Five dynamic ways to diversify your skills as an insurance broker

  • Staff Reporter | May 28, 2018
Insurance Broking - Job Search

If you’ve already completed some sort of insurance broking qualification, you might want to consider complementing this, with additional expertise, to help you stand out as an employee candidate.

As we increasingly see insurance being sold completely online, emerging insurance brokers need to explore ways they can diversify their skills. This can attract new business development opportunities and reach new clients who might otherwise be missed. 

Let’s have a look at five different courses for experienced brokers to continue developing their skills.

  1. The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) offers a range of specialised certificates, such as an Executive Certificate in General Insurance Underwriting, which is available to those with four years or more experience working in insurance. This course equips people to specialise in underwriting, manage a small underwriting team, conduct risk assessments and manage information.
  2. ANZIIF’s Executive Certificate in General Insurance Broking is open to current insurance brokers who have worked for four years or more in the industry. This course would suit those who aim to progress to management roles or advance their existing skills in managing claims. 
  3. ANZIIF and the Australian Catholic University have partnered to deliver a Bachelor of Commerce, Bachelor of Business Administration or Bachelor of Business Administration/Financial Services. Additionally, ANZIIF has collaborated with Charles Sturt University to offer a Bachelor of Business (Insurance). This degree is open only to ANZIIF members who have “attained the level of Senior Associate CIP or higher and who have completed an approved ANZIIF qualification in General Insurance, Insurance Broking, Life Insurance, Loss Adjusting, Risk Management or Financial Planning”. 
  4. Kaplan Professional offers a ‘Tier 1 - Compliance Solution Insurance Broking’ course to insurance professionals who need to gain insurance broking skills as required by their position. This course is ideal if you are currently employed in the insurance industry but are looking to gain additional skills in broking or even shift your specialisation area. 
  5. There are a number of ‘Professional Participation Activities’ run through NIBA for members as part of their continuing professional development (CPD) requirements. These include e-learning, seminars, workshops and lectures with some form of assessment. These requirements ensure that insurance brokers are continuously developing their skills and staying up to date with industry changes.

Apart from formal training, there are lots of ways you can expand your skill base:

  • The NIBA Annual National Convention is a key event for professionals each year. The 2018 Convention is called ‘Shaping the Future’ and will address current issues and emerging trends in Australia, including InsureTech, new technology and other significant developments. 
  • ANZIIF provides a list of books relevant to insurance broking that will help you to develop your general insurance knowledge
So you can take part in active learning in your own time or opt for formalised training as an investment in your career — it all depends on your needs and where you see yourself going in the future.

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Insurance broking professional development in Australia is well-developed and holds many opportunities for brokers to advance their skills. The NIBA’s requirement for ongoing CPD to be completed by licensees annually plays an important role, and together with organisations such as ANZIIF, there are many areas for insurance brokers to focus on, depending on their interests or professional blind spots. 
 

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