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Insurance Consultant
2 months ago
Salary:
POSITION SUMMARY:
The Insurance Consultant is tasked with cultivating and overseeing a portfolio of clients. This role requires servicing insurance clients by assessing their unique requirements, exploring options, and providing customized insurance solutions. The Consultant is expected to discover new insurance opportunities and maintain existing client relationships while promoting the agency's services. The primary focus is on commercial Property and Casualty insurance.
PRIMARY RESPONSIBILITIES AND DUTIES:
- Assess clients' specific needs and financial risks by scheduling in-depth consultations; reviewing current coverages; and identifying potential gaps. Analyze documents such as application forms, financial data, product brochures, and exposure checklists to evaluate risk and present options to a selection of insurers.
- Formulate a comprehensive insurance and/or risk management strategy, calculate and provide quotes for immediate coverage actions.
- Identify and pursue new insurance prospects and suitable markets.
- Promote, service, and enhance the Agency's offerings while strategically developing and retaining clients.
- Manage existing client accounts, including assessing client needs, addressing inquiries about coverage, and determining the most appropriate products; recognizing concerns, market competition, and additional coverage requirements.
- Assist current policyholders with the renewal process as needed, ensuring effective communication and market insight. Educate clients on policy features, benefits, and drawbacks. Re-market accounts when necessary.
- Independently maintain a strong understanding of the market and foster robust relationships with insurance representatives and underwriters. If coverage is unavailable in the standard market, explore alternative risk placement options.
- Prepare submissions and negotiate pricing, policy conditions, and terms with selected insurers. Review all quotes with recommendations regarding the best options for pricing, coverage, and risk management. Manage quotes and proposals to clients, binding coverage with insurers within agency authority.
- Meet established revenue standards and quotas.
SECONDARY RESPONSIBILITIES AND DUTIES:
- Collaborate with agency staff and supervisors to provide insights on client and market conditions.
- Address phone calls and in-person inquiries from clients regarding their specific risks and coverage needs, claims, new business, re-markets, and additional coverage lines.
- Ensure that all renewals and requests for changes, endorsements, audits, etc., are properly executed and comply with various company requirements.
- Perform other duties as assigned.
KNOWLEDGE, SKILLS & ABILITIES:
- Ability to work independently with minimal supervision, following established guidelines and instructions. Decision-making occurs within general agency constraints and insurance regulations, requiring independent judgment.
- Daily interactions with clients and insurers involve information exchange, problem-solving, quoting, and negotiations, as well as significant contact with clients to gather information on any changes to their profiles and to assess their ongoing exposure and risk tolerance.
- Comprehensive technical knowledge of Property & Casualty insurance, including familiarity with insurance forms and risk alternatives. Excellent verbal and written communication skills are essential.
QUALIFICATIONS:
- Education: Associate's degree from a two-year college or technical school, or a combination of education and relevant experience.
- Experience: Prior insurance experience is advantageous.
- Specialized Skills, Knowledge or Licensure: Must possess or meet the requirements to obtain a license as a Property & Casualty insurance producer.
- Continuing Education/Training: As mandated by applicable laws and regulations.
OTHER RELEVANT REMARKS:
This position description outlines the general nature and level of work performed. It is not intended to be an exhaustive list of all duties, responsibilities, and qualifications required of employees in this role. The Agency reserves the right to modify this position description at any time at its discretion.