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These slides explain how to become an independent insurance agent and what are the pros and cons of becoming one. To learn more check out our blog: https://www.agencyheight.com/independent-insurance-agents/
2. What Is An Independent Insurance Agent?
• Independent insurance agents or insurance sales agents can
represent multiple carriers and are not bound to just selling
products from a single entity. They act as middlemen between
insurance buyers and insurance sellers to facilitate a transaction.
• They approach different insurance companies to “appoint”
them and work on legal contracts called “appointments."
This contract specifies the policies they can sell and the rate of
their compensation.
3. Some of the
responsibilities of independent insurance agent
s:
• Sell policies from multiple insurance companies
• Pitch their clients on policies from competing companies to find
the one best suited for them
• Assist their clients in completing their applications
• Bind coverage
• Solicit new business
4. How Much Does An Independent
Insurance Agent Make?
• According to ZipRecruiter, as of July 14, 2021, the average
annual earnings for an independent insurance agent in the U.S. are
$91,323 a year or $43.91 an hour.
• Independent agents get paid by the insurance company
whose products they sell on a commission basis. They earn
a certain percentage of the commission every time they sell an
insurance policy and when their clients renew those policies.
• According to the Bureau of Labor Statistics, the upper
10% of insurance agents earn $125,000 annually, and the bottom
10% earn around $25,000.
5. What Are The Advantages Of
Being An Independent Insurance
Agent?
• Freedom & Flexibility
• Availability Of More Options
• Industry Awareness
• Focus On Sales
6. How To Become an Independent
Insurance Agent?
Decide what type of insurance agent you want to be
Do you want to become
a captiveagent or an independent insurance agent? Both career
paths have their pros and cons. So, you’ll need to spend some time
and do your research before setting off on your journey.
Decide what type of insurance product you want to sell
Decide on whether you want to sell commercial insurance or
personal insurance.
7. Review your state’s licensing requirements
Based on the line of insurance you’ve chosen to go with, you’ll need to
assess the state's licensing requirement that you’re planning on operating
in. Each state has its own custom requirements, and you need to be aware
of them before taking your next step.
Take the insurance exam
This exam is held at a testing site where you’ll be placed at a computer.
The date and time will be scheduled beforehand, and the test usually lasts
for two to three hours.
The question format is typically multiple-choice and will test your
knowledge on insurance terminologies, numbers, and practicality-based
scenarios.
8. Submit the required documents and complete the
background check
Once you’ve passed your state licensing exam, you’ll need to submit all
the necessary documents to your state licensing department. Some states
also require background checks and may require you to provide your
fingerprints.
Get appointed with an insurance company
As an independent insurance agent, you’ll first need to be appointed by
the company if you want to sell their insurance products. To do so, you’ll
need to complete an application with each insurance company that you
want to work with.
Find and build up your client base
An agent is only as good as their client base. So, it’s your responsibility
to build up your clients and transition prospects into loyal clients.
9. Make sure that your business is protected
• Being an insurance agent is a profession in itself. You'll want to
make sure that your agency or business is well protected with
commercial insurance. Some of the most essential insurance
coverage to consider getting for your business includes:
• General liability insurance
• Errors and omissions coverage
• Workers compensation insurance
10. Let us help you become the independent insurance
agent that we know you’re capable of becoming!
Sign up for our membership plan today!
11. Let us help you find the right auto insurance.
Contact us today!
