How to become an Insurance Agent

Insurance Agent

Insurance agents represent insurance companies and sell insurance to clients, including individuals and organisations.

Personal requirements for an Insurance Agent

  • Good communication skills
  • Good interpersonal skills
  • Perseverance and motivation
  • Aptitude for working with figures
  • Confidence in selling products
  • Neat personal appearance

Education & Training for an Insurance Agent

You can work as an insurance agent without formal qualifications, but most employers usually require you to gain your Senior Secondary Certificate of Education. You will probably get some informal training on the job. Entry to this occupation may be improved if you have qualifications. You may like to consider a VET qualification. As subjects and prerequisites can vary between institutions, you should contact your chosen institution for further information. You can also become an insurance agent through a traineeship. Entry requirements may vary, but employers generally require Year 10.


Duties & Tasks of an Insurance Agent

Insurance agents:

  • Draw up lists of clients from a variety of sources
  • Contact potential clients, usually by telephone, to arrange interviews
  • Research new insurance products to assist current and potential clients in making choices
  • Interview clients to identify their insurance needs and how insurance policies might meet those needs
  • Write an insurance recommendation list or plan to assist the client to make an informed decision
  • Explain policy details to clients, including the risks for which they are covered, the rates and the benefits
  • Recommend an appropriate amount and type of cover to individual clients
  • Collect premiums and keep records of payments
  • Regularly review clients' circumstances to ensure the level of insurance is appropriate
  • Assist clients in the event of a claim
  • Negotiate with insurance companies on behalf of clients.

Tasks

  • Calculating premiums and establishing method of payment.
  • Explaining to clients details of insurance and conditions, risk coverage, premiums and benefits.
  • Assisting clients to determine the type and level of coverage required.
  • Recording information about clients and their policies.
  • Identifying and drawing up lists of potential clients from a variety of sources and contacting them to arrange interviews.
  • Interviewing clients to identify their insurance needs.
  • Settling and monitoring insurance claims to ensure that both client and insurer are satisfied with the outcome.
  • Keeping up-to-date with changes in the insurance industry and informing clients of new developments.
  • Reviewing clients' circumstances to ensure that the level and coverage of insurance is still appropriate.

Working conditions for an Insurance Agent

Some insurance agents are also licensed financial planners and/or investment advisers.


Employment Opportunities for an Insurance Agent

Insurance agents usually represent a particular insurance company. They may work in either city or country areas. Most insurance agents work on a commission basis, with the level of business dependent upon the level of general economic activity. However, earnings and continued employment in this occupation depend on both ability and experience.


Specializations

Insurance Agent

Insurance agents represent insurance companies and sell insurance to clients, including individuals and organisations.

  • Average age
    Average age
    37 years
  • Future Growth
    Future Growth
    Stable
  • Gender Share
    Gender Share
    53% female
  • Average full-time
    Average full-time
    41 hours
  • Weekly Pay
    Weekly Pay
    $1,768
  • Skill level rating
    Skill level rating
    Medium skill
  • Unemployment
    Unemployment
    Average unemployment
  • Full-Time Share
    Full-Time Share
    81% Full-Time
  • Employment Size
    Employment Size
    16,400 workers
  • Employment Size
    Employment by state
    ACT: 0.4%
    NSW: 34.4%
    NT: 0.5%
    QLD: 21.2%
    SA: 6.1%
    TAS: 1.0%
    VIC: 27.5%
    WA: 9.0%
  • Employment Size
    Age brackets
    15-19: 0.5%
    20-24: 8.2%
    25-34: 33.4%
    35-44: 26.8%
    45-54: 18.2%
    55-59: 6.3%
    60-64: 3.9%
    65 and Over: 2.7%
  • Employment Size
    Education level
    Advanced Diploma/Diploma: 21.8%
    Bachelor degree: 21.8%
    Certificate III/IV: 13.9%
    Post Graduate/Graduate Diploma or Graduate Certificate: 6.7%
    Year 10 and below: 6.4%
    Year 11: 4%
    Year 12: 25.3%
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