Insurance agents and brokers
High opportunity occupation
Career Overview
Insurance agents and brokers sell life, automobile, property, travel, accident and sickness, and other types of insurance to individuals, businesses and public institutions.
Duties
Insurance agents and brokers do some or all of these duties:
- Sell automobile, fire, health, life, property, marine, aircraft and other types of insurance
- Measure risk and set client insurance coverage, work out premiums and method of payment
- Provide information concerning group and individual insurance packages which may include the range of risk coverage, benefits paid and other policy features
- Make sure the right forms, medical reviews and other policy conditions are completed
- Keep track of insurance claims and respond to client questions
- Help people update their insurance when their needs change
- Find new clients
Earnings
Earnings is income that workers receive in exchange for their labour. Depending on the type of employment, earnings can be in the form of wages (hourly), salaries (fixed monthly or annual) or self-employed earnings.
Work Environment
# Workers Employed
12,225% Employed Full Time
66%Insurance agents may work for one insurance company or they may be independent representatives of several insurance companies.
Some agents are brokers who work for brokerage firms, or they may work in partnerships or work on their own.
People in this job usually work in an office setting and may need to travel to meet with clients outside of the office. While much of the work can be done during regular office hours, there may be the need to work some evenings or weekends, depending on when clients are available.
Career Pathways
People in this job may advance in their career by completing additional training. They can gain many levels of professional designations, which help earn a promotion.
Insurance agents and brokers can become supervisors of insurance agents. Supervisors are more senior agents who oversee those new to this job.
With experience, people in this career can move into insurance management positions. Completing educational programs through the Insurance Institute of Canada or its provincial counterpart allows people in this job to earn professional recognition as a Chartered Insurance Professional (CIP®) or a Fellow Chartered Insurance Professional (FCIP®) of the Insurance Institute of Canada, which may help with being hired in a more senior or management position.
Related Careers
Occupational Interests
It’s important to understand what kinds of occupations align with your interests.
For more about occupational interests visit Skills for the Future Workforce > Characteristics.
Here are the top occupational interest(s) for this career profile:
Job Titles
Education, Training and Skills
A secondary school diploma is usually required for this career.
In B.C., a licence is needed to sell different types of insurance. People in this career must complete course work and a licensing exam for the type of insurance they will sell. The Insurance Council of British Columbia is the governing body that regulates and licenses insurance agents in B.C.
New life and health insurance agents must be supervised by a more senior agent for two years.
On-the-job training and insurance industry courses and training programs are provided for people in this job and are needed for employment. Once a person is licenced, they must keep taking courses throughout their career to keep their licence up to date.
Insurance agents and brokers who are certified for that occupation by a regulator elsewhere in Canada can apply for the same certification from the regulator in B.C. Under the terms of the Canadian Free Trade Agreement (CFTA), most applicants who are transferring their credentials from elsewhere in Canada will not be required to complete additional training or testing. However, the B.C. regulator may ask applicants to provide further information such as a letter of good standing, references, or criminal record check.
For those who trained outside of Canada and never received certification from any Canadian jurisdiction, a full assessment is likely needed. Most occupational regulators have a process for assessment and recognize internationally trained applicants.
Contact the Insurance Council of British Columbia for details on how to apply for certification in B.C.
For information about labour mobility in Canada, visit www.workersmobility.ca.
View a list of Professional Regulatory Authorities in B.C.
Education programs in B.C.
The following program areas are related to this occupation:
- Insurance
Skills
Every job calls for a certain set of skills. Knowing those skills is the first step in finding a good career fit.
Here, you will find the 10 most relevant workplace skills. Some are more important to achieving success in a certain career than others. These skills may come naturally to you or you may need to gain them through education, training and experience.
See the list of work-related skills below, ranked in order of importance for this career. Check out the list and see if this career matches your skills—take that first step!
Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Talking to others to share information effectively.
Understanding written sentences and paragraphs in work-related documents.
Managing one’s own time and the time of others.
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Convincing others to change their mind or behaviour.
Communicating effectively in writing as appropriate for the needs of the audience.
Being aware of others’ reactions and understanding why they react as they do.
Keeping track of and assessing your performance, other individuals, or organizations to make improvements or take corrective action.
Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Labour Market Statistics
Discover data, facts and information that have been gathered and analyzed. Learn about the characteristics of the economy and labour market in B.C.
Employment
Find out about employment types and trends by region and industry.
Employment
12,225Employment by Region
| Region | Employment | % Employment of this Occupation |
|---|---|---|
| Cariboo | 305 | 2.5% |
| Kootenay | 250 | 2.0% |
| Mainland/Southwest | 8,610 | 70.4% |
| North Coast and Nechako | 150 | 1.2% |
| Northeast | 110 | 0.9% |
| Thompson-Okanagan | 1,280 | 10.5% |
| Vancouver Island/Coast | 1,520 | 12.4% |
Labour Market Outlook
The B.C. Labour Market Outlook is a 10-year forecast of the expected supply and demand for labour in the province. It’s usually updated every year. The purpose is to provide British Columbians with the knowledge to make informed decisions on careers, skills training, education and hiring.
Forecasted Job Openings (2023-2033)
4,740Forecasted Job Openings
Forecasted Employment Growth Rate
Composition of Job Openings
Job Openings by Region (2023-2033)
| Region | Job Openings | Avg. Annual Employment Growth |
|---|---|---|
| Cariboo | 50 | -0.5% |
| Kootenay | 160 | 0.2% |
| Mainland/Southwest | 3,000 | 0.9% |
| North Coast and Nechako | 80 | 2.3% |
| Northeast | 30 | -0.1% |
| Thompson-Okanagan | 750 | 1.1% |
| Vancouver Island/Coast | 660 | 1.7% |
Industry Highlights
Learn about the opportunities in B.C.'s major industries, including employment trends, earning potential, locations of work and more.
Forecasted Job Openings by Industry
| Industry | Job Openings (2023-2033) |
|---|---|
| Finance, Insurance And Real Estate | 4,610 |
| Professional, Scientific And Technical Services | 70 |
| Retail Trade | 20 |
| Business, Building And Other Support Services | 10 |
| Transportation And Warehousing | 10 |
Insights from Industry
People in this job should have good communication skills. Buying insurance can be stressful for some clients. Insurance agents and brokers must be able to explain detailed information about insurance policies to their clients. They should be able to answer questions, explain information clearly and make sure the client understands the benefits and costs of the insurance.
Resources
-
Insurance Brokers Association of BC (IBABC)www.ibabc.org
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Insurance Institute of British Columbiawww.insuranceinstitute.ca/en/institutes-and-chapters/british-columbia.aspx
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The Financial Advisors Association of Canada (Advocis)myadvocis.ca
Career Videos
Watch the video below to see what a day in the life of an insurance broker is like.
Watch the video below to see what a day in the life of an insurance broker is like.
