Interested In Becoming An Insurance Broker? Basic Steps To Take

If you are looking for the right career path, you may want to consider the insurance sector. This industry is stable and likely to grow in the coming years. Unlike agents, which typically work for one insurance carrier, brokers get to sale many plans, so they really get to know their clients and their needs. Also, you can earn a decent living and continue to earn more if you specialize and become an expert in a specific kind of insurance. Here are some basic steps to take if you are interested in this path.

Further Your Education

If you don't have the means at the moment to go on to higher education, the good news is that some insurance brokerages only require a high school diploma and allow on-the-job training. However, you will be able to get your foot in the door a lot easier if you have at least a bachelor's—especially one in insurance, business, finance, or economics.

During college, or immediately after, network with other professionals so that you can intern with an insurance firm. This will really let you know if you want to be a broker or if you want a different job in the field, such as an actuary, claims adjuster, sales agent, etc. If the company you intern with is happy with your work, you could be hired for a permanent position!

Get Your Insurance License

You cannot legally sell insurance without a broker's license. Every state has its own rules, so you will have to research licensing in the state you plan on working in. You will have to complete a pre-licensing course and get fingerprinted. These kinds of insurance licensing courses can often be taken during your internship.

Once you've completed those two requirements, you can then make an appointment to take your final exam. If you fail the exam, many states will let you reschedule the test again with no waiting period. Some states are even kinder — if you pass a certain section of your exam, you will not have to sit for that portion again, only the parts you missed. If you pass the exam, then you will be able to get your license and start selling insurance!

Look Into Continuing Education Courses for Renewal

Insurance brokers need to renew their license every other year by their birthday. In order to renew your license, you will need to look into continuing education courses. Many of these courses go over ethics and topics you will likely already know about.

Although renewal can be tedious, take advantage of these courses. For instance, property and casualty insurance is in high demand, so if you take property insurance classes, you will be better prepared to help your customers. Many people don't know the nuances between the two, so taking continuing education courses will help you explain different policies.