Being an insurance sales person is a career to many because its earning can be high, flexible and it can offer clients services that are really beneficial for them. Is it the right fit for you, though? Read through this article to find out what it takes in terms of pros and cons, how to do it, challenges you will face, and what growth potential you can achieve in the insurance sales industry.
What is Insurance Sales?
Insurance sales is a business that requires you convincing individuals and businesses towards insurance policies to assure them financial protection against risks such as life, health, auto and home insurance. Insurance agents work in various roles:
Independent Brokers: In each house, they represent multiple insurance companies.
Captive Agents: Only work for one insurer.
Commercial Agents: Sell coverage to business clients – employees or your own property.
Since most agents work on commission they need relationships and lead generation to get paid.
Career in Insurance Sales Pro’s
Growth Potential
According to the U.S. Bureau of Labor Statistics, there will be 27,500 more jobs in the insurance sales field, with a 5% growth by 2030. This optimistic outcome implies in stability and career progression.
Flexible Schedule
A lot of insurance agents have the schedule and enjoy good work-life balance. This also includes further remote work options.
High Earning Potential
The agents can choose how much to earn commission based. Furthermore, agents receive passive income from policy renewal, so there’s money from making long term relationships with clients.
Opportunity to Help Others
On a personal level the job is fulfilling because insurance basically sells peace of mind to clients and protects them from financial uncertainties.
Low Entry Barriers
There’s no need for a college degree. INSURANCE SALES: It’s possible to start a career in insurance sales without college by passing a state licensing exam and on the job training.
Possible problems with a Career in Insurance Sales
Commission-Based Earnings
But commissions can be lucrative — and they can also be unsteady financially, especially early on in an agent’s career.
Demanding Work Hours
For a new agent, building a client base is long hours, persistence, and tons of follow ups.
Fast-Paced and Competitive
Insurance sales is a competitive business. Often rejection is faced by agents and resilience and determination are both key traits.
Limited Paid Time Off
Full time employment comes with all the perks such as the paid leaves, while many independent agents don’t have these benefits to help them balance their personal and professional life.
Diverse Client Interactions
Challenge for interacting with people off variety backgrounds, need to have patience & excellent interpersonal skills.
A few Ideas for Getting by means of Insurance Sales.
Get better at Customer Service
To be successful in insurance sales you have to understand what the customer needs so that you can satisfy them.
Create a Solid Support Network
Head out to industry groups, connect with a mentor, and find commonalities with another professional to get guidance as well as referrals.
Present a Professional Image
Meeting dress clothes make a good business first impression.
Develop Relational Skills
To build trust with clients, you are to relate with them on a personal level, which will then build your ability to cross-sell or up-sell policies.
Invest in Continuous Learning
Courses and seminars will help you to stay updated on industry trends and improve your sales techniques.
Final Thoughts
Is insurance sales a good career? Depends on your skills, goals, and level of challenge outlook. It’s a great job for people with determination and an ability to size people up and connect with them. It’s flexible, has growth potential and is great wage. There is big money and big reward — and hard work and resilience on your part — but it’s worth consideration.
