How do you become an Insurance Broker?

Question

How do you go about becoming a broker? I heard that getting a bachelor's degree in finance helps.But I met people who don't have a degree and are sucessful insurance brokers? How do you go about doing that...

Answer 1

If you are a resident of the US, you first have to get an Insurance license. That can be done by taking and passing courses. The state Insurance Department can direct you to the persons giving the courses.
When you are licensed, you have to get a job selling insurance. You then become an Agent for one or more insurance companies.
Get experience, take and pass some more courses, get licensed as an Insurance Broker. In this case you become a representative of the policy holder rather than an agent for an insurance company. The difference: you place insurance with any company as a broker.

Answer 2

I don't think this will answer your question head on but what the hell. State Farm has an interesting program for interested agents. You will be only selling State Farm products in a particular area (or you can be more general and go to the best oppurtunity). There is a mutual discovery period where they encourage you to become comfortable with your role as a businessman and they try to become comfortable that you have an entrepreneural spirit. They do this by making you jump through various hoops. You speak with a local recruiter, take an exam, go for local meet and greets where your people skills are tested. At the end of it all, if all parties are willing they will give you an existing business (for no charge) so you inherit a book of business but you are expected to grow it. You don't have to pay for the business, but upon your retirement you will give it back to State Farm. Comissions I believe can go up to 10-12%. State Farm even pays you at the later stage for you and your staff for training prior to opening your office. Many agents make over $100k.

There are similar programs for other agencies and of course this doesn't answer your question about being a broker, but I thought this might be something worthwhile to hear.