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Insurance sales agents act as a liaison between the insurance companies and individuals seeking insurance coverage. These agents are responsible for helping people find the best coverage for their needs and financial situation. Types of insurance sold by insurance agents include life, property and casualty, health, auto and disability. Some sales agents work solely for one insurance company, while others work independently and sell coverage for multiple companies.
In response to increasing competition within the industry, some insurance sales agents are now providing risk management and financial advice to their customers. These types of services include retirement and estate planning.
SalaryAccording to the Bureau of Labor Statistics, the median annual salary for an insurance sales agent is approximately $45,000. Generally, salaries are comprised of a base payment, commissions and bonuses. Commissions are generated by the volume of sales, type of insurance sold and whether the sale is a renewal or a new sale. Some independent agents work on a commission-only basis.
Most agents can expect to receive some additional job perks. Many companies provide continuing education, office space and administrative support services. Some companies also pay for marketing, transportation and promotions. Generally, these perks do not apply to independent agents; however, independent agents can expect a higher commission to compensate for these expenses.
Job RequirementsThere is no specific background needed to become an insurance sales agent, but many agents hold a bachelor’s degree in a related field such as business, finance or economics. Good candidates for employment in the industry exhibit strong sales techniques and communication skills.
Prior to beginning work as an insurance sales agent, all employees must obtain a license from the state where they plan to work. Generally, these licenses are granted following required coursework and exams. Most states require updated training every two years to maintain certification.
Job GrowthThe number of employment opportunities for insurance sales agents is expected to increase by 12% from 2008 to 2018. The demand for agents that sell insurance for a single company is expected to decrease as the insurance companies cut costs and depend more on independent agents.
What else can I help you with?
How does a life insurance agent increase his or her sales?
A life insurance agent increases their sales by adding bundled packages such as adding home insurance to car insurance. They also do price matching and then randomly up the price the following year.
What does a sales agent do?
A sales agent usually tries to sell or closes a deal on a sale. There can be sales agents in many different fields such as cars and houses.
What is the main function of direct sales agent?
The main function of direct selling agent (dsa) is to boost up the sales
Where do insurance companies get their sales leads?
Insurance companies get their sales leads from referrals as well as from websites that collect information from people searching for a quote in their area.
You want sample advertisement of insurance agent for paper insertion?
Insurance advisors advertisements
What do insurance sales agent wear?
Clothes
How does a life insurance agent increase his or her sales?
A life insurance agent increases their sales by adding bundled packages such as adding home insurance to car insurance. They also do price matching and then randomly up the price the following year.
What is the career span of an insurance agent?
Watch the movie "death of a sales man"
Facts about Insurance Agent School?
Insurance agents are required, at a minimum, to be licensed in order to sell insurance. Each state has different requirements. Insurance agencies usually have specific educational requirements that include a college degree. A degree in business and sales is most appropriate for insurance agents. After the initial requirement is filled, the potential employee will be required to go through insurance agent school. Insurance agent schools provide necessary tools for agents to perform their job properly. This includes customer relations, sales techniques, difference in types of insurance and how to properly execute the paperwork necessary to complete a transaction. An insurance agent school program is often paid for by the employer with the provision that the insurance agent works a designated amount of time with their office. This is a great way for potential insurance agents to get through school and into work immediately following successful completion of the program. Insurance agents usually work on a commission basis. That means that the agent makes a certain percentage of the amount of insurance he or she sells. If the agent is unable to secure any insurance sales, he or she will not make any money. The percentage of the commission depends on the company the insurance agent works for. It can run from 30% to 70% which is strictly dependent on the contract between the insurance agency and the insurance agent. It also depends on the type of insurance being sold. For example there is a difference between pay for homeowner's insurance and life insurance. Since many types of insurance are required, there is great potential for insurance agents to make extremely good commissions. Attending an insurance agent school will give the student the knowledge to sell insurance at a high rate. Insurance agents provide the ability to get necessary insurance coverage as well as more uncommon insurance types. The possibilities are, literally, endless for insurance agents who understand how sales work and how to properly close an insurance sale.
Where can I learn how to become an insurance agent?
While a degree in business or economics can definitely help land a job as an insurance agent, it's not a requirement. A strong-background in sales and a willingness to learn would be just fine. A good way to get a foot in the door would be an assistant job for an insurance agent.
What is the maximum number of life insurance agents that can split a sales commission?
== == That would depend on the company the agent is working for.
What has the author Gary H Snouffer written?
Gary H. Snouffer has written: 'Life insurance agent' -- subject(s): Life Insurance, Life insurance agents 'The Sales & Marketing Guide to Variable Annuities' 'Variable Life Essentials' 'Property & casualty insurance agent' -- subject(s): Casualty Insurance, Property Insurance
Is insurance sales agent a high paying job?
no my husband has been in it for 8 months and is lucky if he makes 300 a week
What is a 440?
The Florida 440 License is a customer insurance representative license that allows the licensee to work for an insurance agent in the sales and service of property and casualty insurance policies. Those with a 440 license may not work outside the agency to solicit sales, but they typically handle incoming calls and make calls from the licensed insurance agent's place of business. They answer questions from customers and help establish new insurance policies as well as give advice on existing policies.
Does an individual Real Estate sales agent need to carry his own general liability policy?
Errors & Omission Insurance is suggested.
Can you become an insurance agent with bad credit?
Short Answer, No. However I was just refused a sales job after a good interview after the hiring District manager found out about prior civil jugements with a credit card company that had been legally resloved.
What are some jobs one can get at American General Life Insurance?
Some jobs that a prospective employee can get at American General Life Insurance are typical insurance jobs. This would mean there is not much selection. They would be sales agent and insurance advisor.
