Like most fields in this still down but slowly improving economy, insurance is not an easy field to break into. That said, there are upsides to choosing the right gateway to break in.
If you’re looking at small shops on Main Street U.S.A., you might want to wait a bit until the economy improves. Granted the average 401K American will need insurance, but these people will still be hurting financially—with scarce jobs and upside-down mortgages. An independent agency with say 75 clients won’t be as recession proof as a corporation with over 1 million customers. So your job prospects in the little shops won’t be nearly as robust as those in a corporate setting.
To succeed and make big money now, you should consider getting into commercial insurance or corporate insurance with big-name companies. The insurance industry is rich in revenue, more so than most industries these days, so breaking in and moving up are not as difficult as in other fields.
As one might expect, getting into the field with the big dogs won’t be easy. Insurers like New York Life still want the best of the best in candidates. At their South Florida office, managing partner Greg Jensen reviewed 1,300 applications, yet only 45 people were hired as sales associates. “A lot of companies try to convince job candidates that their company is great and everyone is going to make $100,000,” says Jensen. “We ask: Is this a suitable career for the candidate? We do an extensive job of interviewing to help the candidates know if this is the right career choice for them.”
Experienced, successful agents made their own luck when they first broke into the industry. They succeeded by nurturing a base of trusted clients, working referrals and staying competitive by keeping ahead of industry changes. They also realized early on that every client could lead to at least 10 more clients. Pros will tell you that a successful agent will sell to one family and not stop until he or she has sold the rest of the block. Agents who succeed also know how to cross sell into other areas to satisfy the diverse needs of potential clients. If you sell mostly property and casualty policies, you'll need to bring yourself up to speed on life and health insurance.
Greg Jensen underscores the value of networking and building client relationships. “The ones who have the ability to position themselves and network, the good ones who are finding they need a recession-proof career and those with deep-rooted relationships within their communities have the best chances for success,” says Jensen.
Launching your insurance career won’t be easy, especially in this economy. Your best bet is to work referrals, nurture new clients and cross sell.
Image courtesy of imagerymajestic/FreeDigitalPhotos.net
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