In Insurance sector, insurance consultant has many synonyms such as insurance consultants, insurance agents, development officers, insurance policy makers etc. They can also perform duties as managers, assistant mangers in the insurance company.
Insurance consultants have expertise in insurance policies and they use statistics to decide future financial risks of clients and help them to take wise decision on best insurance options in current market situation.
The key responsibilities of Insurance consultants are to help businesses, recognize risk and select appropriate insurance policies to cover potential liabilities.
Clients of insurance consultants are organizations, individuals and government bodies.
Insurance consultants must have gained specialization in offering different types of insurance, for example life insurance or property/casualty insurance.
Educational requirement for insurance consultant is graduate degree in finance and economics as a major subject.
Employers prefer to recruit insurance consultants who have insurance industry/sales experience.
Insurance agents who are recruited by business firms must provide advisory services on parity with what an insurance consultant offers. But insurance agents have a conflict of interest if they stand to profit from a business owner's choices.
Insurance consultants must have fundamental knowledge on an array of insurance and risk-management subjects along with years of experience in the field.
There is no standard training specified for Insurance consultants. It depends on candidate where he wants to work and accordingly may be given specific training.
Some insurance consultants begin training as insurance sales person; they become consultant after gaining adequate knowledge to fulfill certification requirements and by passing a test.
Main skills required in this career in the insurance consulting arena are effectual customer service. Insurance consultants must develop good verbal and interpersonal communication and writing skills to give excellent service to clients and team members.
They must develop ability to change complex data into clear information for clients and must know concepts and principles of statistics thoroughly.
Insurance consultants must be detail-oriented, self-motivated, logical, and have problem solving skills. Insurance consultants should also develop strong negotiation skills and time management skills.