Insurance underwriters decide whether to provide insurance, and under what terms. Insurance sales agents must have a license in the states where they work. Property and casualty insurance agents sell policies that protect people and businesses from financial loss resulting from automobile accidents, fire, theft, and other events that can damage property. In most states, licenses are issued only to applicants who complete specified courses and who pass state exams covering insurance fundamentals and state insurance laws. Insurance sales agents should be confident when making “cold” calls (calls to prospective customers whom they have not contacted before). This practice allows the new agent to learn how to conduct the company's business and to understand how the agency interacts with clients. Insurance agents often have to do a lot more besides sell insurance. Separate licenses are required for agents to sell life and health insurance and property and casualty insurance. An aging population and changes in federal regulation may increase demand for agents who sell health and long-term care insurance. An agent explains various insurance policies and helps clients choose plans that suit them. Many agents spend a lot of time marketing their services and creating their own base of clients. Because changes in tax laws, government benefits programs, and other state and federal regulations can affect clients' insurance needs and the way in which agents conduct business, employers often expect agents to take continuing professional education courses. Job description and duties for Insurance Sales Agent. Securities, Commodities, and Financial Services Sales Agents, Wholesale and Manufacturing Sales Representatives, Direct insurance (except life, health, and medical) carriers, Direct health and medical insurance carriers, Call potential clients in order to expand their own customer base, Interview prospective clients to get information about their financial resources and discuss existing coverage, Analyze clients' current insurance policies and suggest additions or other changes, Customize insurance programs to suit individual clients. The insurance field is growing at a 22 percent … Although this is expected to improve insurance sales agents' productivity, it is not expected to substantially reduce employment demand. Salary: The median annual wage for insurance sales agents is $50,940. They must speak clearly and persuasively and maintain their composure if rejected. How to Become One: Although most employers only require agents to have a high school diploma, many agents have a bachelor’s degree. The Series 6 exam is for agents who want to sell only mutual funds and variable annuities. Agents may specialize in selling any one of these products or function as generalists providing multiple products. Insurance Sales Agents Career Video Description: Sell life, property, casualty, health, automotive, or other types of insurance. This practice somewhat reduces demand for insurance sales agents because many purchases can then be made without an agent's services. Self-confidence. Use our Career Test Report to get your career on track and keep it there. Although most insurance sales agents work for insurance brokerages selling the policies of several companies, some work directly for a single insurance company. Sales agents must work with a real estate broker. Many employers have new agents shadow an experienced agent. The pay is often on a straight commission, often at a high rate compared to other insurance sales jobs, in part because life insurance can be difficult to sell and prospective customers can be harder to find. Employment of insurance sales agents is projected to grow 10 percent from 2018 to 2028, faster than the average for all occupations. Life insurance agents also sell annuities that promise a retirement income. Advertising sales agents sell advertising space to businesses and individuals. Many beginning agents fail to earn enough from commissions to meet their income goals. For businesses, property and casualty insurance also covers workers' compensation claims, product liability claims, or medical malpractice claims. Licensing and certification requires substantial study time to pass an additional exam—either the Series 6 or Series 7 licensing exam, both of which are administered by the Financial Industry Regulatory Authority (FINRA). Some sales agents meet with clients during business hours and then spend evenings doing paperwork and preparing presentations to prospective clients. Insurance sales agents hold about 501,300 jobs. Use our Job Description Tool to sort through over 13,000 other Job Titles and Careers. Health and long-term care insurance agents sell policies that cover the costs of medical care and assisted-living services for senior citizens. In most states, licenses are issued only to applicants who complete specified courses and who pass state exams covering insurance fundamentals and state insurance laws. In general, commissions are the most common form of compensation, especially for experienced agents. Agents must be licensed in the states where they work. Insurance Sales Agent Jobs in Lowell, MA Insurance sales agents help customers find the best insurance policies to suit their needs and budgets. Although brokers and agents do similar work, brokers are licensed to manage their own real estate businesses. Monitor insurance claims to ensure they are settled equitably for both the client and the insurer. Insurance sales agents need to actively seek out new customers in order to maintain a flow of commissions. The amount of the commission depends on the type and amount of insurance sold and on whether the transaction is a new policy or a renewal. Property and casualty insurance agents sell policies that protect people and businesses from financial loss resulting from automobile accidents, fire, theft, and other events that can damage property. Most insurance agents work at least 40 hours a week. Most insurance sales agents work in offices, although some may spend time traveling to meet with clients. Agents can enhance their selling skills and broaden their knowledge of insurance and other financial services by taking courses at colleges and universities or by attending conferences and seminars sponsored by insurance organizations. Insurance sales agents typically have an interest in the Helping, Persuading and Organizing interest areas, according to the Holland Code framework. In addition to offering insurance, these agents may become licensed to sell mutual funds, variable annuities, and other securities. Projected Employment. Final Expense Insurance Agent - Licensed *Must be licensed at the time of hire* What if your job was more than just a paycheck? Insurance sales agents help insurance companies generate new business by contacting potential customers and selling one or more types of insurance. Insurance sales agents must be able to communicate effectively with customers by listening to their requests and suggesting suitable policies. Business knowledge is also helpful for sales agents hoping to advance to a managerial position. There are some tasks that need to be done on a regular basis, but for the most part, agents are constantly meeting new people and helping them achieve their financial goals. Find schools for Insurance Sales Agents near you! Insurance Sales Agents. Many clients do their own research and purchase insurance online. Personal financial advisors provide advice on investments, insurance, mortgages, college savings, estate planning, taxes, and retirement to help individuals manage their finances. Insurance sales agents explain various insurance policies and help clients choose plans that suit them. Bachelor's degree majors are shown. As of 2014, to keep pace with prediction, the expected number of jobs was 452,500, compared with an observed value of 466,100, 3.0% higher than expected. Curious about our data? In 2012, this occupation was projected to increase by 10.4% in 2022 to 489,300 jobs. What They Do: Insurance sales agents contact potential customers and sell one or more types of insurance. Sales managers direct organizations' sales teams. Insurance sales agents commonly sell one or more types of insurance, such as property and casualty, life, health, and long-term care insurance. Insurance sales agents need to actively seek out new customers in order to maintain a flow of commissions. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The average salary for an Insurance Sales Agent in Australia is AU$51,055. Although most employers only require agents to have a high school diploma, many agents have a bachelor's degree. Most agents work full time and some work more than 40 hours per week. Initiative. Answer “Dislike” if you tell yourself “Ugh… Sounds boring” or “I’m not sure” A number of organizations offer certifications that show an agent's expertise in insurance specialties. You will be able to see the very real job career requirements for employers who are actively hiring. Although most employers require agents to have a high school diploma, many agents have a bachelor’s degree. People often get some information online about insurance policies, but many still depend on insurance sales agents to advise them on what type of coverage they need and help them choose which policy will best protect them. Demand for Insurance Sales Agents is expected to go up, with an expected 168,070 new jobs filled by 2018. Insurance sales agents commonly sell one or more types of insurance, such as property and casualty, life, health, and long-term care insurance. Real estate brokers and sales agents help clients buy, sell, and rent properties. As the demand for financial-planning services increases, many agents also choose to get licensed and certified to sell securities and other financial products. ... People in this career often have these skills: Reading Comprehension - Understanding written sentences and … Visit PayScale to research insurance sales agent salaries by city, experience, skill, employer and more. Insurance sales agents learn many of their job duties on the job from other agents. Learn more about a career as an insurance sales agent (statistics from Bureau of Labor Statistics and Onet Online): $ These agents may eventually transfer to other careers. Employment of insurance sales agents is projected to grow 9 percent from 2014 to 2024, faster than the average for all occupations. Although most insurance sales agents work for insurance brokerages selling the policies of several companies, some work directly for a single insurance company. A high school diploma is the typical requirement for insurance sales agents, although a bachelor's degree can improve one's job prospects. Most state licensing authorities also require agents to take continuing education courses focusing on insurance laws, consumer protection, ethics, and the technical details of various insurance policies. However, agents will still be needed to interact with clients to help them understand their options and choose a policy that is right for them. Sell life, property, health, or other types of insurance. The link will open in a new tab so that you can come back to this page to continue reading about the career: ... insurance " when acquired by Prudential Financial for $3.5B in 2019. Clients can either purchase a policy directly from the company's website or contact the company to speak with a sales agent. Many insurance agents agree they love the variety of work insurance sales provides. Insurance Sales Agents rank #2 in Best Sales and Marketing Jobs. Agents will still be needed to reach out to new, prospective clients and sell different insurance policies. Agents must be licensed in the states where they work. Note: Depending on which text editor you're pasting into, you might have to add the italics to the site name. What Kind of License Is Needed to Write Burial Insurance. Find local jobs and in-depth research for Insurance Sales Agent careers. They contact customers, explain the features of the products they are selling, negotiate prices, and answer any questions that their customers may have about the products. There is predicted to be a trend that the increase will be more so on the side of independent sales agents working for agencies and brokerages compared to captive agents that work directly for insurance companies. Potential clients often use comparison shopping tools online to learn about different policies and get information from insurance companies. When agents meet their sales goals or when an agency meets its profit goals, agents usually get bonuses. Insurance sales agents explain various insurance policies and help clients choose plans that suit them. The Series 7 exam is the main FINRA series license, which qualifies agents as general securities sales representatives. ... Insurance Broker Insurance Sales Agent Underwriting Sales Representative ... Keep up with the latest trends in career exploration, education, and job searches by subscribing to our e-mail newsletter. Many clients do their own Internet research and purchase insurance online. There are 3 answers to each question: Dislike, Okay and Like. Contributing Writer. Get the education you need: Securities, commodities, and financial services sales agents connect buyers and sellers in financial markets. Insurance sales agents must have a license in the states where they work. College graduates who have sales ability, excellent customer-service skills, and expertise in a range of insurance and financial services products are likely to have the best prospects. The median annual wages for insurance sales agents in the top industries in which they work are as follows: Many independent agents are paid by commission only. Related O*NET occupational titles for Insurance Sales Agents include: 13-1011.00 Agents and Business Managers of Artists, Performers, and Athletes 27-3043.04 Copy Writers Sales Insurance Agent - Growth and Opportunity! They sell securities to individuals, advise companies in search of investors, and conduct trades. Learn more about our methodology . This indicates current employment trends are better than the 2012 trend within this occupation. They also may sell dental insurance and short-term and long-term disability insurance. Copyright 2020 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. Separate licenses are required for agents to sell life and health insurance and property and casualty insurance. Explore work conditions, salary, career outlook, and more. The lowest 10 percent earned less than $28,000, and the highest 10 percent earned more than $125,500. Property and casualty insurance agents sell policies that protect people and businesses from financial loss resulting from automobile accidents, fire, theft, and other events that can damage property. How to Start a Career in Insurance Sales. Contributing Writer. Here’s the thing about these jobs though — as a list, they’re kind of boring as hell. An agent explains various insurance policies and helps clients choose plans that suit them. Independent insurance agents work for insurance brokerages, selling the policies of several companies. Create a job alert for Insurance Sales Agents. Information about insurance sales agent licensure is available from state insurance department websites. Launch your career and life to new heights with Bankers Life Bankers Life is looking for passionate and determined professionals who want to build a ... Insurance sales agents contact potential customers and sell one or more types of insurance. Job Outlook: Employment of insurance sales agents is projected to grow 5 percent over the next ten years, faster than the average for all occupations. However, agents will still be needed to help clients understand their options and choose a policy that is right for them. Listening—Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times. Vacancies for this career have increased by 11.54 percent nationwide in that time, with an average growth of 1.92 percent per year. Separate licenses are required for agents to sell life and health insurance and property and casualty insurance. (n.d.). Insurance sales agents may offer various kinds of insurance or specialize in a specific type of policy, such as health and long-term-care, life, or property insurance. Although most insurance sales agents work for insurance agencies and brokerages, both of which sell the policies of several companies, some work directly for a single insurance company. Career Profiles and Employment Projections, Insurance Sales Agents: Jobs, Career, Salary and Education Information, Remote Life Insurance Agent - Exclusive Leads (License Required). Selling insurance is a career path that depends entirely on you. For people and businesses, they sell policies that cover financial loss due to accidents, fire, theft, and other events. For details on specific designations, contact The Institutes and The American College of Financial Services. These are all good jobs, all of them either utilizing some skill that a insurance agent would have or being a stepping stone to a different career. Holland Code: E-S-C They can only sell policies provided by the company that employs them. Contributing Writer. Occupational Outlook Handbook, 2016-17 Edition, Occupational employment projections to 2022, Insurance Customer Service Representative Job Description, How to Become an Auto Insurance Agent in Florida. Insurance sales agents must have a license in the states where they work. Following is everything you need to know about a career as an insurance sales agent with lots of details. In most states, licenses are issued only to applicants who complete specified courses and who pass state exams covering insurance fundamentals and state insurance laws. Insurance sales agents help insurance companies generate new business by contacting potential customers and selling one or more types of insurance. The Persuading interest area indicates a focus on influencing, motivating, and selling to other people. Analytical skills. They have to grow their business, do marketi… Although most insurance sales agents work for insurance agencies and brokerages, both of which sell the policies of several companies, some work directly for a single insurance company. Quick Facts. Insurance agents may work for a single insurance company or an insurance brokerage. Wholesale and manufacturing sales representatives sell goods for wholesalers or manufacturers to businesses, government agencies, and other organizations. Use our Job Search Tool to sort through over 2 million real jobs. Most companies prefer to hire insurance sales agents who hold an associates degree or bachelors degree in economics, finance or business.If a high school graduate has experience in sales, they may be hired as an insurance sales agent. Life insurance sales agents sell life insurance policies and annuities that pay beneficiaries when the policyholder dies. This indicates expectations for future employment trends are better than the 2012 trend within this occupation. "Insurance Sales Agents" accessed December 02, 2020. https://careertrend.com/insurance-sales-agents.html. The tasks an insurance sales agent might complete in a typical day include: • Contacting potential individual and business customers to discuss their insurance … A portion of the information on this page is used by permission of the U.S. Department of Labor. Showing data from the American Community Survey for the following US Census occupation categories. Independent insurance agents spend their time between an office and meeting with clients. Most insurance sales agents work in offices, although some may spend time traveling to meet with clients. Insurance Sales Agents sell various products offered by insurance companies to prospective customers Rankings. Jobs are ranked according to their ability to offer an elusive mix of … Public-speaking classes can be useful in improving sales techniques, and often agents will have taken courses in business, finance, or economics. Also Insurance Sales Agent Jobs. May refer clients to independent brokers, work as an independent broker, or be employed by an insurance company. Insurance sales agents, commonly referred to as producers in the insurance industry, sell one or more types of insurance, such as property and casualty, life, health, disability, and long-term care. A career in insurance sales can be a real gamble even for someone with prior sales experience. While the most successful agents in the nation make more than $1 million annually, many of those who sign on to sell insurance wash out within a year. Insurance sales agents sell different types of insurance coverage. Multilingual agents may have an advantage, because they can serve a wider customer base. Insurance agents also find new clients through referrals by current clients. They set sales goals, analyze data, and develop training programs for organizations' sales representatives. Many job openings are likely to result from the need to replace agents who leave the occupation or retire. Employment of insurance sales agents is projected to grow 5 percent over the next ten years, faster than the average for all occupations. Insurance sales agents should be confident when making "cold" calls (calls to prospective customers whom they have not contacted before). Insurance sales agents must evaluate the needs of each client to determine the appropriate insurance policy. These certifications are not required for employment, but they can give job candidates an advantage over other applicants. Attend meetings, seminars, and programs to learn about new products and services, learn new skills, and receive technical assistance in developing new accounts. They evaluate insurance applications and determine coverage amounts and premiums. Keeping clients happy so that they recommend the agent to others is a key to success for insurance sales agents. Insurance Sales Agents: Salary, career path, job outlook, education and more Education Required A high school diploma is the typical requirement for insurance sales agents, although a bachelor’s degree can improve one’s job prospects. Most Important Skills for Insurance Sales Agents. The largest employers of insurance sales agents are as follows: Most insurance sales agents work in offices, although some may spend time traveling to meet with clients. Employment of Insurance Sales Agents is projected to grow 2 percent from 2018 to 2028, more slowly than average compared to all occupations. Work Environment: Most insurance sales agents work in offices, although some may spend time traveling to meet with clients. This career … The Helping interest area indicates a focus on assisting, serving, counseling, or teaching other people. Insurance Sales Agents Skills & Knowledge . The overall job outlook for Insurance Sales Agent careers has been positive since 2004. Insurance sales agents typically do the following: Insurance sales agents commonly sell one or more types of insurance, such as property and casualty, life, health, and long-term care insurance. They match insurance policies for their clients with the company that offers the best rate and coverage. Because the profitability of insurance companies depends on a steady stream of new customers, the demand for insurance sales agents is expected to continue. Careers and Employment in Insurance Sales Insurance sales agent employment is expected to increase by 10% from 2016 to 2026, faster than all other occupations on average. In 2014, this occupation was projected to increase by 9.8% in 2024 to 509,500 jobs. Certifications also can be a source of continuing education credit. Some sales agents meet with clients during business hours and then spend evenings doing paperwork and preparing presentations to prospective clients. Find schools for Insurance Sales Agents near you! They’re pretty much exactly what you’d expect a lot of former insurance agents to do. They do this in a variety of ways, including making "cold" sales calls to people who are not current clients. For more information about insurance sales agents, visit, National Association of Professional Insurance Agents, For more information about insurance sales agents in the healthcare industry, visit, National Association of Health Underwriters, For more information about certifications, visit, The American College of Financial Services, For more information about securities licensure, visit, Financial Industry Regulatory Authority (FINRA). While life insurance sales has a reputation for being an easy field to enter, that’s not always the case. They often work evenings and weekends to work around client schedules. The median annual wage for insurance sales agents is $50,940. They must speak clearly and persuasively and maintain their composure if rejected. Some agents involved with financial planning receive a fee for their services rather than a commission. Sales workers who are employees of an agency or an insurance carrier may be paid in one of three ways: salary only, salary plus commission, or salary plus bonus. This practice is most common with life insurance agents who already sell annuities, but many property and casualty agents also sell financial products. Life insurance is sold to be paid to beneficiaries when the covered person dies; health and long-term care insurance … The tasks an insurance sales agent might complete in a typical day include: • Contacting potential individual and business customers to discuss their insurance needs and policies Life insurance agents specialize in selling policies that pay beneficiaries when a policyholder dies. Agencies are also implementing "marketing automation," a set of software tools that allow agents to maintain contact with their clients more efficiently. As a first step, take a look at some of the following jobs, which are real jobs with real employers. Captive agents are insurance sales agents who work exclusively for one insurance company. Employment growth will likely be strongest for independent sales agents as insurance companies rely more on brokerages and less on captive agents as a way to control costs. If the monotony of doing the same work over and over is unappealing, a career in insurance sales is definitely a good option for you. Insurance Sales Agents . "Insurance Sales Agents.". Related Careers: Compare the job duties, education, job growth, and pay of insurance sales agents with similar occupations. This occupation supported 443,400 jobs in 2012 and 466,100 jobs in 2014, reflecting an increase of 5.1%. Insurance sales agents contact potential customers and sell one or more types of insurance. In addition, insurance terminology is often technical, so agents who have a firm understanding of the relevant technical and legal terms also should be desirable to employers. Source: O*NET OnLine information for Insurance Sales Agents. Linear extrapolation of the 2012 projection for 2022 results in an expected number of 498,400 jobs for 2024, 2.2% lower than the 2014 projection for 2024. Insurance Sales Agent Jobs Insurance sales agents help customers find the best insurance policies to suit their needs and budgets. Some insurance agents receive on-the-job training from other agents, learning how to conduct business and how the agency interacts with clients. Insurance agents can specialize – life, health, property and casualty are all lines that offer great opportunities. They contact potential clients, make sales presentations, and maintain client accounts. Communication skills. Agents must be licensed in the states where they work. Many customers lack the time or expertise to study the different types of insurance to decide what they need and will continue to rely on advice from insurance sales agents. Self-confidence. Because the profitability of insurance companies depends on a steady stream of new customers, the demand for insurance sales agents is expected to continue. An increasing number of insurance sales agents offer their clients—especially those approaching retirement—comprehensive financial-planning services, including retirement planning and estate planning. In this career quiz, there are 10 questions that will give you a pretty good perspective on whether the career of an Insurance Sales Agent is right for you.