Posted by: Kaplan Financial Education
Updated: October 30, 2018
An insurance agent is defined as a person employed to sell insurance policies to clients. That's just a broad overview of the job, and it doesn’t disclose specific tasks or detail what an insurance agent does on a day-to-day basis. If you’re interested in becoming an insurance agent (learn more about that here), but aren’t specifically sure what the job entails, this article gives you an idea of what working as an insurance agend is like. (Get a glimpse into the career, such as salary and requirements, in our insurance career at-a-glance overview.)
Insurance agents sell and negotiate life, health, property, or other types of insurance to match the needs of their clients. As an insurance agent, you may work for an insurance company, refer clients to independent brokers, or work as an independent broker.
Marketing also plays a large part in the day-to-day duties of an insurance agent. Successful insurance agents implement marketing strategies to promote new and current insurance policies. Marketing activities are also crucial to bringing new customers to your agency (these 8 tips can help with that).
As an insurance agent, you develop relationships with prospective clients through networking and referrals. Those relationships are the bedrock of your business. You can develop a long-term base of clients through many channels, including referrals, cold calling, email, social media, and postal mailing. You can also present to groups at work-related gatherings or speak publicly at an insurance-related event. In addition to finding new clients, as an insurance agent, you must maintain relationships with existing clients. Your reputation as an insurance agent depends on you being a reliable first point of contact when your client needs to file a claim or increase their coverage due to major life events, like purchasing a new car or having a child.
Insurance agents must evaluate the needs of their clients and propose plans that will meet the criteria, as well as the clients' financial status. You will develop an understanding of your clients’ needs and financial capacity by scheduling meetings, determining the extent of present coverage and investments, and building long-term goals. In addition to determining client needs, you should also develop a protection plan by quoting rates for immediate coverage and long-term goals.
Now that you know what an insurance agent does and what is required, learn about the 10 traits that can help you succeed here.
As an aspiring insurance professional, wouldn’t it be great if you could sit down with a room full of successful insurance veterans and ask them for their advice? The Kaplan Financial Education team interviewed over 100 insurance professionals to develop this exclusive eBook for those who are considering the insurance industry.