Insurance Adviser
Kaitohutohu Inihua
Alternative titles for this job
Insurance advisers give advice about insurance and sell insurance to clients.
Pay
Insurance advisers usually earn
$60K-$100K per year
Experienced insurance advisers usually earn
$70K-$130K per year
Source: Hays, 2019 and 2020.
Job opportunities
Vocational PathwaysPay
Pay for insurance advisers varies depending on the type of work they do, and clients they have.
- Insurance account executives usually earn between $60,000 and $78,000 a year.
- Insurance account brokers usually earn between $65,000 and $100,000.
- Senior insurance account executives can earn between $70,000 and $110,000.
- Senior insurance account brokers can earn between $80,000 and $130,000.
Insurance advisers may earn bonuses on top of their base salary.
Source: Hays, 'FY 19/20 Hays Salary Guide', 2019; Hays, 'FY 20/21 Salary Guide', 2020.
(This information is a guide only. Find out more about the sources of our pay information)
What you will do
Insurance advisers may do some or all of the following:
- interview clients to identify their insurance needs
- explain details of insurance and conditions, risk coverage, premiums and benefits to clients
- advise clients on which insurance policies are right for them
- analyse clients current insurance policies and suggest additions or changes
- calculate insurance premiums
- negotiate renewal premiums with insurers and clients
- record information about clients and their policies.
Skills and knowledge
Insurance advisors need to have knowledge of:
- the insurance industry
- insurance policies, including what each policy covers
- relevant government policies such as tax requirements, benefit allowances and accident compensation
- relevant laws such as the Privacy Act and the Human Rights Act.
Working conditions
Insurance advisors:
- usually work regular business hours, but may work weekends or evenings to meet deadlines
- work in offices but may travel locally to visit clients.
What's the job really like?
René Hattingh
Insurance Adviser
What's a typical work day like for you as an insurance adviser?
"Normally it starts with a quick 10-minute team meeting to set priorities for the day. Then, I could be working on insurance policy renewals, new business cases, and contacting networks of people. There are often a few client requests too.
"No two days are the same, so there's no place for boredom."
What's something that might surprise people about your job?
"People often think that brokers will insure their life, car or house – but it's a lot more complicated than that. I often deal with high-liability, complex issues. I could be insuring a building for $200 million, or giving insurance advice to the directors of a company who want to list their business on the ASX [Australian Securities Exchange] or NZX [New Zealand Stock Exchange].
"It's a varied role and there's a lot to it."
Why should someone consider a career as an insurance adviser?
"It's such a rewarding job as you're always helping people. Often if a person or company has suffered a loss, you can see that the insurance package you've put together for them has made a difference.
"You're also continually learning. You can never be at a point where you think you know it all – it makes for a really exciting career."
Entry requirements
Insurance advisers and insurance support professionals are required to have a New Zealand Certificate in Financial Services (Level 5).
Insurance advisers can also get professional qualifications on the job through the Australian and New Zealand Institute of Insurance and Finance (ANZIIF), which offers certificates and diplomas that focus on developing technical insurance skills.
Secondary education
There are no specific secondary education requirements to become an insurance adviser. However, accounting, business studies, English and maths to at least NCEA Level 2 are useful.
Personal requirements
Insurance advisers need to be:
- able to relate to a wide range of people
- competitive and persistent
- confident with making sales
- excellent negotiators
- good at building and maintaining relationships
- organised, self-motivated and disciplined
- patient and helpful
- strong communicators.
Useful experience
Useful experience for insurance advisers includes:
- other insurance work such as working in claims or customer service
- sales or call centre work.
Registration
Insurance advisers are required to register on the Financial Service Providers Register.
- Financial Services Providers website - information about registering as a financial service provider
Find out more about training
- Australian and New Zealand Institute of Insurance and Finance (ANZIIF)
- 0800 103 675 - customerservice@anziif.com - www.anziif.com
- Insurance Brokers Association of New Zealand (IBANZ)
- 09 306 1732 – www.ibanz.co.nz
- Strategi
- 09 414 1300 - support@strategi.ac.nz - https://shop.strategi.ac.nz
What are the chances of getting a job?
Specialist insurance advisers in demand
Demand is best for insurance advisers who:
- specialise in liability, rural, legal or professional indemnity
- have a New Zealand Certificate in Financial Services (Level 5)
- can speak another language to give insurance advice to migrant businesses in New Zealand.
According to the Census, 8,115 insurance advisers worked in New Zealand in 2018.
Types of employers varied
Insurance advisers may work for:
- insurance companies
- financial institutions
- brokerage firms.
Sources
- Cuming, A, 'Who are New Zealand's insurance brokers in 2019?', CoverNote, March 2019, (www.ibanz.co.nz).
- Crombie Lockwood, 'Serving the growing demand for migrant business insurance advice in NZ', January 2020, (www.crombielockwood.co.nz).
- Hays, 'FY 2019/20 Salary Guide: Insights from the Experts', Hays New Zealand, (www.hays.net.nz).
- NZ Herald, 'More hardship to come for SMEs', 21 August 2020, (www.nzherald.co.nz).
- Stats NZ, '2018 Census Data', 2019.
- Stewart, G, 'Liability insurance demand on the increase', Rothbury, May 2018, (www.rothbury.co.nz).
(This information is a guide only. Find out more about the sources of our job opportunities information)
Progression and specialisations
Insurance advisers may progress to financial adviser or management roles, or move into other insurance industry roles such as:
- insurance loss adjuster
- underwriter.
Insurance advisors may specialise in different types of insurance, such as:
- commercial
- health
- life
- marine
- property.
Insurance advisers explain insurance policies to their clients
Last updated 16 September 2024