Introduction to the career of an Insurance Broker
An insurance broker is a professional who helps clients in identifying their unique insurance needs and finding suitable insurance products that meet those needs. Insurance brokers act as intermediaries between clients and insurance companies, and they offer assistance in understanding complex insurance policies, identifying the level of coverage required, and presenting policies that best meet clients’ specific requirements. Insurance brokers may specialize in different types of insurance such as health, property, automobile, or business insurance.
Career values, traits, and skills for an Insurance Broker
To succeed as an insurance broker, it is essential to possess crucial values, traits, and skills. Some of these include:
Strong communication and interpersonal skills
Excellent negotiation and problem-solving abilities
Exceptional time management and organizational skills
High level of analytical and critical thinking skills
A passion for helping people and putting their needs first
Ethical and honest when dealing with clients and insurance companies
Career Path
Becoming an insurance broker requires obtaining the relevant education and obtaining proper licensure to practice legally. Most states require insurance brokers to pass a state licensing examination, which typically covers the principles and practices of insurance, state insurance regulations, and legal and ethical issues related to insurance sales. After obtaining licensure, new hires are typically required to undergo on-the-job training and often work for a brokerage firm or an insurance company.
Salary Range
Insurance brokers typically earn commissions based on the products they sell, and the level of income may vary based on the quality and quantity of the work done. As per the Bureau of Labor Statistics, the median yearly salary for insurance brokers in the United States is about $50,000.
Tips for Success
Here are some useful tips for recent graduates looking to build a career as an insurance broker:
- Obtain the necessary education and licensing.
- Seek apprenticeships or internships to gain practical work experience and hone your skills.
- Build your professional network and establish positive relationships with insurance companies and clients.
- Stay up-to-date with the latest changes in the insurance market and keep your clients informed.
- Always prioritize your clients and be honest and ethical in all your dealings.
References
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Insurance Sales Agents. Retrieved from https://www.bls.gov/ooh/sales/insurance-sales-agents.htm.
National Association of Insurance Commissioners. (n.d.). Become an Insurance Producer. Retrieved from https://content.naic.org/state_web_map.htm.
