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How Do an Insurance Agent's Sales Commissions Work? Insurance Agent Development
Feb 8, 2022
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7
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From a career standpoint, you might be at the beginning, midpoint, or even toward the end of your journey. Wherever you are in your working years, you may have the drive to do something different. That desire might stem from the need for a new challenge or a bit of boredom with your current job or business. Whatever the reason, insurance sales may be a perfect fit.
Read on to see whether some of the following characteristics apply to you.
If one or more of these examples has you nodding in agreement, it could be time to explore the benefits of a new career in the insurance industry.
Ask any seasoned insurance salesperson, and they'll tell you the business is largely a numbers game. The more people you know, the more likely it is that insurance sales will be a rewarding pursuit.
For starters, friends, family, and business contacts make a great base for building your business. You can sharpen your sales skills and get more comfortable with products as you assess the financial needs of people you know well. And because they're in your corner, the most important people in your life will offer feedback that can only help you improve your skills.
Having a large circle of personal contacts will help you get off to a strong start in insurance sales, but you'll also need a steady stream of additional people to contact. Some of these contacts may happen by phone or email, but this might not yield the best results for your customer acquisition ratios. You'll also want to seek out a source of warm leads — or people who may be shopping for insurance and are ready to buy.
If you know how to gather solid and consistent leads, you've conquered half the battle in insurance sales.
Whether it's nine to five or three to 11, there's a good chance you're missing out on something interesting during steady, regular work shifts. With that in mind, insurance sales certainly gives you the flexibility to catch an early movie with a friend while pushing off some paperwork until later in the evening. Your time, your choice. If you're the type of person who likes the freedom to map out your week, look no further.
Set-in-stone hours in the insurance industry are difficult to define. After all, if you're engaged in conversation with new acquaintances and maintaining a presence on social media, you're constantly exposing your insurance business to potential prospects. In some cases, prospecting may be a matter of conveying what you do for a living to the cashier in the grocery store. On the other hand, your profile may pop up when friends of friends on social media may be shopping for home or auto insurance.
It might not be your highest priority when investigating a new career, but money will definitely factor into the equation if you're interested in insurance sales. In fact, if dollars motivate you more than anything else, then you're probably headed down the right path with selling home, auto, business, or health insurance policies. Unlike careers where you can only advance so far and earn so much, there's no cap on your ability to make a great living as an insurance salesperson.
Naturally, monetary success in this business depends on many variables. You'll need to be a highly independent and energetic person who understands the value of your time. Organizational skills help keep your administrative ship in order. Yet, one of the most valuable traits you'll need is follow-through. Having the ability to create interest with prospects and meet their financial needs will go a long way toward keeping your pipeline full and meeting your revenue goals.
Whether you're on the phone, taking meetings in person, or giving virtual presentations, you'll need to be a people person to enjoy a career in insurance advisory. Ask any successful insurance salesperson, and they'll tell you the value of the relationships they've formed often exceeds any financial rewards they've secured through those bonds.
Look back at past and present jobs. Was the best thing about those positions the people you met? That feeling may be a signal that the insurance arena is right for you.
Simply paying lip service to business relationships won't help advance your career, though. As you might guess, client relations are built on trust and sincerity. If you're genuinely intent on helping people protect their assets, that honesty will likely shine through and contribute to your success. If integrity in relationships is a big part of your personal makeup, expect that quality to propel you forward in an insurance career.
There have probably been times when you've wanted to take control of your career destiny. In your current position, you may have innovative ideas. But, perhaps it's difficult to put your thoughts into action when those ideas have to travel up the corporate ladder. And it's no certainty that your vision will even be regarded at higher levels of management. At some point, you wonder what it would be like to be the chief decision-maker.
Many people want to control their own career path, but few reach that goal. Are you someone with the experience, drive, and confidence to buck that trend? You may have some sales experience or just a bold personality that others are drawn to. Combine that with experience in or a willingness to learn about marketing and basic finance, and you may be an ideal candidate for insurance sales. The kicker? You'll be running your own business in a sense — and calling the shots.
Some startup pursuits can take a while to launch and bear fruit. Likewise, it may take some time to advance beyond an entry-level position in a corporate environment.
In contrast, you may have the will to succeed with an eye toward the fast lane. You prefer a path to success with the least amount of resistance. If this sounds like you, you may find it's not too difficult to make headway in the insurance world. You'll need to study and get your license, but this can be a breeze if you enjoy learning.
Licensing requirements will help lay the groundwork for the insurance knowledge base that you'll carry with you for your entire career. And, to prosper in the industry, you won't want to stop at the basics. Rather, make sure you're someone who will continually seek to broaden your understanding of insurance products and services. When you commit to industry education and vow never to stop learning, the road to a satisfying career quickly opens up before you.
When it comes to building a substantial client base, you'll come to find that the best kind of advertising is free. You may have a knack for social media or other marketing channels, and those avenues will certainly help you turn prospects into customers. But don't lose sight of the fact that receiving referrals is one of the most effective methods of securing new business in the insurance world. If you gain the trust of customers, friends, and business owners, for example, all of these folks will gladly recommend your services without hesitation.
There's another upside to referrals. For each one you get, you can give one back. Recommendations often come from business owners you meet, and there's nothing better for a fellow entrepreneur than to get a referral client in return. You might rely on your accountant, your attorney, your electrician, or any other service provider for some business leads, and you can reciprocate by sending prospects their way.
One of the best ways to network is to create an informal group that meets a couple of times a month for lunch or breakfast — where you can pick up the tab when it's your turn. (So, maybe the best kind of advertising is almost free.) If this sounds invigorating, insurance sales might be an ideal career for you.
Freedom, mobility, unlimited earnings potential, long vacations, lasting relationships — do these sound good to you? These dreams can transform into realities if you choose to earn your keep as an insurance salesperson. Success is a matter of having the right plan and sticking to it.
At Nectar, we understand the insurance business and how the right strategy can move you on to bigger and better things. If you're just starting on your insurance sales journey, we can provide those warm leads you need so you can focus on improving your sales skills, networking, and building your business. Reach out today to learn more.
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.