How to become a Insurance Broker

Insurance brokers act on behalf of their clients, providing professional and technical advice about commercial, corporate and personal insurance products from a range of companies according to their clients' individual needs.

Personal requirements of a Insurance Broker

  • Aptitude for numbers and calculations
  • Sound judgment
  • Perseverance and motivation
  • Good negotiation skills
  • Strong attention to detail
  • Good communication skills

Education & Training for a Insurance Broker

To become an insurance broker, you usually have to complete a VET qualification. In addition, several years of experience with a qualified broker are usually required before becoming an independent broker. Entry to these courses usually requires Year 12 and, as a minimum, employment with an insurance brokerage. As subjects and prerequisites can vary between institutions, you should contact your chosen institution for further information.

Duties & Tasks of a Insurance Broker

Insurance brokers:

  • draw up a list of potential clients
  • make contact with these clients to see if they are interested in insurance
  • interview prospective clients to explain the details of an insurance policy and make recommendations on the amount and type of cover that may be required
  • research and review available insurance products to ensure clients are given the best and most appropriate offer
  • negotiate policy premiums and conditions with insurers on behalf of clients
  • arrange insurance according to client instructions
  • regularly review client circumstances to ensure their level of cover is appropriate
  • market their services to increase their number of clients
  • collect premiums on behalf of insurers.

Employment Opportunities for a Insurance Broker

Most insurance brokers sell policies for several companies. They may work in city or country areas. Insurance brokers usually work on a commission basis, with the level of business dependent upon the level of general economic activity. However, earnings and continued employment depend to a considerable degree on ability and experience.

Avg. weekly wage:

$1,400

Future growth:

Very strong

Employment by state:

ACT ACT 0.1%

NSW NSW 27%

NT NT 0.5%

QLD QLD 16.1%

SA SA 6.3%

TAS TAS 0.7%

VIC VIC 31.7%

WA WA 17.5%

Hours worked:

40.4

Unemployment:

Lower unemployment

Gender split:

Male 63.4%

Female 36.6%

Education level:

Not completed Year 12: 5.6%

Highest qualification is secondary school: 12%

Highest qualification is a Certificate 3 or 4: 7.2%

Highest qualification is a Diploma or Advanced Diploma: 31.5%

Highest qualification is a Bachelor degree: 19.9%

Highest qualification is a Postgraduate Diploma or Graduate Certificate: 23.9%

Age brackets:

15-19 - 0%

20-24 - 2.2%

25-34 - 29.2%

35-44 - 25.1%

45-54 - 25.2%

55-59 - 9.8%

60-64 - 3.2%

65 and Over - 5.2%

*The data above is sourced from the Department of Employment’s Job Outlook website.

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