Insurance Broker
Insurance brokers work out what a client needs to protect, compare policies across insurers, and arrange the cover that fits.
- Median salary
- $134,000
3.7%vs last year, before tax
- People employed
- 11,600
0.9%vs last year
- Projected growth
- +12.6%
to 2035
- AI exposure*
- Moderate
- automation risk
- Average hours
- 43/wk
+3h vs all jobs
- Shortage status
- Not in shortage
national
Insurance brokers usually work in a brokerage office, comparing cover across several insurers for individuals, small businesses and larger commercial clients. That independence is the main difference from an insurance agent, who sells the products of a single insurer. The relationship runs well past the first policy: brokers review sums insured, renegotiate at renewal and act for the client when a claim is disputed.
How much do insurance brokers earn?
The median full-time salary for an insurance broker is $134,000 per annum, before tax, up $27,600 since 2018.
A large share of broker pay is commission, so income tracks the book you hold and how much of it renews, instead of sitting inside a fixed salary band. Commercial and specialist accounts such as construction, professional indemnity and marine pay better than small personal lines, and a broker who brings in their own clients earns more than one servicing an established book. How the brokerage pays its authorised representatives, on commission or on salary plus bonus, also shifts the total.
What does an insurance broker do day to day?
The list below is what fills most weeks; the exact mix shifts with seniority and whatever stage the current work is at.
- Sitting down with a client to map what they own, build or trade, then working out which parts of it would hurt to lose
- Approaching several insurers for quotes and pushing back when the terms or the premium look out of step with the risk
- Reading policy wordings closely, because the exclusion buried in the middle of the document is often what decides a claim
- Running a client's claim: lodging the paperwork, chasing the assessor and arguing the case when the offer comes in low
- Working through the renewal calendar so cover does not lapse and sums insured keep pace with what the client has built
What skills do insurance brokers need?
Employers look for regulatory compliance, financial analysis and modelling, selling and negotiation, backed by Insurance broking software (OPAL, INSIS) fluency and strong client relationships and advisory.
Specialist skills
- Regulatory compliance
- Financial analysis and modelling
- Selling and negotiation
Software and tools
- Insurance broking software (OPAL, INSIS)
- CRM systems (Salesforce, HubSpot)
- Policy comparison platforms
- Document management systems
- Financial calculators
General skills
- Client relationships and advisory
- Written communication
- Problem solving
- Stakeholder management
- Attention to detail
Is the job growing?
About 11,600 people work as insurance brokers in Australia, and employment is projected to grow 12.6% over the decade to 2035. That's healthy, above-average growth, and the role should stay in solid demand.
How do you become an insurance broker?
Here's the path most insurance brokers take, step by step.
- 1Finish year 12 or an equivalent
Many brokerages hire school leavers into assistant account broker or claims support roles, so a degree is not the entry requirement. English and maths are the subjects that help, because policy wording and premium calculations both reward careful reading.
- 2Take a paid support role in a brokerage
Assistant account broker, claims assistant or office support puts you next to the products, the insurer portals and the clients. This is where most people learn the job, and it pays while you learn.
- 3Complete the Tier 1 general insurance requirement
Advising on general insurance needs Tier 1 competency under ASIC's RG 146, usually through a Diploma of Insurance Broking (FNS51220) offered by ANZIIF or Kaplan Professional. The brokerage then appoints you as an authorised representative under its Australian Financial Services Licence.
- 4Build your own client book
Managing a group of small clients, often after two to four years, is the step that moves you from support work to running relationships and earning commission on your own accounts.
- 5Specialise or add further study
Experienced brokers tend to settle into a line of business such as professional indemnity, construction, strata or marine, and some complete an advanced diploma, a degree or the ANZIIF fellowship to handle larger commercial accounts.
Ready to apply as an insurance broker?
Whether you're working toward becoming an insurance broker or already are one and want a hand with the next step (sharpening your resume for ATS screening, tightening your cover letter, or knowing what you'll actually be asked at interview), here are examples grounded in this specific role, not generic templates.
What jobs can an insurance broker move to?
Moving into Financial Planner typically comes with the biggest pay rise, worth $300 a year more on average.
| Move to | Typical pay change | Overlap | Retraining |
|---|---|---|---|
| Financial Planner Financial planning draws on insurance brokers' risk and client advice skills, but registration and further study are required.Known move | +$300 | 53% | requalify |
| Finance Broker Finance broking suits insurance brokers who can apply client advisory and credit knowledge to arrange loans, with little extra study.Known move | +$0 | 79% | minimal |
| Mortgage Broker Mortgage broking uses the same client relationship and finance skills, helping borrowers find home loans without heavy retraining.Known move | +$0 | 73% | minimal |
| Underwriter Underwriting builds on insurance product and risk knowledge, though brokers need short course training to assess and price policies. | −$46,600 | 50% | short course |
| Insurance Agent The insurance agent role works the insurer side of the same market, so brokers can transfer product and client knowledge with minimal retraining.Known move | −$52,900 | 93% | minimal |
Moves are chosen from Jobs and Skills Australia's Data on Occupation Mobility, which follows income tax records between 2011-12 and 2020-21, together with entry requirements and skill overlap. A known move is one people were seen making in that data. Pay change compares median full-time pay for the two roles.
Who works as an insurance broker?
The typical insurance broker is 42 years old; 53% are men, 85% work full-time, and full-timers average 43 hours a week.
- 42
- Median age
- 47%
- Female share
- 85%
- Full-time
- +3h
- vs all-jobs avg
What's it like being an insurance broker?
The year moves with two calendars: renewals, which cluster hard in the middle of the year, and claims, which arrive without warning when a client's premises floods or a truck comes off the road. A broker's day is part advice, part negotiation and part administration, and the people who enjoy it tend to like knowing the detail of how a business actually runs. It suits someone willing to be accountable when something goes wrong, because claims are where the relationship is tested.
What people like
- Being the one who reads the fine print. Policies are long and insurers change their appetites, so a broker who knows the wordings well can find cover a client assumed was impossible.
- Clients who stay for years. Broking is a relationship business, and a client who trusts you at renewal tends to stay, which makes the work less transactional than selling.
- Learning how businesses really work. One week a winery, the next a scaffolding contractor, so you pick up a working knowledge of trades and industries you would not otherwise see.
- Standing up for a claim. When an insurer offers less than the client expected, having the evidence ready and arguing it through is often the most satisfying part of the job.
What people find hard
- Renewal season. A large slice of the book falls due in the same few weeks, and the days run long with quotes, comparisons and client calls.
- Income that moves with the market. Commission and new business targets mean a soft quarter shows up in your pay, which bites hardest in the first year or two before a book builds.
- Delivering a no. Insurers decline risks or load premiums more often than clients expect, and the broker is the one who has to explain why.
- The compliance load. Advice files, disclosure documents and record keeping take real time, and the requirements shift as ASIC and the licensee update their rules.
Based on our synthesis of professional-body surveys and public accounts of the role, not first-person verified reviews.
Which industries employ insurance brokers?
Financial and Insurance Services employs the largest share of insurance brokers.
Top employing industries
- 1Financial and Insurance Services
Ranked by employment share; the source doesn't publish an exact percentage per industry.
| Diploma / Advanced Diploma | 35.2% | |
|---|---|---|
| Bachelor degree | 22.5% | |
| Year 12 or below | 17.8% | |
| Certificate III/IV | 8.5% | |
| Postgraduate | 7.8% |
Will AI replace insurance brokers?
Insurance broking sits in the middle: the quoting and documentation side is already heavily automated, while the advice and the claim fight are not. Broking platforms such as OPAL and INSIS, insurer quoting portals and policy comparison tools generate quotes, prefill forms and track renewals, which removes a lot of typing but not the judgement about which policy actually fits. Reading a business's risk, negotiating with an underwriter and standing behind a recommendation still depend on a person.
Share of typical working time by exposure level
- Comparing policies and preparing quotesPlatforms already pull quotes from several insurers and fill in client details, so the typing is going, while deciding which exclusion matters still takes a broker.30%high
- Meeting clients and reviewing their risksSite visits, fact finds and conversations about what a business actually does are where the advice starts, and AI can transcribe them but cannot work out what would hurt the client.25%low
- Managing renewals, claims and client recordsRenewal reminders, claim lodgement and file notes are largely automated, though chasing a slow assessor and keeping a client informed still takes a person.25%moderate
- Negotiating placements with underwritersUnderwriters lean on their own pricing models now, but a broker arguing a difficult risk still lays out the reasons by phone or email.20%moderate
Moves least exposed to AI
These career moves from insurance broker work are rated low for AI exposure:
- Financial Planner
Solid skill overlap (53%), requalify to get there, and a low automation-risk profile.
Common questions about becoming an insurance broker
Straight answers to the questions people ask most.
How much do insurance brokers earn?
Insurance brokers earn a median of $134,000 per year before tax. A large part of that is commission, so pay depends on the size and quality of your client book, the types of accounts you handle, and whether you bring in new business or service an existing book.
How do you become an insurance broker?
Most people start as an assistant account broker or in claims support, then complete the Tier 1 general insurance requirement under ASIC's RG 146, usually a Diploma of Insurance Broking (FNS51220). The brokerage then appoints you as an authorised representative under its licence, which is what allows you to advise clients.
Are insurance brokers in demand in Australia?
Insurance brokers are currently not in shortage, and employment is projected to grow 12.6% over the decade to 2035. Smaller brokerages often look for people who already know the products, so experience in claims or with an insurer helps when you are applying.
Will AI replace insurance brokers?
Quoting, policy comparison and the paperwork around a placement are the parts most exposed, and broking platforms already pull insurer quotes and prefill client documents. The advice itself, negotiating with underwriters and arguing a claim on a client's behalf stay with people, because they depend on knowing the client's business and standing behind a recommendation.
What can insurance brokers move into?
Finance broking and mortgage broking are common moves that pay about the same, because the client advisory skills carry across and the retraining is minimal. Moving to the insurer side as an insurance agent pays $52,900 less and works the same market from the other direction, while financial planning needs registration and further study. Some experienced brokers eventually buy into or run their own brokerage, which is often where earnings grow.
Do you need a degree to be an insurance broker?
No. A diploma or advanced diploma is held by 35% of the people working as brokers, and plenty of them entered from school and learned on the job. A degree helps if you want larger commercial accounts or a later move into underwriting or financial planning.
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