Insurance broking is transitioning from an informal, experience-driven occupation to a more structured and professional career, driven by generational shifts in education, evolving skill requirements, and the need for clearer entry pathways, a new report says. 

The Pathways to Professionalism: Developing the Next Generation report is the fourth in a series released by the National Insurance Brokers Association (NIBA), complementing previous research on the industry. 

“Now we're turning to the foundation that sustains all of it: the people,” CEO Richard Klipin said. “If broking is to remain a modern, trusted advisory profession, we need to be as deliberate about developing the next generation of brokers as we are about advocating for them.” 

Findings include that entry into broking remains largely informal, typically through exposure, referrals or adjacent industries, but with generational differences. Some 41% of those aged 50 to 59 moved from insurance companies, while 38% in the 18-29 bracket entered through industry referral or family/friend referral. 

Among the younger cohort, 48% held a bachelor’s degree on entry, 21% had a certificate or diploma and 27% had completed Year 12 or below. 

For those aged 50 to 59, 16% held a degree, 33% a certificate or diploma and 32% had completed education to Year 12 or below. In the 60-plus group, 15% held a degree on entry, 28% a diploma and 49% a secondary school education level. 

“This divergence reflects broader changes in education participation across Australia but also signals rising expectations around formal education in professional services roles,” the report says. 

The role of brokers is evolving from intermediary to strategic risk adviser, shaped by increasing regulatory demands, risk complexity and rising client expectations, it says. 

Learning is experiential, not just formal, and skills valued differ across career stages. 

Early-career brokers are valued for willingness to learn, communication and digital literacy; mid-career success depends on commercial awareness, strategic thinking, negotiation and risk insight; and senior brokers are defined by specialisation, industry connections and strategic judgement. 

More than three quarters of brokers regard current continuing professional development expectations as set at about the right level. 

The report was produced in partnership with QBE and with insights from CoreData. 

"By investing in talent and strengthening career pathways, we can ensure that the insurance industry continues to attract capable people and remains well positioned to serve clients into the future,” QBE Australia Pacific interim MD, business Lorelle Hillman said.