Career Resources

Broker

Are you a strong negotiator? Do you have excellent communication and people skills?

What do they do?

Insurance Brokers function as intermediaries who represent the policyholder versus the insurance carrier. They develop a full understanding of their clients’ needs, resources and exposures and help their clients procure insurance – property and casualty, life, health and more – by presenting the account to carriers and negotiating for the best available coverage.

Why is it important?

Transacting business through a broker can often save time and money. Brokers are responsible for extensive marketplace knowledge, about both carriers and their products, in order to get their clients the most favorable and suitable deal. They need to develop and maintain positive working relationships with clients and potential clients, as well as with contacts on the carrier side.

Typical Duties

  • Work with the client to understand needs, resources and exposures

  • Relay account information to insurance carriers to obtain coverage options and details

  • Present options to the client and negotiate for the best deal

  • Manage all aspects of the insurance transaction

  • Provide ongoing account servicing, manage relationships and keep track of a client’s changing needs

Required Skills 

  • Customer Service Orientation

  • Complex Problem Solving

  • Communication

  • Good Judgment and Decision Making

  • Time Management

  • Negotiation

  • Persuasion

Career Facts

Education and Professional Requirements:

  • Entry-level: Bachelor’s degree, state licensing, training program

  • Advancement: Bachelor’s degree, multiple years of work experience, industry certifications

Possible career path: Analyst > Junior Broker/Placement Specialist
> Account Executive > Senior Broker/Broking Manager

Additional Resources

References

  • CIAB: the Role of Insurance Intermediaries

  • Insurance Institute of Canada Broker Profile

Videos

  • Meet a Broker

  • CIAB 100th Anniversary Video

Webinars

Designations/Certifications/Exams

  • Independent Insurance Agents & Brokers of America: Associate in Insurance Production(AIP), Associate in Insurance Agency Operations (AIAO), Management Liability Insurance Specialist (MLIS)

  • The National Alliance: University Associate Program, Certified Insurance Counselor (CIC), Certified Insurance Service Representative (CISR)

  • Insurance Institute of Canada’s Chartered Insurance Professional (CIP)

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