At the end of the day, insurance agents are salespeople, and the amount of money they take home is greatly influenced by how many sales they have recently closed. Are you considering taking the insurance agent exam? We make every effort to ensure that the content on our site is accurate but it’s always recommended to you contact your state’s Insurance Licensing Department or Test Provider for information. As such, it’s an insurance agent’s job to explain potentially complex issues in a clear, concise manner that regular people can understand without leaving out important details. Every company must hold a state business license, and every agent must hold a license to sell insurance in the state. They focus their time and energy on what has to get done, without procrastinating. Insurance Agents describe and explain different types of insurance and coverages to customers, offering recommendations on which policy to choose. My wife and I need to find some insurance for our home soon. ALSO READ: Top 10 Best Books for Insurance Agents, ALSO READ: 10 Insurance Email Marketing Mistakes You Should Avoid. I think years of experience an agency has is definitely a critical component when choosing the right insurance agency. The insurance has the following characteristics which are, generally, observed in case of life, marine, fire and general insurances. Property and casualty insurance agents sell policies that protect people and businesses from financial loss resulting from automobile accidents, fire, theft, and other events that can damage property. (Future Outlook For Financial Advisors), How To Become A Virtual Financial Advisor (Plus Traits And Tools To Help You Work Remotely), An Open Letter To Financial Advisors With Imposter Syndrome (Plus 4 Tips For Overcoming It), Lead Pilot Review: Should Financial Advisors Use It? Insurance companies are magical creatures that, in the hands of a skilled operator, perform alchemistic feats and literally mint money. The relationship between the agent and the insurance company is very different than captive agents – the Independent agency has a contract to sell companies’ policies, but they represent the client to the carrier, not the other way around. Then they go to work to draw up policies that meet those criteria. Entrepreneurial mind set – Being an insurance agent has a big similarity with owning a business in such a way that the income is not fixed on a certain rate. (My Answer May Surprise You...), Will Financial Advisors Become Obsolete? The ability to retain the same agent even if you switch carriers is another perk of having your insurance with an independent agent. While there aren’t a lot of requirements that need to be met before taking the test and getting licensed as an insurance agent in your state, being a successful insurance agent can be a different story. One of the most important qualities insurance agents at the top of their field have in common is how they view their work. It's hard to put all of the elements into place and ensure that you have every base covered—from marketing to employee education to insurance. Doctors, dentists, counselors, and life insurance agents.They all have something in common; there are key factors that need to be present before we officially select one. Farm Bureau agents genuinely help their friends, neighbors, and community feel secure and protect what’s important. Looking For A Financial Advisor Internship? Keywords: Unethical behavior, role ambiguity, insurance agent, moral obligation, sales target 1. Here Are 10 Things You Should Know... How Hard Is The CFP® Exam? Like all salespeople and customer representatives, a good insurance agent is someone that the people who work with them can count on to be there when they are needed. As an insurance agent, you may work for an insurance company, refer clients to independent brokers, or work as an independent broker. So there is no bias when they recommend an insurance plan. The successful insurance agents are the ones who are disciplined enough to take action even when they don’t want to. Insurance sales agents commonly sell one or more types of insurance, such as property and casualty, life, health, and long-term care insurance. Insurance sales agents contact potential customers and sell one or more types of insurance. In fact, that’s why most agents get into the business. Insurance agents sell insurance policies and financial products, such as mutual funds or annuities, to their clients. 2. Here are four key qualities that most good insurance agents have. Pros and Cons of Financial Advisor Coaching - Should Financial Advisors Hire a Coach? Insurance can be complicated, especially for laymen who don’t have an education in the details of industry policy and legal regulations. In order to keep bringing in money and clients, a good insurance agent needs to have the discipline to be a self-starter and to independently motivate themselves to work every day. disability insurance and life insurance. Insurance Agent Job Description. If so, get in touch with America’s Professor today and sign up for our online insurance pre-licensing courses at 800-870-3130. Health insurance is a particularly complicated product, and insurance agents selling this type of coverage are apt to specialize. ALSO READ: Life Insurance Leads - Should You Buy Them? An insurance agent who understands your business or personal needs and budget can help you get the right kind of insurance protection and coverage. Perhaps the most important personality trait for any successful insurance agent is passion. They take the time to learn about the people sitting across the table—needs, wants, desires, problems, and goals. If you’re referring your clients to an insurance agency, here is what that agency needs to have… Financial Planner Needs in an Insurance Agency: #1 Expertise. 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One of the most important traits of a good insurance agent is that they appear to be excited and eager at all times. 1. This includes the ability to relate to your prospects or clients and work collaboratively to find common ground and a solution that is right for their problems (or insurance challenge). Insurance agents sell and negotiate life, health, property, or other types of insurance to match the needs of their clients. The Department of Insurance is the regulatory agency charged with supervision of insurers, insurance agents, and insurance-related business. Self-discipline is the art of passing up a little short-term pleasure in exchange for long-term gain. Sharing of Risk. It’s a poor insurance agent that has to twist the facts or leave out important information to get customers to sign up for the plans they offer. An independent agent typically has access to a wide array of products from many different insurers. May refer clients to independent brokers, work as an independent broker, or be employed by an insurance company. ALSO READ: 7 Horrible Insurance Marketing Ideas, The James Pollard Inner Circle Newsletter. In this way, each state can keep track of and maintain its standards Top-level insurance agents have an obsession for solving their clients’ problems. When you’re an insurance agent, people rely on you to be there for them. Going back to the topic, what are the characteristics of a good financial planner, financial advisor and insurance agents? One of the undeniable qualities of the best insurance agent is their desire to always be learning. Successful insurance agents are "bullish" on life. Great insurance agents are passionate about closing sales, about finding their clients the best coverage, and about understanding the ins and outs of every individual policy. Insurance policies are complicated for the average person to understand. Passion is what motivates an insurance agent to aggressively pursue sales, seek out new clients, and power through dry periods to get to the other side. Insurance is a device to share the financial losses which might befall on an individual or his family on the happening of a specified event. Such a group of persons may be brought together voluntarily or through publicity or through solicitation of the agents. Like with any profession, those with a passion for being an insurance agent are the ones who find the most success being an insurance agent. If you are a financial planner, advisor or insurance agent, have these characteristics so that attracting clients and making sales is very easy. Life Insurance Leads - Should You Buy Them? It takes a certain type of person to thrive in this unstructured, fast-paced industry. 4 Things I've Learned From Testing 3.2 Million Financial Advisor Emails, What Is The Optimal Number Of Clients For A Financial Advisor? If so, congratulations, and welcome to the team! These agents often set their own hours, allowing flexible scheduling. ... such as agent … Independent agencies come in all sizes, from a single agent to Fortune 500 corporations. Read on to find out! In that case, the first thing you should do is find a good insurance agent who is capable of guiding you in choosing the best plan that fits your needs, and budget. Independent Agent vs Captive Agent – An Independent agent represents many insurance companies. A great insurance agent, on the other hand, is always upfront about the details of the coverage options they are pitching, and can always be counted on to give their clients an honest appraisal of the benefits and shortcomings of any particular plan. How an Insurance Agent Association Provides Your Agency With Stability Having a stable and thriving insurance agency is a goal for most agencies, yet it can be difficult to achieve. In many states, insurance adjusters must also be licensed. If you have all (or most) of these traits, you’re more likely to be successful. It is not a career for everyone though. The insurance department has the authority to issue, renew, suspend and revoke licenses. Here are the 10 characteristics that insurance agents must have in order to be successful: 1. (Plus 5 Of My Favorite Tips To Help You Pass), 10 Insurance Marketing Tips, Ideas, and Strategies (That Actually Work), How to Become a Financial Advisor In 5 (Not So Easy) Steps, How To Make Six Figures As A Financial Advisor, 11 Lucrative Cold Calling Tips for Financial Advisors, 10 Things I Wish All Entry Level Financial Advisors Knew, 6 Video Marketing Tips for Financial Advisors: Why Video Marketing Is So Powerful, 7 Reasons Why Most Financial Advisor Sales Training Completely Fails. An independent agent is an insurance agent that sells insurance policies provided by several different insurance carriers, rather than just a single … In contrast, a captive agent represents a single insurance company. From the above explanation, we can find the following characteristics which are, generally, observed in the case of life, marine, fire, and general insurances. Introduction In Malaysia, prior to 1997, the insurance companies are operating as a private company governed by the 1963 Insurance Act. However with the enactment of the Insurance Act 1996 which came into force on 1 st January 1997, Copyright © 2020 | The Advisor Coach LLC |  All Rights Reserved. Thank you. The division between types of insurance makes it advantageous for a given agent to specialize in one or two types of insurance coverage. 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A great insurance agent puts themselves in their clients’ shoes, considers their needs and concerns, and makes decisions with those factors in mind in order to provide those clients with the best insurance options available to them. Without you, customers can’t get their questions answered or make changes to their insurance policies, and insurance providers struggle to find customers. While some people look at insurance sales as a way to make a nice living, successful agents view what they do as the means necessary to help other individuals as well as commercial entities. Insurance agents have a very high income potential, but making a decent living in the field requires being motivated to earn as much money as possible. Thanks for mentioning how a good insurance agent is someone that you can depend on. 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