, trusted support, and expert advice.

Also read: 7 Career Options for People Who Want To Become Successful Paper Writers

Bianca Banda
Bianca Banda is an ardent writer, aiming to share helpful information and ideas effectively and engagingly.