Insurance Brokers operate as an independent agent to sell life, fire, accident, industrial or other forms of insurance for a range of insurance companies.

Skill Level

2

Unless you are exempt in very limited circumstances, you are required to have a positive Skills Assessment to apply for the visas listed above.

Skills Assessment authority for Insurance Broker is Vocational Education and Training Assess (VETASSESS). To have a positive skills assessment, you must meet the following criteria:

• Qualification assessed at AQF Diploma level WITH a highly relevant field of study AND at least one year of post-qualification highly relevant employment at an appropriate skill level in the past five years; OR
• Qualification assessed at AQF Diploma level WITH an additional qualification at AQF Certificate IV in a highly relevant field of study AND at least one year of post-qualification highly relevant employment at an appropriate skill level in the past five years; OR
• Qualification assessed at AQF Diploma WITHOUT a highly relevant field of study AND at least two years of post-qualification highly relevant employment at an appropriate skill level in the past five years
• Applicants must meet both the qualification and employment requirements to obtain a positive skills assessment
• Highly relevant fields of study include:
  • Insurance Broking

According to VETASSESS, your pre-qualification experience may be considered in the skills assessment if it meets the following requirements:

• 3 years of relevant pre-qualification employment; and
• 1 year of highly relevant employment within the past five years

Operate as independent agents to facilitate the trading of commodities and arrange insurance and loans of money on behalf of clients.

Tasks

• Monitoring commodity prices, trends and other factors affecting the supply and demand for commodities
• Negotiating the purchase and sale of commodities such as grains, wool, minerals and metals
• Determining the specific financial and insurance requirements of clients, and researching and reviewing available finance and insurance products for suitability to meet clients’ requirements
• Analysing clients’ financial status, discussing financial options and developing financial strategies
• Recommending loan combinations that meet clients’ needs
• Interviewing prospective clients to explain insurance policy conditions, risks covered, premium rates and benefits, and to make recommendations on the amount and type of cover
• Arranging insurance, home loan mortgages and other types of finance for clients through banks, lenders, financiers and insurance companies
• Preparing documents which set out the conditions of finance, repayments and loan periods
• Identifying and advising on significant risk changes to clients’ insurance
• Broking complex and commercial leases, equipment finance, commercial finance, project finance and finance for property developers

Skill Level

In Australia and New Zealand:

Most occupations in this unit group have a level of skill commensurate with the following qualifications and experience:

• Australia (ANZSCO Skill Level 2)
  • AQF Associate Degree; or
  • AQF Advanced Diploma; or
  • AQF Diploma; or
• New Zealand (ANZSCO Skill Level 2)
  • NSQF Diploma; or

Please note at least three years of relevant experience may substitute for the formal qualifications listed above. In some instances, relevant experience and/or on-the-job training may be required in addition to the formal qualification. This occupation may require registration or licensing.

Occupations in this Group

• 222111 Commodities Trader
• 222112 Finance Broker
• 222113 Insurance Broker
• 222199 Financial Brokers nec