Insurance Sales

Job Description

Insurance Sales representatives meet with clients, determine their insurance needs, and then present policies and coverage options to meet those needs. An Insurance Sales agent is the intermediary between the insurance company and the customer. Some agents specialize in insurance, such as auto, home, health, or life insurance, or sell several different types of coverage.

An Insurance Sales agent must be adept at verbal and written communication and relationship-building. They must develop and maintain a network of prospects for new policies, and influence existing clients to renew their insurance plans. Also, candidates must obtain licensing from their state to sell insurance. 

Typical Duties and Responsibilities

  • Assess client needs and promote suitable insurance products
  • Seek out and network with potential new clients
  • Fill out and submit applications
  • Issue quotes, maintain client records and prepare reports
  • In the event of a claim, help clients file and receive financial compensation for their loss

Education and Background

A high school diploma or its equivalent is required for this position. However, some companies and insurance agencies may prefer agents to have an associate or bachelor’s degree. Employers prefer coursework in sales, business, finance, accounting, and related subjects.

Skills and Competencies

  • Written and verbal communication skills, including relationship-building and influencing
  • Strong sense of organization and time management
  • Expertise in negotiating
  • Working knowledge of Microsoft Office Suite or similar software, including spreadsheets and databases

Compensation

According to Payscale the median annual salary of an Insurance Sales agent with

1 year of experience:

  • Orlando, Florida: $34,000
  • Tampa, Florida: $37,000
  • Jacksonville, Florida: $35,000
  • Miami, Florida: $40,000
  • Atlanta, Georgia: $50,000
  • Chicago, Illinois: $60,000
  • Houston, Texas: $50,000
  • Los Angeles, California: $50,000
  • New York, New York: $50,000
  • Seattle, Washington: $47,000
  • Overall: $44,000

5 years of experience:

  • Orlando, Florida: $40,000
  • Tampa, Florida: $47,000
  • Jacksonville, Florida: $45,000
  • Miami, Florida: $51,000
  • Atlanta, Georgia: $60,000
  • Chicago, Illinois: $75,000
  • Houston, Texas: $59,000
  • Los Angeles, California: $60,000
  • New York, New York: $60,000
  • Seattle, Washington: $65,000
  • Overall: $55,000

Similar Job Titles

  • Software Sales Representative
  • Software Account Executive
  • Technology Account Executive
  • New Business Development Manager
  • Technical Sales
  • Technology Sales Development Representative
  • Outbound SDR
  • Inbound SDR

Career Path

Insurance Sales agents can either work for an independent insurance agency, sell plans from multiple companies or be captive agents, work for one large insurance carrier, and sell products only from that company. Employers prefer sales experience, in addition to education and training, when they hire Insurance Sales agents.

All Insurance Sales agents need to obtain licensing in their state to sell insurance. Requirements and testing procedures vary from state to state. Some Insurance Sales professionals also branch out into selling financial products and securities as part of their practice. Those who do must also obtain the proper licensing and certification to sell securities products, such as those administered by the Financial Industry Regulatory Authority (FINRA).

Position Trends

According to the publication Insurance Journal, one trend insurance industry professionals should be aware of is the increasing financial impact of natural disasters. As the population grows, housing developments are spreading into areas that were once rural, meaning there are more losses than when similar disasters have happened in the past. The growing use of technology to make insurance companies and agencies more efficient, known as insurtech, is another trend that changes the way insurance companies do business, especially in the ways customers buy and search for insurance policies.

Job Outlook

According to the U.S. Bureau of Labor Statistics, the insurance sales agent field is expected to grow by 10 percent between 2018 and 2028, which is faster than average.

Typical Hours

The typical work hours for an Insurance Sales professional are usually from 9 a.m. to 5 p.m.

Where You Can Find Jobs

  • 4 Corner Resources
  • Career Builder
  • Glassdoor
  • Indeed
  • LinkedIn
  • Monster 

Are You Interested in Working in Insurance Sales?

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