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MASCO Code
3321-01
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Insurance Broker acts as an intermediary between a client and an insurance company, assessing the client’s insurance need and providing expert advice on a suitable policy. They promote, negotiate, and arrange coverage for a type of insurance, including life, health, accident, or property, and manage a policy renewal and claim. Their role ensures the client receives a tailored risk management solution and optimal terms for coverage.
Tasks
Assess clients’ insurance needs and risk exposure, and provide appropriate advice on coverage options.
Source suitable insurance policies from insurers and obtain quotations for clients.
Prepare, present, and negotiate insurance proposals, policy details, and cost comparisons with clients and insurance providers.
Arrange and place insurance cover with the selected insurer according to client requirements.
Assist clients in submitting and processing insurance claims and liaise with insurers to facilitate settlements.
Manage policy renewals, amendments, updates, and maintain accurate client records to ensure continuous coverage.
Monitor developments in insurance products, market trends, and regulatory requirements relevant to brokerage services.
Skills
Basic
Analytical thinking and problem-solving to assess clients’ needs and provide suitable solutions.
Attention to detail and organisational skills for managing multiple policies and client records.
Persuasive skills to influence clients’ decisions and secure favourable terms.
Proficiency in Microsoft Office applications for reporting and documentation management.
Strong communication and interpersonal skills for client interaction.
Specific
Ability to explain complex insurance terms clearly to clients.
Competency in risk assessment, underwriting principles, and regulatory compliance in Malaysia.
Comprehensive knowledge of insurance products and market trends.
Knowledge of medical and health-related insurance products.
Proficiency in insurance management software and customer relationship management (CRM) systems.
Additional Info
QUALIFICATION
Diploma or equivalent
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