Home Articles How to Become an Insurance Broker In Australia

How to Become an Insurance Broker In Australia

39
0

Who is an Insurance Broker

An insurance broker is a specialist that acts as a go-between for a consumer and an insurance company, assisting the former in finding the best policy for their needs. Insurance brokers represent consumers, not insurance companies, and hence cannot bind coverage on the insurer’s behalf.

What does an insurance broker do

    • building and maintaining business relationships with clients
    • scheduling and attending meetings
    • helping clients’ articulate their current and future insurance needs
  • collecting isurance premiums
  • keeping detailed computer records
  • preparing reports for insurance underwriters

steps on how to become an insurance broker in Australia:

  1. Complete Certificate III in Insurance Broking: This is the minimum requirement for becoming an insurance broker in Australia. This course can be completed at an authorised training provider.
  2. Gain work experience: You will need to obtain job experience in the insurance industry once you have earned your Certificate III. Working as an intern or trainee under the supervision of a certified insurance broker is one way to do this.
  3. Pass the Australian Financial Services (AFS) exam: The AFS exam is a requirement for all financial services professionals in Australia. You can take the exam through the Financial Planning Association of Australia (FPA).
  4. Apply for an Australian Financial Services Licence (AFSL): The AFSL is a license that allows you to provide financial services to clients. You can apply for an AFSL through the Australian Securities and Investments Commission (ASIC).
  5. Start your own business or work for an insurance broker: you can start your own insurance brokerage business or work for an established insurance broker after you obtain your AFSL.

Here are some additional tips for becoming an insurance broker in Australia:

  • Make connections with other insurance experts. Networking is an excellent approach to get knowledge of the insurance sector and meet future employers.
  • Stay up-to-date on insurance regulations. The insurance industry is constantly changing, so it is important to stay up-to-date on the latest regulations.
  • Improve your sales and marketing abilities. You will need to be able to sell insurance products to clients as an insurance broker. You must also be able to sell your services to potential customers.

The average salary for an insurance broker in Australia is AUD 70,000 per year. However, the salary can vary depending on your experience, the type of insurance you specialize in, and the size of the brokerage firm you work for.

SEE ALSO: 

How to Become a Nurse in Australia

9 lucrative courses to study in Australia

How to Become an Architect in Australia

LEAVE A REPLY

Please enter your comment!
Please enter your name here