Broker of Record
A Broker of Record is a professional or agency officially designated to manage and oversee a company's or individual's insurance policies. Think of them as the primary point person who handles insurance-related matters. When someone appoints a Broker of Record, they're giving that broker exclusive rights to work with insurance companies on their behalf. This role is similar to having a dedicated financial advisor, but specifically for insurance needs. They help negotiate rates, manage policies, and serve as the main contact between the insurance company and the client.
Examples in Resumes
Managed 200+ corporate accounts as Broker of Record for major healthcare clients
Appointed as Broker of Record for municipal government insurance programs
Led policy transitions as BOR for Fortune 500 company's benefits program
Typical job title: "Insurance Brokers"
Also try searching for:
Where to Find Insurance Brokers
Professional Associations
Online Communities
Job Boards
Example Interview Questions
Senior Level Questions
Q: How would you handle a large client wanting to switch multiple insurance carriers simultaneously?
Expected Answer: A senior broker should discuss project management approach, timeline creation, risk management, and communication strategies to ensure smooth transition across all policy types while maintaining coverage.
Q: How do you stay current with insurance market changes and use this knowledge to benefit clients?
Expected Answer: Should describe specific methods for tracking industry trends, relationship building with carriers, and how they've used market knowledge to negotiate better terms for clients.
Mid Level Questions
Q: What steps do you take when analyzing a client's current insurance program?
Expected Answer: Should explain their process for reviewing existing policies, identifying gaps in coverage, and creating recommendations for improvements.
Q: How do you handle client renewals and rate increases?
Expected Answer: Should discuss their approach to preparing for renewals, negotiating with carriers, and presenting options to clients when facing rate increases.
Junior Level Questions
Q: What is the difference between a Broker of Record letter and a regular insurance application?
Expected Answer: Should explain that a BOR letter transfers authority to a new broker while maintaining existing coverage, unlike an application which starts new coverage.
Q: How do you maintain organized records of client policies and communications?
Expected Answer: Should describe basic client management systems, documentation practices, and follow-up procedures.
Experience Level Indicators
Junior (0-2 years)
- Basic insurance policy knowledge
- Client communication
- Policy documentation handling
- Understanding of insurance terms
Mid (2-5 years)
- Policy analysis and comparison
- Client relationship management
- Renewal negotiations
- Claims process handling
Senior (5+ years)
- Complex risk assessment
- Strategic program design
- Market relationship management
- Team leadership
Red Flags to Watch For
- No insurance license or relevant certifications
- Limited knowledge of different insurance types
- Poor communication skills
- Lack of experience with policy analysis
- No understanding of compliance requirements
