What They Do:

An insurance broker is a professional who acts as an intermediary between a consumer and an insurance company, helping the former find a policy that best suits their needs. Insurance brokers represent consumers, not insurance companies, and therefore they can't bind coverage on behalf of the insurer.

Why It's Important:

Brokers help you understand the risks and liabilities that you have, and they outline how to manage those through insurance. Insurance brokers liaise between clients and insurance companies, finding the client the best deal for insurance cover by helping you review several insurance options to choose the policies and premiums that best fit your needs and budget.

Typical Duties:

  • Building and maintaining business relationships with clients

  • Scheduling and attending meetings

  • Discussing and assessing clients' current and future insurance needs

  • Researching insurance policies and products

  • Negotiating policy terms and costs with insurance providers

  • Arranging insurance cover for clients with the insurance provider

  • Collecting insurance premiums

  • Keeping detailed computer records

  • Preparing reports for insurance underwriters

  • Advising clients on making claims on their policies

  • Renewing or amending existing policies for clients

  • Undertaking general administrative duties

  • Marketing services

Important Skills:

  • Confident negotiation skills

  • Reliability and honesty

  • Excellent time management

  • Decision-making

  • Analytical skills

  • Accuracy and attention to detail

  • Interpersonal skills

  • Verbal and written communication skills

Salary Range

The median annual wage: $66,131

The lowest 10% ~ $37,000

The highest 10% ~ $125,000

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Professional Designations:

CIC – Certified Insurance Counselor

CRM – Certified Risk Manager

CWCA – Certified WorkComp Advisor

AAI – Accredited Advisor in Insurance

CISR – Certified Insurance Service Representative

CWCS – Certified WorkComp Specialist

CPCU – Chartered Property Casualty Underwriter

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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: