What do insurance agents do?
As a license agent, you are contracted with an policy company to sell a variety of products, including car, home, biography, business and long-run care policy, to match the needs of your customers. Some insurers use single or captive agents who represent a single company. Others, like Erie Insurance, use independent agents, who may represent one or multiple policy companies. Related : How to Become an Erie Insurance Agent Acting as a liaison between the indemnity company and the customer, you work with each of your clients to understand their needs, evaluate their potential risks and their budget to put together an indemnity plan. You prepare quotes, explain coverage details and complete the policy application process for your customers. You need to be familiar with different types of insurance policies, forms and coverages. The relationships that you develop with people in your residential district are the foundation of your business. Your professional repute in your local residential district makes you a natural beginning point of touch for your customers when they need to file a call or update their coverage because of a life sentence event like buying a new base or having a child. You need to proactively develop a net of clients through numerous channels—referrals, cold calling, electronic mail, sociable media, advertise, mailings, business events and community activities. As the owner of the policy means, you ’ ll besides have a variety of other responsibilities, such as :
- Maintaining an office, bookkeeping systems, databases and records .
- Ensuring all paperwork for the insurance policies is completed and appropriately filed .
- Attending meetings, seminars and continuing education classes to learn about products and services .
- Developing detail occupation and marketing plans to grow the agency and converge sales goals .
You ’ ll spend a large share of your time immersed in all of these activities to develop your business.
What skills do I need to become a successful agent?
For starters, you ’ ll indigence to excel at sales, market and management to operate a boom indemnity agency, specially at the inauguration flush. here are some other qualities that are common among successful agents :
- solid interpersonal skills : You have a bent for nurturing and creating durable business relationships. You have excellent communication skills .
- credibility : You ’ re intimate and know how to present data effectively to influence others. You ’ re always looking for ways to help your customers and grow your business. You have personal or career experience focused on serve .
- A capital oeuvre ethic : You ’ re enthusiastic about indemnity and are will to learn the necessary skills. You are not deterred if you don ’ t close up a sale from time to time, and you are committed to self-development .
- confidence : Your customers can tell that you believe in what you ’ re sell . You have an ability to set and achieve business goals that are ambitious but accomplishable .
Related : 8 Signs That You Might Be a Great ERIE Agent
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What are the benefits of working in the insurance industry?
In addition to helping people, you get to work in a static and growing industry. indemnity is one of those industries that is considered recession-proof, because people will need insurance a long as risks exist. indemnity is besides considered a lifeline of the economy because it helps people and businesses cautiously manage risk to generate growth and strengthen investments. What ’ s tied more agitate is the future employment lookout for policy agents. According to the U.S. Bureau of Labor Statistics, employment of policy sales agents is projected to grow 5 percentage from 2019 to 2029—faster than the average for all occupations. Related : What Do erie Agents Love Most About Their Jobs
Do insurance agents make a good salary?
If you ’ re uncoerced to work hard and sell personal, commercial and life indemnity, you have the likely to earn a six-figure income. An agency earns first year commissions on newly business in the first year and reclamation commissions on business that is renewed each year. There are besides opportunities to generate extra tax income with production and profitableness bonuses. Some indemnity carriers, including Erie Insurance, much offer travel incentives to award top sales performers with all-expense-paid trips. ERIE besides provides monthly and annual bonuses for production and profitableness. As your agency grows, your business will normally increase in value. It have the potential of helping you enhance your retirement design goals, be passed on to family members or be sold to another agentive role .
How do I become licensed to sell insurance?
To become an agent, you need to hold a current property/casualty license and life/health license in your submit. To prepare for the department of state license examination you need to take a three-day pre-licensing course or complete a self-study class for each license. A college degree is not required, but having a background in insurance, business or finance can be an asset. It ’ second besides beneficial if you have sales experience. here are some of the steps that you ’ ll motivation to take :
- Pick a channel of commercial enterprise . Agents are required to be licensed for specific lines of occupation. Knowing what type of coverage you want to sell can help you choose your indemnity career path .
- Meet your state ’ second education necessity . In all states, you will need to complete pre-licensing requirements. For exercise, the Pennsylvania Insurance Department requires candidates to complete 24 hours of general pre-licensing department of education and three hours of teaching in ethics .
- Pass the submit indemnity examination . Test-takers generally spend 35 to 40 hours studying for the place and casualty examination, which is a time, multiple-choice quiz. The number of questions on the examination will depend on the state of matter and the license for which you are applying .
- Apply for a license . One way that you can submit your license application on-line is through the National Insurance Producer Registry ( NIPR ) .
- Gain an insurance company appointee . After you are licensed, you ’ ll motivation to apply and secure an date with an insurance party.
For more information about the license requirements, you can find a directory list of state indemnity departments through the Insurance Information Institute web site .
Become your own boss
fix to take the following step toward an insurance career ? When you become an policy means owner, you ’ ll enjoy building your own business and developing a reward career. Becoming an Erie Insurance agent is a great opportunity to develop your own clientele while representing a Fortune 500® ship’s company that has been in business for since 1925. You ’ ll be backed by a highly engaged and experienced Home Office and outgrowth team to help you succeed. Find out more about what it takes to become an erie agent .