
Banking, Finance &
Insurance
Related Jobs
or Working with these Jobs
   
Insurance officers carry out clerical and other functions associated with
insurance transactions. There are two broad types of insurance: life insurance, which can provide
investment and/or life and disability protection; and general insurance,
which can cover property in a variety of events (such as fire, water damage,
theft of goods and property, marine cover, illness, accident and liability
cover).
Insurance agents sell life, home, car and other insurance policies to
individuals and organisations. Insurance agents are employees of an
insurance provider and sell that company's policies. Insurance agents
contact potential clients to arrange interviews so that they can discuss the
client's needs and suggest an appropriate insurance policy. When discussing
insurance policies with potential clients the insurance agent outlines the
risks that the policy covers, the rates the client will have to pay and the
how much they can expect to be paid if they make a claim.
Some insurance agents are also licensed financial planners and/or investment
advisers.
ANZSCO ID: 6112
Alternative names: Authorised
Representative
Specialisations:
Insurance Underwriter, Life Assurance
Representative, Insurance Officer,
-
Claims Officer -
arranges settlement of claims made by clients through their policies.
They assess the validity of claims by interviewing clients or their
representatives and obtaining evidence.
-
Life Insurance Assessor
- assesses death, disability, illness and trauma claims on life and
health insurance policies.
-
Re-insurance Officer
- is involved in the administration and assessment of insurance claims
and policies taken out by insurance companies as a form of risk
management.
-
Insurance Inspector -
is responsible for assessing the value and condition of property or
events to make recommendations about insurance prior to purchase. They
may also inspect the extent of damages that have been claimed by a
client.
-
Insurance Surveyor -
inspects all kinds of properties to check for hazards and the efficiency
of protection devices, advises policy holders about risk improvement and
provides inspection services to agents. They also prepare reports that
influence insurers' decisions on risk acceptance and premiums. Insurance
surveyors normally have an engineering, scientific or related
qualification.
-
Investment Officer -
invests revenue (income) from clients' premiums in government,
commercial and stock market operations on behalf of their company and
assists in the financial management of properties owned by the company.
-
Loss Assessor/Adjuster
- investigates and assesses losses for individuals and companies.
-
Marine Underwriter
-
is responsible for the acceptance or rejection of insurance proposals to
cover cargo transported by ships, trucks, trains or aircraft.
-
Superannuation Fund
Administrator - is responsible for the administration of
employer/industry-based superannuation funds. This involves the
day-to-day processing of new members, benefit payments and
contributions, and the annual review of each plan to update member
information and benefits.
-
Underwriter -
assesses risks and the premiums that should be charged in particular
circumstances. Most of these positions are located in head offices in
Melbourne and Sydney.
Knowledge, skills and attributes
To become an insurance agent, you would need:
-
good spoken and written communication skills
-
strong sales and negotiation skills
-
drive and motivation to meet sales targets
-
the ability to develop new business
-
organisation and attention to detail.

(Source:
the balance)
Duties and Tasks
- interviewing clients to identify their
insurance needs
- explaining to clients details of insurance and
conditions, risk coverage, premiums and benefits
- assisting clients to determine the type and
level of coverage required
- calculating premiums and establishing method of
payment
- reviewing clients' circumstances to ensure that
the level and coverage of insurance is still appropriate
- settling and monitoring insurance claims to
ensure that both client and insurer are satisfied with the outcome
- recording information about clients and their
policies
- identifying and drawing up lists of potential
clients from a variety of sources and contacting them to arrange
interviews
- keeping up-to-date with changes in the
insurance industry and informing clients of new developments
- sell insurance policies to businesses and
individuals on behalf of insurance companies
- discuss clients’ personal and financial
circumstances, insurance needs and existing policies
- determine the physical condition of the person
or property to be insured and recommend appropriate cover
- ensure that policy requirements are fulfilled,
including any necessary medical examinations and the completion of
appropriate forms
- look for and develop opportunities to grow your
client base.
Working conditions
Most insurance agents in Australia work in offices in the metropolitan
regions, though there are work opportunities throughout the States and
Territories. They typically spend long periods on the phone, attracting new
clients and maintaining relationships with existing clients. Some travel to
client's homes or workplaces may also be required. Some insurance agents may
sell policies to clients in a particular industry, so may have to regularly
visit industrial sites. For example, selling agricultural insurance may
require farm visits.
Tools and technologies
Insurance agents use standard office equipment, such as
computers, telephones, printers and fax machines. They may also use
calculators and/or computer programs to compare the costs and pay-outs of
different insurance policies as well as the premiums clients will have to
pay. They may also need a driver's licence so that they can travel to
clients' homes or workplaces.

(Source:
Good Universities Guide)
Education and training/entrance requirements
It is possible to work
as an insurance agent without any formal qualifications and get training on
the job. However, entry into this occupation may be improved by obtaining a
qualification in insurance or financial services. The education and training
requirements for this occupation are undergoing a formal review. This may or
may not lead to changes in the requirements.
The Certificate III and IV in Financial Services are offered at TAFE
colleges and other registered training organisations throughout Australia.
You can also undertake a traineeship in insurance (level 3 or level 4) or
financial services (level 3 or level 4). The traineeships usually take 12 to
18 months to complete. The financial services (level 3) traineeship is
available as a school-based traineeship.
Apprenticeships and traineeships
As an apprentice or trainee, you enter into a formal training contract with
an employer, enabling you to complete training towards a nationally
recognised qualification. You spend time working and learning practical
skills on the job and you spend some time undertaking structured training
with a registered training provider.
You can do an apprenticeship or traineeship if you are a school-leaver,
re-entering the workforce or as an adult or mature-aged person wishing to
change careers. You can even begin your apprenticeship or traineeship while
you're still at school.
Employment Opportunities
Insurance agents usually represent a particular
insurance company. They may work in either city or country areas.
Most insurance agents work on a commission basis, with the level of business
dependent upon the level of general economic activity. However, earnings and
continued employment in this occupation depend on both ability and
experience.
Did You Know?
Drones are
used in Insurance

(Source: was at Daily Fintech)
Drones are a simple, flexible and
low cost option to get at, and into, places that a mere mortal would
struggle to do. And with the quality of 4k imagery hanging off a
gimbal on the underside of a drone, this tech enables insurance
carriers to do much more than they can today using conventional
methods.
From underwriting through to claims, drone technology can improve
the end-to-end insurance process.
The traditional way of underwriting a property would have involved
(the cost and time of) a manual inspection. And a reliance on
documents such as out of date plans and historical structural
surveys.
With Fluttrbox [Fluttrbox provide drone services to property
insurance carriers (in USA and Canada). Using drones to survey the
outside of a building, Fluttrbox use the images and data collected
by the drone to build detailed Maps. These models are uploaded to
the underwriters and used for assessing and pricing the risk], the
underwriters have an up to date and detailed model from which to
assess the risk. And the beauty of this solution is that the data is
accessible from wherever the underwriter is on whatever technology
they want to use.
And at policy renewal time, it is relatively low cost to repeat the
survey and modeling process. Which means that now, in the policy
data, there will be two maps to record of any changes or “wear and
tear” to the property over the policy term.
(Source:
was at Daily Fintech)

Read: How drone technology is
impacting the insurance industry
(Source:
Resilium)
|
|