becoming an insurance broker

barca_boy

evening,

i wondered if someone can help.

i would like to open my own insurance brokerage/company but am unsure of the relevant qualifications that i would need to do this, or who to contact to underwrite the insurance.

any help would be greatly received

mattymoo

You'll need to study the CII exams - Chartered Insurance Institute.
No reputable insurer will deal with you unless you have a track record in the industry. It's not something you can do on a whim.
Work in the industry for a few years, get your qualifications and make the contacts you will need before even thinking about it.

bouncydog1

You could always apply to one of the big commercial brokers to see if you are accepted onto their training programmes. Willis, Marsh, Aon are the big commercial brokers with a worlwide presence. They will generally support your training and exams.

Alternative is to try a small personal lines broker

CII exams generally take a few years to complete but the time it takes depends on how committed you are to your studies and qualification is progressive. If you already hold professional qualifications in other areas you may be able to get some exemptions.

Be warned though it is not an easy option - you have to put the work in to pass the papers and can't just turn up and hope to "wing it" on a bit of knowledge you have gained.

You can get more information from the Chartered Insurance Institute (google and the info will come up as not sure if I can post a link).

barca_boy

thank you for your responses

both have helped me considerably

thanks again

DiscRisk

Do take a look at that CII website - just Google 'Discover Risk' - it's got information on a many of the big players like Aon and Willis, plus smaller regional brokers. Depending on your background, you may want to look at the News section on the site as there is info about grad schemes on there. It's aimed at a younger audience but does have plenty of useful stuff on there.

Re qualifications, you should ultimately be aiming for Chartered Broker status, but set yourself a target of three or four years to get from where you are now to Advanced Diploma in Insurance (ACII as most people know it) - a level where people will recognise your qualifications. That, plus experience, will set you on the right track.

First things first though - before taking a single exam, think about becoming a CII member. That'll give you valuable info on the sector, including who the big players are, market data etc and will plug you in to a local network of brokers. Google 'CII member' and you'll get more info.

Good luck!

stephenni1971

You had another post on here from May asking what would happen as you were about to default on 3 payday loans...

You then post a thread asking how you could set up your own insurance brokerage...

Sorry to be blunt but unless you have a few years to study and a large sum of money to hand then I think this idea will stay where it is... an idea.