If you find personal fulfillment in helping to protect the well-being and security of the public, you will possibly have a career as an insurance sales agent. A relatively easy entry into the field, the ability to choose your own work environment, and high earning potential, offer a number of benefits. Hence, learning about the core responsibilities and educational preferences is a great first step to becoming an insurance sales agent. In this article, we discuss insurance sales agent job description, their average salary, and their resume.
Overview
An insurance sales agent is a professional who is licensed to market several types of insurance products, including life, health, auto, and home insurance. Their primary job is to help clients understand their insurance needs and recommend the most suitable insurance policies to meet those needs. Insurance sales agents typically work for insurance companies or brokerage firms and specialize in a particular type of insurance or work with a variety of products.
Types of Insurance Sales Agents
There are various types of insurance sales agents, each specializing in different types of insurance products. Here are some of the most common types of insurance sales agents and what they do:
- Life insurance agents: Life insurance agents specialize in selling life insurance policies that provide financial protection for the policyholder’s beneficiaries in the event of their death. They help clients choose the right amount of coverage and type of policy to meet their needs.
- Health insurance agents: Health insurance agents specialize in selling health insurance policies that provide coverage for medical expenses.Also, they help clients understand their health insurance options and choose the policy that best meets their needs and budget.
- Property and casualty insurance agents: Property and casualty insurance agents sell insurance policies that provide coverage for damage to property and liability for injuries or damages caused to others. This includes policies such as homeowners insurance, auto insurance, and commercial property insurance.
- Auto insurance sales agents: Auto insurance sales agents specialize in selling auto insurance policies to individuals and businesses. They explain the benefits, features, and costs of different policies.
- Long-term care insurance agents: Long-term care insurance agents specialize in selling policies that provide coverage for the costs of long-term care services, such as nursing home care, in-home care, and assisted living.
- Disability insurance agents: Disability insurance agents specialize in selling policies that provide income replacement in the event of a disabling injury or illness that prevents the policyholder from working.
What are Sales in Insurance?
Insurance sales involve selling various types of insurance to customers, including home, life, health, and auto insurance. People who sell insurance are often referred to as insurance agents or brokers.
How to Become an Insurance Sales Agent
Starting a career in the insurance industry can be an appealing opportunity for new and established professionals. Depending on the area of emphasis, it’s a career path that allows for flexibility and a diverse roster of interesting clients. The requirements to become an insurance agent differ by state, but they can often be completed much faster than other professions that require a license.
How to Become an Insurance Sales Agent: Step-by-Step Guide
If you’re ready to go into the world of insurance sales, consider these steps to becoming an insurance agent.
#1. Acquire a Bachelor’s Degree
While a high school diploma is technically the only requirement for an insurance sales agent, most companies prefer that insurance agents hold a college degree. Therefore, aspiring insurance agents should consider taking courses in business, economics or finance to be more effective in selling insurance as a product. You can also study marketing or psychology to become better at promoting their insurance products and selling them.
#2. Complete the Requirements for Licensure
Every state has its own requirements for obtaining licensing, although you are generally required to have a license for each category in which you plan to sell policies. You may be required to complete classroom training or conduct a self-study and obtain a minimum number of hours.
#3. Obtaining Licensure
Every state will require you to pass a licensing exam that verifies your knowledge of state insurance laws and insurance concepts that are specific to the category of insurance you will be selling. Depending on the type of insurance you are selling, you may be required to hold a Series 6 or Series 7 securities registration.
#4. Complete Relevant Training/Internship
Insurance agents spend an average of 6-12 months on post-employment, on-the-job training. During this time, new insurance agents learn the skills and techniques required for their specific job and employer.
#5. Apply for an Insurance Sales Agent Job
If you plan to operate as an independent insurance agent in an office with other agents, you’ll likely receive on-the-job training as you work alongside other more experienced agents before searching for clients of your own. You may also want to pursue a position for a specific insurance company as a captive agent.
Insurance Sales Agent Job Description
Insurance Agents work for different insurance agencies helping clients sign up for policies that work best for their lifestyle. They can work either one-on-one with individuals on creating insurance policies, or collaborate with business professionals to develop ideal policies for groups of employees. Insurance Agents are often responsible for finding their own clients through methods like cold calling, contacting referrals, and networking.
Insurance Sales Agent Job Description: Duties & Responsibilities
An insurance agent has many duties in responsibilities, both towards the institution they work for and to their clients. Whether an insurance agent is a self-employed broker or works for a private insurance company, some common duties and responsibilities include:
- Design and implement effective marketing strategies to sell new insurance contracts or adjust existing ones
- Contact potential clients and create rapport by networking, cold calling, using referrals, etc
- Appraise the wishes and demands of business or individual customers and sell the suitable protection plans
- Collect information from clients on their risk profiles in order to offer them the proper solution
- Prepare reports to shareholders on the success of your business endeavors
- Retain continuous awareness of transactions, sales, and terms and keep relative records
- Check insurance claims to solidify trust and safeguard the reputation
- Frequently replenish job-specific knowledge and apply it in the field
- Fulfill all company-established policy obligations
Insurance Sales Agent Job Description: Requirements
Insurance Agents will usually have certain prerequisite requirements and qualifications which include:
- Bachelor’s degree in Economics, Business, or a relevant field.
- A minimum of 3 years experience in insurance sales or a similar role.
- In-depth knowledge of the different types of insurance plans including vehicle, home, and business.
- Outstanding interpersonal and negotiation skills.
- Proficient in computers and statistical analysis software.
- Excellent written and verbal communication skills.
How do I Introduce myself as an Insurance Agent?
I want to introduce myself as a new insurance agent in the area. With over 35 years of experience in the financial services industry, I am excited to expand my expertise to a new set of clientele. I take a consultive approach when working with my customers, and I always aim to provide the best solution available.
Salary for Insurance Sales Agent
Insurance agents earn a mean annual salary of $79,650 or an hourly rate of $37, according to the latest data from the Bureau of Labor Statistics (BLS). While starting wages can be significantly lower than this number, industry veterans with an established client network can easily earn a six-figure salary. In coming up with the average, the bureau considered all types of insurance agents, including specialists that sell property and casualty, life and health, and other kinds of insurance policies for an employment estimate of 455,540.
Also, the average ansurance agent salary in Los Angeles, CA is $61,242 as of June 26, 2023, but the range typically falls between $55,932 and $69,084. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, and the number of years you have spent in your profession.
Salary for Insurance Sales Agent: Factors Affecting it
Apart from the commission structure, there are three main factors that impact the salary for insurance sales agent. These are:
- Type of agent
- Type of policy
- Location
- Education
- Certifications
- Skills
- Number of years you have spent in your profession
- The state where you sell insurance
- Which products you sell (life, health, auto, homeowners, etc.)
- The price of the plans you sell (insurance sales are commission-based)
Top 10 Highest Paying Cities for Insurance Sales Agent Jobs
Below are the cities having average salaries higher than the national average,
- New York City, NY $66,477
- Berkeley, CA $66,002
- Bend, OR $64,477
- Renton, WA $64,417
- Merced, CA $64,109
- Santa Monica, CA $64,073
- Daly City, CA $63,814
- San Mateo, CA $63,663
- Boston, MA $63,008
- Clovis, NM $62,731
Insurance Sales Agent Resume
Hiring managers need to look through a lot of resumes to find a person who fits their needs, and most use job descriptions to define what those needs are. Which means mentioning the skills and experience you have that match key requirements in the job description can help you stand out from the crowd. To determine the skills and experience you need to feature, start by looking at the requirements listed first in the job description. These are generally the most important, along with attributes that are mentioned multiple times.
Insurance Sales Agent Resume: How To Write An Effective One
Writing a great insurance sales agent resume is an important step in your job search journey. However, when writing your resume, be sure to,
#1. Designate your Specialization in Insurance
There are many types of insurance including life insurance, health insurance, travel insurance, motor insurance, etc. Each type of insurance has its specifications and requires a different approach to sales. If you are particularly skilled in one type of insurance, be sure to highlight that in your introduction section.
#2. Emphasize your Certifications
Insurance agents throughout the United States must have a license to sell insurance, and employers want licensed agents.so, make sure to include the type of insurance you are licensed to sell, known as the line of authority. Stating the licensing state and your national Ppoducer number also helps employers verify your license. In addition, if you have any other certifications that can enhance your resume, include this information as well, including the full name of the certification, the year you received it, and the certifying agency or school.
#3. Indicate your Soft Skills
Insurance sales agents sell insurance, so sales skills are essential to include on your resume.This is because, the ability to sell products often starts with soft skills. Insurance agents must be able to actively listen to what the customer wants, communicate which products meet the customer’s needs, and solve client problems. It will also help your career if you can network, manage your time, and stay organized. Try to highlight at least one soft skill in your resume, preferably one that’s specified in the job listing or one in which you excel.
#4. Checklist your Experience
The most important part of any resume for an insurance sales representative is the experience section. Recruiters and hiring managers expect to see your experience listed in reverse chronological order, meaning that you should begin with your most recent experience and then work backward.
#5. Meet with People in the Industry
The saying ‘your network is your net worth’ is very true in this profession. Because the more groups of people you have access to, the more potential clients you can reach. If you have access to a particularly relevant group of people, find a way to include that in your resume.
What Do you Mean by Bancassurance?
Bancassurance is an arrangement between a bank and an insurance company, through which the insurer can sell its products to the bank’s customers.
What is the Role of an Insurance sales Administrator?
Assisting with the creation and maintenance of electronic claim records ensuring accurate data is maintained for all insurance claims.
References
- careerexplorer
- .zippia.
- .betterteam.
- Salary.com
- resumebuilder
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