You must have often read about insurance companies and their insurance brokers. Everyone punts insurance brokers as a great way of getting insurance coverage that is suited to you. So being an insurance broker may be a very lucrative career option. What needs to be done to become an insurance broker?
The one major requirement is to have a matric or matric equivalence qualification. You do not need any special tertiary education though there are a few things that would help you along your way.
Insurance brokers are primarily salesmen. Taking a few courses in sales tactics may well help you to make the sales you need to make ends meet. This also means that you need to be an extrovert, you need to be a people’s person. You need to be able to relate to people and empathise with their needs. You also need to be able to listen to what your potential clients are saying to you about what kind of insurance they need.
Insurance is also a financial field. This means that having a degree in economics or business can help you to understand people’s needs with regard to insurance and financial security. Most insurance companies will not even consider hiring people as insurance brokers if they do not have a relevant degree. Having a degree is not the be all and end all, a degree mostly means that you are capable of learning and have a talent for business and finance.
According to law, any person who intends to offer financial advice to other people and be paid for it has to have a financial advisors licence. You could be sued should someone you have advised to purchase certain insurance policies or stocks or followed any financial advice given by you and fallen prey to bankruptcy.
Insurance brokers should also give careful consideration to what insurance companies you offer insurance policies from. The companies should have a good reputation and be willing to pay out the claims made by your clients in a timeous manner. Should any client have a complaint about their insurance policies or the service received from their insurance company it is mostly up to you to sort out the problem to your client’s satisfaction.
Any insurance broker worth their salt will take very good care of their client’s needs and sort out their issues with their insurance companies on their behalf so that they do not have to go through the trouble of trying to wade through the red tape of sorting out problems with claims and changing of any details.
People who are considering looking to an insurance broker for financial advice on insurance policies should definitely check that the brokers they investigate and consider as a professional partner in a financial relationship are well qualified for the job. They must be licensed financial advisor and have sound knowledge of finance and economics. They should only represent reputable insurance companies who pay claims fairly and timeously. Always take the time to do research on the people you intend to take financial advice of any kind from.