5 Steps To Starting Your Career As An Insurance Agent

Insurance brokers are licensed and specially trained financial advisors that work alongside their clients, providing them with advice on insurance products and policies. They work with both businesses and individuals to determine the risks involved and which assets need to be insured.

In their role, insurance brokers have access to a variety of insurance products and policies; as well as business connections with many of the biggest insurance companies to ensure they can find and pick out the best cover. 

If you are interested in pursuing a career as an insurance broker in Melbourne or any of the major cities in Australia, you’ve come to the right place.

1. Understand The Required Soft Skills

In order to achieve success in the world of insurance brokerage, there are various qualities and skills you need. 

You need to be an effective researcher and capable of handling numbers. You also need to be driven, decisive and really good at negotiation. If you are not organized, efficient and a great problem-solver with a keen eye for detail, this may not be the career choice for you.

More than anything else, you need to be reliable and trustworthy with effective communication skills and enthusiastic about trying to help people as best as you can.

2. Get Your Certificate III In Insurance Broking

The first thing you need to do on your journey to becoming an insurance broker is complete the Certificate III course in Insurance Broking, if you don’t have any existing qualifications. There are numerous course providers out there, but make sure you choose an accredited institution. One important thing you need to look out for when choosing a course is that it is fully compliant with the ASIC or Australian Securities and Investments Commission Regulatory Guide 146.

3. Get Your Diploma

Next, you need a diploma in Insurance Broking. With this qualification, you will gain an even better understanding of what’s involved in insurance advice and broking, as well as important skills related to understanding clients’ needs, risks and relationships. 

The diploma is also a key step to obtaining your Australian Financial Services License (AFSL).

4. Get Some Experience

Once you have a fuller understanding of your responsibilities and have gained your Certificate III and Diploma, you then need to gain some experience before you can apply for your AFSL. You can either do this in the form of work experience, an internship or as a traineeship, but it needs to be documented properly so you have evidence to share along with your application for AFSL.

5. Obtain Your License & Get Your Certification

Finally, you need to put forward your application for AFSL. There are several criteria you are required to meet by the Australian Securities and Investments Commission before you can move forward, and these depend on the kind of insurance work you are interested in. 

Make sure you research the conditions and provisions that are relevant to your application to ensure you are eligible. 

At this point, it is also wise to consider applying for membership with the National Insurance Brokers Association (NIBA) or a similar insurance broker association. Membership grants you access to various networking connections, resources and other benefits, all of which are useful, particularly when you have recently obtained your license.