Individuals who want to establish a potentially profitable and personally rewarding career should consider becoming an insurance broker. An insurance broker’s main function is to serve as an advocate for their clients. Generally, insurance brokers assess their clients’ insurance needs, whether for personal or business purposes, then find the most suitable policies.
The critical first step for those who want to work as an insurance broker in Australia is to obtain the necessary certifications and qualifications. This includes earning the Certificate III in Insurance Broking.
For this important endeavour, Insurance Business discusses topics that are relevant to this qualification. We'll give you an overview of the steps you need to take to earn this certification and what roles suit you best upon getting it. Let's dive in.
This is a nationally recognised qualification for entry-level roles in insurance broking. The Certificate 3 in insurance broking is a key step to becoming a licensed insurance broker in Australia.
With this certification, individuals gain the knowledge and skills necessary to assist individuals or businesses with acquiring the insurance products they need. It is basically a prerequisite for securing employment as a broking assistant or other insurance broking support roles. This also makes it crucial for anyone looking to start a career as an insurance broker in Australia.
Those who wish to earn this qualification have to meet certain eligibility requirements. Formally known as the FNS30615 Certificate III in Insurance Broking, you can acquire this certification by doing these steps:
The only prerequisite is for learners to complete year 12 in secondary education. While a university degree is not mandatory, earning one in a relevant field can help candidates grasp complex insurance concepts more easily.
Those who do not want to get a university degree have the option of getting a Diploma in Insurance Broking from accredited institutions such as Kaplan professional or the LMI College of Insurance and Risk.
When enrolling for the certificate program, learners must provide a Unique Student Identifier (USI) number. This USI provides access to an online record of completed training. This can be acquired at the USI website with a digital ID. Learners need the USI number to obtain attainment or qualification certificates from accredited course providers.
One of the most popular course providers is LMI College. If you cannot enrol at LMI College or prefer another institution, be sure to find an accredited course provider. A course provider is viable if it complies with the Australian Securities and Investments Commission (ASIC) Regulatory Guide 146.
Completing the Certificate III in Insurance Broking requires that you take 12 units. These consist of six core units and six elective ones. The elective units should be relevant to local industry requirements, your work outcome, and qualification level.
Once you are enrolled on a Certificate III course provider, you will be subjected to the pre-gap assessment test. This is necessary to determine your current knowledge level and identify any training to fill gaps in your knowledge.
This can include a combination of the following:
If necessary, a post-gap assessment test, role play, or verification questions may follow the pre-gap assessment test. Learners will get feedback on each training module and may contact their trainer for assistance during working hours. Note that this assessment is not required for learners who have no prior experience in commercial lines insurance.
For students of the Certificate III in Insurance Broking who have prior work experience, they may be eligible for a process called the Recognition of Prior Learning (RPL).
The RPL is applied to learners who have previously acquired training, knowledge, or skills via their life and work experiences. This typically results in the student having certain courses waived or credited.
If the learner needs more training and assessment after their RPL, they must go through a work-based training and assessment pathway. This means they must complete work-related training and assessment activities through eLearning modules, verbal verification questions, observation checklists, and assessor feedback.
After meeting all the requirements, learners receive the qualification or statement of attainment, with a statement of results attached.
Learners receive the Certificate III in Insurance Broking if they complete all the requirements, while those who have completed some of the required units of competency will receive a Statement of Attainment.
It can take about 12 to 18 months on average to earn this certification. The exact time can vary depending on the learner’s personal circumstances. Their previous experience, practical skills, and their application within the work environment can determine whether they take more or less time to earn the certificate.
Obtaining the Certificate III in Insurance Broking typically costs around $865, although prices can vary depending on the training provider and location.
Basically, this qualification allows entry-level employees to work in broking assistant or support roles within small or large insurance companies. Jobs that you can get include:
Those who have earned this certification have the option of either establishing an insurance career via any of the entry-level positions they are eligible for or proceeding with further education.
If after earning the Certificate III you decide to become an insurance broker, you must complete vocational education and training (VET) qualifications. The courses you undertake must be compliant with the ASIC guidelines. The process of becoming an insurance broker is discussed in more detail in our guide, but essentially, here are the steps:
Keep in mind that there are other options for someone with this certification if they do not wish to become an insurance broker. After successfully obtaining the Certificate III in Insurance Broking, career options in insurance include:
1. Insurance Sales Agent
This role mainly involves selling insurance products and services to individual and business clients. As an insurance sales agent, you will advise clients on policy options, explain details on coverage, and assist clients with the application process.
2. Assistant Insurance Broker
If you choose not to become an insurance broker, you can assist insurance brokers. As you assist a licensed insurance broker, you provide administrative support. This usually means handling important documents and assisting brokers in liaising or communicating with clients.
3. Underwriter’s Assistant
In this role, you assist underwriters in assessing client risk and determining the most suitable insurance policy terms. You can expect to do tasks like data entry, policy reviews, and communicating with both insurance brokers and insurance agents. Get to know more about insurance underwriting agencies in this guide.
4. Customer Service Representative
Many insurance companies and brokerage firms need customer service departments to handle client inquiries, process changes in policy terms, and assist with insurance claims. Having a Certificate III can equip you with more than sufficient knowledge and skills to meet the requirements of this role.
5. Claims Support Officer
With the Certificate III, you can work in the claims department and assist clients with processing and documentation of insurance claims. This role mainly involves gathering information, verifying policy details, and liaising with claimants.
Those pursuing an insurance broker career after earning their Certificate III and AFSL must also acquire and develop certain soft skills to be successful. Here are some skills you will need to develop if you choose to become an insurance broker:
While the Certificate III in Insurance Broking is crucial for understanding complex insurance concepts, this knowledge won’t be of much use without knowing how to communicate their benefits.
Excellent written and verbal skills is essential for success as an insurance broker. Apart from these, another crucial communication skill is active listening skills. The most successful brokers should also be able to pick up on non-verbal cues.
These skills are important to establish rapport with clients and insurers as you discuss potential risks, favourable terms, listen to clients’ needs and select the most suitable policies.
Communication is critical for simplifying complex policy information into terms that customers can better understand. Good communication is also essential for managing teams and ensure smooth operations.
This skill is vital to establishing and maintaining good relationships with clients. Thankfully, client servicing is part of the Certificate III in Insurance Broking curriculum. Applying excellent customer service involves actively listening to clients’ needs and offering insurance products that meet them.
A broker with impeccable customer service skills is honest, professional, responsive, and attentive to their clients’ needs is more likely to attract clients and keep them.
The ability to learn complex concepts and terms fast is essential for success in a constantly changing business environment like insurance. As an insurance broker, part of your job is to get familiar with regulatory changes, communicate them to clients and make informed policy decisions.
Insurance broking is a profession that demands considerable patience and persistence. While some clients may quickly agree on the insurance policies of their choice, others might require patience and more convincing to decide. Insurance brokers should understand that clients need adequate time, space, and support to make an informed decision.
These soft skills, along with the knowledge you gain from the certificate and applying sound marketing strategies can make you a successful insurance broker.
Are you considering getting the Certificate III in Insurance Broking to become a broker or will you explore other career options? Let us know your thoughts in the comments
