Career Directions In Insurance Broking
Download the NIBA
Insurance broking is a career with unlimited potential for personal satisfaction and financial rewards. The level of sophistication and complexity of insurance broking work may vary from day to day, but the new challenges, new opportunities and the potential for new rewards are constants. Faced with all that, it is not unusual to hear brokers refer to their work as an ‘amazing career.’
‘Enjoyable! The people, the relationships you form, the socialisation with others, the networking with colleagues. You are a people person. You get a buzz out of helping people... the satisfaction, the dynamics of the industry. You work hard and have a good time.’
– Dean Brumby, Insurance Broker, Queensland
Where do insurance brokers fit in the insurance world?
The key differentiation between insurance brokers and the remainder of the insurance world is that insurance brokers are professional advisors who work on behalf of their clients, not insurance companies. The main day to day aspect of the broker’s role is to assist clients to manage risks associated with the property they own and the business they operate by primarily sourcing and arranging insurance cover.
‘There is a diverse range of businesses that we deal with. The skill of the insurance broker is to be able to understand all of these businesses in terms of the risk, whether it’s a timber business, industrial high tech or a large sporting venue.’
– Steven Hill, Insurance Broker, NSW
In the same way that individuals and companies utilise the services of solicitors and accountants in relation to specialist areas, insurance brokers provide their clients with expert advice in relation to risk.
Their knowledge can be particularly handy in the event of a claim.
‘I enjoy getting to know my clients and their business, no client is the same and no day is the same. Insurance broking can be a challenge that is personally rewarding. The profession can also be a lot of fun, particularly when you build relationships with your clients and your business partners in the insurance industry.’
– Rebecca Wilson, Insurance Broker, NSW
‘The difference between insurance and broking is that in insurance you sell a product, in insurance broking you are providing a solution for your client."
- Debbi Thorn, Insurance Broker, NSW