Insurance Broker Jobs Overview
You may hear the terms “insurance agent” and “insurance broker” and think they’re the same job—but there are some significant differences between the two roles. An insurance agent works for an insurance agency, selling products directly to customers while an insurance broker works for a client who wants to buy insurance, primarily businesses rather than individuals. You can find insurance broker jobs at brokerages rather than insurance companies.
As an insurance broker, you’ll compare policies from different insurance companies and put together a recommended package for your client. Because insurance brokers aren’t tied to any one insurance company, you’ll be able to get your client the best rates and conditions and give unbiased advice. Brokers cannot sell insurance, however, so the actual policies are signed with an insurance agent
If working in sales jobs interests you, you can expand your search to related jobs such as:
Insurance Broker Education and Skills
You can start as an entry-level insurance broker with a high school diploma, but most brokers find it helpful to have a bachelor’s degree in insurance, finance, or economics.
A finance and economics program includes classes in:
- business
- law
- management info systems
- investment management
- financial planning
- insurance and risk management
In addition to education, prospective insurance brokers need to hone their analytical skills so they can evaluate client needs. They also need to be good communicators to build rapport with clients. And because they’re in a sales occupation, they need initiative and self-confidence to be effective.
Insurance brokers must be licensed in the state where they work. Many states require a separate license for each type of insurance they consult on. Licensing involves taking an exam, and brokers need to take continuing education classes to maintain their licenses.
Certification
There are many certifications a broker can earn and use as designations after their name. These are optional, but they show a broker’s expertise in various areas of insurance as well as their longevity in the insurance business. Popular certifications include Certified Insurance Counselor (CIC), Certified Risk Manager (CRM), and CWCA (Certified WorkCompAdvisor). Three institutions oversee these certifications: The National Alliance for Insurance Education and Research, The Institute of WorkComp Professionals (IWCP), and The Institutes Risk and Insurance Knowledge Group.
Update Your Insurance Broker Resume
To represent yourself and your credentials in the best light, you need a polished resume. You can look at a sample resume for insurance sales to get started. It’s also a good idea to send a cover letter to accompany your resume. A cover letter can emphasize your interest in a job and give the hiring manager a look into your personality beyond what your resume tells them.
Interviewing for an Insurance Broker Job
About one-third of all insurance brokers are self-employed. If you plan to work for an insurance brokerage rather than being an independent contractor, you’ll need to prepare for an interview. The Monster library has an article about what to expect in an insurance industry interview, along with links to other valuable insurance career advice.
How Much Do Insurance Broker Jobs Pay?
According to Monster, the median pay for a life/health insurance agent in the U.S. is $74,633. A broker’s pay is similar but is a combination of fees and commissions paid by insurance companies when a broker sells one of their products. Monster’s Salary Tools will tell you what salary to expect as an insurance agent in different parts of the U.S. Be sure to look on that page to find out the next steps you can take to advance your career and locations where there is high demand for insurance workers.
Want to Learn More About a Company You’re Interested In?
With so many insurance brokers to work for, it might be hard to distinguish which one will be the best fit for you. Monster’s Company Profiles are a way to narrow the field. They can provide information like:
- how the company views the customer-broker relationship
- what type of insurance they specialize in
- company benefits for employees
It’s Monster’s Policy to Help You Find Insurance Broker Jobs
Monster can help you find insurance broker jobs in your area—just click on the ones on this page for starters. Then, go a step further and create a profile on Monster so you can connect with recruiters and get job openings sent straight to your inbox.