Roles and responsibilities
Most insurance brokers sell policies for several companies. Insurance brokers can work in city or country areas and usually work on a commission basis, with the level of business dependent upon the level of general economic activity. However, earnings and continued employment depend to a considerable degree on ability and experience.
- draw up lists of potential clients
- make contact with these clients and see if they are interested in insurance
- interview prospective clients to explain the details of an insurance policy and make recommendations on the amount and type of cover that may be taken
- research and review available insurance products to make sure that the clients are given the best and most appropriate offer
- market their services to increase their number of clients
- collect and keep records of payments
The insurance industry is regulated by the Australian Securities and Investments Commission (ASIC). Depending on the services that an insurance broker provides, they may need to be registered with the Commission or required to hold an Australian Financial Services (AFS) licence.
Postgraduate study is not necessarily required for this occupation, but may be helpful for career advancement.