Insurance Broker Salary

The field of insurance is growing at a very fast pace these days, and according to experts in the insurance and financial services industry, this growth will continue in the days to come. Due to rapid growth, many of jobs are being created in this sector, and one of them is the job of an insurance broker or an insurance agent. The salary of an insurance broker has shown an upward trend over the past few years. However, before we acquaint ourselves with the insurance broker salary, let us get to know about the job description of an insurance agent, in the next section.

Job Description of an Insurance Broker

Insurance brokers can act as a link between the large insurance firms and the customers. Many insurance agents or brokers work for renowned firms offering different types of insurance such as health insurance, life insurance or auto insurance. The insurance agents have the challenge of explaining the policies to the clients in a systematic manner and clear their doubts regarding the policy. They have to explain to the clients the importance of insurance and how the package or offer made by their company is better than the others in the insurance market. The insurance agent job description does not end here. These brokers also strive hard to get new clients by increasing contacts to get more business for their employers. Insurance brokers also help the policy holders get the benefits of the policy, once the policy has matured.

Insurance brokers and agents need to satisfy the requirements of the recruiters to get into this field. First of all, you need a college or graduation degree in the field of mathematics, finance or accounting, to enter this field. A degree in economics can also help a lot. Then you will have to get a license from the concerned insurance authorities by clearing an exam. All kinds of financial product selling and marketing requires proper licensing, and it would be considered illegal if one operated without a license. The insurance brokers need to have certain skills to become successful in this industry. Firstly, good communication and marketing skills are a must. It would be very difficult to get new clients unless the brokers are able to communicate the policy details in the right manner. Insurance agents should themselves have complete knowledge of the products which they are selling. For this, numerical ability, spatial ability, and presence of mind is necessary. By now, you must have understood how to become an insurance agent. Now, in the section ahead, let us discuss the insurance broker salary.

Salaries for Insurance Brokers

The median insurance broker salary is around $45,000 per year in the United States of America. However, entry-level candidates who have just become insurance agents can expect to earn anything between $25,000 to $35,000 per year initially. Insurance brokers can earn more as they gain experience and ability in their field. Those with a three to five years experience can command a salary anywhere between $30,000 to $50,000 per year. With more experience, the salary can even cross the $60,000 per year mark. The insurance broker salary for people working in areas such as New York, Texas and Washington are much more as compared to their counterparts working in smaller regions. Insurance broker salary also depends on the money they earn in the form of commission. The commission earnings are directly proportional to the number of clients added for the company these brokers work for.

Insurance broker salary details given in this Buzzle article will help you to plan a career in this field. Hard work, consistent efforts, and keen interest, are required for success here. So, get ready for the challenge and give your best to the job. Good luck!

1 comment:

  1. Thanks for taking the time to discuss this. It is very important to know about life insurance and its way of giving information. It is very helpful for everyone who are also touching this kind of issues. I have also experience this kind of details and Insurance Agent Salary was very helpful too. Thanks for this blog, it helps me a lot.