Have you been thinking about quitting your day job in favor of starting your own business and becoming your own boss? Or maybe you’re considering making some extra money on the side? Selling insurance can be a rewarding career for anyone looking for either of those options. Sure, it takes hard work, but what job doesn’t?
As an insurance agent, you get to help people find policies that protect them and their families. There's something incredibly satisfying about that. The thing is, you might be hesitant to get started because you're unsure of how things will turn out. You may not be willing to quit your current full-time job to start something new without a guarantee that you'll be successful.
The good news is that you don't have to jump into selling insurance full-time to be successful. You can get started part-time. That way, you also don't have to worry about trying to earn enough commissions to equal your primary income source. Instead, as a part-time agent, you can use your time to learn the ropes without the stress that usually comes with a commission-dependent job.
While being a part-time insurance agent does have its perks, most insurance companies aren't looking to hire people on a part-time basis, or maybe just not during the hours you want to sell insurance. So how do you make it work? In this article, we'll go over how you can successfully sell insurance part-time.
First of all, you may be wondering whether or not selling insurance part-time can even work. In short, yes, it absolutely does work. According to ZipRecruiter, most part-time insurance agents make between $30,000 and $91,000 a year. The nationwide average for part-time insurance agents sits at just over $81,000.
The salary range for a part-time insurance agent does vary significantly. ZipRecruiter also reported salaries as low as $19,000 and as high as $250,000. What you're able to make depends heavily on your mentality and efforts.
You don't have as much time to sell insurance when you're a part-time agent, so there's less room for mistakes. If you want to be successful, you have to make sure you're doing everything right in order to get the most out of it.
When you first start selling insurance, your mindset will play a substantial role in your success. It's the same for anything you do. To be successful, you have to think that way. If you go in with a defeatist mindset, you're much more likely to fail.
Avoid the idea that you're "just dabbling" in selling insurance. That kind of thinking may lead to a lack of motivation. You're just trying it out, so why should you put in a lot of effort? After all, you may still have your full-time job. But being inconsistent with generating leads or not working hard to meet with clients regularly often leads to failure, and that's the last thing you want.
Instead, get in the mindset of putting in a full-time effort on a part-time schedule. While you're working part-time, you should still treat being an insurance agent as a profession, not just a job. You need to be committed to a set amount of production and lead generation each week to get consistent results.
As with any other profession, insurance sales require a particular skill set. To be successful, you'll want to master those skills and stay up to date with the insurance industry.
Reading books and attending webinars are two great ways to learn and grow your sales skills and knowledge of the industry continuously. There are several books available that can help you reach your full potential selling insurance part-time from home. Consider picking up a few and taking the time to read them.
What's important here is that you never stop learning.
You'll also need to get in the right frame of mind from the get-go if you eventually want to turn your part-time insurance business into a full-time operation. If that's your goal, create a plan for when you want to transition to selling insurance full-time, or else you may never get there.
Patience will be essential. You'll want to give yourself some time to prepare before you make the switch to full-time sales. Depending on your circumstances, it may take six to 12 months before you're ready.
Once you've had some practice, honed your skills, and started building a client base, you may feel comfortable and confident enough to take the plunge.
One thing you'll need to do when you're getting started with part-time insurance sales is deciding what it is that you want to sell. Are you unsure at the moment about what you should sell? That's okay. Take some time to see what fits your personality. What area of insurance are you most interested in selling? Do you happen to know anyone in that same sector who could mentor you?
These are just a few of the things you'll need to consider when deciding what type(s) of insurance you want to sell. Navigating these and other questions will help you to find something that fits you best.
Keep in mind that there are pros and cons to selling different types of insurance. For instance, selling life insurance may provide high commissions, but you may have people hesitant to get a policy because they're not comfortable thinking about unpleasant situations. With auto insurance sales, you get to help people tailor policies for cars they've always wanted (and they're super excited about their new vehicles).
No matter what you decide to sell, you'll have your ups and downs. It really all comes down to what you can see yourself talking to people about and helping people navigate.
If you're still unsure about which area of insurance to focus on, try out different types as you get used to things. The advantage to this is that you get a little experience in the broad range of insurance products.
Eventually, you'll want to choose one form of insurance to become an expert on, but that doesn't mean that you need to limit yourself. You can become a "T-shaped" insurance agent. This means you have a deep knowledge of one particular type and a broad (but not as deep) understanding of one or more other types, which is also helpful for future cross-selling opportunities.
This ability to "try on" different insurance types is a significant benefit of selling insurance part-time. You can test out the many options to see which ones are a good fit for you with minimal risk. If you don't enjoy a particular area of insurance, you can more easily move on to try another one until you find the best fit for you.
As a part-time insurance agent, a carefully thought-out plan and schedule are vital. If you don't make a commitment when you first get started, you run the risk of falling behind your expectations, underperforming and becoming unsatisfied with your results. As mentioned earlier, your frame of mind matters. Part of your success mindset should be making a plan, creating a schedule, and sticking to them.
Now, if you're still working a full-time job while trying to start selling insurance part-time, there's a good chance that you don't have much flexibility in your schedule. If you're dedicated, though, you can make it work.
Take a look at your current calendar and find consistent gaps in your availability, which you can then dedicate to selling insurance. While working evenings and weekends might not sound like fun, especially if you're working 40 hours a week already, you'll have to put in the effort during your spare time to get better at selling insurance.
As you look over your schedule and start taking note of the times you have available to devote to selling insurance, think about who your target market might be during those times.
For instance, if you're able to work during the daytime, seniors may be the ideal demographic. Seniors need insurance too, and they need a trustworthy insurance agent to help them navigate their options and the process. You could certainly be successful going this route.
On the other hand, if your free time falls in the evenings, your ideal demographic might be working adults under the age of 65. These individuals likely work regular nine-to-five (or similar hours) jobs, and they probably can't take the time to go over their insurance options during those hours. By the time they get home, most insurance offices are closed, too. Being available after regular working hours can give you a competitive edge.
One of the best times to be available for selling insurance, however, is the weekend. Saturdays and Sundays have been shown to be the most successful for insurance agents due to the wider availability of all demographics.
Now, while you do need to commit to a plan and a schedule, avoid going overboard. If you overcommit, you could quickly overwhelm yourself, and try to prioritize a manageable work-life balance.
But keep in mind, if you don't make time to take calls or answer your clients' questions and concerns, you could end up delivering subpar customer service, which could then harm your new insurance business. That's the last thing you want, especially since you want to be successful and eventually go full-time.
So, you know you need to create a plan and schedule and that you've got to commit to them. Performing your regular full-time job and taking on insurance sales part-time can get pretty hectic, however. Therefore, staying organized is vital. Not only do you need to be organized when you first get started, but you also need to make sure that you stay that way as you begin to take on clients and grow your business. Otherwise, things can spiral out of control very quickly.
Because you'll be spending most of your day on a different job, it'll be easy to forget where you left off when you come back to your insurance business. You might forget details that were fresh on your mind when you were last working on a specific project. To prevent this and other issues that might arise while you transition from your day job to your part-time insurance sales job, you'll want to establish a system of keeping track of detailed information. That system will give you something to reference every day when you take off one hat and put on another.
So how do you stay organized? That really depends on you. Everyone's system is a bit different. You might consider a notebook in which you keep detailed notes, thoughts, important tasks, and similar information. Depending on how you like to go about things, this might be a physical journal in which you write everything down or a spreadsheet document you keep on your computer.
If you have a budget, you might also want to consider investing in a CRM system. An insurance CRM system provides agents with the features necessary to increase policy sales, manage marketing campaigns, simplify application processing, and strengthen customer relations.
No matter which method you choose to keep yourself organized, make sure that it works for you. A system that's too complicated will be more challenging to maintain, leaving you more likely to abandon it. If you need to, test out a few different organizational methods to see which ones you like best and are most likely to stick to for your part-time insurance business.
You've made the commitment to selling insurance. You've already blocked off time on your calendar. You've figured out which type(s) of insurance you want to sell, and you're in the right mindset. Now comes the fun part — generating leads and getting clients.
There are several ways to generate insurance leads. If you happen to have marketing experience, you can leverage your knowledge. You can go the more traditional route of direct mail, flyers, and local advertisements. If you have a great network within your community, you can also leverage that.
Your other option is to go the digital route. With digital marketing, a great website and a strong digital presence are essential.
You should optimize your website for online searches by incorporating keywords throughout your pages, making the site easy to navigate, and ensuring it's mobile-friendly. Creating valuable, relevant content and building a presence on social media can also be beneficial. You want to establish yourself as an authority and make sure that your name shows up near the top of the search results when potential clients are looking for insurance in the areas you serve.
What if traditional or digital marketing doesn't interest you? Or marketing eats too much into the already limited time that you have set aside for selling insurance? Don't worry, there are other solutions. One of those solutions is buying insurance leads.
Typically, when buying insurance leads you can choose from either aged leads, real-time leads, or live call transfers. Working with aged insurance leads isn't ideal as they're likely to be less interested by the time you contact them or have already purchased insurance.
Another option that you have available is to work as an independent insurance agent on the Assurance agent platform. Using the Assurance platform, you have the freedom to sell insurance whenever, wherever, and however you want.
The Assurance platform dials and receives calls, tracks your success, provides optimized scripts, and handles your compensation, so you can focus on growing your skills and selling insurance.
And when you receive inbound calls, you can be assured that the leads you're speaking with are pre-qualified and interested in finding the best coverage for the exact insurance product(s) you sell. Best of all, it's free to get started on the platform.
Don't be afraid to try out a few different lead-generation tactics. You may find that a combination approach provides you with the best results.
Whether you're a part-time or a full-time insurance agent, your clients shouldn't be able to tell the difference. To be successful, you need to be there for your clients when they need you.
Now, you might not be available during regular business hours, but that might not matter to your clients. After all, they have jobs, too. What matters is how you treat them, how quickly you respond, and the quality of service you provide.
To avoid issues, set expectations with your clients from the very beginning. Let them know the best time(s) to call you and that when they do, you'll return their call quickly. In general, most people are reasonable enough not to expect you to answer a phone call immediately every time they dial your number, as long as you set that expectation early on.
Remember, you might be a part-time insurance agent, but your clients don't know that. That also doesn't mean that you can put off answering or returning phone calls or emails. You need to communicate effectively with your customers.
Make every effort possible to take calls at every opportunity. That might be during lunch at your day job, during your breaks, or any other time that you can pull yourself away. When you make the effort to communicate with your clients, they'll notice. And it'll make a world of difference.
Just because you can't quit your full-time job, that doesn't mean you can't get started on a new career path. Being an independent insurance agent can be incredibly rewarding. You get to be your own boss and have your own company. If you stick with it and develop a decent client base, you'll also be building a book of referrals and renewals. If you want, you can eventually switch to being a successful full-time agent.
If you need leads to get your insurance business off the ground, Nectar is here to help. Sign up to start talking to qualified insurance leads today.
This article reflects the features of Nectar as of the date of publication. Features are subject to change at any time. This article is meant for informational purposes only, it is not a guarantee that using Nectar will help you achieve specific business or financial results and is not intended to serve as the sole recommendation for any business financial decisions.