Tips on How to Become an Insurance Broker and Thrive

Having a license and understanding jargon from the insurance industry isn't all that an insurance broker has to do. Learning all there is to know about insurance and growing a career as an insurance broker is no easy feat. It's not impossible, either, though. Here are some useful tips that every broker might find handy:  

• Adopt new technology  

New technology is changing the face of the insurance industry as we know it. Millennials are the most significant demographic seeking insurance right now. Because of their preference for electronic communication, every insurance broker should try and get familiar with technology. If they don't do this, brokers can risk getting outdated. Using social media platforms to connect to potential customers is a great first step!  

• Get a good mentor:  

In the good old days, everyone had to be an apprentice before mastering any trade. And that's still not a bad idea in the insurance field. Having a license is just the start. Finding an experienced mentor can make a world of a difference in learning how to become an insurance broker. According to Insurance Journal's study from 2014, 80% of young brokers thought their careers got a positive boost through a good mentor. 

• Find a Brokerage General Agent (BGA):  

Brokerage General Agents (BGAs) are not all created equally. Some might have more experience and expertise than others. Taking your time to find a good BGA is worth it. Try to seek out a BGA that represents a handful of great insurance companies. It can help diversify your portfolio and help you offer your clients broader options.  

Nobody can become a great insurance broker with the snap of a finger. Being your best self is a lifelong process of improvement. There's always something new to learn, even for the most experienced insurance broker!