What is an Insurance Broker

Insurance brokers help connect clients to insurance policies that best meet their needs. They advocate for their clients, who can be individuals, families, or businesses, with insurance companies and help them find the best rates.

Insurance brokers need to have excellent knowledge of the insurance industry in order to figure out which specific policy is best for their client. They need to have excellent communication and customer service skills in order to explain different policies to their clients and maintain positive customer relationships. Insurance brokers also need to be highly organized in order to manage all the insurance paperwork on behalf of their client and assisting them with technical issues.

The qualifications for becoming an insurance broker vary from person to person and state to state. While many have bachelor's degrees, many others do not. Insurance brokers usually need to get licensed by the state before they can begin work. Once they meet all the requirements, insurance brokers can earn a solid average annual income of $102,725 a year, often including commission.

There is more than meets the eye when it comes to being an insurance broker. For example, did you know that they make an average of $38.61 an hour? That's $80,312 a year!

Between 2018 and 2028, the career is expected to grow 10% and produce 48,300 job opportunities across the U.S.

What Does an Insurance Broker Do

There are certain skills that many insurance brokers have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed analytical skills, communication skills and initiative.

Learn more about what an Insurance Broker does

How To Become an Insurance Broker

If you're interested in becoming an insurance broker, one of the first things to consider is how much education you need. We've determined that 63.9% of insurance brokers have a bachelor's degree. In terms of higher education levels, we found that 7.2% of insurance brokers have master's degrees. Even though most insurance brokers have a college degree, it's possible to become one with only a high school degree or GED.

Choosing the right major is always an important step when researching how to become an insurance broker. When we researched the most common majors for an insurance broker, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on insurance broker resumes include high school diploma degrees or master's degree degrees.

You may find that experience in other jobs will help you become an insurance broker. In fact, many insurance broker jobs require experience in a role such as customer service representative. Meanwhile, many insurance brokers also have previous career experience in roles such as insurance agent or sales representative.

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Average Salary
$80,312
Average Salary
Job Growth Rate
10%
Job Growth Rate
Job Openings
34,298
Job Openings
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Insurance Broker Career Paths

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Average Salary for an Insurance Broker

Insurance Brokers in America make an average salary of $80,312 per year or $39 per hour. The top 10 percent makes over $99,000 per year, while the bottom 10 percent under $64,000 per year.
Average Salary
$80,312
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Insurance Broker Resumes

Designing and figuring out what to include on your resume can be tough, not to mention time-consuming. That's why we put together a guide that is designed to help you craft the perfect resume for becoming an Insurance Broker. If you're needing extra inspiration, take a look through our selection of templates that are specific to your job.

Learn How To Write an Insurance Broker Resume

At Zippia, we went through countless Insurance Broker resumes and compiled some information about how to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

View Insurance Broker Resume Examples And Templates

Insurance Broker Demographics

Insurance Broker Gender Statistics

male

58.7 %

female

37.0 %

unknown

4.3 %

Insurance Broker Ethnicity Statistics

White

70.2 %

Hispanic or Latino

15.3 %

Black or African American

8.1 %

Insurance Broker Foreign Languages Spoken Statistics

Spanish

57.9 %

French

8.6 %

German

5.6 %
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Insurance Broker Education

Insurance Broker Majors

34.3 %

Insurance Broker Degrees

Bachelors

63.9 %

Associate

15.0 %

High School Diploma

8.2 %

Top Colleges for Insurance Brokers

1. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition
$55,584
Enrollment
10,764

2. Boston University

Boston, MA • Private

In-State Tuition
$53,948
Enrollment
17,238

3. University of Minnesota - Twin Cities

Minneapolis, MN • Private

In-State Tuition
$14,760
Enrollment
31,451

4. Howard University

Washington, DC • Private

In-State Tuition
$26,756
Enrollment
6,166

5. SUNY College at Oswego

Oswego, NY • Private

In-State Tuition
$8,440
Enrollment
7,039

6. Stanford University

Stanford, CA • Private

In-State Tuition
$51,354
Enrollment
7,083

7. Baylor University

Waco, TX • Private

In-State Tuition
$45,542
Enrollment
14,159

8. University of Louisiana at Lafayette

Lafayette, LA • Private

In-State Tuition
$9,912
Enrollment
14,245

9. Ball State University

Muncie, IN • Private

In-State Tuition
$9,896
Enrollment
15,529

10. Butler University

Indianapolis, IN • Private

In-State Tuition
$41,120
Enrollment
4,553
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Online Courses For Insurance Broker That You May Like

Fundamentals of Insurance - 1
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Financial Analysis of Insurance Companies Professional Certificate Examination
edX (Global)

Ready to earn a professional certificate and stand out in your field? If you've gained a clear, comprehensive understanding of the courses, your next step is to complete the Financial Analysis of Insurance Companies Professional Certificate Examination from the New York Institute of Finance. The exam comprises 24 questions, timed at one hour. To qualify for the certificate, learners must receive a grade of at least 70% or higher. Prerequisite for this exam: Earn a Verified Certificate in all...

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Top Skills For an Insurance Broker

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 19.3% of insurance brokers listed new clients on their resume, but soft skills such as analytical skills and communication skills are important as well.

12 Insurance Broker RESUME EXAMPLES

Best States For an Insurance Broker

Some places are better than others when it comes to starting a career as an insurance broker. The best states for people in this position are Massachusetts, Nebraska, Wisconsin, and Colorado. Insurance brokers make the most in Massachusetts with an average salary of $92,634. Whereas in Nebraska and Wisconsin, they would average $92,509 and $92,034, respectively. While insurance brokers would only make an average of $88,658 in Colorado, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

1. Wyoming

Total Insurance Broker Jobs:
40
Highest 10% Earn:
$141,000
Location Quotient:
2.01
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. Nebraska

Total Insurance Broker Jobs:
84
Highest 10% Earn:
$153,000
Location Quotient:
1.13
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. South Dakota

Total Insurance Broker Jobs:
71
Highest 10% Earn:
$138,000
Location Quotient:
1.99
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
Full List Of Best States For Insurance Brokers

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Updated August 18, 2021