| I want to Get Appointed
to Sell Life & Annuity !
AIG
Allianz
American General
American National
Aviva
Equitrust
Fidelity & Guaranty
Fidelity & Guaranty NY
First Colony
GE Capital
GE Capital New York
ING USA
Jefferson Pilot
Jefferson Pilot LifeAmerica
John Hancock
Kansas City Life
Lincoln Benefit
MetLife
Presidential Life
Standard Life of Indiana
United of Omaha
US Life NY
nationwide
Working Conditions [About this
section] Back to Top
Most insurance sales agents are
based in small offices, from which
they contact clients and provide
information on the policies they
sell. However, much of their time
may be spent outside their offices,
traveling locally to meet with clients,
close sales, or investigate claims.
Agents usually determine their own
hours of work and often schedule
evening and weekend appointments
for the convenience of clients.
Although most agents work a 40-hour
week, some work 60 hours a week
or longer. Commercial sales agents,
in particular, may meet with clients
during business hours and then spend
evenings doing paperwork and preparing
presentations to prospective clients.
Training, Other Qualifications,
and Advancement [About this section]
Back to Top
For insurance sales agent jobs,
most companies and independent agencies
prefer to hire college graduates—especially
those who have majored in business
or economics. High school graduates
are occasionally hired if they have
proven sales ability or have been
successful in other types of work.
In fact, many entrants to insurance
sales agent jobs transfer from other
occupations. In selling commercial
insurance, technical experience
in a particular field can help sell
policies to those in the same profession.
As a result, new agents tend to
be older than entrants in many other
occupations.
College training may help agents
grasp the technical aspects of insurance
policies and the fundamentals and
procedures of selling insurance.
Many colleges and universities offer
courses in insurance, and a few
schools offer a bachelor’s
degree in the field. College courses
in finance, mathematics, accounting,
economics, business law, marketing,
and business administration enable
insurance sales agents to understand
how social and economic conditions
relate to the insurance industry.
Courses in psychology, sociology,
and public speaking can prove useful
in improving sales techniques. In
addition, because computers provide
instantaneous information on a wide
variety of financial products and
greatly improve agents’ efficiency,
familiarity with computers and popular
software packages has become very
important.
Insurance sales agents must obtain
a license in the States where they
plan to do their selling. Separate
licenses are required for agents
to sell life and health insurance
and property and casualty insurance.
In most States, licenses are issued
only to applicants who complete
specified prelicensing courses and
who pass State examinations covering
insurance fundamentals and State
insurance laws. The insurance industry
is increasingly moving toward uniform
State licensing standards and reciprocal
licensing, allowing agents who earn
a license in one State to become
licensed in other States upon passing
the appropriate courses and examination.
A number of organizations offer
professional designation programs
that certify one’s expertise
in specialties such as life, health,
and property and casualty insurance,
as well as financial consulting.
For example, The National Alliance
for Education and Research offers
a wide variety of courses in health,
life and property, and casualty
insurance for independent insurance
agents. Although voluntary, such
programs assure clients and employers
that an agent has a thorough understanding
of the relevant specialty. Agents
are usually required to complete
a specified number of hours of continuing
education to retain their designation.
Employers also are placing greater
emphasis on continuing professional
education as the diversity of financial
products sold by insurance agents
increases. It is important for insurance
agents to keep up to date on issues
concerning clients. Changes in tax
laws, government benefits programs,
and other State and Federal regulations
can affect the insurance needs of
clients and the way in which agents
conduct business. 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. Most State licensing
authorities also have mandatory
continuing education requirements
focusing on insurance laws, consumer
protection, and the technical details
of various insurance policies.
As the demand for financial products
and financial planning increases,
many insurance agents are choosing
to gain the proper licensing and
certification to sell securities
and other financial products. Doing
so, however, requires substantial
study and passing an additional
examination—either the Series
6 or Series 7 licensing exam, both
of which are administered by the
National Association of Securities
Dealers (NASD). The Series 6 exam
is for individuals who wish to sell
only mutual funds and variable annuities,
whereas the Series 7 exam is the
main NASD series license that qualifies
agents as general securities sales
representatives. In addition, to
further demonstrate competency in
the area of financial planning,
many agents find it worthwhile to
earn the certified financial planner
or chartered financial consultant
designation. The Certified Financial
Planner credential issued by the
Certified Financial Planner Board
of Standards, requires relevant
experience, completion of education
requirements, passing a comprehensive
examination, and adherence to an
enforceable code of ethics. The
CFP exams test the candidate’s
knowledge of the financial planning
process, insurance and risk management,
employee benefits planning, taxes
and retirement planning, and investment
and estate planning. The Chartered
Financial Consultant (ChFC) designation,
issued by the American College in
Bryn Mawr, Pennsylvania, which requires
experience and the completion of
an eight-course program of study.
The CFP and ChFC designation and
other professional designations
have continuing education requirements.
Insurance sales agents should be
flexible, enthusiastic, confident,
disciplined, hard working, and willing
to solve problems. They should communicate
effectively and inspire customer
confidence. Because they usually
work without supervision, sales
agents must be able to plan their
time well and have the initiative
to locate new clients.
An insurance sales agent who shows
ability and leadership may become
a sales manager in a local office.
A few advance to agency superintendent
or executive positions. However,
many who have built up a good clientele
prefer to remain in sales work.
Some—particularly in the property
and casualty field—establish
their own independent agencies or
brokerage firms
|
Agents , Get Appointed
, Agents, Get Appointed, Start offering
your clients ... Agencies maintain
corporate E&O coverage licensure
to sell health insurance, ...
When you get appointed with Allianz
Life Insurance Company of North
America ... Is appointed by Allianz
Life to sell USAllianz
Learn how to get appointed to sell
our insurance products. Wholesaler
contact lists:. Retirement Plans
Annuities and retirement programs
for worksites ...
How do I get appointed with insurance
carriers?
Get instant, affordable life insurance
quotes, term life insurance quotes
... Insurance and Marriage ·
Selling Your Life Insurance Policy
ow cost .Insurance agents and brokers
marketing and sales,
Significant Points
Agents increasingly offer comprehensive
financial planning services, including
retirement and estate planning;
as a result, in addition to offering
insurance policies, agents sell
mutual funds, annuities, and securities.
Agents must obtain a license in
the States where they plan to do
their selling.
Despite slower than average growth,
job opportunities should be good
for college graduates who have sales
ability, excellent interpersonal
skills, and expertise in a wide
range of insurance and financial
services.
Successful agents often have high
earnings, but many beginning agents
fail to earn enough from commissions
to meet their income goals and eventually
transfer to other careers.
Working Conditions [About this section]
Back to Top
Most insurance sales agents are
based in small offices, from which
they contact clients and provide
information on the policies they
sell. However, much of their time
may be spent outside their offices,
traveling locally to meet with clients,
close sales, or investigate claims.
Agents usually determine their own
hours of work and often schedule
evening and weekend appointments
for the convenience of clients.
Although most agents work a 40-hour
week, some work 60 hours a week
or longer. Commercial sales agents,
in particular, may meet with clients
during business hours and then spend
evenings doing paperwork and preparing
presentations to prospective clients.
Employment [About this section]
Back to Top
Insurance sales agents held about
400,000 jobs in 2004. Most insurance
sales agents employed in wage and
salary positions work for insurance
agencies and brokerages. A decreasing
number work directly for insurance
carriers. Although most insurance
agents specialize in life and health
insurance or property and casualty
insurance, a growing number of “multiline”
agents sell all lines of insurance.
A small number of agents work for
banks and securities brokerages
as a result of the increasing integration
of finance and insurance industries.
Approximately 1 out of 4 insurance
sales agents is self-employed.
Insurance sales agents are employed
throughout the country, but most
work in or near large urban centers.
Some are employed in the headquarters
of insurance companies, but the
majority work out of local offices
or independent agencies.
|
Most people have their
first contact with an insurance company
through an insurance sales agent.
These workers help individuals, families,
and businesses select insurance policies
that provide the best protection for
their lives, health, and property.
Insurance sales agents who work exclusively
for one insurance company are referred
to as captive agents. Independent
insurance agents, or brokers, represent
several companies and place insurance
policies for their clients with the
company that offers the best rate
and coverage. In either case, agents
prepare reports, maintain records,
seek out new clients, and, in the
event of a loss, help policyholders
settle their insurance claims. Increasingly,
some are also offering their clients
financial analysis or advice on ways
the clients can minimize risk. Insurance
sales agents, commonly referred
to as “producers” in
the insurance industry, sell one
or more types of insurance, such
as property and casualty, life,
health, disability, and long-term
care. Property and casualty insurance
agents sell policies that protect
individuals and businesses from
financial loss resulting from automobile
accidents, fire, theft, storms,
and other events that can damage
property. For businesses, property
and casualty insurance can also
cover injured workers’ compensation,
product liability claims, or medical
malpractice claims.
Life insurance agents specialize
in selling policies that pay beneficiaries
when a policyholder dies. Depending
on the policyholder’s circumstances,
a cash-value policy can be designed
to provide retirement income, funds
for the education of children, or
other benefits. Life insurance agents
also sell annuities that promise
a retirement income. Health insurance
agents sell health insurance policies
that cover the costs of medical
care and loss of income due to illness
or injury. They also may sell dental
insurance and short-term and long-term-disability
insurance policies.
An increasing number of insurance
sales agents are offering comprehensive
financial planning services to their
clients, such as retirement planning,
estate planning, or assistance in
setting up pension plans for businesses.
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. This practice
is most common with life insurance
agents who already sell annuities;
however, property and casualty agents
also sell financial products.
Job Outlook [About this section]
Back to Top
Although employment of insurance
sales agents is expected to grow
more slowly than average for all
occupations through 2014, opportunities
will be favorable for college graduates
who have sales ability, excellent
interpersonal skills, and expertise
in a wide range of insurance and
financial services. Multilingual
agents also should be in high demand
because they can serve a wider range
of customers. Insurance language
tends to be quite technical, so
it is important for insurance sales
agents to have a firm understanding
of relevant technical and legal
terms. Many beginning agents fail
to earn enough from commissions
to meet their income goals and eventually
transfer to other careers. Most
job openings are likely to result
from the need to replace agents
who leave the occupation or retire.
A large number of agents are expected
to retire over the next decade.
Future demand for insurance sales
agents depends largely on the volume
of sales of insurance and other
financial products. Sales of health
insurance and long-term-care insurance
are expected to rise sharply as
the population ages. In addition,
a growing population will increase
demand for insurance for automobiles,
homes, and high-priced valuables
and equipment. As new businesses
emerge and existing firms expand
their insurance coverage, sales
of commercial insurance also should
increase, including coverage such
as product liability, workers’
compensation, employee benefits,
and pollution liability insurance.
Employment of agents will not keep
up with the rising level of insurance
sales, however. Many insurance carriers
are trying to contain costs. As
a result, many are shedding their
captive agents—those agents
working directly for insurance carriers—and
are relying more on independent
agents or direct marketing through
the mail, by phone, or on the Internet.
Agents who incorporate new technology
into their existing businesses will
remain competitive. Agents who use
the Internet to market their products
will reach a broader client base
and expand their businesses, but
because most clients value their
relationship with their agent, the
Internet should not threaten jobs,
given that many individuals still
prefer discussing their policies
directly with their agents, rather
than through a computer. Also, the
automation of policy and claims
processing is allowing insurance
agents to take on more clients.
Agents may face increased competition
from traditional securities brokers
and bankers as they begin to sell
insurance policies. Because of increasing
consolidation among insurance companies,
banks, and brokerage firms, and
due to increasing demands from clients
for more comprehensive financial
planning, insurance sales agents
will need to expand the products
and services they offer.
Agents who offer better customer
service also will remain competitive.
Call centers are another important
way carriers and agents are offering
better service to customers, because
such centers provide greater access
to their policies and more prompt
services.
Insurance and investments are becoming
more complex, and many people and
businesses lack the time and expertise
to buy insurance without the advice
of an agent. Moreover, most individuals
and businesses consider insurance
a necessity, regardless of economic
conditions. Therefore, agents are
not likely to face unemployment
because of a recession.
Earnings [About this section] Back
to Top
The median annual earnings of wage
and salary insurance sales agents
were $41,720 in May 2004. The middle
50 percent earned between $29,980
and $66,160. The lowest 10 percent
had earnings of $23,170 or less,
while the highest 10 percent earned
more than $108,800. Median annual
earnings in May 2004 in the two
industries employing the largest
number of insurance sales agents
were $42,010 for insurance carriers,
and $41,840 for agencies, brokerages,
and other insurance related activities.
Many independent agents are paid
by commission only, whereas sales
workers who are employees of an
agency or an insurance carrier may
be paid in one of three ways—salary
only, salary plus commission, or
salary plus bonus. In general, commissions
are the most common form of compensation,
especially for experienced agents.
The amount of the commission depends
on the type and amount of insurance
sold and on whether the transaction
is a new policy or a renewal. Bonuses
usually are awarded when agents
meet their sales goals or when an
agency meets its profit goals. Some
agents involved with financial planning
receive a fee for their services,
rather than a commission.
Company-paid benefits to insurance
sales agents usually include continuing
education, training to qualify for
licensing, group insurance plans,
office space, and clerical support
services. Some companies also may
pay for automobile and transportation
expenses, attendance at conventions
and meetings, promotion and marketing
expenses, and retirement plans.
Independent agents working for insurance
agencies receive fewer benefits,
but their commissions may be higher
to help them pay for marketing and
other expenses.
|
