Job in the insurance sector may be an enticing piece of cake, but many remain completely oblivious about what all does this profile includes. Though the industry of insurers reflects a rising curve, the hardships are no less. What all it comprises, let’s take an elaborative look.
Though the account of the insurance agent may reflect high salary figures and earns big in the recession proof industry, but success as an insurance agent does not come without a cost. Reaching out to the targeted customer base, filtering the list of potential consumers and convincing them all this is not as easy as it sounds. Most of the customers don’t take insurance agents seriously and consider them in low regards. The number of times an agent may hear a “no” may be far more than the number of time a “yes” is heard.
The major products sold by the insurance agent comprise auto, health, life insurance and home. In the case of commercial properties, the property damage, the liability policies, product liability, employee and executive coverage are included. The individuals joining as the agents should have the state license to ensure authenticity, as numbers of fraud cases are surging customers go more apprehensive about the insurance agent profiles.
The agents have to sell the insurance on these products mentioned above and earn a commission or a brokerage on each insurance deal made. Approximately quarter of the agents though work for the insurance companies but sell their products exclusively. Half of them work for independent insurance agency and sell the products of insurance companies in return of some commission and nearly 20 percent of the total insurance agents are self-employed.
The commission received by the brokers is the important source of income. As a salesperson the prime roles of the agent is to generate leads and make sales where as consumer agents do lot of phone work. Commercial agents go out in the field with the customers, whereas the independent agents work for brokerage and may have irregular hour’s job profile. The independent agents have certain job flexibility whereas those who are working for specific organization may have fixed hours of office work to do.
As per the Bureau of Labor Statistics an insurance agent industry has witnessed growth around 21.9 percent between 2010 and 2020. There has been an addition of 90.200 new jobs with approximately 94,200 replacement jobs.
For those who are aspiring to try a career in the insurance industry have bright opportunities on their way. The annual salary of the agent, as per the BLS report is $47, 750. The best salary is paid out by the patient care centers, securities, commodity firms and employee benefit firms.
Training and eligibility
If you an aspiring professional then graduation is the minimum eligibility criteria especially for the sales profile executives. The clients who are willing to get entry in to investment advising profile needs to be more proficient with the field. They ought to have in-depth knowledge of the industry and should be articulate with changing trends in the industry. Substantial knowledge should be gained on each line
A degree in finance may help the aspirant to gain better profiles in future and provides wide exposure. Students having completed graduation in commerce and math have successful career opportunities.
Career as an Insurance Agent
The career as an insurance agent requires more experience and expertise. Many students get attracted towards the profile due to high salary revenues earned. But before gaining entry in the domain, prepare for hardships and struggling life at the start. There may be times when customers may not agree upon the insurance deals but an insurance agent can’t afford to lose courage. He has to be skilled in the profession and have to upgrade as per the changing scenarios.
Skills that an insurance agent must have:
• Be a polite player, you are selling your product and therefore you ought to be more calm and generous to the customer.
• Highlight the benefits of the product. Before you actually pounce on the customer for taking up insurance, discuss the advantages.
• Self-determination is must. If you are taking up a career as insurance agent, be sure that you remain a self-motivated player.
• Offer a smiling deal. Keep your disgruntled face off and carry a smiley one. Behavior matters a lot in sales industry.
• Be professional, don’t go astray and try to be personal with your customers.
Subhadra Bhadauria is dedicated writer with renowned educational site shiksha.com. She apprises student aspirants about a career as an insurance agent and tips them about the changing industry scenario. The writer has completed her mass communication and engages herself in novel writings.