Is insurance sales a good career
If you have ever wanted your own business you might ask yourself; Is insurance sales a good career?
The type of insurance sales can make a big difference
There are a lot of types of insurance people sell and a number of capacities. Some types of insurance are products that people need to have by law or are generally types that most people have. Products such as Auto, Home, Commercial P & C, Medicare and to a lesser extent, health insurance fall into this category. These product types do not require an “emotional sale” or the need to convince someone they should have it. They usually know they need it but are trying to figure out who to get it from and which company to use.
Other insurance products fall into the “emotional sale” category. They are products that are optional in nature. Maybe it would be good to have them but they are not required and are not usually used on a day to day basis. Products that fall into this category are Life insurance, Long Term Care, Annuities, Accident plans, private Disability insurance to name some. A sale of this product will often take some convincing to help the person understand why they should have it.
What capacity will you operate in?
There are number of types of insurance sales people. Each type has its positives and negatives.
- Working for an insurance carrier- This is usually a w-2 type job. (A captive insurance agent) The positive is the structure which some people need. You can work in an environment where you are provided training and the basics of what you need to do are laid out for you. In, other words, its more like a standard career. The negative part is that you are often selling one companies product which can be difficult if it is not competitive vs. competitors products. You also usually will not own your book of business. As a result, if you leave, the residual income from those sales will not go with you.
- Working with an agency- This can be either a w-2 or a 1099 job. Again, like the carrier job, there is usually structure in place and guidance on selling. (Contingent on the experience with Medicare sales of the agency you go with however). Working with an agency will often give you access to a number of products and multiple companies that offer the products. This can be a big advantage in a competitive market. The drawbacks are that the agency often owns the compensation paid from the insurance sales. The agency will often keep a portion of that compensation resulting in a lower payout to the sales person. They also own the book of business in most cases which can mean a sales person may not be able to keep any renewals if they leave the agency.
- Working as an independent agent- This is a 1099/general contracting position. The sales person is self employed and owns their book of business. This means they receive all commission payments and renewals directly from the insurance company. They get the max payout this way and own their book of business. (Ensures they keep future renewals and the ability to sell the book if they choose in the future). The negative is there is no one to motivate or put the sales person on a schedule. Working as an independent is a good move for those that are self motivated and want complete flexibility. It is not the best choice for someone that is looking for a more 9 to 5 type position.
How will you get in front of people?
- The biggest challenge in any sales career is getting in front of enough prospects. This challenge holds true in any type of sales. Of course, you will need to understand the products, have a professional sales process and be organized. That is a given but even the best sales people will not succeed if they are not able to get enough opportunities. As a result, the effectiveness of your marketing is the biggest key to being successful.
- Before launching into an insurance sales career, you need to have a plan for how you will market and get the number of meetings/opportunities to close sales. With most insurance sales careers, getting started is difficult. Sales will may be slower while you are trying to figure out the business. Initial income may be lower than anticipated as a result.
How Crowe and Associates helps independent agents
Crowe and Associates works with independent agents and agencies on a daily basis by offering them a number of tools to be successful.
- Access to multiple products with hundreds of insurance companies
- Sales training on products including Medicare, Life, LTC, Annuity, Final Expense, vision and dental plans
- Online enrollment platform (Connect4Medicare)
- Online quote site to quote and compares all product types CLICK FOR RECORDED WEBINAR
- Free Medicare lead program
- Daily sales and back office support
- No reduction in your compensation and you own the book of business.
- No cost to you for any of our services
Call or email us to learn more – Call 203-796-5403 or email Lisa@croweandassociates.com