A Comprehensive Guide on Becoming an Insurance Broker

If you plan to start a vocation in the insurance sales field, you won’t find a better place than British Columbia. The median salary of an insurance agent in British Columbia is $49,774 annually, while the national average stands at $47,625 annually. 

Today 140 localities in British Columbia are served by more than 840 insurance brokerages, which employ more than 9,000 agents. So, you can expect a scintillating career filled with opportunities as an insurance agent in this Province. 

But how do you exactly become an insurance agent? For starters, you’ll need a Level 1 insurance license BC. This post will guide you on how to kick-start your career as an insurance agent in BC.

Insurance License Fundamentals:

The insurance license in BC is organized into stages. These consist of:

  • Level 1- Insurance sales: Under the direction of an experienced broker, an insurance representative is qualified to offer insurance recommendations for sale.
  • Level 2 – Insurance Broker: An insurance broker can work remotely and market and provide insurance advice without the oversight of a senior agent.
  • Level 3 – Insurance Broker Level 3 License: You can deal with and advise on coverage in a managerial or supervisory capacity if you have a Level 3 License.
  • Insurance – Sole Proprietor: You can issue insurance, give policy advice, and represent an institution if you have a sole proprietor license.

You must first obtain your Level 1 license to practice as an insurance agent in BC. Numerous strategies to accomplish this aim will serve as the cornerstone of your profession in the insurance sector.

How Can One Obtain A Level 1 License?

You are an “insurance junior broker” with a Level 1 insurance license in BC. You can pursue any of the following classes and tests to get your license.

Insurance Broker Association of British Columbia (IBABC):

  • Canadian Accredited Insurance Brokers (CAIB) Exam 1 (An assortment of multiple-choice, written, and match the following questions)
  • Fundamentals of Insurance

Insurance Institute of Canada:

  • GIEP C82 and C81
  • CIP C130 and C11

Additionally, you can take these tests’ equivalents at many community institutions in British Columbia, including Douglas College, located in New Westminster, and Camosun College in Victoria.

Preparing For Insurance Examinations:

Trying to balance work, family, and studying while taking the insurance licensing examinations can be difficult. There is lots of information to read through, along with obscure legalese that is challenging to understand.

You should pick one of the many group and private classes and e-Learning packages (including Recognized CE Courses encompassing the most recent changes that influence the insurance sector) that are made simple to grasp. The courses are designed to get you licensed in a matter of weeks and will give you everything you need to pass your test.

Final Thoughts:

Choosing to be an insurance agent in BC is greatly rewarding. As mentioned before, it is a lucrative career prospect. The only hurdle between you and this opportunity is the license examination, which you can quickly clear with expert guidance from a reputed academy. Hence, do your due diligence, spot the right course for yourself and prepare yourself for a fulfilling career.

Muhammad Saad Khan

Experienced Finance Officer with a demonstrated history of working in the marketing and advertising industry. Skilled in Microsoft Word, Income Tax, PowerPivot, Management Reporter, and Microsoft Dynamics GP. Strong finance professional with a ICMA (Part Qualified) focused in Accounting and Finance from Institute of Cost and Management Accountants - ICMA. I write finance related article in my free time on TrendMut.

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