Insurance Agent

Insurance sales agents help insurance companies generate new business by contacting potential customers and selling one or more types of insurance. Insurance sales agents explain various insurance policies and help clients choose plans that suit them.
The typical duties of an Insurance Agent are to: Call potential clients to expand their customer base; Interview prospective clients to get data about their financial resources and discuss existing coverage; Explain the features of various policies; Analyze clients’ current insurance policies and suggest additions or changes; Customize insurance programs to suit individual clients; Handle electronic and paper records; Help policyholders settle claims.

Sample Companies:

 

  • Farmers Insurance
  • American Family Insurance
  • Statefarm
  • Lincoln Heritage Life Insurance Company
  • Allstate Insurance

 

Salary:

The median annual wage for Insurance Agents is $50,998 in May 2020. The lowest 10 percent earned less than $42,551 and the top 10 percent earned more than $63,473. Many independent agents are paid by commission only. Sales workers may be paid in one of three ways: salary only, salary plus commission, or salary plus bonus. The amount of the commission depends on the type and amount of insurance sold, and whether the transaction is a new policy or a renewal.

How to get there:

A high school diploma is the typical requirement for Insurance Agents, although most employers prefer to hire someone with a bachelor's degree. Public speaking classes can be useful in improving sales techniques, and often agents will have taken courses in business, finance, or economics. Business knowledge is also helpful for sales agents hoping to advance to a managerial position. Insurance sales agents must have a license in the states where they work. Separate licenses are required for agents to sell life and health insurance and property and casualty insurance. 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.

Important Qualities:

 

  • Analytical skills
  • Communication skills
  • Initiative
  • Self-confidence
  • Sales skills

 

Advancement:

An Insurance Agent with talent can advance into a management position, becoming, for example, a sales manager in a local office. Later on one can become an agency superintendent or land another executive position.

Relevant Classes:

  • Composition I and Advanced Composition/Writing
  • CMN 101- Public Speaking
  • CMN 211- Business Communication
  • ECON 437- Game Theory
  • FIN 230- Introduction to Insurance

Relevant Clubs & Organizations:

  • Actuarial Science Club
  • Business Professionals of America (BPA)
  • Finance Club
  • Economics Club

Sources:

http://www.bls.gov/ooh/sales/insurance-sales-agents.htm#tab-5

http://www.glassdoor.com/Job/jobs.htm?suggestCount=1&suggestChosen=false&clickSource=searchBtn&typedKeyword=insurance+agent+&sc.keyword=insurance+agent+&locT=S&locId=302

http://careerplanning.about.com/cs/occupations/p/insurance_sales.htm

https://illinois.collegiatelink.net/Organizations

https://www.salary.com/research/salary/benchmark/insurance-agent-salary

https://study.com/articles/Insurance_Agent_Career_Overview.html#:~:text=Education%20Requirements,work%20as%20an%20insurance%20agent

 

 

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