How To Get A Job In Insurance
Updated: March 1, 2021|
Updated: March 1, 2021|
If you love the thought of minimizing risks and dealing with customers on a regular basis, an insurance career might be ideal for you. Insurance professionals have good customer service skills and high levels of emotional intelligence. Because the industry is often a self-motivated one, it’s also important that you are honest, persistent, and have a high energy level.
As of 2017, there were approximately 1.1 million insurance brokers and agents throughout the country, creating an industry that is worth over 5 trillion US dollars. While there are a variety of different insurance types, home and auto insurance are the most widely known. The top home and auto insurance agencies are State Farm, Geico, Allstate, Progressive and USAA.
Life and health insurance are two more of the largest insurance sectors. The biggest life insurance companies are MetLife, Northwestern Mutual, New York Life, Prudential and Lincoln Financial. The top health insurance companies in the United States are Unitedhealth Group, Anthem, Aetna, Humana and Cigna.
As highlighted by these three categories within the insurance industry, there are many directions an insurance professional can go in their career.
When it comes to entering the insurance agency, you have a few different positions to choose from. To be successful in any insurance position, you’ll want to have the technical knowledge of a wide array of products to help your customers understand how to create a safety net that prevents financial ruin.
These tips are ideal for anyone who wants to work in insurance. There is also a long list of jobs in the industry and you can choose the one that fits your career goals and your personality best.
From secretary to insurance agent, there are all kinds of jobs in the insurance field. Whether you work for an insurance company headquarters or choose to sell for an independent agency, there are opportunities at the entry level and positions managing hundreds of people.
Jobs that allow you to work directly with an agency include:
There are also independent insurance agents or life insurance agents that are direct salespeople, but these folks don’t always work directly under the confines of an agency or office. Most of the time these salespeople are contracted directly to the insurance company and work from home or on the road.
These jobs may not have you working directly within an agency but are included in the industry itself.
These are entry level positions that require little to no experience and are great stepping stones to a more in-depth future in the insurance field. Customers rely on their insurance agency to help them determine which type of insurance coverage is necessary, and agencies rely on insurance companies to help them determine and minimize the risks the company assumes. While these jobs can be divided into two different sections, they all work together to create a streamlined process for customers.
If you are researching or applying for a job in the insurance industry, there is a lot to learn. Some common terms and ideas are complicated for those who haven’t worked in the industry before. As you prepare for an interview, there are things you can study to help you interview well and come out ahead of the competition. One way to do this is to study common insurance terms, and the added benefit is that you may even discover what type of insurance you are passionate about or which job is ideal to help you meet your goals.
The more you study, the more prepared you appear to your interviewers. When you come prepared to an interview with a basic understanding of insurance terms and ideas, you highlight how you can be an asset to the company.
If you choose the insurance industry as your chosen path, you could be a salesman, a secretary, an underwriter or one of several other positions. While you help clients minimize their risks and determine which policies and coverage types are right for them, your goal is ultimately to sell them the proper coverage. Some professionals that make good transitions to insurance agents include:
The ability to network and position yourself is vital in an insurance career. Agents and those in insurance sales jobs are competitive, enjoy the risks of going out on a limb and starting a new business venture, love helping people reduce their risks in everyday life and thrive on hard work and connection with others.
If your goal is to become an insurance agent and run your own business, you have two options. The first is to become a captive agent. This means that you work specifically for one company (Allstate, State Farm, Progressive) and only sell their policies and products and adhere to their guidelines. This can be a more reliable source of income, benefits and salary, but leaves you with only one product to sell to your customers. The bottom line is that if you can’t provide them with a good price, an accessible agent and good coverage, they may go elsewhere.
If you chose to start an independent agency, you can sell products from multiple companies at one time. You build your own book of business and bring on your own clients and the process can be slow at times.
The benefit of an independent agency is that you can sell multiple products from multiple companies, often finding the lowest price for your clients from a multitude of competitors. Starting an independent agency requires motivation, ambition and capital. Your commission-based salary may start small, but with hard work and determination can grow swiftly over the years.
As discussed previously, there are several types of insurance that you can sell.
If you are energized by helping customers prepare for their families after they are gone, life insurance may be the way for you to go. If you enjoy diving into the world of healthcare and providing coverage for medical care, health insurance is a good fit.
Home and auto insurance is a common area for new employees to start in, and there are many sub-categories that you can learn. These types of coverage fall into the Property and Casualty Insurance territory. There is a long list of the types of insurance that are available to customers including flood insurance, personal items insurance, boat insurance, caravan insurance, and farm insurance.
Life and Health Insurance is the other main category that most consumer insurance products fall into. Well known policies include term life insurance, annuities, and different types of health insurance.
The goal of any type of insurance is to minimize the risks that your customers take on in everyday tasks. As their insurance agent, you are given a very important ask when it comes to protecting their future and what they can provide for their families.
From sales assistant to underwriter to agency owner, there are many job opportunities within the insurance industry. If you are looking for a fulfilling, rewarding career where you can work with numbers, risks, and people, then a job in the insurance sector is the perfect fit for you. Ambition, self-motivation, great customer service and the desire to learn are all required for a successful, lifetime career providing a service that allows your customers to have peace of mind.
Information on this page has been gathered by a multitude of sources and was most recently updated on July 2020.
Any Information on this site is not guaranteed or warranted to be correct, accurate, or up to date. StateRequirement and its members and affiliates are not responsible for any losses, monetary or otherwise. StateRequirement is not affiliated with any state, government, or licensing body. For more information, please contact your state's authority on insurance.
When readers purchase services discussed on our site, we often earn affiliate commissions that support our work. Learn More