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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
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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.
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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.
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