what is an insurance consultant?
As an insurance consultant, you assist businesses and individuals assess their needs and formulate insurance plans for the associated risks. You also determine the insurance coverage to develop a risk management coverage programme. In manufacturing industries, you assess the risks associated with the company, such as fire or injuries, and create a risk coverage programme to shield the businesses from losses.
Insurance consultants also serve individuals by helping them identify insurance packages that serve their needs. For instance, you help people select the best life insurance covers, pick motor vehicle insurance and choose private pension plans. The goal of an insurance consultant is to ensure a client receives a reasonable outlay of insurance premiums and the best coverage.
Some insurance consultants work independently, while others work for a specific insurance company. When you are attached to an insurance company, you upsell your employer's insurance policies and encourage businesses or individuals to take out a policy. Independent insurance consultants work with various insurance companies.
Despite common misconceptions, an insurance consultant doesn't sell insurance. Your job is to deliver unbiased information to assist companies or individuals with making informed choices about their insurance options.
Would working as an insurance consultant suit your mathematical and statistical skills? Then read on to find out what competencies and qualifications you need to thrive in an insurance consultant role.
insurance consultant jobsaverage salary of an insurance consultant
According to ONS, the median compensation package for an insurance consultant is £24,000 per year. Newly qualified insurance consultants joining the field earn an average salary of £21,500 annually. Experienced insurance consultants take home a salary of £52,445 yearly. The salaries fluctuate depending on location, qualifications and experience.
Apart from basic earnings, insurance consultants are also paid commissions or one-off fixed fees. With fee-based compensations, you collect a one-off payment for the services offered, and you don't earn an ongoing commission when the policies are in effect. In compensation-based packages, an insurance consultant receives a commission on the total value of the insurance package from the seller. Some insurance consultants collect commissions as long as the cover is in force.
what factors affect the salaries of insurance consultants?
Insurance consultants receive a compensation package based on their expertise and educational qualifications. In an entry-level position, your experience levels limit your responsibilities, lowering your earning potential. As you gain experience and take up more responsibilities, you can negotiate a higher compensation package. It is important to build a portfolio of clients you have helped in the past. Your portfolio improves your salary prospects significantly. Working in large cities also increases your salary potential due to the high demand for insurance consultants, and salaries are higher to allow for the cost of living.
types of insurance consultants
The types of insurance consultants depend on the area of specialisation. Some include:
- life insurance consultant: as a life insurance consultant, you find the perfect insurance plans for businesses or individuals. You help businesses receive the best life insurance plans for employees at favourable premium rates. You also ensure individuals take the best insurance plans. If a beneficiary has trouble getting insurance benefits, you help them make the claims.
- building and contents insurance consultant: you work with individuals or companies to find the best insurance plan to protect them from financial losses due to damage or theft. You determine the most appropriate level of cover for individual or corporate property and find the best options for insurance providers.
working as an insurance consultant
As an insurance consultant, you are a valuable advisor for many businesses and individuals. If you want to join the profession, discover more details on the duties and responsibilities involved.
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insurance consultant job description
Some of the tasks of an insurance consultant include:
- assisting clients in identifying their needs: as an insurance consultant, you assist businesses or individuals in identifying their insurance needs. You research a client's personal and financial details to find the right insurance products. If you are working with a company, you evaluate the business processes and risks associated with the business. From the information gathered, you determine the best insurance policies required in the role.
- identifying clients' goals: since insurance products are goal-oriented, your job is to identify a client's goals. For instance, if an individual needs financial security, insurance products like life insurance are ideal, while child planning requires insurance products like education plans and child life insurance. For companies, you should identify if they want to protect employees or business properties and ensure they have the ideal products.
- recommending insurance products: once you understand a company's or individual's goals, you advise them on the insurance products that cater to their needs. You assist your clients in picking the right coverage with favourable premiums and deductibles. You also help them negotiate rates with insurance companies and choose from competing offers.
- reviewing client policies: as an insurance consultant, you review the current policies for companies or individuals and help them manage the costs. You recommend changes to improve the insurance benefits or lower the insurance costs. You also assist clients in applying for claims and new policies when the terms of a previously issued policy change.
- recommending strategies to lower risk exposure: as an insurance consultant, you educate your clients on avoiding risks. When clients understand how the insurance process works, they are more likely to get a positive outcome if a claim is made.
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work environment
As an insurance consultant, you work in an office environment but spend significant time meeting clients in various locations. Most insurance consultants working for insurance companies source clients by visiting potential businesses or making phone calls to follow up on leads generated. The role requires wearing business attire to present a professional image to clients. As an insurance consultant, you frequently travel to meet clients or investigate risks, but you rarely spend the night away on business trips. If you solicit clients online and through phone calls, you can work from home and complete your tasks remotely.
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who are your colleagues?
As an insurance consultant, your colleagues might include insurance brokers, insurance agents and financial advisors. You may also work with insurance account managers and insurance claims handlers, as well as other specialists that could include insurance underwriters, accountants and sales agents.
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work schedule
The work schedule of an insurance consultant depends on the employer. For instance, insurance consultants work between 41 to 43 hours weekly in full-time positions. That means they work typical 9 am to 5 pm hours. However, independent insurance consultants work more flexible schedules. When you work in a full-time position, you are likely to work evenings and weekends to meet clients. Part-time positions are available in the role, and you can also work on short-term contracts. Some insurance consultants become freelancers and set their schedules based on their clients.
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job outlook
Companies and individuals always need insurance consultants to help them reduce the costs of insurance covers and enjoy the best benefits. Insurance companies also rely on insurance consultants to help them navigate regulations in the industry and minimise risk exposure. As an insurance consultant, you have a well-defined career path. For instance, most insurance consultants become financial or business advisors while others move to self-employment opportunities.
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advantages of finding an insurance consultant job through randstad
Finding your insurance consultant job through Randstad provides important advantages such as:
- a wide variety of training and development opportunities
- an experienced contact person to provide help if needed
- a range of opportunities in your area
- get paid weekly or monthly, depending on the job
- temporary and permanent contracts
Want a permanent contract? A temporary job as an insurance consultant is often a stepping stone to an attractive permanent job. Every year, thousands of people earn a permanent contract with great employers thanks to a temporary job found through Randstad. What's more, many companies recruit their permanent employees through Randstad too!
education and skills
To become an insurance consultant, you require the following educational skills:
- university course: to join the profession, complete a degree in finance, business studies or a related field. The degree courses familiarise you with the insurance industry and help you gain experience through work placement programmes. You can join a graduate training scheme at an insurance company after completing your degree.
- apprenticeships: some insurance consultants join the profession through apprenticeship programmes like the professional insurance higher or degree apprenticeships. The programme takes 24 months to complete.
- work experience: you can gain work experience from graduate trainee schemes. Alternatively, apply for entry-level jobs like trainee broker, insurance technician or junior account handler. A qualification from the Chartered Insurance Institute (CII) also boosts your job prospects.
insurance consultant skills and competencies
Some of the qualities of an insurance consultant include:
- communication skills: as an insurance consultant, you rely on communication skills to explain the purposes and scope of insurance policies. Good communication skills help you explain complex insurance terms to clients.
- problem-solving skills: as an insurance consultant, you work with clients to find solutions to various problems. For instance, if a client is looking for an insurance policy and they don't meet the requirements, you help them find other suitable policies.
- time management skills: as an insurance consultant, you work on multiple projects and deal with various clients. Time management skills help you meet deadlines and prioritise work to stay on track.
FAQs
FAQs about working as an insurance consultant
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what is an insurance consultant?
As an insurance consultant, you assist businesses and individuals make informed choices on insurance coverage. You help them find the perfect insurance policies to suit their needs and minimise the costs.
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how to become an insurance consultant?
To become an insurance consultant, pursue a degree course in business or finance and join a graduate trainee scheme in an insurance company. Apprenticeship programmes are also available.
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is insurance a good career path?
Insurance professionals have numerous job opportunities due to the demand for insurance information and guidance. As an insurance consultant, you earn an attractive salary and have promising job prospects.
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what skills does an insurance consultant need?
As an insurance consultant, you require exceptional negotiation skills to find the best insurance products for your clients. Time management skills also help you juggle multiple clients and meet deadlines.
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what is the main role of an insurance consultant?
An insurance consultant provides information on insurance products and the impact of risks. The focus isn't on selling insurance products but on offering useful information.
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how do I apply for an insurance consultant vacancy?
Applying for an insurance consultant job is easy: create a Randstad profile and search our job offers for vacancies in your area. Then simply send us your CV and cover letter. Need help with your application? Check out all our job search tips here!
