Work As an Insurance Broker

Insurance brokers work at insurance agencies or as independent consultants to provide clients with the best insurance available. Insurance brokers can sell health, property, liability, casualty, life, fire, and auto insurance, depending on the state. Fulfilling the pre licensing requirements, passing the licensure exam specific to your state, and gaining the necessary experience over time are all important steps toward working as an insurance broker.

Steps

Preparing for a Career as an Insurance Broker

1. Complete your high school education or GED certification. The minimum education requirement for becoming an insurance broker is a high school degree or General Education Development (GED) certification. While receiving this education, focus on taking as many math classes as you can and begin working on your public speaking skills, as these skills will be important to your career as an insurance broker.</ref>http://learn.org/articles/Insurance_Broker_Become_an_Insurance_Broker_in_5_Steps.html</ref>
   • There are no required classes for becoming an insurance broker but narrowing your focus will provide you with skills and qualities that will help your career.
2. Receive a bachelor’s degree from a university or community college (optional). Although a college degree is not required when applying for an insurance broker position, you have a better chance of getting hired as an insurance broker if you have a degree. Pursue a bachelor’s degree in a related field, such as economics, finance, or insurance, to increase your job opportunities after school.
3. Apply to in an internship at an insurance firm while in school. Internships are a great way to gain work experience while in school. If you are pursuing a secondary degree in a university or community college, contact a local insurance agency and apply for an internship.
   • This practical experience will increase your contacts and make you more likely to get a job with an insurance brokerage or agency right out of school.
   • Focus on developing strong people skills during your internship, putting the needs of your customers before your own and strengthening your emotional intelligence.
4. Research available positions in your area. While searching for insurance agencies near you, make a list of the firms that are hiring insurance brokers. The median salary for an insurance broker is $48,200 and the the field is estimated to expand by 9% by 2024, so you should be able to find agencies that are hiring.
   • If the city or town you live in does not have very many career opportunities, consider relocating to a more opportune area.

Getting the Necessary License

1. Decide what kind of insurance you would like to specialize in. Before obtaining your license, decide whether you want to specialize in accident, life, health, property, and casualty insurance.
   • The type of insurance you specialize in will dictate the type of licensing you apply for.
   • Each state has their own insurance specialties that meet the state’s needs. Search the internet for your state’s name and “insurance careers” to find out which speciality fields your state offers.
   • Pursue a career as a retail insurance broker to work directly with clients.
   • Choose a career as a commercial insurance broker to focus on covering equipment and providing complex policies.
2. Complete your state’s pre licensing requirements. You should plan to spend at least forty hours participating in the pre licensing course, but the specifics of your exam will vary depending on your specialty and which state you live in. To find the requirements for your state, type your state and “pre licensing requirements” into a search engine.
   • Some states will require you to complete a specific amount of in class instruction, but others will allow you to obtain the pre licensing requirements online.
   • These courses will provide you with exam books and other information that will be vital to your career as an insurance broker.
3. Submit your fingerprints to the state you are registering in if necessary. Many U.S. states will require you to submit an electronic version of your fingerprint. Submitting your fingerprints will allow the state to streamline your background check information and will expedite the application process.
4. Sign up for the insurance broker licensing exam. You can sign up for this exam online by searching the internet for your state’s name and “insurance broker licensing exam.” The institution that provides the exam will vary from state to state, as will the price of the exam. Carefully fill out any forms that are presented to you online and take note of your exam date.
   • Some states will allow you to take the course online, but others will make you attend the exam in person.
5. Study for and complete the licensing exam. With the information you received during your pre licensing classes, take time to prepare for the exam ahead of time. The exam length and questions will be created specifically for your area of focus, so be sure to concentrate your efforts and energies to your specific field.
   • Plan to spend at least two hours taking the exam. The number of questions will vary depending on your state.

Advancing Your Career as an Insurance Broker

1. Search online for entry level positions. Before becoming an insurance broker, you will need to start out at an insurance firm and work your way up to higher positions. Using job posting sites like Indeed or Careerbuilder, apply to an entry level position, such as a customer service representative or a commercial line representative.
   • Finding a position at a local insurance firm is a great way to begin your career with a trustworthy company.
   • Keep your eye out for promotion opportunities and work your way to higher positions over time by working hard and being consistent.
2. Become more specialized through voluntary certifications. Organizations like the National Alliance for Insurance Education and Research provide opportunities for you to gain advanced and specialized certifications that will advance your career. These courses will make you more marketable and make promotions and pay raises a reality.
3. Participate in continuing education programs and renew your license. Continued education coursework is necessary to maintain your license as an insurance broker and will allow you to stay up to date on the changes in the industry. Each state will mandate their own continued education programs and will require you to renew your license at different times.
   • Continuing education coursework throughout your career will allow you to become and stay an expert in your area of expertise.
   • Most states require you to renew your license every 2 years.
4. Work as an independent insurance broker. After years of experience and networking with businesses and individuals in the field, you may be able to work independently. Independent insurance brokers provide insurance solutions directly to companies and individuals, depending on your area of expertise.
   • You will need to obtain your insurance consultant's license and follow your state's guidelines for starting a new business.

Tips

• Some states require that prospective insurance brokers take ethics and other courses prior to their state insurance examinations. Find the list of requirements on your state's insurance licensure department website.

References

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