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Insurance Adviser

Māngai Rīanga

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 FY Salary Guides 2019/20 and 2020/21.

Job opportunities

Chances of getting a job as an insurance adviser are good due to steady demand for their services.

Pay

Pay for insurance advisers varies depending on the type of work and clients. 

  • 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 agents 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 agents:

  • usually work regular business hours, but may work weekends or evenings to meet deadlines
  • work in offices but may travel locally to visit clients.

Entry requirements

There are no specific requirements to become an insurance adviser as you gain skills on the job. However, by early 2021 all insurance advisers and insurance support professionals will be required to have a New Zealand Certificate in Financial Services (Level 5) due to new legislation.

Insurance advisers can also get 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 advisors are required to register on the Financial Service Providers Register.

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
The Skills Organisation
0508 754 557 – support@skills.org.nz – www.skills.org.nz
Check out related courses

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.

COVID-19 increasing demand for insurance advisers

Due to COVID-19, many businesses are experiencing a decline in revenue and need advice from insurance experts to keep their insurance protections in place.

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 agents may specialise in different types of insurance, such as:

  • commercial
  • health
  • life
  • marine
  • property.
A female insurance adviser sits at a desk explaining an insurance policy to a male client

Insurance advisers explain insurance policies to their clients

Last updated 9 November 2020