How to become an insurance broker: job description, education and salary in 2023

The insurance broker profession is undergoing profound changes. With the market upheaval and the emergence of new risks, it is evolving towards new skills and functions.

The insurance broker's job description

The insurance broker provides a service to industrialists or individuals. They act as agents for their clients, representing and defending their interests.The broker is a professional trader whose mission is to contact people wishing to underwrite a policy.

The job involves linking an applicant and an insurer with a view to concluding a contract.

The broker acts on behalf of the insured, their customers are generally people or companies exposed to major and complex risks and who seek their expertise in finding coverage and risk management consulting.

Becoming an insurance broker: education and training

Several educational and training programs are available to become an insurance broker [4]. The profession requires a baccalaureate + two years of higher education, a baccalaureate + three years of higher education or a baccalaureate + five years of higher education.

The career evolution depends on different factors such as the educational level, the ability to acquire knowledge, the adaptation to the working conditions, the performance, etc. Training examples:

• Baccalaureate + two years of higher education: Advanced Technician's Certificate or a Diploma of Scientific and Technical University Studies.
• Baccalaureate + three years of higher education: Business School, Insurance Institute, Professional License in Insurance Management, Bachelor of Technology in Legal Careers.
• Baccalaureate + five years of higher education: Master's degree in insurance and reinsurance underwriting, Master's degree in insurance law, Master's degree in development and underwriting management, Master's degree in insurance management.

Insurance Broker Salary

The salary system of an independent insurance broker is usually based on commission. The salary varies according to the number of business deals concluded and the turnover achieved.

Junior brokers are generally recruited by specialized agencies that offer a fixed salary that can vary according to the level of education and the employer from 1 900 USD to 2 400 USD per month. Objective, ranking or challenge bonuses are also offered by the companies.