Make a careeR. Make a Killing.
An associate or a bachelor degree is required by most insurance providers to become a sales agent. Graduates who have received their degrees in managerial studies, business administration or economics are often favored and welcomed. However, it is not unheard of for agents with only their high school diploma to be hired, in order for this however it is recommended that the applicant have a great deal of work experience to prove their ability in sales. The matter of fact is that in the insurance industry it is very beneficial to hire employees with a background that comes from a different occupation. Case in point, having technical savvy in a field will be extremely useful when selling insurance to someone who specializes in the same field. As a result of the great number of agents who transfer into insurance sales from another occupation, in general the average age of a new agent is significantly older than that of new employees in other occupations.
The achievement of a college level degree can help sales agents in understanding the technical side of insurance policies and the basics of procedures in selling insurance. Many colleges and universities are now even offering bachelor’s degree with curriculums specifically designed around insurance sales. Courses available in colleges which may greatly help sales agents who are trying to grasp the relation of economic and social variables to the industry may include accounting, mathematics, finance, economics, business law, business administration, and marking. Where, on the other hand, courses in public speaking, sociology, psychology and social behavior can help in developing a personalized sales approach techniques. Competency with computers and various software programs is also crucial because of the wide spread use of these technologies.
Sign up for the monthly DVD |
 |
An insurance sales agent must be licensed in the state/states that they work in. Separate licenses are needed for agents selling life and health insurance and property and casualty insurance. Most states demand for applicants to complete specific pre-licensing classes and tests before issuing a license. These courses and state exams go over state insurance laws and essential insurance information that is unique to each state. In 1999, the Gramm-Leach-Bliley Act was passed causing the insurance industry to move gradually towards shared licensing, and a consistent set of state licensing requirements. This modification would then permit agents who have previously been licensed in one state to practice in other states upon achievement of relevant courses and tests.
Agents that desire to become financial counseling, life, health or property and casualty insurance specialists can become qualified in their specific field through professional programs. There is a great deal of these organizations that provide said programs. And, despite the fact that it isn’t a requirement, such certification can be valuable to agents in convincing their employers and clients of their detailed mastery in a specific field. It is expected that to achieve a certification agents attend additional education.
Since the many facets of a sales agent’s work is growing every year with new policies and additional fields of services being provided it is very important for professionals to continue in furthering their education through out their careers to stay on top of new developments. Client needs and running a business can be substantially affected by variables in government benefit programs, tax laws, and other Federal and State regulations, it is critical for insurance agents to keep up to date on matters regarding clients. Enrolling in college or university courses or attendance at a sponsored conference or a sales training series seminar can advance an agents selling expertise as well as increase their understanding of insurance and other financial fields. In addition, most State licensing establishments have obligatory ongoing education requirements, qualifications center on practical fine points of diverse insurance policies, as well as consumer protection and other insurance laws.
Consumer demand for financial products as well as financial planning is escalating. This has caused more and more insurance agents to strive to meet licensing and certification standards. Although it is required to study and pass a National Association of Securities Dealers exam to become licensed, agents are discovering that the payback that comes from being able to sell securities and other financial products as a licensed financial agent are well worth the extra time and effort put into schooling. The NASD gives two types of exams, both a series 6 and a series 7. Agents who want to sell mutual funds and modifiable annuities only will be given the series 6 exam, agents interested in becoming general securities sales representatives must pass the series 7 exam. Earning the designation Chartered Financial Consultant, or Certified Financial Planner may also be a great advantage for some agents.
It is vital that sales agents be positive, passionate and accommodating. Control and hard work, partnered with problem solving skills are also pleasing traits. Communication skills are most important as sales agents work to rouse a level of trust and assurance in their relationships with their customers. Also, since they most often work autonomously, it is imperative for sales agents to be extroverted enough to find new clients, and be economical with the use of their time.
Sales agents who are concerned with advancement and promotion and have some ability in leadership may lead to managerial levels within local offices. Some even discover themselves rising to superintendent or executive positions. Some, primarily those working in property and casualty fields, go on to shape their own agencies or brokerage firms. For others, chiefly for those who have developed a good clientele, continuing in sales work is much more lucrative.