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Insurance brokers sell life, home, car and other insurance policies to individuals and organisations. Insurance brokers are independent agents and sell policies from a range of providers according to their client's individual requirements.

Insurance brokers 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 broker outlines the risks covered by a policy, the rates the client will have to pay and the how much they can expect to be paid if they make a claim.

Insurance brokers use their knowledge of the insurance market to provide professional and technical advice about insurance products from a range of companies according to their clients' needs.
   

ANZSCO ID: 222113

 

Knowledge, skills and attributes   

To become an insurance broker, you would need:

• excellent spoken and written communication skills

• confident negotiating skills

• an organised, methodical approach to work

• accuracy and attention to detail

• report writing skills.         

(Source: the balance)

 

Duties and Tasks

You might specialise in personal or commercial insurance, or in a particular type of insurance such as life insurance or travel insurance.

• draw up lists of clients from a variety of sources

• contact potential clients, usually by telephone, to arrange interviews

• research new insurance products to assist current and potential clients in making choices

• interviews prospective clients to explain insurance policy conditions, risks covered, premium rates and benefits, and to make recommendations on the amount and type of cover.

• write an insurance recommendation list or plan to assist the client to make an informed decision

• arranges insurance, home loan mortgages and other types of finance for clients through banks, lenders, financiers and insurance companies.

• identifies and advising on significant risk changes to clients' insurance.

• meet with potential clients to understand their insurance needs and assess their risks

• compare features, levels of cover and prices of appropriate policies from various insurance companies

• decide on the appropriate insurance policy for the client

• negotiate the best policy terms with insurers

• regularly review clients’ circumstances to ensure their cover is up-to-date

• advise customers who are making a claim on their insurance policy

• keep detailed records and issue documentation.

• collect premiums and keep records of payments

• regularly review clients' circumstances to ensure the level of insurance is appropriate

• assist clients in the event of a claim

• negotiate with insurance companies on behalf of clients.

Working conditions

Most insurance brokers in Australia work in offices in the metropolitan regionw, 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 clients’ homes or workplaces may also be required. Some insurance brokers may sell policies to clients in a particular industry and so may have to regularly visit specific types of worksites. For example, selling agricultural insurance may require farm visits.

 

Tools and technologies

Insurance brokers 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 and 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.

 

YouTube: Meet an Insurance Broker with Student Edge
https://youtu.be/toar_XFYX7Y

 

 

Education and training/entrance requirements

To become an insurance broker you usually need to study a degree in business or commerce, majoring in finance and financial planning.
Insurance brokers who provide personal advice to retail clients about life insurance products, such as life insurance, funeral insurance, or income protection insurance need to adhere to the professional standards for financial advisers introduced by the Australian Government on 1 January 2019.

Check out any Bachelor of Commerce, undergraduate degrees in Australia to make sure they have been approved under these standards by the Financial Adviser Standards and Ethics Authority.

Following your studies, you will be required to undertake a professional year, which includes 100 hours of training, and pass the Financial Adviser Standards and Ethics Authority exam. To work as an insurance broker in Australia, you may need to obtain an Australian Financial Services (AFS) Licence from the Australian Securities and Investments Commission (ASIC).


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.

If you are still at school you can access an apprenticeship through your school. Talk to your school's VET Co-ordinator to start your training now through VET in Schools. If you are no longer at school you can apply for an apprenticeship or traineeship and get paid while you learn and work.

 

 

 

 

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Material sourced from
Jobs & Skills WA [Insurance Broker; ]
Web Archive Only - CareerHQ [Insurance Broker;]
The Good Universities Guide [Insurance Broker;]
Your Career [Insurance Broker;]