Broker

L’assurance est présente dans tous les aspects de votre vie

POURQUOI N’Y FERIEZ-VOUS PAS CARRIÈRE

BROKER

What do brokers do?

Insurance brokers are independent business people. They bring customers and insurance companies into a contractual relationship. Brokers also:

Manage all aspects of the insurance transaction by advising the client, arranging and invoicing the policy, and facilitating claims.
Provide consumers with choice in the marketplace, since they usually sell the insurance products of more than one company.
Identify the exposure to risk that consumers face and protect them from that exposure.
Service the portfolios of existing clients and work to bring new clients on board.
Help consumers deal with loss by ensuring the claims process moves as quickly and efficiently as possible.
Prepare reports, maintains records and keeps track of a client's changing needs by maintaining relationships.

Brokers have the option of owning a brokerage firm or working for one.

Is this career for me?

The following qualifications may be required for a career as a broker. Do the following statements describe you?

A college diploma or university degree in any subject
Possess, or willing to attain, appropriate license
Excellent communication and interpersonal skills
Ability to understand and communicate complex information
A background in business administration, retail sales or marketing is an asset
Independent and organized

If you answered yes to these statements, then a career as a broker might be the perfect fit!

How do I get there?

A variety of skills sets are necessary within the Broker profession. Your experience in one of the fields listed can lead you to a successful career in the insurance industry.

Sales:

Your prior sales experience may be beneficial to your success in this position. Many employers encourage individuals with 2 or more years of sales experience to apply to be a Broker or an Agent, provided you display a willingness to attain the necessary certification/licensing required in your province. The Insurance Institute's Chartered Insurance Professional (CIP) designation is also a valuable asset for Brokers/Agents and is earned while you are working in the sector.

Mechanic:

Your experience as a mechanic may have prepared you for this role. You have specialized knowledge of the risk inherent in owning and operating a vehicle and are well-suited to help people meet their automobile insurance needs. You may also own your own shop, which may give you the entrepreneurial skills necessary to eventually operate your own brokerage or agency. Your experience working with the public, and explaining complicated repairs, may aid you in explaining insurance policies and practices to your clients. Brokers and agents are required to be licensed, however, so you will need to obtain the required certification/licensing in your province. The Insurance Institute's Chartered Insurance Professional (CIP) designation is also valuable for someone in this field and is earned while you are working in the industry.

Manufacturing:

Your experience in and knowledge of the manufacturing industry may have prepared you for a career as a Broker/Agent. You have specialized knowledge of the risks inherent in operating a manufacturing facility and are thus able to help people understand these risks and help them with the right insurance coverage. Brokers and agents are required to be licensed, however, so you will need to obtain the required certification/licensing in your province. The Insurance Institute's Chartered Insurance Professional (CIP) designation is also a valuable asset for someone in this field and is earned while you are working in the sector.

Agriculture:

Your experience in the agriculture industry, with your knowledge of the processes and procedures involved in a farming operation, may have prepared you to become an insurance broker. You have specialized knowledge of the risk inherent in owning and operating a farm and are well-suited to help clients to choose the right insurance coverage. Brokers are required to be licensed, however, so you will need to obtain the required certification/licensing in your province. The Insurance Institute's Chartered Insurance Professional (CIP) designation is also valuable for someone in this field and is earned while you are working in the industry.

What does the future hold?

Earning potential for this role depends on education, experience and geographic location. Many employers offer performance-based bonuses in addition to salary.

Ongoing career opportunities within this field reflect both the size of brokerage firms and the increasingly international scope of the industry. With a smaller firm you may pursue a rewarding local or regional career, while larger and international firms will enable you to take on national and international responsibilities.

A broker role can also be an excellent starting point for a broad range of insurance-related careers. Many of those who specialize in specific areas of insurance, like marine, aviation or environment, started their careers by training as insurance brokers. Others move into management roles - managing a team of brokers or several branches of a brokers' company - or shift to other functions within the industry, including underwriting, new business development, risk management or adjusting.

Employment opportunities for brokers are expected to increase. The increase is largely due to a large number of retiring workers and our increasing population. This will create a substantial number of job openings and opportunities.