Insurance Agent Job Description
Insurance agents play a vital role in the business world. Responsible for far more than selling a product, an insurance agent is a highly skilled individual trusted with knowing the ins and outs of an ever-changing business. The insurance world is always evolving, necessitating the capable agent to be flexible and always ready to learn. An insurance agent is not required to have a college degree, but nearly all states mandate certification to sell specific products. In order to obtain this certification, an aspiring agent will need to complete varying degrees of coursework and pass the state licensing exam. Because insurance is fluid, it is expected that licensed agents are also prepared to take continuing education classes in their field as the need presents itself.
Once licensed in their state, insurance agents have the choice to go to work for a particular insurance company or strike out on their own. Working for a specific company has the advantage of stability and relative job security. The leads may be provided for the agents, and compensation rates tend to be higher. However, working for one company only allows the insurance agent to sell insurance for that particular insurer, meaning they may miss out on potential sales if the insurer does not offer what the customer wants. Because of this, many agents prefer to work for themselves, as they are then able to offer insurance from many different companies. On the downside, an agent working alone does not have the security that a large corporation can provide, leading many private agencies to fail.
Whether the insurance agent has chosen to work for a large company or for themselves, their duties remain the same. Insurance agents are primarily responsible for selling insurance. They actively seek out new customers and assist existing customers with claims. While some specialize in a particular branch of insurance, others prefer to offer all types. The insurance agents who typically do the best offer several different types of insurance and a “bundle discount” for those who wish to obtain multiple policies.
An insurance agent will help customers decide what type and level of insurance is needed. They are responsible for building and maintaining relationships with customers as well as the service providers who will help their customers if a claim is made. Auto insurance agents will need to foster connections with body shops and mechanics while home insurance agents may need to have contacts in painting, carpeting and construction fields.
Customers buy insurance in the hopes they never have to use it, but unfortunately that is not always the case. People needing to make an insurance claim are generally not in the best of moods. Therefore, it is vital that an insurance agent be prompt, courteous and sympathetic when dealing with claims. Having an existing relationship with both the customer and the service provider can help to diffuse intense situations during the claim process.
An insurance agent’s salary can vary greatly. Some companies prefer to pay the agent on a commission basis, wherein they receive a certain percentage of every sale. Others pay only base salary. The best insurance jobs pay salary plus commission; however, these jobs are typically available only to agents with a proven track record. Starting base salary for an insurance agent is about $27,000 a year, while agents make an average of $36,000 per year after five years.
Insurance agents help their clients protect the things that matter most. They recruit new clients, advise customers on the level of insurance required and assist with a claim when tragedy strikes. The successful insurance agent must be knowledgeable, reliable and compassionate in order to succeed.