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Insurance broker

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Summary of occupation

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.

ANZSCO description: Operates as an independent agent to sell life, fire, accident, industrial or other forms of insurance for a range of insurance companies. Registration or licensing may be required.
Alternative names:
Specialisations:
Job prospects: Average
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Knowledge, skills and attributes

An insurance broker needs:

  • good communication skills
  • an aptitude for working with numbers and calculations
  • a high level of perseverance and motivation
  • good interpersonal skills.
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Working conditions

Most insurance brokers in Western Australia work in offices in the Perth metropolitan region, though there are work opportunities throughout the State. 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.

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Salary details

On average, insurance brokers, classified under financial brokers, can expect to earn between $1 500 and $1 999 per week ($78 000 and $103 999 per year), depending on the organisation they work for, and their level of experience. As an insurance broker develops their skills, their earning potential will generally increase.

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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.

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Education and training/entrance requirements

To become an insurance broker you usually need to complete a formal qualification in insurance broking.

You can complete a traineeship. The insurance officer (general) traineeship usually takes 12 months to complete.

The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) offers the Certificate III in Insurance Broking and the Diploma of Insurance Broking. These courses can be completed by distance education.

You can also complete a degree in commerce or business majoring in finance.

Most universities in Western Australia offer relevant courses. Contact the universities you are interested in for more information.

You may need to hold an Australian Financial Services (AFS) Licence to work in this field. Contact the Australian Securities and Investments Commission (ASIC) for more information.

Related courses

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Apprenticeships and traineeships

As an apprentice or trainee, you enter into a formal training contract with an employer. You spend most of your time working and learning practical skills on the job and you spend some time undertaking structured training with a registered training provider of your choice. They will assess your skills and when you are competent in all areas, you will be awarded a nationally recognised qualification.

If you are still at school you can access an apprenticeship through your school. You generally start your school based apprenticeship by attending school three days a week, spending one day at a registered training organisation and one day at work. Talk to your school's VET Co-ordinator to start your training now through VET in Schools. If you get a full-time apprenticeship you can apply to leave school before reaching the school leaving age.

If you are no longer at school you can apply for an apprenticeship or traineeship and get paid while you learn and work.

Related apprenticeships

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Recognition of prior learning

If you think you already have some of the skills or competencies, obtained either through non-formal or informal learning, you may be able to gain credit through recognition of prior learning.

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Insurance Broker Video Insurance Broker Occupation

Operates as an independent agent to sell life, fire, accident, industrial or other forms of insurance for a range of insurance companies. Registration or licensing may be required.

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