Insurance Agent Overview
Insurance Agents help insurance companies cultivate new business by selling a variety of insurance plans. These professionals help explain the coverage policies to clients and help them choose a plan that is well suited to their needs. Insurance Agents perform a wide variety of tasks such as cold calling to expand customer base, analyzing clients? current policies, handling policy renewals, maintaining electronic records and assisting policyholders with settling insurance claims. Many of these professionals sell either one type of insurance or several such as long-term health care insurance, property and casualty insurance and car insurance. Insurance Agents also sell policies to businesses and professionals like medical malpractice coverage and workers? compensation insurance.
Insurance Agent Education Requirements
Depending on the insurance company, either a high school diploma or secondary education is required to become an Insurance Agent. Most insurance companies have in-house training to teach employees about the company?s different insurance policies and to sharpen sale?s skills. This hands-on training allows for new agents to learn about the company?s culture and how it interacts with clients. Insurance Agents can also take college courses and attend conferences to broaden their knowledge of insurance.
Insurance Agents must be state licensed. Separate licenses are needed to sell different types of insurance such as health and life insurance. Most states require agents to complete specific courses, pass a state exam and take continuing education courses to stay up-to-date on new insurance regulations.
Insurance Agent Job Market
Industry studies indicate that the employment of Insurance Agents is projected to grow 10 percent through 2022. This is an average growth rate. Insurance companies will continue to need agents for profits. It is also expected that the demand for agents will be stronger in long-term care insurance and health insurance, due to the aging baby boomer population. Other similar occupations include Insurance Underwriters and Insurance Analysts .
Insurance Agent Salary
The median annual wage for Insurance Agents is approximately $48,150 a year. Many Insurance Agents work on commission as opposed to a fixed salary.