What Is an Insurance Broker?

Insurance brokers are independent business professionals who help individuals, families, and businesses select the insurance coverage that is right for them. The broker manages all aspects of the insurance transaction: determining the client's needs, recommending and requesting the appropriate policy, making payment arrangements and facilitating claims.

Depending on the brokerage or the position, brokers may specialize in one or more areas of insurance (such as home, auto, commercial, farm, life, accident & sickness, travel, or specialty lines). Those new to the industry usually start in personal lines (insurance for private individuals).

Again, depending on the brokerage's requirements, brokers may also hold one of several different positions (e.g., customer-service representatives/CSRs, producers who generate new sales, account executives, etc.), or may represent all these positions at the same time. Many brokerages will advertise for a particular type of broker licence (levels 1, 2, or 3) that testify to the broker's expertise and provide the regulatory authority required to act as an insurance broker.

Insurance Brokers Have Flexibility and Job Security

The role is perfect for those who like lots of variety - every day is different. It pays well, offers great job security and opportunity for growth and advancement. The hours are flexible—you can work full-time or part-time, fitting your career around your schedule. You can own a brokerage or work for one. You can continue your education and be a lifelong learner.

 

Make a Difference in the World

 

What could be more rewarding than helping individuals and business protect their property and their livelihood? Keeping people insured is also good for the economy. When businesses keep running and individuals keep working, the economy continues to provide, both for those that have, and for those that have not. Insurance makes it possible for businesses to produce, governments to run, and for individuals to obtain and protect what they need.

 

Make a Difference in Alberta

 

Just what do insurance brokers contribute to Alberta?

 

• We own over 300 small businesses, located in over 500 locations
  
• We support 11,726 employees
  
• We contribute almost $1.52b in total GDP
• We spend contribute $589m in consumer spending
• 80 cents of every dollar of premium collected is spent in Alberta

(Statistics taken from Insureconomy, produced by the Insurance Bureau of Canada, December 2014) 

Becoming an Insurance Broker in Alberta

First,you’re required to pass a licensing exam. IBAA offers a variety of study options and preparation, from a one-week immersion course to self-study. Some post-secondary institutions in Alberta also offer degrees and diplomas in business, majoring in insurance.

 

Once you have passed your exam, you can work for any brokerage in Alberta.Whether you want big city or small community life, you will find a brokerage that suits you. Your new employer will sponsor you to write business with one or more of the companies they represent. You are on your way!

 

Brokers get to know their clients well and often write home, auto, business all in the same brokerage for them. Many brokers take care of families from generation to generation. Brokers do business in person, on the phone, or online, depending on the brokerage. Many brokers are equipped to do business the way their clients find it most convenient.

 

What Does a World Without Insurance Look Like?