Insurance Agents and Brokers
(NOC 6231)
in All Sales and ServiceInsurance agents and brokers sell life, car, property, health, and other types of insurance to individuals, businesses, and public institutions. Insurance agents work for individual insurance companies or are independent representatives of specific insurance companies. Insurance brokers work for brokerage firms or may work in partnerships or hold sole proprietorship. Supervisors of insurance agents are included in this group.
Job Outlook
average
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Compared to: All Sales and Service
The employment outlook over the next few years for this occupational group is “average”, which indicates the chances of a qualified individual finding work is comparable to the average for all occupations in Nova Scotia. This is a fairly large occupation in Nova Scotia so job opportunities occur fairly regularly. The number employed in this occupation is expected to grow moderately over the next few years, which will likely provide some additional opportunities for employment. With a moderate percent of workers being 55 years of age and older, retirements are expected to contribute somewhat to employment opportunities over the coming years. Insurance Agents and Brokers most commonly work full-time hours. Furthermore, the jobs are typically permanent positions. With employment conditions being somewhat seasonal, periods of downtime or layoff throughout the year affect some workers. Also, a average portion of the workforce is self-employed, so having the option to "work for yourself" may appeal to some individuals’ interests/motivations.
The province has seen growth in its finance and insurance sector in recent years, and this trend should continue. Furthermore, online tools are allowing customers to get quotes without the involvement of sales representatives, and financial planners are selling insurance plans now too. These developments are reducing employer demand for agents and brokers, and it appears there is generally a sufficient pool of qualified labour to fill vacant positions. Some employers are recruiting across provincial boundaries to find the most qualified candidates. There is presently some demand for workers who are bilingual.
Hourly Pay
$15.00
Minimum$23.00
Median$30.00
MaximumAnnual Pay
$10,504
Minimum$40,567
Median$93,318
MaximumCompared to: All Sales and Service
Hourly Pay
$12.95
Minimum$15.00
Median$25.60
MaximumAnnual Pay
$2,949
Minimum$16,629
Median$45,086
MaximumAbout the job
Nature of work
Insurance agents and brokers sell life, car, property, health, and other types of insurance to individuals, businesses, and public institutions. Insurance agents work for individual insurance companies or are independent representatives of specific insurance companies. Insurance brokers work for brokerage firms or may work in partnerships or hold sole proprietorship. Supervisors of insurance agents are included in this group.
Job duties
Insurance agents:
- Sell car, truck, fire, health, life, property, marine, aircraft and other types of insurance to clients.
- Establish client insurance coverage, calculate premiums, and determine method of payment.
- Provide information concerning group and individual insurance packages, the range of risk coverage, benefits paid and other policy features.
- Make sure appropriate forms, medical examinations and other policy requirements are completed.
- Monitor insurance claims and respond to clients' questions.
- Identify and solicit potential clientele.
Sample job titles
- automobile insurance agent
- general insurance representative
- group insurance representative
- insurance agent
- insurance broker
- insurance sales representative
- insurance sales supervisor
- life insurance agent
Skills
- You need excellent communication and negotiation skills. The ability to analyze complex information accurately and quickly is necessary for decision-making. Computer skills would be a definite asset.
Job requirements
- High school is usually required.
- On-the-job training and insurance industry courses and training programs are provided and are required for employment.
- Licensure by the insurance governing body in the province or territory of employment is required.
Other considerations
- Progression to insurance management positions is possible through experience. Completion of educational programs through the Insurance Institute of Canada or its provincial counterpart entitles agents to professional recognition as an Associate of the Insurance Institute of Canada (A.I.I.C.) or Fellow of the Insurance Institute of Canada (F.I.I.C.). Completion of educational courses through the Canadian Association of Insurance and Financial Advisors allows for various levels of professional designations for insurance and financial advisors.
By the numbers
Quick look
employed in 2016
employed full-time
self employed
median age
Compared to: All Sales and Service
employed in 2016
employed full-time
self employed
median age
Where will I likely work?
Halifax
$42,306 median annual incomeNorth Shore
$43,518 median annual incomeSouthern
$34,961 median annual incomeAnnapolis Valley
$41,104 median annual incomeCape Breton
$38,273 median annual incomeCompared to: All NS Occupations
Halifax
North Shore
Annapolis Valley
Cape Breton
Southern
Top Industries of Employment
Finance and insurance
Real estate and rental and leasing
Administrative and support, waste management and remediation services
What is the age of Employment?
25-34
35-44
45-54
55-64
65+
15-24
Compared to: All Sales and Service
15-24
45-54
25-34
55-64
35-44
Top levels of education
College Diploma
$40,218 median annual incomeHigh school
$41,086 median annual incomeBachelor
$41,808 median annual incomeTrade Certification
$39,284 median annual incomeDiploma Below Bachelor
$52,648 median annual incomeCompared to: All Sales and Service
High school
$15,705 median annual incomeLess than high school
$9,866 median annual incomeCollege Diploma
$20,644 median annual incomeBachelor
$21,262 median annual incomeTrade Certification
$21,234 median annual incomeEducation & training
Employment requirements & contacts
Regulations
Right to Title and Practice: This job is regulated. The job title is protected, and you may not use it without a professional licence. A licence shows that the holder has met provincial requirements and is required to legally do this work.
Contacts
Additional resources
There are no additional resources for this occupation.