Becoming an Insurance Broker: The Inside View as a UIB Apprentice
Completing an apprenticeship is a great way to kickstart your career whilst gaining experience and learning skills that will be key to your future development. However, starting an apprenticeship can be daunting, especially in a fast-paced and accuracy driven environment such as insurance.
In this article we will delve into the day-to-day life of Joseph Brewster who has recently completed his Level 3 Insurance Apprenticeship. Joseph will answer some questions which will uncover the challenges, experiences, and opportunities that he gained during the course, as well as how he has applied this newfound knowledge to his role as a Direct and Facultative Property Broker at UIB. Joseph and his team of experts offer a wide range of property insurance and reinsurance capabilities, from servicing retailers, wholesalers and cedents, to managing single territory or multi-territory, or unique perils such as natural catastrophe.
Whether you’re taking your first steps towards your career or looking for a change in direction, this first-hand account provides an inside view of the invaluable lessons that are learnt during an apprenticeship at UIB; from mastering the technical language, to building client relationships.
Why did you decide to pursue an apprenticeship in the insurance industry?
No two days are the same in insurance – The rapidly changing environment, and exciting market developments ensure that you are always changing and adapting as an individual, and as a team. Being a part of an industry with such a rich history whilst still constantly evolving is the perfect balance of exciting and challenging, and completing the apprenticeship has set the foundations for me to explore and expand my knowledge of the industry and the market.
With the structure and the resources that the apprenticeship offered me, that daunting feeling of starting a career was hugely reduced because it allowed me to obtain valuable, first-hand experience whilst gaining a professional qualification, and the confidence to develop client and industry relationships.
What does a typical day look like for a UIB apprentice?
With the flexibility of distant learning, I was able to shape my days as I needed to whilst keeping deadlines for assignments and tasks in mind. The majority of my time was spent shadowing my manager and senior brokers within the business, as well as attending meetings with clients and underwriters, and gaining technical experience through creating Market Reform Contracts, which are documents used in the London insurance market to streamline the process of placing risks, and Endorsements which are additions or modifications made to these contracts to adjust the terms or coverage for specific circumstances.
The experience and knowledge I gained from these tasks then went towards my continuous professional development (CPD) hours that are required to complete the apprenticeship. The tracking and completing of CPD hours and apprenticeship tasks highlighted what areas I needed to further develop throughout the course, giving me a well-rounded foundation of knowledge to continue into my career.
The support that was offered to me throughout the 15-month course, from both UIB and my tutors, was immensely appreciated. The course tutors were always available to call or email if I needed any help, as well as offering monthly catch-up calls to reflect and to set objectives to keep on track. The team at UIB also made sure to offer as much support as possible and were happy to listen and answer any questions that I had so that I could gain an in depth understanding of the industry from the start.
How has your role developed since studying?
When I joined UIB, and started the apprenticeship, I filled the role of Trainee Broker, this meant that whilst completing the course, I was able to gain first-hand invaluable experience that made the transition from Trainee Broker to Broker after the apprenticeship much easier, as I had already started to make industry relationships and had gained experience handling accounts and clients.
Since completing the course and gaining the industry recognised and respected CII qualifications, my confidence in my role has improved due to the course having equipped me with the technical language needed to broke confidently in person, and meet face-to-face with underwriters in Lloyd’s, enabling me to build strong professional relationships.
What was the most challenging part?
Logging the mandatory 180 CPD hours was the most challenging aspect of the course for me. This was because, to ensure that I covered all the skills and knowledge required, I had to keep logging entries where I had learnt or developed something new which grew more difficult as I developed through the course. This encouraged me to think about and participate in things that I hadn’t done before.
Although this was the most challenging aspect, it was the most beneficial because it allowed for reflection and a documented tracker of my skills and knowledge that I had developed so that I could ensure that I gained all of the necessary experience that I needed to kickstart my career.
What advice would you give to someone starting an apprenticeship in the insurance industry?
Build a strong relationship with your line manager and apprenticeship tutor because they have all the tools you need to complete the course. This will also allow you to confidently ask as many questions as possible and to shadow them so that you can get a first-hand demonstration of how to complete tasks and procedures.
Being as involved as possible with your day-to-day work is essential, and repetition is key to developing confidence.
What are your next steps and how are UIB supporting you?
Completing the course has allowed me to develop the confidence to start my insurance diploma course in the next year. This is the next stepping stone that will allow me to become a trusted and respected broker within the market.
I will also be focusing on developing the skills and knowledge that I have gained, and to build relationships within the industry.
