How To Become An Insurance Broker – 5 Simple Steps

May 2, 2022

Insurance brokers help others find the best insurance options for their needs. The beauty of being an insurance broker is that you’ll get to work with numerous insurance companies and potential clients to provide them both with the best possible outcome.

You’re practically helping people achieve their dreams with minimal risks, while at the same time helping the insurance market grow ever so slightly. Without further ado, let’s see what some basic steps are if you want to become a successful insurance broker as soon as possible.

1.  Get the Right Education

An insurance broker should be well-versed in the field. While a high school diploma is often enough for you to apply to become an insurance broker, we recommend getting a bachelor’s degree in a related field such as finance, economics, business administration, accounting, or business law.

During your time at college, you can also opt for classes that involve math, communication, sociology, or psychology, as these fields will help you develop your interpersonal skills and even some industry knowledge.

2.  Decide What Type of Insurance Broker You Want to Be

Like with almost any career, you need to focus on one thing and do it right. Very few people become universal insurance brokers, and they’re more akin to a jack of all trades rather than a specialist.

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For example, insurance brokers for special events are focused on providing the best possible package for people who want to organize all types of events, ranging from weddings to keynotes and everything in between. Unlike a universal broker, they are more focused and can provide better assistance, thus being better seen by both clients and insurance companies.

3.  Consider an Internship for Your Insurance Training

While optional, completing an internship in the domain of your choice will help you a lot in the long run. When interning for an insurance firm, you’ll get to see how they operate and how they organize every internal affair. Basically, you’re getting deep insider knowledge for free – and some internships might even pay you a small fee to partake in this privilege.

Lucky for you, you won’t need to search much if you’re doing your bachelor’s degree. Some bachelor’s degree programs in insurance and risk management provide internship opportunities with insurance firms so you don’t have to struggle on your own.

4.  Get an Insurance Broker License

You’ll need an insurance broker license from each state where you plan to operate. As a broker, you can also opt to get an agent’s license and work for insurance companies as an agent. However, do note that these two are quite different roles, so take good care if you want to go down this path.

On the other hand, some states no longer require you to get either an agent or a broker license, and they practically force you to get a producer’s license. In any case, you’ll need to pass a broker exam offered by the Financial Industry Regulatory Authority to obtain your license.

5.  Find a Job or Perform as a Freelancer

Finally, after you’ve completed the entire journey mentioned above, it’s time to choose whether you’re going to work for an insurance firm or if you’re going to work as a freelancer. From here, everything should be relatively smooth sailing if all of the above steps have been a cakewalk for you.

There’s always room for improvement, so if you still have some spare time on your hands, it never hurts to participate in related workshops so that you can become even better at what you’re doing.

The Bottom Line

Becoming an insurance broker might not be the easiest of things, but it’s well worth it considering how much money and how many networking opportunities can arise for you. We wish you the best of luck in following your dreams and becoming one of the best insurance brokers in your area. Leave us a comment down below with your thoughts.

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