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Insurance Agent - Job Description
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Insurance Agent - Job Description
Insurance agent jobs are becoming popular with an increasing number of people looking towards insurance as a career. Insurance agents can work for agencies, brokerage firms and insurance companies or work as independent insurance agents. An understanding of insurance agent job description is necessary for prospective insurance agents, before taking the plunge into insurance careers.
Insurance Agent Job Description
Insurance agents provide help to individuals and companies to choose a policy suitable to their needs. Insurance can be grouped into categories such as life insurance, medical insurance, property insurance, etc. Insurance agents are not only involved in selling policies but also prepare reports, maintain records and seek new clients along with other works. An important role of insurance agents is to help beneficiaries make claims when the policy matures or the insured person passes away.
Insurance agents work as agents, selling products of an insurance company or sell different policies, for different companies. Insurance agents can specialize in particular fields such as life, property liability, health / disability and other insurance policies. Insurance agents also sell financial products related to insurance policies and other products related to insurance.
What are the Qualifications for Becoming an Insurance Agent?
Insurance companies hire people with college degrees but high school graduates who have a proven sales track record are also considered. Those candidates who are multi-lingual, with a strong knowledge of subjects related to insurance are mostly preferred. Agents have to clear an exam conducted by licensing authorities of different states, who provide licenses to insurance agents before they can start their work. Agents have to obtain separate licenses to sell different types of insurance such as life, health, property and casualty insurance. The agents require a separate license from the state authority to sell financial products, like, mutual funds, securities, etc. which are related to insurance. Insurance companies also provide the opportunity of higher education so that the agents can advance their career along with the evolving industry.
How can you get a Job in the Insurance Industry?
The simplest way of becoming an insurance agent is to consult experienced insurance brokers and insurance agents who are already in the business. Different choices that need to be made will be easier for a fresher, if they get advice from the experienced ones. Licensing authorities can also provide information for specialization as they are the ones who conduct tests for license purpose. Prospective agents can apply to insurance companies, agencies or brokerage firms who deal in specialized subjects.
What are the Opportunities for Career Advancement for Insurance Agents?
Special courses are provided to new and experienced agents to improve their skills and grow in their jobs. Agents advance to their next level of employment after clearing exams which are conducted by the state licensing authorities. Insurance agents can rise to the position of underwriters and grow to become managers, agency heads or start their own agencies.
What are the Working Conditions of an Insurance Agent?
The working conditions of an insurance agent depend on the type of insurance that the agent deals in. There are different approaches for different types of policies. Agents dealing in life insurance can make a sale oriented approach. Clients for property and health insurance need lesser convincing than other clients. Insurance agents mostly work outside their offices, at places convenient for their clients. Sometimes they have to work on weekends and their work time can extend beyond forty hours per week. Those who work part time earn on the basis of their commission and they can put in extra hours to earn a higher pay.
How Much Do Insurance Agents Earn?
According to the Bureau of Labor Statistics, a median earning of $43,870 yearly in 2006 was observed in the US. The earnings of insurance agents usually depend on their capabilities and selling skills. Independent agents earn commission according to the number of policies sold. Agents who work for agencies and insurance companies earn a salary or a salary with commissions and bonus. Those who work for firms or insurance companies receive benefits that is extended to employees in similar professions. The special benefits usually includes support for continuing education, training for licensing, office space or clerical support.
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