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Overview of insurance
Insurance is a field for all kinds of people. There are many jobs in the industry, from salesperson (agent) to investigator to broker.
You may not need qualifications to enter the industry as an insurance agent, but qualifications are preferred for insurance investigators and brokers. |
Studying Insurance
To be an insurance broker, agent or investigator, you should get a Diploma in Financial Services (Insurance Broking) or Diploma in Financial Services (General Insurance).
Insurance investigators may also have to become members of the Australian Insurance Institute, which runs a CIP program to produce Certified Insurance Professionals.
You can also get a Certificate IV in Financial Services by doing a traineeship funded by the government, and some employers employ people with no qualifications, with a view to providing insurance training.
Careers in Insurance
Insurance jobs include insurance investigator, broker, agent and officer.
Insurance officers look after the clerical side of insurance and can progress to insurance investigator, claims officer or loss adjuster in a few years. This is especially the case if you're willing to take on further study in economics, commerce, maths or law.
Insurance brokers and agents both sell insurance, but brokers are independent agents who sell for a range of companies. Brokers may also need to be registered with the Australian Securities and Investments Commission.
Insurance investigators check insurance claims by conducting interviews and photographing evidence.
Actuaries can also work in insurance.
According to the Department of Education, Employment and Workplace Relations, officers earn about $827 a week and insurance investigators earn $1035, while agents and brokers earn $1200.
Employment through to 2015 is expected to rise in all insurance jobs except investigators, as the size of the profession is small and therefore volatile.
Skills needed in Insurance
People with good communication and sales skills are well suited to being insurance brokers and agents.
Excellent customer service, computer and maths skills are also advantageous.
Investigators should be inquisitive and have strong attention to detail.
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