A week in the Life of a Broker

Monday: Preparation and Coordination

I begin my week by reviewing my schedule, prioritising tasks, and preparing for face-to-face broking sessions. This involves gathering necessary documentation, reviewing client portfolios, creating broking notes and completing administrative tasks. I also liaise with the contract creation team to ensure all contract requests are in progress. This collaboration is essential to ensure that all client needs are met promptly and accurately.

Tuesday: Team Meetings and Face-to-Face Broking

My day starts with a team meeting which focuses on how team members can support each other. It’s an opportunity to discuss the progress of different clients and their needs, as well as market trends and upcoming opportunities. Following the meeting, I usually review my broking notes and engage in face-to-face broking sessions, typically held on Tuesdays, Wednesdays and Thursdays. These sessions involve direct interaction with underwriters, discussing a clients insurance needs and risk profile, negotiating terms and building relationships. I really enjoy going into Lloyd’s of London to broke because it feels like I’m doing something important, it’s such a historic place to visit! I spend the rest of the day completing administrative tasks for clients, supporting my team and attending meetings.

Wednesday: Continued Broking and Administrative Tasks

Wednesday continues with face-to-face broking activities. Before broking to an underwriter, I like to make some notes specific to them and their appetite for risk. I would include whether they have provided a quote for this client in previous years and at what price, which terms and conditions of the insurance contract affects them and whether there have been any changes. Additionally, I interact with Aon retail offices in America to discuss client needs and coordinate efforts for upcoming insurance placements.

Thursday: Continued Broking or Preparing to Bind

If I’m broking, the structure of my day is similar to Tuesday and Wednesday. However, I am often preparing to bind, i.e. secure coverage for the client. As a wholesale broker in London, I don’t have day to day direct contact with the client, so my Aon retail colleagues inform me which insurance companies and syndicates the client has chosen to bind. Therefore, I must check that the insurance contracts created are correct according to the policy form and the binding instructions from the client. I then update my placement tracker which details all the prices and shares of the risk different insurers have provided.

Friday: Binding Insurance Activities or Training

Friday is focused on binding insurance activities, a critical aspect of my role. I perform a final check on contracts, ensuring all terms are accurate and complete. Contracts are then uploaded onto a digital platform that streamlines the placement process. I contact underwriters to sign contracts and throughout the day I keep in touch with them, answering questions and following up on those yet to sign. Once all underwriters have signed, I email the retail office with the final contracts confirming to the client that their insurance has been bound. If I’m not binding on a Friday, I’m completing training activities.