Becoming A Pet Insurance Broker: Steps To Success

Becoming a pet insurance broker is a great career option for those who love animals and have strong marketing skills. Pet insurance brokers work as intermediaries between insurance companies and consumers, helping pet owners find the best insurance policy to meet their needs. While a formal education is not required, earning a bachelor's degree in business, marketing, or a related field can increase your chances of finding work. Additionally, you will need a strong knowledge of insurance and the proper licenses to sell insurance in your state. This typically involves passing an exam, undergoing a background check, and applying for a license.

The role of a pet insurance broker

Brokers are typically paid by commissions and fees earned on the insurance policies they sell. They often have connections with multiple pet insurance companies, allowing them to offer comparison pricing and services to customers. However, they don't complete the insurance deals themselves; they guide customers in selecting the right service and then let the company handle the insurance application.

To become a pet insurance broker, you'll need strong marketing, communication, and sales skills, as well as the ability to self-motivate and take initiative. While formal education is not required, many brokers choose to earn a bachelor's degree in business, marketing, or a related field, and some even pursue graduate degrees and job-specific training to enhance their employability.

In terms of licenses and certifications, most states require pet insurance brokers to have a property and casualty (P&C) license since pets are considered property. Obtaining this license typically involves studying for and passing an exam, undergoing background checks and fingerprinting, and applying for the license through your state. Alternatively, if your state doesn't mandate a P&C license, you may need a limited lines license, which is specific to one insurance type, such as pet insurance.

Education and training requirements

There are no formal education requirements for becoming a pet insurance broker in the UK, but many brokers complete a bachelor's degree in a relevant field. Possible degrees include business administration, psychology, or other subjects that help you develop transferable skills. For instance, taking business, maths, and communication courses can help you develop industry knowledge and interpersonal skills that could be beneficial in your insurance career.

If you are not interested in returning to a school-like environment, another option is to complete an apprenticeship. These usually take about 24 months to complete and tend to combine workplace learning with studying. During an apprenticeship, you will work and get paid while also training and gaining a qualification.

You can also enter the field in an entry-level position and advance your role. Some insurance firms hire recent secondary school graduates for insurance roles, such as insurance technician, junior account handler, or trainee broker. Depending on the company and the role, you may receive training and education while working.

Regardless of the path you choose, you can obtain a professional qualification through the Chartered Insurance Institute (CII) to show that you have completed your training. Common qualifications for insurance brokers include:

• CII Diploma in Insurance
• CII Advanced Diploma in Insurance
• CII Level 3 Certificate in Insurance
• CII Level 4 Certificate in Insurance

These qualifications demonstrate to potential employers and clients that you have trained in the field and are qualified to assist them with their insurance needs.

Licensing requirements

To become a pet insurance broker, you will need to obtain a license. The specific requirements for obtaining a license vary from state to state, so it is important to research the rules in your state to ensure compliance with the law. However, I have gathered some general information about the licensing requirements for pet insurance brokers in the United States.

In most states, pet insurance brokers are required to have a Property and Casualty (P&C) license. This license demonstrates competence and qualification to sell other products in the P&C lines, such as home insurance, auto insurance, or commercial insurance. The P&C license will open up more opportunities for brokers as they can offer a wider range of products to their clients.

The licensure process typically involves a criminal background check and one or more exams. It is important to note that insurance agents and brokers need to be licensed, and the requirements may differ depending on whether you work as an agent or a broker. Brokers typically work with multiple service providers and offer a range of products, while agents usually represent a single company.

While a formal education is not required to sell pet insurance, pursuing a bachelor's degree in business, marketing, or a related field can be advantageous. Additionally, completing training in finance or a related field can enhance your qualifications. Some organizations and educational institutions offer courses specifically designed to prepare individuals for a career in insurance, including the Insurance Brokers and Agents Qualifying Course offered by Hofstra University.

To summarize, becoming a licensed pet insurance broker in the United States requires complying with state-specific regulations, obtaining the necessary P&C license, undergoing a background check, completing any required exams, and considering further education or training to enhance your qualifications.

Finding pet insurance companies to work with

Once you have obtained your license, you can start reaching out to pet insurance companies. You can use online platforms like Indeed, Glassdoor, and LinkedIn to find potential employers. It is also a good idea to consider working with a small company or startup, as this can give you valuable experience and help you build your skills.

• ASPCA® Pet Health Insurance: Offers plans for cats and dogs, as well as horses.
• Embrace: Offers multiple options for customization and has add-ons for wellness care.
• Figo: Offers short waiting periods for accident coverage and covers a wide range of expenses.
• Lemonade: Offers affordable plans and has more add-on coverages than some competitors.
• Nationwide: One of the largest pet insurance providers, working with over 3,000 clients. They also offer coverage for exotic pets.
• Pets Best: Offers a range of choices for customization and has plans with unlimited coverage.
• Pumpkin: The best overall pet insurance company, according to U.S. News. It has no upper age limit for enrollment and reimburses 90% of covered costs.
• Spot: Provides many options for customization and is available in all 50 states.
• Trupanion: Can pay vets directly and has lifetime per-condition deductibles.

The application process

Complete Education:

Although there are no mandatory qualifications required to become an insurance broker, many brokers choose to obtain a bachelor's degree in a relevant field. This can include degrees such as Business Administration or Psychology. During your studies, it is beneficial to take a range of courses like business, maths, and communication to develop essential skills for the role.

Choose a Specialty:

Before starting your career, it is advisable to select an insurance specialty. This early decision allows you to gain targeted training and experience in your chosen field. For instance, if you wish to work in pet insurance, you can focus on gaining expertise in this area.

Consider a Higher Apprenticeship:

An alternative route is to pursue a higher apprenticeship in insurance. These programs usually require completion of secondary education and last for two to three years. During this time, you can earn a salary while gaining practical experience and working towards a qualification.

Entry-Level Positions:

You can also enter the field of insurance brokering by starting in entry-level positions and working your way up. Some insurance companies hire recent graduates for roles like insurance technician or junior account handler, which can provide a pathway to broker roles.

Earn Professional Qualifications:

Regardless of your chosen path, obtaining professional qualifications is essential. The Chartered Insurance Institute (CII) offers relevant qualifications such as the CII Diploma in Insurance, CII Advanced Diploma in Insurance, and certificates at Level 3 and Level 4. These qualifications demonstrate your expertise and competency to employers and clients.

Complete Registration:

After completing your training, you can register with the CII to begin your career as an insurance broker. Additionally, if you are involved in writing insurance documents or selling insurance plans, you may need to register with the Financial Conduct Authority (FCA). This can be done by submitting the necessary paperwork and proof of your qualifications online.

Find a Job or Clients:

The final step is to seek employment or establish your own independent brokerage. You can explore job opportunities at consulting firms, large insurance brokerages, or choose to work independently. Networking and building connections within the industry can be beneficial during this stage.

Frequently asked questions