Stone Manor - In Smaller Companies, Or Specialist Insurance Divisions Such As Energy Resources Or
In smaller companies, or specialist insurance divisions such as energy resources or marine insurance, an account broker will also have responsibility for placing the insurance. Account handling duties vary from company to company, and may well include servicing work such as technical wordings experts to check that the insurance policy actually provides the necessary cover. Account handling departments may be decentralised and located outside London. Case Study - trainee account executive: Janet was recruited as a trainee account executive in the UK division of a large broking house. She was brought up in Cornwall, where she attended a grammar school and obtained five GCSEs and three A levels.
She also has a degree in history from the University of London. She describes her job and career progression. ?I handled the day - to - day running of the client's account.? : I had several accounts, including two online advertising agencies, a large manufacturing group and a film - processing company. As the Account Broker I was probably the first person the client would phone about anything - for motor insurance quotations, amendments to a policy, or processing of claims. If clients just wanted to add a new car to the fleet, or new items to a policy, I would prepare the necessary documents, whether they were insured at Lloyd's or with a company.
If they were insured with a company, I would phone the insurer and obtain a quote, and then get back to the client and see if that was acceptable. Obviously if they wanted to insure a new factory it would be a different procedure, and I would have to arrange to have it surveyed and deal with other people. We would place our own business with the insurance companies, but for the Lloyd's market we worked through our placing brokers, who we mainly contacted by email.
We would meet the client when it came round to renewing the policy, and also a couple of times during the year to keep in touch. Normally the Account Broker went to these meetings, no matter how junior you were. After about a year I felt I had mastered the system and I got a bit bored because I was doing a purely desk job.
I felt I needed wider experience so I applied to move up to the City, and now I'm training as a Placing Broker. Placing Brokers Placing brokers arrange insurance cover. The account broker will notify the placing broker that a particular client needs extra cover. The placing broker will be briefed with the necessary information about the risk, such as the type of business, location, number of employees, hazard of operation, past accidents and present insurance cover.