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How to Get Started Selling Insurance Like an Expert

How much do insurance agents make?

A job selling insurance pays $36,000 on the low end, and around $78,000 on the high end. Of course, there’s plenty of agents making double or triple that amount, since as an agent, your skills determine your salary.

Instead of wishing you were making more money, now’s the perfect time to start a lucrative career.

What does it take to make a great living in the insurance industry? Read on to find out!

What Type of Insurance Agent Are You?

Before you can start selling insurance, you’ll need to choose the direction of your career. There’s a ton of different Insurance careers that you can pursue. Over time, you may decide to get multiple insurance licenses to expand your revenue opportunities. However, when you’re first starting, it’s best to pick one field and specialize in it.

For instance, do you want to sell home and auto insurance? Perhaps, you’re excited to venture into the world of commercial insurance. Maybe you’re interested in helping people secure life insurance. Each field comes with its pros and cons. The key is choosing a field you’re passionate about and then becoming an expert in it.

For example, with life insurance, you can check out this helpful selling guide. By learning the intricacies of selling final expense insurance over the phone, you can help customers feel at ease when talking to you. Once you pick your field, you can start to research the licensing requirements.

State Specific Licensing Requirements

Moving on, it’s time to find out what type of license you’ll need. Usually, a quick online search will help get you the right information about your state’s requirements. Let’s say, for example, that you’re going to be selling home and auto insurance.

You’d want to find out the exact licensing requirements for selling personal commodity policies where you live. You could also look into the requirements to get licensing for selling across the nation.

Take an Insurance Broker Class

The insurance world is complicated, and there’s a lot of industry-related jargon that the exams will contain. By taking an insurance class, you’ll get the benefit of learning from a licensed professional who’s familiar with the industry. Instead of having to study everything, a good insurance instructor will be able to help you focus your study efforts on the material that matters.

After signing up for a licensing class, we suggest setting up a strict study schedule. After each class, you should commit at least 30 minutes to review the material. By reviewing the material immediately after learning it, it’ll be easier for your brain to cement the information in place.

Next, create flashcards that you can use throughout the week to review different insurance terms. It’s also helpful if you do a voice recording of yourself reading the material you need to study for the exam. Hearing your voice, helps your mind enter into a state of familiarity.

Instead of stressing itself out trying to learn something new, your brain will feel as if it’s grasping a concept it already knows something about. Your voice recording can be something you play while you’re driving, or just working around the house.

Apply For Entry-Level Positions

You might not have to get your insurance license before you land a job at an insurance agency. It could be in your best interest to visit an agency before signing up for a licensing course. Why?

Oftentimes, both large and private insurance companies, are excited to recruit new members who are passionate about making a living selling. To help improve employee retention rates, a lot of agencies will offer to help pay for a licensing course. In some cases, an employer will be willing to pay the full amount, whereas other insurance agencies might only offer to pay for half of the course.

Whatever the case may be, any discount you can receive on your insurance course is a good one! You may also find that the insurance agency you’re applying to will pay for the course after a probationary period.

Starting in Customer Service

If you have dreams of owning your insurance agency one day, then you could benefit from learning how to properly run an agency. Even if you don’t have your insurance license as of yet, we suggest seeking out customer service-related positions. In some states, like Florida, you’ll have to obtain a special customer service license before qualifying to work at an agency.

However, as we mentioned earlier, sometimes agencies will be willing to foot the bill for your licensing as a new hire. Customer service is hands down one of the best places to begin your insurance career since you’ll get to learn customer pain points in person. Pain points are problems that customers face throughout their journey with a company.

Examples of insurance pain points include things like raised rates, not having the right coverages, or not understanding the policy. As a customer service agent, you’ll learn the right way to resolve customer issues. When you transition into a sales role, you’ll be able to take an empathetic approach to any concerns your customers voice. You’ll also be able to predict potential problems, heading them off before they begin.

Acquisition Customers and Cross-Sell

Last but not least, let’s talk about how you’ll get your customers when you become an insurance agent. After getting your license, and gaining experience with an accredited agency, you’ll be ready to branch out on your own. However, working independently as an insurance agent is only going to be lucrative if you know how to find the right type of customer.

Do you plan on selling home insurance? If yes, it’d be in your best interest to befriend a few realtors. Instead of having to search for an insurance agency they can trust, new home buyers we’ll be happy to have an insurance referral.

Once you start to build your homeowner’s client base, you can begin the process of cross-selling. Cross-selling is when you contact customers who have one line of product with you so that you can provide them with the opportunity to sign up for another product.

Start Selling Insurance

It’s exciting to think about how much money you could make selling insurance! Since getting your license is going to be the first step, you’ll want to get that ball rolling right away. Find out your state’s requirements for insurance licensing, and sign up for whatever class you need.

Next, before you take the class, remember to search for insurance agencies hiring around you. The agency may be able to help pay for your course, while also guaranteeing you a job. Are you ready for more tips like these? Explore the rest of this site.