Insurance Broker

Insurance agents and brokers sell life, automobile, property, health and other types of insurance to individuals, businesses and public institutions. Insurance brokers purchase insurance from a variety of companies on behalf of clients. Insurance agents are employed by individual insurance companies or are independent representatives of specific insurance companies. Insurance brokers are employed by brokerage firms, or may work in partnerships or hold sole proprietorship. agents prepare reports, maintain records, seek out new clients, and, in the event of a loss, help policyholders settle their insurance claims. Increasingly, some are also offering their clients financial analysis or advice on ways the clients can minimize risk.

Insurance sales agents, commonly referred to as "producers" in the insurance industry, sell one or more types of insurance, such as property and casualty, life, health, disability, and long-term care. Property and casualty insurance agents sell policies that protect individuals and businesses from financial loss resulting from automobile accidents, fire, theft, storms, and other events that can damage property. For businesses, property and casualty insurance can also cover injured workers' compensation, product liability claims, or medical malpractice claims.

Life insurance agents specialize in selling policies that pay beneficiaries when a policyholder dies. Depending on the policyholder's circumstances, a cash-value policy can be designed to provide retirement income, funds for the education of children, or other benefits. Life insurance agents also sell annuities that promise a retirement income. Health insurance agents sell health insurance policies that cover the costs of medical care and loss of income due to illness or injury. They also may sell dental insurance and short- and long-term-disability insurance policies.

Those interested or practicing already as insurance agents and brokers perform some or all of the following duties:

• Sell automobile, fire, health, life, property, marine, aircraft and other types of insurance to clients
• Establish client insurance coverage, calculate premiums and establish method of payment
• Provide information concerning group and individual insurance packages, the range of risk coverage, benefits paid and other policy features
• Ensure appropriate forms, medical examinations and other policy requirements are completed
• Monitor insurance claims and respond to clients' enquiries
• Identify and solicit potential clientele.

An increasing number of insurance sales agents are offering comprehensive financial planning services to their clients, such as retirement planning, estate planning, or assistance in setting up pension plans for businesses. As a result, many insurance agents are involved in "cross-selling" or "total account development." Besides offering insurance, these agents may become licensed to sell mutual funds, variable annuities, and other securities. This practice is most common with life insurance agents who already sell annuities; however, property and casualty agents also sell financial products.

Successful agents often have high earnings, but many who assume agent jobs fail to earn enough from commissions to meet their income goals and eventually transfer to other careers.

In addition to offering insurance policies, agents are beginning to sell more financial products, such as mutual funds, retirement funds, and securities.

For information about professional designation programs, contact either of the following organizations:

The American Institute for Chartered Property and Casualty Underwriters/Insurance Institute of America, http://www.aicpcu.org

The American College, http://www.theamericancollege.edu

Completion of secondary school is usually required. On-the-job training and insurance industry courses and training programs are provided and are required for employment. Licensure by the insurance governing body in the province or territory of employment is required. Progression to insurance management positions is possible through experience. Completion of educational programs are possible pursuits. Completion of educational courses through the Canadian Association of Insurance and Financial Advisors allows for various levels of professional designations for insurance and financial advisors.

The insurance companies keep consolidating and industry is shrinking somewhat, however with all the global disasters and threats so prevalent in our modern-day society (hurricanes, threat of terrorism and imminent attack, bio-war-fare and global pandemics like SARS and the Avian Flu etc.) , as well as people retiring from the field or leaving the occupation, there will always be some scope in the insurance industry. It also lends itself well to an independent, part-time, tele- commute, consultative and/or second career to supplement your income. Despite slower-than-average growth, job opportunities should be good for college graduates and persons with proven sales ability or success in other occupations.

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