OFO No: 332102
Other names for Insurance Broker:
Short Term Insurance Consultant
What is an Insurance Broker?
An Insurance Broker sells insurance from various insurance companies to clients for:
- Life Insurance
- Accident Insurance
- Medical Insurance
- Industrial / Commercial Insurance
- Home Insurance etc
An Insurance Broker will have a wealth of knowledge about all sorts of insurance products and will therefore advise clients on which options would suit them best.
Although Insurance Brokers are meant to have the client’s best interest at heart, the Insurance Broker gets paid commission on what they sell. Sometimes these two ideas will conflict. It’s important that the Insurance Broker remains fair and ethical. Their reputation as a good Insurance Broker depends on it.
When a client wants to make a claim against the insurance policy, the Insurance Broker will assist their client to see it through and that they are paid out what they deserve.
What does an Insurance Broker do?
- liaises with clients
- discusses the needs and wants of the client
- suggests various insurance policy options and states all the facts (good and bad) about each
- helps clients fill in the necessary documentation for application
- files information
- keeps up to date with new insurance products from all the insurance companies
- attends insurance companies presentations of new products
- helps clients with claims and queries etc
Are you . . . ?
- a people’s person?
- a good communicator?
- a good negotiator?
- good at comprehension?
- responsible and reliable?
- target driven?
How do I become an Insurance Broker?
It’s not compulsory for you to have a qualification BUT if you have one, your career path should be a lot easier.
If you want to start straight from school, try and get an entry level job in an insurance company. Learn as much as you can and work your way up the corporate ladder.
Or, once qualified it would be highly recommended to get a job in an insurance company. While there, collect as much experience and skills as you can. Learn the company’s various policies inside and out as well as other insurance companies products, before making your move as an Insurance Broker.
The more knowledge you have the better broker you’ll be.
- CLICK HERE to check for a training institution near you to see what they offer.
- Make sure you understand their entry requirements for each course.
- To avoid scams, make sure your institution is registered with the Department of Higher Education. CLICK HERE to check accredited Private Higher Education Institutions.
Is becoming an Insurance Broker the right career choice for me?