Average Entry-Level Insurance Broker Salary in Chicago, Illinois

Job Description for Insurance Broker

Insurance brokers often work as agents of large insurance companies or independently; in either case, they work directly with clients and must have necessary licenses in their states of employment.

Insurance brokers provide insurance quotes via phone, online, or in-person. They must assess consumers’ individual needs prior to providing quotes and may need to conduct valuations of properties or businesses to be insured. They may also take photographs, obtain inspection reports, and compare coverage plans of different insurers. They must always try to secure the best rates without sacrificing quality (above-average ratings by third-party institutions) for their clients and must always be fair, ethical and unbiased in their work.

Some insurance brokers may also need to pass series 6 and 7 exams administered by the Financial Industry Regulatory Authority (FINRA), a government agency. Excellent customer service and interpersonal skills are important in this position; on behalf of their clients, they must research ways to reduce premiums by combining different types of insurance, such as home and auto insurance, for substantial discounts. They must also explain any small print that clients should know, such as terms and conditions, and send them certificates of insurance when necessary. Insurance brokers are encouraged to read professional journals relevant to their industry to stay up-to-date in their careers. (Copyright 2019 PayScale.com)

• May refer clients to independent brokers, work as independent broker, or be employed by an insurance company.
• Sell life, property, casualty, health, automotive, or other types of insurance.

Insurance Broker Job Listings