Insurance Sales Agent Careers Information
Most people have insurance of some sort, whether it be life, health, car, or disability insurance. Insurance sales agents are the workers who act as mediators between consumers who need insurance and the insurance companies who offer it. An insurance sales agent may be employed by a single insurance company as a captive agent, or work independently as a broker.
Insurance Sales Agent Careers & Degrees
- Colorado Technical University - Undergraduate: Undergraduate - Online
- B.S. in Accounting
- B.S. in Business Administration - Finance
- B.S. in Business Administration - Human Resource Management
- B.S. in Business Administration - International Business
Jones International University: Online
American Intercontinental University: Online
While captive agents will always offer the policies of their particular insurance company, brokers have relationships with multiple companies and will compare their rates and policies to offer each of their clients the best policy for his or her needs. After the sale, insurance sales agents are often responsible for maintaining the account. This may mean handling claims and answering the questions clients need answered about their policy before buying new items or making medical decisions.
Beyond the selling of insurance, insurance sales agents are increasingly involved in risk management advising and financial planning for their clients. They will advise their clients on the best investment strategies and how to save for retirement. They will also sell them the financial products necessary to achieve these goals, such as mutual funds and annuities. In this broader capacity, insurance sales agents are much like personal financial advisors.
Insurance Sales Agent Careers Path
Most insurance sales agents have a Bachelor’s degree in business, finance, or economics, though many with only high school diplomas are able to work their way up from customer service representative positions at larger firms.
Courses or experience with public speaking, psychology, or sociology may help with the sales aspect of the job. Most states require insurance sales agents to obtain licenses and participate in continuing education courses throughout their career. Those who wish to sell other financial products should expect to obtain further licensure.
Insurance Sales Agent Careers: Compatible Personality Traits
Excellent communication skills, people person, strong sales ability, strong analytic skills, good with computers, confident, hard working, self-motivated, good time management skills.
Insurance Sales Agent Careers: Salary Expectations
The average salary for insurance sales agents is $45,410 a year, with the middle fifty percent earning between $33,070 and $68,730. Earnings can vary greatly, however, depending on how an agent is paid: commission only, salary plus commission, or salary plus bonus.
Those working on commission alone stand to make the most money (independent and the most highly experienced agents work on commission only), but can also make the least. Bonuses are often paid to employees of large companies who meet or exceed certain sales quotas.
Insurance Sales Agent Careers: Job Outlook
The job outlook for insurance sales agents is generally good in the coming years. Though the internet has made consumers better able to pick their own insurance products, many still like to have a person whom they can contact with questions and/or claims. The field is expected to grow by 12% by 2018, which is as fast as the average career, by the Bureau of Labor Statistics.
Positions are most abundant for those who are willing to work as independent brokers since many insurance companies are reducing the number of captive agents to save money. This means that many new agents will be needed to replace those who cannot meet their income goals on commission alone and so leave the industry. Those insurance sales agents who use technology to acquire new clients and who can offer the best customer service should do the best.
Slightly off the Footpath
Source: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2010-11 Edition, Psychologists, on the Internet at http://bls.gov/oco/ocos118.htm (visited November 8, 2011).
