Description
Insurance agents and brokers sell life, automobile, property, health and other types of insurance to individuals, businesses and public institutions. Insurance agents are employed by individual insurance companies or are independent representatives of specific insurance companies. Insurance brokers are employed by brokerage firms, or may work in partnerships or hold sole proprietorship. Supervisors of insurance agents are included in this unit group.
Job Titles
- Automobile insurance agent
- Automobile insurance salesman/woman
- District supervisor – insurance office
- Field agent – insurance
- Fire insurance agent
- Fire insurance salesman/woman
- General insurance representative
- Group insurance representative
- Insurance agent
- Insurance agent supervisor
- Insurance broker
- Insurance sales agent
- Insurance sales representative
- Insurance sales supervisor
- Insurance salesman/woman
- Life insurance agent
- Life insurance representative
- Life insurance salesman/woman
Main Duties
- Sell automobile, fire, health, life, property, marine, aircraft and other types of insurance to clients
- Establish client insurance coverage, calculate premiums and establish method of payment
- Provide information concerning group and individual insurance packages, the range of risk coverage, benefits paid and other policy features
- Ensure appropriate forms, medical examinations and other policy requirements are completed
- Monitor insurance claims and respond to clients’ enquiries
- Identify and solicit potential clientele.
Workplaces
- Brokerage firms
- Insurance companies
Skills
- Negotiating
- Persuading
- Critical Thinking
- Decision Making
- Evaluation
Abilities
- Speech Clarity
- Speech Recognition
- Verbal Ability
- Categorization Flexibility
- Deductive Reasoning
Personal Attributes
- Adaptability
- Analytical Thinking
- Attention to Detail
- Concern for Others
- Independence
Similar Occupations
- Supervisors, finance and insurance office workers (12011)
- Insurance underwriters (12202)
- Insurance manager (in 10020.01 Insurance managers)
Source: OaSIS
Employment Outlook
The employment outlook will be good for Insurance agents and brokers (63100) in Prince Edward Island for the 2022-2024 period.
The following factors contributed to this outlook:
- Employment growth will lead to a moderate number of new positions.
- A moderate number of positions will become available due to retirements.
- There are a small number of unemployed workers with recent experience in this occupation.
Here are some key facts about Insurance agents and brokers in Prince Edward Island:
- Approximately 200 people work in this occupation.
- Insurance agents and brokers mainly work in the following sectors:
- Insurance Carriers and related activities (NAICS 524, 526): 94%
- Fishing, hunting and trapping (NAICS 114): 6%
- 70% of insurance agents and brokers work all year, while 30% work only part of the year, compared to 59% and 41% respectively among all occupations. Those who worked only part of the year did so for an average of 44 weeks compared to 41 weeks for all occupations.
- 31% of insurance agents and brokers are self-employed compared to an average of 13% for all occupations.
- The gender distribution of people in this occupation is:
- Men: 50% compared to 51% for all occupations
- Women: 50% compared to 49% for all occupations
- The educational attainment of workers in this occupation is:
- no high school diploma: n/a
- high school diploma or equivalent: 28% compared to 28% for all occupations
- apprenticeship or trades certificate or diploma: 8% compared to 11% for all occupations
- college certificate or diploma or university certificate below bachelor’s: 26% compared to 25% for all occupations
- bachelor’s degree: 28% compared to 17% for all occupations
- university certificate, degree or diploma above bachelor level: n/a
Source: Job Bank
Prevailing Wages
| AREA | LOW | MEDIAN | HIGH |
|---|---|---|---|
| PEI | $17.00 | $25.00 | $36.26 |
| Canada | $19.00 | $28.21 | $48.08 |
Training
There are no known training programs for this occupation in PEI. If you are aware of a local training program, please contact us.
There are currently no job listings for this occupation on WorkPEI.