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Life as an Insurance Agent: Protocols to Help You Survive

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The career of an insurance agent can be pretty profitable. According to the National Association of Insurance Commissioners, the median income for an insurance agent in 2016 was $47,000. Additionally, the Bureau of Labor Statistics projects that employment for insurance agents will grow by 7 percent from 2016 to 2026, which is faster than the average for all occupations. This growth is likely due to the increasing number of people who need insurance coverage, especially in light of natural disasters.

However, an insurance career can also be quite stressful. To be successful, you must be able to sell insurance policies and deal with customers daily. Additionally, you must be able to keep up with the ever-changing insurance industry. It will not always be profitable, making it necessary to find ways to cut costs while still providing quality coverage. If you are not careful, it is easy to become overwhelmed by the job’s demands. It can be profitable, but you must prepare for the worst.

Here are a few protocols to help you survive as an insurance agent.

Working on Your Pitch

One of the most important aspects of being an insurance agent is perfecting your pitch. You need to be able to convince people that they need your product. It cannot be easy, mainly if you sell something the customer does not want or think they need.

Some tips for perfecting your pitch include:

  • Research your products thoroughly so that you can speak knowledgeably about them
  • Understand your audience and what needs they have that your product can fill
  • Keep your pitch concise and to the point
  • Practice, practice, practice! The more you do it, the easier it will become

Chances are people you reach out to have already heard a sales pitch or two in their lifetime. They can spot a bad one from a mile away. If you want to be successful, you must ensure that your pitch is vital.

Building Relationships with Customers

An insurance agents talking with customers

Another vital protocol for insurance agents is building relationships with customers. You must establish trust with potential and current customers if you want them to do business with you. There are a few ways to build relationships, such as:

Being responsive to customer inquiries – no one likes feeling ignored

  • Keeping up with customer changes – life happens, and their needs will change over time
  • Offering additional products/services – show that you remain invested in meeting their needs

As an insurance agent, it is essential always to be professional. However, it would help if you also were personable. Establishing a relationship with customers will help build trust and make it more likely that they will do business with you.

Staying Up-to-Date on Industry Changes

The insurance industry is constantly changing, making it challenging to keep up. However, staying current on industry changes is essential to provide the best possible service to your customers. A few ways to keep up-to-date include:

  • Reading industry news – this can be done online or through trade publications
  • Attending conferences and seminars – industry organizations typically offer these
  • Listening to podcasts – many industry experts host podcasts that discuss current trends

As an insurance agent, you must be aware of industry changes to provide the best possible service to your customers. Staying up-to-date will also help you understand new products and how they might benefit your customers.

Get Insurance

An insurance agent should have all the answers regarding insurance, but that is not always the case. Many times, agents need insurance themselves. If you do not have enough coverage, it could bite you.

Professional liability insurance can help protect you from costly mistakes. If a client alleges that you gave them bad advice, this coverage can help pay for your legal defense. As an insurance agent, it is essential to have the right amount of coverage. Professional liability insurance can help protect you from costly mistakes.

An error & omission insurance policy (E&O) for insurance agents is vital for any business, especially insurance agents. If you make a mistake or fail to deliver on a promise, this coverage can help pay for the damages. No one is perfect, and mistakes happen. E&O insurance can help protect you from the financial fallout of these mistakes.

As an insurance agent, you need to have the right amount of coverage. Professional liability insurance and errors & omissions insurance are two essential policies that can help protect you from costly mistakes.

Final Thoughts

Being an insurance agent will be full of highs and lows, but if you follow these protocols, you will be on your way to a successful career. Building relationships with customers, staying up-to-date on industry changes, and getting the right insurance coverage are essential for any insurance agent.

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