What's your job about?
Gallagher are an insurance broking firm that specialise in insurance and risk management. As a graduate insurance broker at Gallagher, my primary goal is to assist clients in securing the most suitable insurance coverage to match their unique needs. A large portion of my job is dedicated to communicating with clients to develop relationships. This allows for better understanding of their specific requirements which leads to better fitted insurance products. Similarly, I also dedicate a lot of time building relationships and negotiating with insurers to secure the most competitive premiums and favourable terms for my clients.
Another aspect of being an insurance broker is the back end processing. Obtaining quotes and placing policies with insurers is an integral part of the insurance broking process.
The rest of the day is often dedicated to self-development. Gallagher provides access to numerous learning opportunities from internal brokers to underwriters covering all aspects of the insurance market.
What's your background?
My academic and professional journey has been a series of purposeful steps leading to my current role as an insurance broker. I began my educational path in Geelong, where I first gained an interest in the financial sector. My pursuit of higher education led me to Monash University, where I obtained a Bachelor of Commerce, delving into the intricacies of business, finance, and economics.
Eager to further specialize in the world of finance, I continued my studies at Monash, completing a Master of Advanced Finance. This advanced program equipped me with a deep understanding of financial markets, investment strategies, and risk management.
I was also lucky enough to work in England for a year straight out of school which broadened my horizons and instilled crucial skills like adaptability, communication, and the ability to navigate diverse environments.
My keen interest in the financial sector led me to into the field of insurance broking, where I've been thriving for the past 10 months. As an insurance broker, I have utilised all that I have learned to assist clients in risk management and disaster prevention. It's a role that combines my academic background, interpersonal skills, and a drive to provide valuable service to others.
Could someone with a different background do your job?
Becoming an insurance broker is accessible to individuals from diverse academic backgrounds. Our graduate cohort contains people with a variety of degrees. Insurance brokers require skills such as communication, analytical thinking, and problem-solving, which are crucial in many fields. With proper training, people from all backgrounds can transition into this profession. I personally think the insurance industry actually benefits from a variety of perspectives and experiences.
What's the coolest thing about your job?
My favourite thing about my job as an insurance broking is the relationships with both clients and insurers. Building trust and rapport with clients means understanding their unique needs and concerns which leads to tailored insurance solutions. On the flip side, forging strong bonds with insurers enhances the negotiating process, ensuring clients receive the best coverage at competitive rates. However, these relationships extend beyond transactional which makes the insurance broking profession deeply fulfilling.
What are the limitations of your job?
For me one limitation of being an insurance broker is that it is not typically a math-intensive profession. While an understanding of financial concepts and calculations helps, the role does not require extensive mathematical expertise. For individuals with a strong passion for mathematics, this aspect may be seen as a limitation, as they might prefer alternative math based careers. However, the absence of heavy mathematics can also be a benefit for those who prefer a more client-focused, relationship-driven career.
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