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Some independent agents, or brokers, however, may spend much of their time traveling to meet with clients, close sales, or investigate claims. As a result, many insurance agents are involved in �cross-selling� or �total account development.� Besides offering insurance, these agents may become licensed to sell mutual funds, variable annuities, and other securities. Insurance agents exhort customers about utilizing insurance items to ensure against the hazard. Required fields are marked *, http://www.bls.gov/OOH/sales/insurance-sales-agents.htm, Insurance Sales Agents: Salary, Job Description, How To Become One, and Quiz, What Do Insurance Sales Agents Do (including Their Typical Day At Work). Agents may specialize in any one of these products, or function as generalists, providing multiple products to a single customer. Call on policyholders to deliver and explain policy, to analyze insurance program and suggest additions or changes, or to change beneficiaries. Agents can enhance their selling skills and broaden their knowledge of insurance and other financial services by taking courses at colleges and universities and by attending institutes, conferences, and seminars sponsored by insurance organizations. Knowing what insurance agents do will give you a better perspective on whether you need an insurance agent or not. Many employers have their new agents shadow an experienced agent for a period of time. Some sales agents meet with clients during business hours and then spend evenings doing paperwork and preparing presentations to prospective clients. Besides their typical day, Insurance Sales Agents also monitor insurance claims to ensure they are settled equitably for both the client and the insurer. The commission might be 70 percent to 120 percent of the premium in the first year, but four percent to six percent of the premium for a renewal. Here is what we found. Agents formerly used to devote much of their time to marketing and selling products to new clients. Work Environment Most State licensing authorities also have mandatory continuing education requirements every 2 years, focusing on insurance laws, consumer protection, ethics, and the technical details of various insurance policies. These services include retirement planning, estate planning, and assistance in setting up pension plans for businesses. In a simple example of what an insurance sales representative might do, when a customer comes in looking for home insurance, the representative could talk about the different policies available, and ask the client about the value of the house, the location, the client's income, and so forth. You approach potential clients by phone, email, or in person to determine their specific needs and by researching current coverage and available options. Work requires substantial knowledge of items sold. People do. According to the U.S. Bureau of Labor Statistics, an insurance agent makes an average of $50,600 per … sell goods for wholesalers or manufacturers to businesses or groups of individuals. Developing a satisfied clientele that will recommend an agent's services to other potential customers is a key to success for agents. Experience: Prior sales experience in any industry is helpful, but not required. Insurance sales agents contact potential customers and sell one or more types of insurance. They call on policyholders to deliver and explain policy, to analyze insurance program and suggest additions or changes, or to change beneficiaries. However, a life agent earns most of the commission he or she makes during the first year of the policy. There are a number of ways to get into the industry as a sales agent and a … Personal lines insurance agents handle auto, home, umbrella, motorcycle, RV, and boat insurance policies. Not only do most have competition from other agents in their own office, but they also have to compete in one of the most competitive sales careers.Insurance agencies are everywhere, on practically every … College training can help agents grasp the technical aspects of insurance policies as well as the fundamentals of the insurance industry. Allstate agency owner Keith Todd talks about the role of an insurance agent and how an agent may assist in the event that you need to file a claim. Jobs are ranked according to their ability to offer an elusive mix of factors. Some insurance agents may receive quarterly, semiannual, or year-end bonuses based on their sales performance. Sell various types of insurance policies to businesses and individuals on behalf of insurance companies, including automobile, fire, life, property, medical and dental insurance, or specialized policies, such as marine, farm/crop, and medical malpractice. Life Insurance . 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