Insurance & Superannuation
Insurance brokers provide advice about insurance products from a range of companies according to their clients' needs.
What does an Insurance Broker do?
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.
As an insurance broker, you would:
- 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.
You might specialise in personal or commercial insurance, or in a particular type of insurance such as life insurance or travel insurance.
Key skills and interests
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.
Working hours and conditions
You would typically work standard office hours Monday to Friday. Part-time or flexible work is also possible.
You would be mainly office-based, contacting clients over the telephone and by email, although in some jobs you may travel to visit client companies.
How to become an Insurance Broker?
Entry Level Education
To become an insurance broker you usually have to complete a VET qualification in insurance broking or financial services or a bachelor's degree in an area such as finance or economics. Most insurance brokers entering the industry would now have a bachelor's degree. To get into these courses you usually need to gain your senior secondary school certificate or equivalent. English and maths would be appropriate subjects to study prior to university.
You would need several years’ of experience working with a qualified broker before you could work as an independent broker.
The insurance industry is regulated by the Australian Securities and Investments Commission (ASIC). Insurance brokers may need to be registered with ASIC or required to hold an Australian Financial Services (AFS) licence. Brokers who provide financial advice to clients must hold the appropriate qualifications.
Employment of insurance brokers is projected to grow about as fast as the average for all occupations.
An ageing population, changes in government regulation and the increasing cost of insurance may all be factors that will lead to employment opportunities for insurance brokers.
The increasing use of online comparison software for financial products, including insurance products, is likely to temper growth in employment opportunities for insurance brokers.