Why insurance broking is a great career?
An insurance broker provides professional advice to help insurance buyers to protect their assets, their business or their families. They help insurance buyers to shield their high impact risk exposure and to minimize the financial impact of a major incident. Helping people comes with a lot of job satisfaction.
An insurance broker provides insurance consultancy and insurance brokerage services to diversified clients in different industries, such as local, global, industry specific or types of insurance specialties. It creates opportunities to learn about a wide range of businesses and to expand your social network.
The insurance broker market has a high rate of employability and offers excellent opportunities for those who wish to enter a sector that has a long-term career path with good prospects.
Insurance broking firms come in many shapes and sizes but all have their important place and role in the industry. On the one hand there are large firms with one hundred or more technical representative staff, including some major international firms operating world-wide, who tend to focus on large local and multinational corporate clients or major industries such as maritime, aviation or construction projects. On the other hand, there are much smaller firms who provide insurance broking services to SME clients or specialize in niche markets such as specialist liabilities or trade credit. Insurance broking firms may tend to concentrate on the provision of general insurance and risk management or alternatively on corporate group or personal life insurance or a combination of the two as well as corporate employee benefits and medical insurance. This wide range of activities provides ample opportunity for individuals to find a particular area of expertise which suits their interests with the large insurance broker firms providing career promotion paths and the smaller firms allowing a person to establish their own niche specialty.
The importance of insurance brokers to the economy should not be underestimated as the risk management and global insurance programmes they provide enable multinational groups based in Hong Kong to trade internationally with their operations and capital properly protected. On the local front, industrial, commercial and financial organizations are able to operate safely knowing that their capital, assets, liabilities and bank loans are well protected.
Insurance Broking is a stable industry, normally with a 5-day working week and is an essential professional advisory field in our community.
How to become a professional insurance broker?
To be a professional insurance broker, he/she would be labeled as
1) “Experts in insurance and information gathering” it means that they are
- extremely well qualified, with technical expertise and professional accreditations
- an expert in insurance companies’ products, policies and processes to advise clients on real options
- arranging customized and comprehensive solution based on client needs and expectations
- keeping up-to-date with changes in the insurance market and in the clients’ industries
2) “Dynamic Relationship Management”
- understanding the nature of clients’ business or lives
- building and maintaining ongoing relationships with clients, including foreseeing clients’ insurance needs
- driving reciprocal business and strengthening partnerships with insurers, underwriters, surveyors, etc
- greater leverage in the insurance market enabling preferential coverage and pricing
3) “Effective Risk Management”
- gathering information from clients, assessing their insurance needs and risk profile
- completing risk assessments in disciplined and structured ways
- advising clients on the best ways to “transfer” the inevitable risks they face in their business
- supporting clients in the events of a claim to understand the system and simplify the process
Size and Scope of Insurance Broking in Hong Kong (including life insurance brokers and general insurance brokers)
Market statistics (as of 28 February 2022)
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Licensed Insurance Broker Companies
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814
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Licensed Technical Representatives (Broker)
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11,237
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Source: IA website at https://www.ia.org.hk/en/infocenter/statistics/statistics.html
Examples on how young talents joined the insurance broking industry
We interviewed several young professionals working in insurance brokerage and asked them all the same series of questions.
- How did you land on this opportunity?
- Did you always want to get into insurance?
- What did you study at University? Looking back, what would you do differently at University to better prepare yourself in your current role?
- Where do you see yourself in 3 years from now? Is there career progression in this role?
- What are the benefits of being in the insurance industry, particularly, Insurance Broking?
- How would you describe your current job to a trainee moving into Insurance Broking?
- Did any of your previous work experience help you to get to where you are today?
1. Account Executive – Corporate General Broking
How did you land on this opportunity?
A friend recommended me to the company whilst I was looking for a new job.
Did you always want to get into insurance?
I was struggling at job seeking when I became a fresh graduate from University. Learning from friends and news, insurance industry could be a prosperous career to start off albeit there were indeed some negative reputations in the industry. Taking it as a chance, I finally made up my decision to enter this domain to explore what I can achieve or change.
What did you study at University? Looking back, what would you do differently at University to better prepare yourself in your current role?
I was majoring in Chinese and Literature – Nothing related to Insurance or Broking. Looking back, I think Finance or Insurance subject might help myself in the current role.
Where do you see yourself in 3 years from now? Is there career progression in this role?
I would love to be a more independent specialist that other counterparties can come to for help. I would also like to equip myself to provide similar guidance to junior staff and learn how to take up a leadership role.
What are the benefits of being in the insurance industry, particularly, Insurance Broking?
Insurance Broking certainly widens my horizons. I will have to keep in touch with people from different industries but never cease meeting new people. Being a person who likes to talk to people, Insurance Broking will be definitely a dream job.
How would you describe your current job to a trainee moving into Insurance Broking?
Insurance Broking offers great opportunity to build my business networking, retain good relationship between clients and insurers. I keep enhancing the skillset of solving problems of different varieties, and setting clients free from risk by insuring best coverage which they might not be aware. I do feel a deep sense of accomplishment after each deal.
Did any of your previous work experience help you to get to where you are today?
I was an intern in a global broker firm when I was in University and I was lucky to be employed as permanent staff after graduation. That’s how I started my Insurance Broking journey.
2. Graduate Associate – Development Program
How did you land on this opportunity?
I was referred by a broker colleague that a broker firm will be starting a Graduate Development Program across the region. The same colleague connected me with the program’s manager and the rest is history.
Did you always want to get into insurance?
In college, I had ambitions to work in the financial services, but my interest in Insurance ensued when I was introduced to the broker’s Graduate Development Program.
What did you study at University? Looking back, what would you do differently at University to better prepare yourself in your current role?
I studied Economics and Psychology at University. As I came from a Liberal Arts background, which is widely considered to produce critical, analytical and adaptable thinkers, I believe my University education has prepared me well for the Insurance Broking industry. From what I have learned from working in this industry for almost two years, a large majority of our training comes from on-the-job experience, and not from textbooks, and as we live in a dynamic risk environment, we are required to be critical, analytical and adaptable thinkers to devise the best solutions for our clients. In addition, my studies were heavily focused on data science and data management, which were very useful to my work as an Insurance Broker.
Where do you see yourself in 3 years from now? Is there career progression in this role?
As I will be joining the Business Development and Sales team after I graduate from the program, I see myself becoming one of the sales leaders of a major broker in three years’ time. As a sales representative, I will be tasked with educating our prospects on the insurable risks in their business, our scope of service, and how to best protect their balance sheet. With business risks and the insurance market being so dynamic, there are many opportunities to showcase our expertise in helping clients manage their risk. Therefore, I do see a career progression in my future role.
What are the benefits of being in the insurance industry, particularly, Insurance Broking?
Insurance Broking, like other financial services industries, challenges us to understand our clients’ business and industry and how we can best service them. In Insurance Broking, we advise clients on how to best prepare their business from possible financial loss that may disrupt their business activities. Insurance Broking helps clients maneuver the competitive insurance market to scout the best coverage and service for their business, as well advocate for clients in an event of a claim. In today’s environment, we are experiencing a global pandemic, terrorist attacks, political unrest, global warming, cyber attacks, natural disasters, mental health awareness, and so on, which have had tremendous impact on business globally. As an Insurance Broker, I see it as beneficial to be at the forefront in helping business continue to thrive amidst today’s environment, especially our SME clients, who are drivers of economic growth and job creation in many developing countries. With business risks evolving and new risks emerging constantly, Insurance Broking continues to thrive, which is a great place to be.
The Insurance Broking industry is a people business, and as a young professional living in the technological revolution, it is relatively unique that we engage with all peoples of the business. The industry gives me the opportunity to hone our soft skills; in my opinion, the most wholesome of business skills. Rather than working at a desk or computer all day, we are challenged and excited to build relationships with all peoples of the business: our colleagues, our clients, and carriers. People are the backbone of business, and I believe it to be most beneficial to be in an industry that values our relationships with people.
How would you describe your current job to a trainee moving into Insurance Broking?
The biggest difference between my role as a trainee and my future role as a Senior Client Executive in our Business Development team, is that I will be at the vanguard of new business for the company. My role and responsibilities have evolved from a professional focused on developmental and experience goals, to ones more performance and financial. My knowledge and experience as a trainee is my foundation that kickstarts my career in the Insurance Broking industry. I expect to be challenged, demanded from, and expected to lead the growth and development of the company with my peers, which I believe is the natural progression of my career from a trainee moving into Insurance Broking.
Did any of your previous work experience help you to get to where you are today?
My previous work experience consisted of multiple internships throughout my years at University. Although I had limited knowledge prior to joining the broker, and my previous internship experiences were unrelated to Insurance, my performance showed capability to learn and grow in the Insurance Industry, and they taught professionalism, business thinking and networking, which did prepare me for the Graduate Program in Insurance Broking.
3. Associate Director - Commercial Risks
How did you land on this opportunity?
I landed in this opportunity via company’s job vacancy page.
Did you always want to get into insurance?
I always wanted to work with corporate clients when I was about to graduate from university. I remember my very first interview was with a District Director recruiting life agents. I had a long talk with him and found out that other than personal line of insurance, there is also insurance for corporates. Afterwards, I joined an insurance broker firm which provides insurance solutions for corporates. And this is how I got into the insurance world.
What did you study at University? Looking back, what would you do differently at University to better prepare yourself in your current role?
I studied Science at University. Apart from study, I would participate more in different university associations. By working / playing with different people of different academic expertise, it would definitely sharpen your exposure and interpersonal skills.
This skill really applies to my current role, which you need to work well with clients from all industries, partners from insurance companies and internal colleagues.
Where do you see yourself in 3 years from now? Is there career progression in this role?
Yes. I see myself to be a client manager in 3 years. I could see myself with greater responsibility in 3 years’ time. This role has a clear career progression. We first start as Account Executive. Basically, you will learn the operation of insurance broking and the technical knowledge of different kinds of insurance products. Along the way, we would also learn the client facing skills from senior when we have joint call / meeting together. As we are getting more experienced, we would progress to handle the clients independently as the Account Manager. If you find yourself interested in claims operation, you could also pursue to be a claims specialist within the firm.
What are the benefits of being in the insurance industry, particularly, Insurance Broking?
Insurance industry, especially general insurance industry, would give you a wide understanding of the business world when you undergo risk assessment for corporate clients with various industries.
For insurance broking, as you act on behalf of client to source offers from different insurance companies, you could tailor make risk management program that best suits client’s exposure.
How would you describe your current job to a trainee moving into Insurance Broking?
I would describe my current job challenging yet interesting. Being a broker, you are constantly helping clients to transfer their business operational risks. It would be challenging at times when their risk exposure is complicated. You would need to be creative and flexible to come up with solutions. But it is satisfying when clients recognize your effort and take your advice.
Did any of your previous work experience help you to get to where you are today?
Previous internships at insurance companies and a bank probably helped. I first started my insurance career as an insurance broker. But I believe if you previously worked in other financial institutions such as bank or insurance company, it would be a valuable experience as you would become sensitive to number, good at meeting / working with people and could work under pressure.
4. Graduate Associate – Health and Benefits
How did you land on this opportunity?
My company has a very good reputation in the industry and it is known for its professionalism in providing high-quality broking and advisory service to its clients. I am fortunate enough to learn about this opportunity when searching for openings at my University’s career website.
Did you always want to get into insurance?
Under the influence of my family, I always wish to start my career focusing on human resources advisory and now it comes true. As an employee benefits consultant, managing a range of insurance products like life, medical and travel policies is undoubtedly one of our main responsibilities. Not only does it provide fundamental protection to employees and their loved ones, but it also helps companies turn risk into a path of growth.
What did you study at University? Looking back, what would you do differently at University to better prepare yourself in your current role?
I studied Business Management at University, in particular I found negotiation and project management courses are useful. It greatly sharpens my communication and analytical skills. Looking back, I wish I could have more related internship experience, which would better equip myself with insurance knowledge and establish a professional network.
Where do you see yourself in 3 years from now? Is there career progression in this role?
In 3 years’ time, I would like to be seen as someone with deep expertise in the insurance sector that utilizes my skill and knowledge to provide all-round broking and advisory service to our clients and keep on contributing to the company. As long as you have the potential, I believe there will be ample opportunities in this role or even in this industry.
What are the benefits of being in the insurance industry, particularly, Insurance Broking?
The most amazing part of being in the insurance broking industry is definitely being able to connect with lots of different people and gain fresh perspectives. This is something that you might hardly know unless you get to work with HR professionals and medical providers. Second, it is the sense of fulfillment in my work, which I am able to devise a win-win solution to cater for the needs of employees while at the same time retaining key talents for companies at a competitive cost.
How would you describe your current job to a trainee moving into Insurance Broking?
For the two-year young talent development program, I would say it is an amazing journey with lots of exposure. By having rotation across different functions, I had the chance to design and implement risk and health benefits programs, conduct benefits review projects and source new business vendors. You will find every day is challenging but rewarding. As for my current role in Account Management team, it is all about acting as an intermediary between clients and insurers, understanding the client’s needs and balancing the interest of different stakeholders. My routine tasks include but not limited to insurance placement, negotiation with insurers and policy terms review. By offering a comprehensive benefits package, it provides peace of mind and financial security to employees in case of any unexpected events.
Did any of your previous work experience help you to get to where you are today?
I believe my previous internship experience in an insurance company has helped. It is a very good starting point to have a glimpse of the industry and learn about its daily operation.
5. Account Executive – Group Life and Medical Benefits
How did you land on this opportunity?
Referred by a friend.
Did you always want to get into insurance?
I’ve worked in the bank for half a year many years ago and got some basic knowledge of insurance, feel grateful to have the opportunity to get into this field after years working in government sector and accept new challenges.
What did you study at University? Looking back, what would you do differently at University to better prepare yourself in your current role?
Actually I studied Finance for my bachelor's degree but turned out working in the NGO & government for many years. So I’ve got some idea of insurance when I studied at University.
Where do you see yourself in 3 years from now? Is there career progression in this role?
With more experience, hopefully will become a senior AE after a few years. Knowing that some consultants were once account executives when they first got into the insurance broking field, I can see career path in this role.
What are the benefits of being in the insurance industry, particularly, Insurance Broking?
Many job opportunities, stable work environment, career path. Nowadays employees would expect their employers to provide employee benefits, I think better benefits package could motivate employees and attract good talents. During day to day contacts with clients, some clients may have very little knowledge about employee benefits scheme and thus expect us to provide professional advice to them. For group life insurance, it is very important especially for those who have no other life insurance in place. If I have non-working spouse and dependent or children, life insurance could provide basic protection for my family to go through hard time. Having said that, I still have a lot to learn about insurance and I hope with more knowledge and experience clients would be more satisfied with our service.
How would you describe your current job to a trainee moving into Insurance Broking?
Knowledge, experience and client serving: Clients may encounter different situations every day and we have to well prepare ourselves to help solve the problems at any time. Besides, we have to adapt to market and compliance updates.
Did any of your previous work experience help you to get to where you are today?
My past experience of facing the public would definitely equip my client servicing skills and a year in the Companies Registry provide me knowledge with anti-money laundering.
6. Associate Trainee – Graduate Program
How did you land on this opportunity?
I interned in an insurance company in my penultimate year and know about general insurance industry and brokers, so when I was looking for jobs in my final year and saw that there is a broker firm that had a Graduate Program, I applied and got in.
Did you always want to get into insurance?
No. I did not think about working in the insurance industry before I interned in the insurance company, so it really relies on opportunities.
What did you study at University? Looking back, what would you do differently at University to better prepare yourself in your current role?
I majored in Finance and Economics, I would take more Risk Management or even actuarial courses to deepen my understanding in this industry.
Where do you see yourself in 3 years from now? Is there career progression in this role?
I can see that this is a stable industry with good growth rate, so hopefully could grow with this industry. In 3 years’ time, I aim to take lead and handle some simpler multinational program alone, and continue to build my network within the industry.
What are the benefits of being in the insurance industry, particularly, Insurance Broking?
The industry is more stable compared to other industry such as tourism, banking, we can experience this especially during the pandemic, our company still achieved impressive growth rate. Also working in this industry allows me to gain deeper understanding in various industry as we need to fully understand the client needs in order to propose suitable insurance for them.
How would you describe your current job to a trainee moving into Insurance Broking?
Working as a trainee within the company, we had chances to rotate to different practices and learnt various products knowledge, skillset and built solid internal and external connection, which could equip us to tackle future challenges.
Did any of your previous work experience help you to get to where you are today?
I did intern in a Big Four HR consulting firm and an insurer before, although the first two are not highly related into insurance industry, these experiences are also very precious and trained me to be a more all-rounded and professional person.
7. Claims Executive – General Broking
How did you land on this opportunity?
I am referred by a friend who is doing claims in an insurance company.
Did you always want to get into insurance?
Yes, it’s because insurance is close to our lives, including but not limited to our health, work and home. It’s so great to know how it works.
What did you study at University? Looking back, what would you do differently at University to better prepare yourself in your current role?
I studied Accounting & Finance at University. Nothing I would do differently because of the great diversity in this industry. It always spares a space for people who are willing to take a step further. Different skillsets and personalities could lead to different outcome, which could be all good. The only thing everyone should do, not differently, is to make clear your way and put all your effort to it. JUST DO IT!
Where do you see yourself in 3 years from now? Is there career progression in this role?
Yes, I could see a career progression in this role. I will probably be promoted. For personal development, I believe I will have good knowledge on all products that the company serves. Importantly, great relationship with clients and good cooperation with insurers will be built.
What are the benefits of being in the insurance industry, particularly, Insurance Broking?
Being in Insurance Broking could let me have a wider view in the whole insurance industry. We think from client’s perspective but we work from insurer’s perspective. I could understand the client’s difficulties and also the insurer’s principles. It’s quite interesting and also sometimes challenging to think how to get a balance and better outcome. Furthermore, I could build a better network and stronger bonding with different people, maybe clients and insurer.
How would you describe your current job to a trainee moving into Insurance Broking?
It’s interesting, much to learn and diversification. You would experience many diffident areas, e.g. insurance products, communication with clients, dealing with insurers, etc. Cases could be similar but there are never two identical cases. You are experiencing more and more but you would never get bored as you would keep facing new challenges and then being satisfied when you overcome the hurdles.
Did any of your previous work experience help you to get to where you are today?
Yes, I worked in an advertising company and a commercial bank before I move into broking. Working in an advertising company could let me experience creative thinking and communication skills and working in a bank could train my sensitivity to numbers and different details. Being a broker is a mixture of both experiences. I am required to be detailed minded on policy and case handling in order to solve client’s issues and I am also required to be open-minded and energetic to gain our client’s confidence.
8. Management Associate – Graduate Rotation
How did you land on this opportunity?
I have thought of developing a career in the insurance industry when I was in university, and luckily the Early Career Program was opened when I started my job searching.
Did you always want to get into insurance?
I may not describe it as always because I had quite little experience with insurance in general before I did my first internship in an insurance company. But after that summer, the experience had opened up a new direction for me.
What did you study at University? Looking back, what would you do differently at University to better prepare yourself in your current role?
I studied Law for my bachelor’s degree, I do believe it is beneficial for my career development. However, as I don’t have any experience in brokerage, I would like to gain more internship experience for it.
Where do you see yourself in 3 years from now? Is there career progression in this role?
As I am now participating in a two years' rotation program, I will see myself finishing the rotation and selecting a suitable broking line to focus on. With experiences gained from years, I would be able to complete projects individually. I am expecting to create a significant impact on the company in the near future.
What are the benefits of being in the insurance industry, particularly, Insurance Broking?
The insurance industry is sustainable which allows me to have a clear vision of the career path. Also, insurance broking is a kind of profession that allows you to learn while progressing. The insurance industry has also let me gain a wide understanding of different industries through connecting with diversified customers every day.
How would you describe your current job to a trainee moving into Insurance Broking?
I will say our job is mainly related to account management, to ensure our clients having the best service while being the bridge between clients and underwriters. Like all other industries, there are lots to pick up in the beginning, but I believe it is worth waiting for the harvest.
Did any of your previous work experience help you to get to where you are today?
I believed so, although I did not have any experience in insurance broking, I did work for an insurance company in one of the summers. At that time, I worked in the back office. But this is a great opportunity for me to understand more about the industry.
9. Consultant - Employee Benefits
How did you land on this opportunity?
Referred by one of the existing staff of the company.
Did you always want to get into insurance?
No, I did not consider insurance as my career after my graduation back in 2018.
What did you study at University? Looking back, what would you do differently at University to better prepare yourself in your current role?
I studied BBA – Information Management. My current job is mainly on analytic and I have been using my knowledge learnt from the university to apply on the tasks which is very helpful. I have found so far is that I need to work as a team more frequently now than before in school.
Where do you see yourself in 3 years from now? Is there career progression in this role?
I will keep growing in my team and want to have more client facing and risk exposures in the coming years. Want to work in overseas to see more.
What are the benefits of being in the insurance industry, particularly, Insurance Broking?
Not too relevant to what I learnt in university but it has changed my perception to insurance after 3 years working in the broker company. In the past 3 years, I would say insurance is relatively a more secure and stable industry and has not been much affected by the COVID or other economic crises.
How would you describe your current job to a trainee moving into Insurance Broking?
A trainee was more like a student as I could always raise questions that I was interested in or had any issue with. Moving to a broker, means I have to be more independent to deal with problems by myself and to answer questions raised by clients.
Did any of your previous work experience help you to get to where you are today?
In the beginning, my experience gained from internship helped me to work with people and my technical skills learnt from Information Management helped me to work on data analysis.
10. Associate Trainee – Graduate Program
How did you land on this opportunity?
Through graduate program scheme.
Did you always want to get into insurance?
No, but after my university studies and internships I learnt more about this industry and found there aren’t a lot of fresh blood compared to other financial services industries.
What did you study at University? Looking back, what would you do differently at University to better prepare yourself in your current role?
Risk and insurance management. Build up more network with alumni in school and with colleagues during internships.
Where do you see yourself in 3 years from now? Is there career progression in this role?
Yes. I see myself to be a client manager in 3 years.
What are the benefits of being in the insurance industry, particularly, Insurance Broking?
It’s a stable industry not heavily impacted by economic factors; and junior brokers don’t need to be so concerned about P&L of portfolio as much as underwriters do.
How would you describe your current job to a trainee moving into Insurance Broking?
At first the role helps me familiarize with basic operation and technical knowledge (on different product lines, client industry types, and insurance markets). After 2 years of the program as graduate associate I would be having greater account ownership and responsibility, and perhaps more independent in the work.
Did any of your previous work experience help you to get to where you are today?
Previous internships at insurance companies and a bank probably helped.
