OVERVIEW
What is an听Insurance Agent?
听
An insurance agent is a trained professional who sells insurance policies to protect individuals and families. Most of their workday is spent evaluating the needs of their clients, finding the best insurance plans for a client鈥檚 specific criteria and fostering relationships to continue to grow their customer base. Insurance agents typically specialize in an area of insurance, such as health, property, disability, casualty, or long-term care and are responsible for developing various strategies to promote their specialty.
Typically, there are two types of insurance agents: captive and independent. Captive agents sell insurance for a single company. While working with a specific company, captive agents learn how to streamline their processes and develop their underwriting expertise.听
Independent agents, also known as insurance brokers, sell insurance for different companies and compare rates to find the best choice for their clients. A positive aspect of being an independent agent is the ability to be more client-focused than carrier-focused, but a challenging aspect is that independent agents are like small business owners and have limited resources.
It鈥檚 also often helpful to diversify income as an insurance agent with additional services for clients, such as financial counseling, investment advising, and retirement planning.
RESPONSIBILITIES
What Does an Insurance Agent Do?
The day-to-day duties of an insurance agent can range from growing client relationships to reporting to management. A typical workday may include the following:
- Establishing relationships听with clients from different sources (e.g., networking, cold calling, and referrals).
- Recommending risk management strategies听that fit clients' personal risk profiles.
- Describing the advantages and disadvantages听of different policies to promote the sale of insurance plans.
- Responding to clients鈥�听insurance-related questions and issues.
- Calculating dividends听and creating payment methods.
- Distributing policy proceeds听after a submitted and approved claim.
- Completing administrative tasks听such as maintaining records and handling policy renewals.
- Tracking insurance claims听to ensure client and company satisfaction.
- Creating and implementing marketing strategies听to compete with other individuals or insurance companies.
- Preparing and presenting听detailed reports听to management.
How to Become an Insurance Agent
Insurance agents provide guidance and insight for individuals or families to receive protection and coverage for all of life鈥檚 stages and occurrences. They are personable individuals with the desire to listen to and find solutions for their clients. From a young couple buying their first home to an older individual thinking about end-of-life preparations, insurance agents are essential to helping others make important life decisions. A career as an insurance agent provides not only personal satisfaction but also flexibility and the opportunity for lifetime learning. Agents can specialize in one or many types of insurance, and as laws and policies change over time, agents continue to gain mastery and experience in their field.听
EDUCATION & BEST DEGREES
How Do I Become an Insurance Agent?
The first step to becoming an insurance agent is to earn a bachelor鈥檚 degree in听business,听accounting,听economics, or听finance. Any of these programs of study will provide you with knowledge and skills in business communication, project management, marketing, and strategic planning鈥攁ll of which are important for a career as an insurance agent. Next, you鈥檒l want to look up the licensing requirements depending on your state. In general, licensing requires you to take a course and pass a state exam. Agents are required to have a license for each type of insurance they sell, so you may need to obtain multiple licenses if you plan to sell different kinds of insurance.听
Once you obtain a license, you鈥檒l want to determine if you prefer to work as a captive or independent agent, apply for open positions, and begin to build your client base.听
If you鈥檙e interested in advancing into a leadership role, earning an听MBA听can further develop your expertise and earning potential. Additionally, as you progress in your career, it鈥檚 important to take continuing education courses to stay knowledgeable about expanding services and regulations.听
Best Degrees for an Insurance Agent
Business
Accounting 鈥� M.S.
Become better qualified to pursue a greater variety of public and private...
Become better qualified to pursue a greater variety of public and private accounting positions:
- Time:听62%听of grads finish within 19 months.
- Tuition:听$4,755 per 6-month term.
- Courses:听10-11 total courses in this program
This program offers 4 unique specializations for students to choose from, allowing you to gain specific experience and skills that will help you in your career. Choose from concentrations in taxation, auditing, management accounting, and financial reporting to boost your r茅sum茅.
Skills for your r茅sum茅 that this program will prepare you for:听
- Accounting
- Auditing
- Tax Planning
- Financial Management
- Communication
- Data Analysis
- This MAcc program is designed to prepare you for the CPA exam and also the CMA or CIA exams.
Business
Finance 鈥� B.S.
This online finance program is career-focused so you will gain relevant...
This online finance program is career-focused so you will gain relevant industry skills.
- Time: 62%听of graduates finish similar programs within 24 months
- Tuition:听$3,755 per 6-month term
- Courses: 41 courses in this program
Some careers and jobs this business degree will prepare you for:
- Management
- Accounting
- Finance
- Spreadsheets
- Financial Analysis
- Problem Solving
The competency-based model at 黑料传送门 allows you to move as quickly as you can master the material, and do your coursework on your schedule. Flexibility is key with the B.S. in finance at 黑料传送门.
Business
Business Management 鈥� B.S. Business Administration
Hone your business acumen and garner added respect:...
Hone your business acumen and garner added respect:
- Time: 61%听of graduates finish within 19 months
- Tuition:听$3,755 per 6-month term
- Courses: 40 total courses in this program
Skills for your r茅sum茅 this program will teach you include:听
- Business communication
- Product development
- Decision making models
- Project management strategies
- Budgeting for business
This online degree program is an excellent choice for kick-starting your organizational management career.
Business
Master of Business Administration
The flexible MBA program you need, focused on business management,...
The flexible MBA program you need, focused on business management, strategy, and leading teams:
- Time:听Graduates can finish in 12 months
- Tuition:听$4,755 per 6-month term
- Courses: 11 total courses in this program
Skills for your r茅sum茅 you will learn in this program include:听
- Leadership strategies
- Talent management
- Communication
- Data collection and interpretation
- Financial statements
Our competency-based model gives you an innovative learning experience you won't find anywhere else鈥攁nd our MBA grads tell us they loved accelerating their program to see a faster ROI.
How Much Does an听Insurance Agent Make?
$57,860
According to the Bureau of Labor Statistics, the median annual salary for insurance agents is听, with the lowest 10% earning $31,530 and the highest 10% earning $130,350. Salary is largely dependent on the industry and location an agent chooses to work.
A large portion of independent agents are paid solely on commission, while captive agents are paid in one of three ways: salary, salary plus a commission, or salary plus a bonus.听
What Is the Job Outlook for an Insurance Agent?
8%
The field of insurance sales is projected to grow by 8听from 2022 to 2032. Growth will be the strongest for independent agents as more companies choose to reduce their overhead costs and salaried employees. Navigating the field of insurance requires the knowledge of a trained professional, and the demand for insurance agents will persist as clients need expert guidance to understand their options and the right policies for their wants and needs.听
SKILLS
What Skills Does an Insurance Agent Need?
Insurance agents need a variety of professional and interpersonal skills, most importantly:听
- Marketing: Insurance agents are salespeople who need strong marketing skills to gain, foster, and retain their clients.
- Problem-solving: When complications arise, agents rely on strong problem-solving skills to process claims and assist clients.听 听
- Customer service: Insurance agents often must communicate and work with individuals during difficult or complicated circumstances. Providing timely responses to a client's concerns or inquiries is important.听
- Organization: Insurance agents can be tasked with managing hundreds of policies at a time, making organization an essential skill to master.听
- Integrity: Transparency and honesty are vital when guiding a client鈥檚 policy choices. This means ensuring that agents sell to the customer鈥檚 needs, rather than for the opportunity to earn a commission.听听
- Communication: While dealing with a broad range of clients and life circumstances, an insurance agent needs to be personable and conscientious in their communication.听
- Attention to detail: Paying close attention to the details of a client鈥檚 life and financial circumstances is important when guiding their policy and coverage decisions.听
- Negotiation: Insurance agents advocate on behalf of their clients, and keen skills in negotiation are important when dealing with insurance providers.听
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No need to wait for spring or fall semester. It's back-to-school time at 黑料传送门 year-round. Get started by talking to an Enrollment Counselor today, and you'll be on your way to realizing your dream of a bachelor's or master's degree鈥攕ooner than you might think!
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