1. University of Pennsylvania
Philadelphia, PA • Private
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 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.
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.
As you move along in your career, you may start taking on more responsibilities or notice that you've taken on a leadership role. Using our career map, an insurance broker can determine their career goals through the career progression. For example, they could start out with a role such as account executive, progress to a title such as sales manager and then eventually end up with the title national sales manager.
What Am I Worth?
There are several types of insurance broker, including:
So long to the days of claiming you don't know where you want to go for lunch because, as an agent, you have a lot of decision-making power in your hands. Be prepared to use it.
Agents help clients by acting as their liasion. They negotiate terms of contracts, particularly on a financial level. The more money you make your client, the more money you'll be able to collect. So you'll want to work on your negotiation and persuasion skills.
Agents work in a variety of industries, so you can have your pick of opportunities. Some work in the entertainment industry, while others are in the financial scene. Wherever you end up, you'll most likely be working a full-time job. Although, some client meetings can be done outside of normal work hours. This means you might want to prepare yourself for some late nights.
Well, insurance agents are salespeople, they have a very specific industry that they work in. Sometimes they may only sell one type of insurance, but many sell lots of different insurances. This includes car, rental and health.
While, you can get a job as an insurance agent with just a high school degree, many agents have a bachelor's degree. In addition, you need to be licensed in the state where you'll be working. But the learning doesn't stop there. Insurance agent learn a lot through their on-the-job training. Here's to learning something new every day!
A broker is a finance professional who manages business transactions. As a broker, you carry out investments such as insurance or real estate deals, liaising between banks and clients. Essentially, your job is to build relationships with customers and negotiate arrangements.
Being a broker is a kind of sales position often considered as a stepping stone toward a supervisor sales role. Brokers work for different industries and are expected to be knowledgeable about the products and services of the company they work for, in order to provide top-notch customer services.
Actually, customer service is the biggest part of the job. Brokers continuously work on relationships with clients, assessing their needs and offering solutions to their problems. The ultimate task, however, is to close deals by aligning the interests of buyers and sellers.
Mouse over a state to see the number of active insurance broker jobs in each state. The darker areas on the map show where insurance brokers earn the highest salaries across all 50 states.
|Rank||State||Number of Jobs||Average Salary|
Philadelphia, PA • Private
Boston, MA • Private
Minneapolis, MN • Private
Washington, DC • Private
Oswego, NY • Private
Stanford, CA • Private
Waco, TX • Private
Lafayette, LA • Private
Muncie, IN • Private
Indianapolis, IN • Private
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, 11.2% of insurance brokers listed customer service on their resume, but soft skills such as analytical skills and communication skills are important as well.
Zippia allows you to choose from different easy-to-use Insurance Broker templates, and provides you with expert advice. Using the templates, you can rest assured that the structure and format of your Insurance Broker resume is top notch. Choose a template with the colors, fonts & text sizes that are appropriate for your industry.
After extensive research and analysis, Zippia's data science team found that:
1. Risk Management in Personal Finance
This course is primarily aimed at those who want to understand more about how they can protect their finances from unexpected events. Taught by a CERTIFIED FINANCIAL PLANNER™ Professional, this course covers the role insurance plays into your financial plan, including what kinds of insurance to explore, how to determine how much insurance you need, and how different kinds of insurance works. The course includes life insurance, health insurance, disability insurance, homeowners insurance,...
2. The Economics of Health Care Delivery
In this course, you’ll learn about the key components of health care, and the economics behind their principles and pricing strategies. Professors Ezekiel Emanuel of Penn Medicine and Guy David of the Wharton School have designed this course to help you understand the complex structure of the health care system and health insurance. Through study and analysis of providers and insurance through an economic lens, you’ll learn how basic economic principles apply to both principles and payment...
3. Fundamentals of Insurance - 2
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 Washington, Wisconsin, South Dakota, and New Hampshire. Insurance brokers make the most in Washington with an average salary of $109,320. Whereas in Wisconsin and South Dakota, they would average $107,840 and $104,010, respectively. While insurance brokers would only make an average of $102,380 in New Hampshire, 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. South Dakota
2. North Dakota
|Rank||Company||Average Salary||Hourly Rate||Job Openings|
|1||World Financial Group||$98,385||$47.30||14|
|2||Family First Life||$96,506||$46.40||12|
|9||The Health Plan||$81,875||$39.36||15|
An insurance broker is an independent insurance specialist who legally represents buyers, while an agent is an insurance professional who sells insurance plans to buyers.
An insurance broker helps clients identify insurance plans that will meet their specific needs. They also help small businesses assess their situations, and help understand the exposure to various types of risks that the company faces. They also recommend insurance products based on the needs of the business.