Building a Career as an Insurance Agent
An individual needs multiple insurance policies depending on his lifestyle, income level, assets, proprieties, etc. For instance if you drive a car and have your own house, you need auto insurance, homeowner insurance along with health insurance and life insurance. Since an individual needs multiple insurance, he also needs to manage his insurance premiums as well. One of the most important steps an individual needs to take while managing insurance premiums is to check how much premiums you are supposed to pay for each of your policy. There are multiple reasons that determines how much premium you need to pay. For instance, your premiums depends on your total insured amount, insurance term, your lifestyle, etc. However, the rule of the thumb is higher the insured amounts, higher is the premium. Shorter the insurance period, higher is the premium. In order to manage your insurance premiums, it is also very important that you are paying premiums on time and never miss payment due so that you do not have to pay late fees or penalties. Interestingly, you can also try becoming an insurance agent yourself. You can earn commission and use it to pay your premiums. You can also insure you or your family members under your insurance agent license so that you can earn commission from your own or your family’s premiums.
Building a Career as an Insurance Agent
Being an insurance agent can become a great career for men and women. You will be required to sell insurance products and you will be earning in two ways, one, a basic salary, and two, commission from the sales. Some insurance companies even offer bonus payment of the insurance agent meet certain sales target. This career has a significant earning potential as you are not only making active income (salary) but also passive income (sales commission, target bonus). Being an insurance agent is open to both men and women and you can become an insurance agent if you are a college graduate and have marketing skills. The career does not segregate genders and men and women have equal opportunity to make money being an insurance agent. However, women have an edge over men when it comes to generate sales. That’s because women have natural persuasive skills, and this is a great trait of a successful marketer. How much you can make depend how many products you sell. What kind of insurance product you sell. Since insurance is mist for individuals, there is always a demand, all you need is to focus on how to market and reach customers.
Making Money By Selling Insurance
Insurance is becoming popular these days and a lot of people are buying various kinds of insurance policies, which has created an opportunity for people to become insurance brokers or insurance agents and make money. In fact, due to the health risk posed by Covid Pandemic, a lot of people are buying health insurance, and this is creating income opportunities for people.
How to become an insurance broker or insurance agent?
Do some research and find a popular insurance company that allows anyone to become a broker/agent.
Join the company as a broker, go through their training programs (if they have any) and get a license (must).
Get the necessary papers (brochures that have information about various products), insurance forms, etc.
Approach the people who you think are likely to buy the product from you. Convince him/her to buy the product.
If you are able to sell the product, depending on the company’s policy, you are entitled upto 25 percent commission on the premium paid by the customer.
If you are selling an insurance policy, you need three things, one, a great marketing strategy, two, the ability to convince people, three a great product. You cannot sell a bad policy even with your great marketing skills. If you do not have great marketing skills you cannot sell policies even when they are very good.
Making Money as an Insurance Agent
Whether you realize or not, one of the best way to do affiliate marketing in the real world environment is by selling insurance products. Good thing is you do not have to directly work in an insurance company to make money from this method. Well, working in an insurance company and selling insurance products is fine but if you have a different career or do not want to work in insurance company, you can try becoming an insurance agent. Insurance companies hire people to work as insurance agents. Just like with affiliate marketing, by working as an insurance agent, you refer paying customers or sell insurance policies and earn recurring commissions. You earn recurring commission because with all insurance products, people are required to renew policy. You need the proper training and a license, and the best part is the insurance company will provide training and help you get a license to work as an insurance agent. If this money making method sounds interesting, you can venture on it. However, you also need to make sure to partner with an insurance company that has a good reputation.
How to Sell Insurance Products?
If you want to work for an insurance company either as a salaried staff or as an agent, you should know how to sell insurance products. Here are a couple of things you can do.
Before you start, you need to choose a reputed insurance company. It is easier to sell products from well known company instead of a little known company. A reputed company means it is already popular, so customers can trust the company.
Choose a niche: Even though you can try sell all sorts of insurance products, it is better to choose a niche. That’s because with a niche, you can do targeted promotion. You can try car insurance, home insurance, life insurance, etc.
Offer the best product: There might be many insurance policies that your company sell, but you need to offer your clients the best options. If your clients are satisfied, they will also recommend you to their friends and family. If you are selling car insurance, your company might be selling numerous policies, you need to find the best option for your client. In doing so you will build trust.
How to Market Insurance Policy as an Insurance Agent
Your success as an insurance agent likes in two things, one, promoting the best insurance products from the best insurance company, and two, having excellent marketing skills. If you are not good with marketing, it is not possible to find clients and sell your policies. Therefore, before you start working as an insurance agent, you need to sharpen your marketing skills, especially, ability to pitch right product to right audience. Here are a couple of marketing tricks that you can use to market insurance policies you are selling:
Video Marketing: Create videos about insurance policy. Videos are the best marketing tools. You can publish your videos on Facebook, Youtube, Instagram, Tiktok Pinterest, etc. Creating videos promoting your products is fine but you need to focus on creating informative videos, to teach people about insurance, introduce various kind of insurance products. You can either create long form videos or short form videos, but short form videos have better conversion.
Blogging: You can start blogging on insurance niche. Blogging is the best way to rank on search engines and get organic traffic. When you get organic traffic, sales will come.
Skills Needed to Become an Insurance Agent
Selling insurance products as an agent depends on your persuasive skill, which is your ability to convince people to buy insurance policy from you. If you can persuade people, you can easily sell. A successful insurance agent is a person who can match the right insurance products with the right clients. If you can do this, becoming an insurance agent can be a profitable career for you.
Selling insurance policy depends on your marketing skills. You need to do offline as well as online marketing. Offline marketing means meeting people, talking about insurance, introducing your policies, etc. Family events, friendly gathering, social events and functions can be a great opportunity to find clients. You need to be a social person to be able to do that.
These days it is easier to reach people through digital marketing. Therefore you also need digital marketing skills. You can harness the power of social media, email marketing blogging, etc.
Content creation skills are necessary especially if you want to do digital marketing. Digital marketing requires content creation, you need the ability to create different kinds of content, especially video content.