How do you go about becoming a insurance broker?
In what jurisdiction? See the attached Google Search page and find the article published by the applicable government entity.
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Before becoming an independent agent, it is advisable that you have some experience in the insurance business. Primarily because the attrition rate among insurance agents as a… whole is high. As a captive agent (one that works only for an insurer like State Farm or Progressive) you can often rely on a base salary and/or benefits to assist you as you develop your book of business. As an independent agent, developing and managing your business is up to you. Of course, if you truly are a salesperson, the sizable increase in commissions and unlimited earnings is compelling. The challenge is finding the right appointments. Most insurance companies do not want to appoint agents that have no proven track record, which often includes a sizable book of business, but, there are options.
What qualification is required for becoming an insurance broker how can i become an insurance broker what is the eligibility criteria for insurance broker?
You have to take 50 hours training and there after that give the exam and obtain the licence from IRDA to open up the agency. For further assistance call:- 9899024384
Many companies require a college degree, as well as insurance certifications and licenses. Becoming an independent agent or broker means that you own or franchise the business… end of the agency.
First you have to pass your state insurance licensing exam and satistfy your state educational requirement (if any). I recommend A.D. Banker & Company they are who I used. www….adbanker.com
There really should be a book written on this... It's trial by fire....you just need to be confident, ready to learn, and most of all...humble. This is a relationship busines…s and you will have to sell yourself constantly. It's a very fun and fulfilling job, both intellectually and financially. It's very tough for us young people right now coming into the wholesale business, largely due to the soft insurance market. You need to make absolutley certain that you have a mentor that wants you to succeed.
Must be a bachelor's/master's degree holder or have any equivalent qualification such as being an associate/fellow of the Insurance Institute of India, associate/fellow of th…e Insurance Institute of Risk Management or any other relevant qualification as prescribed under IBAI (Insurance Brokers Association of India). For more details you can visit the IBAI site. * Pursue any reinsurance activity or insurance consultancy for a period of seven years from the date before application is submitted or you could also be the principal underwriter or manager in any nationalized insurance company of India. * Have 100 hours of practical and theoritical training recognized by the Insurance Regulatory Authority of India. * Pass the exam by the end of the training period as conducted by the National Insurance Academy Pune or any other recognized examining body. * Retain a minimum of capital as prescribed under the rules of the regulatory authority. This capital could be in the form of a self-owned public society popularly known as cooperative society or shares. * After the required conditions are satisfied, license is provided by an issuing authority. This license is granted through Form B and a formal announcement is sent to the applicant which lists the category in which the license is granted. The validity period of this license is for 3 years. * Before the start of the business, each broker should deposit a sum equal to 20 percent of the initial capital in his fixed deposit as a bond. This sum can only be released to him by the permission of the regulatory authority. * Equip yourself with the full infrastructure and well-trained staff.
" http://wiki.answers.com/Q/How do you become independent insurance broker "
First of all you would have to be suitably qualified to work in the area of insurance. There are a wide range of qualifications available. Then you would need some time workin…g in the industry to build up experience. Eventually you may be in a position to form your own company and act as an independent broker. You would have to have established relationships with the companies you intend dealing with. There would also be a lot of legal requirements needed for you to set up the business. Check out the website of the Irish Brokers Association below.
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Brokers, in contrast to agents, do not necessarily work under the authority of an insurance company. Rather, brokers place insurance policies for their clients with the carrie…r offering the most appropriate rate
Insurance brokers find good deals that can benefit you and get low prices for your insurance. Unfortunately, they can be very expensive and greatly affect your wallet.
Some companies will accept an applicant with just a GED, but most are looking for someone with a bachelor's degree in economics, business, or finance. There are also training …programs specific to insurance brokers.
There is a lot of information for an individual who would like to become a liability insurance broker. There are many books at the library as well at SBA website.
What you should do first is find out which insurance company you want to work for. Each company is going to have different application processes. Once you decide which ones yo…u want to work for contact each one directly.
Richar Liuag wrote a book available for download at Amazon called "How to Build Your Own Online Insurance Agency". It is a step by step explanation of everything one needs to… know. From licensing to marketing tips.