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 jobs

average 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.

smiling insurance consultant
smiling insurance consultant

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.


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.
working with insurance consultant
working with insurance consultant


FAQs about working as an insurance consultant

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