Insurance is a financial protection and coverage that many people need and depend on for a variety of reasons, including medical needs and asset protection. Selling insurance to customers is a potential career path that many people are interested in pursuing. People who sell insurance are often referred to as insurance agents or brokers. They can work for independent firms and brokerage agencies, selling the products of several insurance companies and providers.
Most agents work on a commission basis, and they can set their own work schedules for flexibility. On average, 62.1% of people taking the insurance exam for the first time pass the. However, more than 90% of new agents leave the business in the first year, and this rate increases to more than 95% when extended to five years. The Job Outlook tab describes the factors that affect the growth or decline of employment in the occupation and, in some cases, describes the relationship between the number of job applicants and the number of job offers.
Since many insurance sales agents earn commission-based income, the revenue potential is considerable. Your earning potential depends on your work ethic and your willingness to move forward to build relationships and sell insurance products to customers. In addition, insurance agents can maintain a passive income stream from policy renewals. Before starting a career in insurance sales, make sure you understand the compensation structure and what to expect.
Like many sales-focused career opportunities, selling insurance is a fast-paced career that requires focus and determination. Many potential customers will say no or lose interest in the products you sell, and they can choose another agent's offers instead of what you can offer. As an insurance sales agent, you need certain skills to succeed, including perseverance, the ability to be told no, and a positive attitude. An insurance agent must interact with people from different locations and backgrounds. Some people are friendly and easy to interact with, while others are more challenging, especially in a sales environment.
You may encounter people who are not willing to recognize their mortality or the risks associated with human life. They may not have an interest in insurance coverage. Some of the people you interact with may treat you with disrespect or disdain. People's strong skills and an impermeable nature are essential in this race. Strong customer service skills are important to agent success.
If you have customer service experience, you may be ahead of those who haven't directly interacted with customers. You can also take educational courses to learn more about customer service and what customers expect from you. Even when you're working on your own as a business owner or independent contractor, you need a team to support you. Look for people with whom you can network and build relationships, such as those in the industry or educators who work with new and aspiring insurance sales agents. When you don't go to the office every day, it can be tempting to dress casually and comfortably. However, when meeting clients or prospects in person it is important to dress professionally so that they take you seriously. Insurance sales is a challenging but rewarding career path that offers potential for high earnings if done correctly.
It requires dedication, hard work, perseverance, strong customer service skills, and an understanding of what customers expect from an agent. It is important to understand the compensation structure before starting this career path so that you know what to expect.