Working in Insurance.

A few weeks ago, a fellow Linkedin member commented that Insurance Brokers that are excellent with their technical knowledge, in addition to providing a great customer experience are becoming a dying breed due to more and more companies employing younger staff to read scripts. I commented at the time that I don't think that the Insurance Industry gets enough coverage at schools and universities and as a result, here is a blog about Insurance.

In my experience, there is a stigma unfairly attached to the Insurance Industry. One former boss of mine when I told them what I was now working in Insurance remarked 'but you got qualifications, why have you lowered yourself to Insurance?' At the time, out of sheer resent for the comment, I replied 'for the money'. Now, this isn't exactly a lie - the money to be made in Insurance is there. A decent basic wage, with good holidays, and a commission structure that rewards for both new business and renewals isn't exactly a bad thing.

It's not just in the Professional sphere that the stigma exists. Most customers that I have visited, either for the first time, or at renewal, have led my opening script to be 'I know I'm about as welcome here as the tax man today, difference is, I'm here to save you money'. If you could invent a product that meant that a customer would never need insurance again, you'd have a fair few quid.

But the truth is, although Insurance is something that people don't want to buy, its actually important customers have it. Therefore, an adviser can't be half-hearted. We can't just ask a couple of questions and pluck a policy out of the air for £50 a month. What happens if you have a claim? What happens if we didn't see your premises and tell you about the benefits of a Business Interruption section in your policy? You thought you were fine because you had Plant and Machinery cover, but the lead time to get that Air Compressor and 4 post ramp is 6 months. How are you paying your staff? You think they are loyal because they've worked with you for 10 years? When you haven't got money coming in, meaning you can't pay them, how long will they remain loyal when their kids are hungry, the rent is due and their partner doesn't work? A good adviser might mention BI cover. A great adviser will definitely tell you about it, and also get you a quote for it.

If you're working from a script, over the telephone, how do you advise a client about a Snap-On Tool box needing to be fastened to the fabric of the building? How do you know the client has done it?

The point is, none of the above can be achieved if you don't have the skills, passion and desire for insurance. Going the extra mile is part and parcel of being an Insurance Broker. The Technical knowledge is gained from experience, seeing risks, looking at how claims are paid and investigated. The issue is, at Schools around the UK, an Insurance Broker isn't something that kids are interested in. The NHS came to my school, the police came in, even the Army came. No one from the Legal or Financial services came to visit.

Before we lose all the great experience and knowledge from the top level of the industry to retirement - many thanks for the service - we need to pass the knowledge to the young and get them interested in a career in the Insurance Industry. It's not as easy as you think.