Qualification for insurance broker?

Lojak

Sorry if this is posted in wrong place. Recently i hjave seen a couple of positions advertised for insurance broker , im just wondering what sort of qualification is needed?

Otis Driftwood

Depends.

A minimum is usually 12 months experience in either a broker or general insurance company and sometimes they want people that are either CIP (insurance equivalent of QFA's) qualified or part qualified.

If you are considering a career change its certainly worth looking at.Its a growth industry and there will always be job opportunities in it.

Lojak

Otis Driftwood wrote: »

Depends.

A minimum is usually 12 months experience in either a broker or general insurance company and sometimes they want people that are either CIP (insurance equivalent of QFA's) qualified or part qualified.

If you are considering a career change its certainly worth looking at.Its a growth industry and there will always be job opportunities in it.

I have no experience , but ye I wouldn't mind the career change might throw my CV in and see how I get on. Thanks.

Kennie1

Otis Driftwood wrote: »

If you are considering a career change its certainly worth looking at.Its a growth industry and there will always be job opportunities in it.

:eek: Sorry to be negative but are you serious! Just to mention one company as an example that has shed nearly 1000 jobs...Aviva. Nearly every other insurance company has shed count less jobs over the last couple of years as the whole market has retracted.

Yes there is still a few jobs going out there in brokerage but they are either looking for full QFA and 2 plus years of experience as a min or else just getting people with little or no experience working on commision only basis.

Lojak dont be put off by my post as you maybe very successful in the industry and you should look in to doing QFA Life and regulation course's first as you need this as a min before you can even sell a policy without supervision. http://www.lia.ie/courseView.php?id=1&pn=qfa&sub=overview

peteb2

Kennie1 wrote: »

:eek: Sorry to be negative but are you serious! Just to mention one company as an example that has shed nearly 1000 jobs...Aviva. Nearly every other insurance company has shed count less jobs over the last couple of years as the whole market has retracted.

Yes there is still a few jobs going out there in brokerage but they are either looking for full QFA and 2 plus years of experience as a min or else just getting people with little or no experience working on commision only basis.

Lojak dont be put off by my post as you maybe very successful in the industry and you should look in to doing QFA Life and regulation course's first as you need this as a min before you can even sell a policy without supervision. http://www.lia.ie/courseView.php?id=1&pn=qfa&sub=overview

Getting mixed up there. As Otis as already pointed out the required qualification is CIP. QFA relates to life assurance and that was not what was asked. No one said sales here either. So why would they be working on commission.

Kennie1

peteb2 wrote: »

Getting mixed up there. As Otis as already pointed out the required qualification is CIP. QFA relates to life assurance and that was not what was asked. No one said sales here either. So why would they be working on commission.

I would have thought that a brokers whole job revolved around advising and selling insurance products which would generate commision's but perhaps there is a whole new way of getting paid that no one has bothered telling me about:rolleyes:

While you may be technically correct when you refer to the correct qualification is CIP for an insurance broker, fact is that most insurance brokers advice on life and pensions as well and therefore need the QFA.

peteb2

A broker doesnt just sell. They service existing clients and advise. And handle claims.

Most brokers I know either do general or life. Unless its some small 5 man operation where they need to sell all products. Otherwise people tend to specialise in one or the other considering the diffence between the two and the expertese required.

Pablo Sanchez

QFA's can add a single exam to qualify them to sell and service personal general insurance, tiss a piece of piss in comparrisson to life, pensions and investemnts.

Kennie1

peteb2 wrote: »

A broker doesnt just sell. They service existing clients and advise. And handle claims.

Most brokers I know either do general or life. Unless its some small 5 man operation where they need to sell all products. Otherwise people tend to specialise in one or the other considering the diffence between the two and the expertese required.

Well it goes without saying customer focus is a given, but all this good stuff does not pay the bills at the end of the month!

Yes I would agree with you that large firms specialise in one or the other but the largest part of the market is made up of small brokerages which advice on both. Anyway this is nothing to do with the OP, I gave an opinon on what I perceive to be the best way into the industry which is to do the QFA first and as Pablo suggested the General Insurance exam is a walk in the park as a bolt on to the QFA

Corvo

You will need the Certified Insurance Practitioner qualification in order to work there.

Once you start on the path of doing them it won't take long. You could manage probably two per sitting and have them done in no time (there are six)

Only thing is, the IBA (Irish Brokers Association) are always chopping and changing the rules, dates, sittings, parameters and any other way they can make a bit of cash from you (though most brokers will pay for your exams until you fail one, at which you will have to pay for the re-sit)

In fairness, the Central Bank have clamped down with regards compliance and so its becoming quite strict. Be careful also if you do go for the CIP and complete it, it then requires 15 hours per year of further tests/sessions to keep the qualification. This 15 hours will also apply to the QFA. So if you had both, it would require 30 hours. You would not believe the amount of people who are sitting in on New Years Eve panicking!

If you are the exam type, keep going for the ACII. All the rest are not worth the paper they are written on, at least if your looking to go foreign.

To the questions regarding commission etc. Not everyone in a brokerage will be in sales, in fact many will be on an advisory basis. Often the sales team have very little contact with the client, just at renewal/inception and its the mid-term and claims management that really makes the difference.