The insurance agents sell insurance policies that are based on the client's or customers' requirements. They assess clients' needs, explain policy options, and recommend plans tailored to specific requirements. Agents guide clients through the applicationand claims processes, ensuring they understand policy terms and benefits.
Insurance agents always stay up to date about policy changes, industry trends, etc. An insurance agent has a lot of experience because they use different types of strategies to sell their insurance policies. They have several kinds of insurance policies, such as life, long-term, health, property, short-term, dental insurance, etc.
How To Become An Insurance Agent In 5 Steps
1. Complete your education
If you want to become an insurance agent, there is no specific education required because there are several insurance agencies. These agencies have different requirements because some of them ask for a high school diploma, and others ask for a minimum to have a bachelor's degree.
However, having a bachelor's degree in several fields such as businessadministration, economics, law, accounting, finance, etc. Suppose you want to have a better future in this field. In that case, you must know the financial aspects of these insurance agencies and have strong business intelligence or finance knowledge.
2. Select Your Specialization
Always take part in insurance specialization before starting your career as an insurance agent. Choosing a specialization early on can be very beneficial for you as it allows you to gain a lot of experience that can help you a lot in the future. While choosing a specialization, always consider what you want to specialize in because there are several kinds of agents, such as life, home, property, personal, business, healthcare, etc.
3. Find Entry-Level Job
If you want to get certified in this field of insurance, you must have some years of experience. As soon as your bachelor's degree is complete, go for jobs and look for jobs that are related to your field and you are interested in it. Then, increase your experience by working in any good insurance agency so that you can go ahead and become certified easily.
4. Become Certified
If you want to join any major insurance agency as an insurance agent, you must complete a certified training program. There are many types of training programs, such as the CII Diploma in Insurance, CII Advanced Diploma in Insurance, CII Level 3 Certificate in Insurance, and CII Level 4 Certificate in Insurance.
5. Create your Resume
Once you get both the certificate and the license, then search for jobs where insurance agent jobs are available. After finding jobs related to your intent, prepare a good resume and then apply for those jobs. A good resume can land you a job at a good insurance agency because a good resume reflects your personality. When you apply for a job with a good resume, your chances of getting a callback from any company will increase.
What Are The Different Types Of Insurance Agents?
There are two types of insurance agents: Independent agents and Captive agents.
Independent Agent
An independent insurance agent sells the products of various companies. The independent agent offers several policies of multiple companies, and they can easily give tough competition in the market. Such agents have products from different companies at different prices, so most people prefer to go for an independent agent.
Captive Agent
When you are a captive agent, you cannot sell products from other companies; you only sell products from one company. The salary of a captive agent is also lower than that of an Independent agent because they have a specific salary that is paid to them every month. The captive agents have more knowledge about company policies, discounts, coverage add-ons, and all other products.
What Is The Average Salary For Insurance Agents?
The salary of insurance agents depends on various factors such as experience, location, skills, employer, etc. According to research, in the US, the annual salary of insurance agents is around $52,180, but somehow, the salary of insurance agents depends on location. However, an independent agent has a better annual salary than a captive agent because independent agents work for several companies.
What Are The Requirements To Become An Insurance Agent?
To become an insurance agent, you usually need at least a high school diploma, but having a college degree could improve your chances. You'll also need to finish state-specific pre-licensing education and pass the state's insurance licensing test. Good people and communication skills are crucial because agents have to explain complex policy details and build relationships with clients.
Many agents receive training on the job to learn about specific products and industry rules. Even though a college degree isn't required, some jobs favor applicants with degrees in business, finance, or similar fields. Keeping up with ongoing education and industry changes is key to a successful insurance agent career.
How Many Hours Per Week Does An Insurance Agent Work?
The insurance agents work 8 hours in a single day, and they have two holidays in a week, which means they work five days in a single week. According to this, they work around 40 hours in a single week.
Final Thoughts
There are two types of insurance agents: one is independent, and the other is captive. The job of both agents is almost the same as both sell the policies of any insurance agency, and the independent insurance agents have more value as compared to the captive.
An independent agent always works for many different companies and has more clients, and a captive agent always works for only one company whose monthly salary is less than that of an independent agent. If you want to become a good insurance agent, first of all, you should have good experience, and you should have a minimum bachelor's degree, and then you can get an insurance agent job in a good company.