Working in insurance, Matthew Flynn needs to work out which risks are worth taking. Read on to find out more.
To do this we work off rates that have been set by looking at how much a trade has cost insurance companies in the past. For example, an average office for an estate agent is much less likely to burn down than a fireworks factory would be, and historically, claims experiences have reflected this. We therefore don’t charge an office as much for insurance as we would a fireworks factory.
As there are so many aspects of commercial insurance, including buildings, motor insurance, employers’ liability and public liability, it can be quite a complex job assessing fully the risk to an insurance company. To help us with this job, most commercial insurance is transacted through a broker.
The broker deals solely with the client and provides us with a document showing us in detail what their client does, and what insurance they need. We can work with this to get the broker a price to go back to the customer with.
Because we repeatedly deal with the same brokers, rather than hundreds of customers, we are able to build up good relationships with them, so there is a strong sales aspect to the job, and you definitely need to be able to get on with people, and be good on the phone.