Why do you want to work in insurance industry Your answer?
An insurance career can help satisfy this desire for meaningful work and community involvement. At its roots, the insurance industry is about protecting members of a community. For example, insurance can pay to rebuild a home after a fire, provide for loved ones after a death, or help workers injured on the job.
- Provide High-Quality Customer Service. ...
- Be Proactive. ...
- Participate in Your Community. ...
- Network with Other Insurance Agents. ...
- Sell Multiple Products. ...
- Generate Insurance Leads with Marketing Tactics.
- Balancing Administrative/Operational Work With Sales.
- Finding New Leads.
- Getting Renewals.
- Managing Changes in Customer Expectations.
- Keeping Up With Technology.
Even when pitching to the most-qualified prospect, do not assume you have an easy sell. Life insurance is a very difficult product to sell. Simply getting your prospect to acknowledge and discuss the fact they are going to die is a hard first step.
According to the U.S. Bureau of Labor Statistics , the job outlook for insurance sales agents is positive, with an estimated growth rate of 5% by 2030. This number amounts to 27,500 new jobs, marking a higher growth estimate than average for all occupations.
Chris Burand, president of Burand & Associates, an insurance agency consulting firm, estimates that the new producer failure rate is as high as 70% to 80%. Other estimates have pegged failure rates for new agents as high as 50%.
While there are many kinds of insurance (ranging from auto insurance to health insurance), the most lucrative career in the insurance field is for those selling life insurance.
According to the Financial Planning Association's (FPA) War on Stress study, 71 percent of agents and financial advisors said they experienced moderate or high stress levels at work. In addition, 28% and 44% of agents and advisors reporting being more stressed than they were a year ago or five years ago, respectively.
Because the amount of money insurance agents earn is comprised largely of commissions and bonuses, the number of sales an insurance agent makes is the biggest factor that contributes to the disparity between the highest and lowest paid of insurance agents.
There are many agents who work part time or started as part time agents and then transitioned to full time. Your earning potential is based on insurance policies. It is not dependent on the number of hours you work. Also, there is a very low startup cost which makes this as a lucrative side hustle.
How can I grow my insurance business?
- Find your niche. Insurance agents often want to be all things to all people, but niche marketing may be the better strategy to increasing your insurance sales. ...
- Network in your community. ...
- Prospect every day. ...
- Partner with other professionals. ...
- Nurture your leads.
- Be natural and do not use scripts.
- Ask about the clients' well-being.
- Use names while talking with a client.
- Prove that your products are better than those offered by competitors.
- Keep initiating further conversation.
- Specify the positive characteristics of the customer.
- Act on emotions.
- Create Original Content. This is a no brainer when it comes to free marketing ideas. ...
- Videos. ...
- Email. ...
- Create Eye-Catching Graphics. ...
- Consistently Publish on Social Media. ...
- Advertising. ...
- Host a Class or Event. ...
- Request online reviews.
- Brush Up on the Industry. ...
- Prepare to Sell Yourself in a Minute. ...
- Talk About Your Selling Prowess. ...
- Be Ready for the Tough Questions. ...
- Find Out What You'll Be Doing All Day. ...
- Show You Know How to Learn. ...
- Come with Questions that Transcend the Obvious. ...
- Zip Your Lip on Money Until Late in the Game.
- Step 1: Write a business plan. ...
- Step 2: Choose your legal structure. ...
- Step 3: Choose and register your agency's name. ...
- Step 4: Get a tax ID number. ...
- Step 5: Register your business with your state. ...
- Step 6: Get your business licenses and permits.
