An insurance broker is a sales representative that sells various types of insurance including life, health, auto, home and causality insurance. They interview new clients and promote products that they are trying to sell.
Insurance Broker Salary
The average insurance broker salary in the United States is currently $63,000 per year or an hourly salary of $30.
This will depend on how well you do, the policies you sell, the percentage of commission you earn, your education and experience among other things. Location is very important when it comes to the amount that an insurance broker can expect for salary. There are several states that offer a higher insurance broker salary than the norm. These states include New York, California, Pennsylvania, Massachusetts
Insurance Broker Description
The main job of an insurance broker is to sell insurance policies to prospective clients on the behalf of insurance companies.
This may include:
- Life, health, accidental, fire, flood, property, medical and other types of insurance policies.
- They interview prospective clients to determine their needs and their finances and discuss any existing coverage.
- They may need to investigate the condition of what is to be insured.
- They call current policyholders to deliver policies to them or advise of any adjustments that should be made to the current policy. They make requested changes for policyholders.
- They find new clients by generating lead lists and by networking through other clients and businesses.
- They customize insurance policies to meet each individual
- They explain the features of each policy and promote the sale of policies.
- They ensure policy requirements are met and include any necessary tests such as medical exams or forms that need to be filled out.
- They may inspect
propertyor decide if it is too risky to insure.
- They calculate premiums and establish payment periods and methods. Insurance brokers perform other clerical tasks such as maintaining records, setting up appointments and callbacks and handling policy renewals.
Insurance Broker Education
There are no formal requirements needed in order to become an insurance broker. However, a high school diploma is needed. More than thirty percent of insurance brokers have a bachelor’s degree in finance, business or economics although it is not required.
Continuing education courses are required every two years to maintain licenses. Certifications are also available to show expertise in a field of insurance. This is not a requirement but may increase your salary and job opportunities.
Insurance Broker Work Environment
The work environment for an insurance broker can vary. It will include working in an office setting and also requiring traveling to other areas to meet with policyholders and prospective clients. Brokers generally sell insurance for several different insurance companies at one time although some may work for one company exclusively. Brokers typically work alone and must have good speaking skills along with advanced sales and personal skills. The work schedule for brokers varies since they make their own hours. They often work at night so that they can meet with clients at the time that is best for them. This often includes working more than forty hours per week and working nights and weekends on a regular basis.
Insurance Broker Outlook
Insurance brokers have the chance to make as much money as they want too. This is due to commissions and other benefits that they may receive if they sell a lot of policies. Currently there are more than 412,000 insurance brokers employed today. Brokerages are seeing a great amount of expansion in the next few years. There is an expected twenty two percent increase in the job market. This means that there will be an additional 90,000 jobs added to the job market for insurance brokers.