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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.

TASKS

Insurance brokers may perform the following tasks:

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

PERSONAL REQUIREMENTS

aptitude for numbers and calculations
sound judgment
perseverance and motivation
good negotiation skills
strong attention to detail
good communication skills

Interest Area

EDUCATION & TRAINING

To become an insurance broker you usually have to complete a VOC qualification in insurance broking or financial services. 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. You may be able to study through distance education.

You can also become an insurance broker through a traineeship in Insurance Broking or Financial Services.

Entry requirements may vary, but employers generally require Year 10.

Additional Information

The insurance industry is regulated by the Australian Securities and Investments Commission (ASIC). Depending on the services that an insurance broker provides, they may need to be registered with ASIC or required to hold an Australian Financial Services (AFS) licence. Those who provide financial advice to clients must hold the appropriate qualifications. Details can be found at the ASIC website.

EMPLOYMENT OPPORTUNITIES

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.