How much does an insurance agent make? Insurance agents, often referred to as producers in the insurance industry, earn a good salary for their services. Insurance agents sell one or more types of insurance, such as health, automotive, life, casualty, property, or other types of insurance to clients. Insurance agents may be employed by an insurance company, work as independent broker, or refer clients to independent brokers. Insurance agents help families, individuals, and businesses select the appropriate insurance policies in order to provide the best insurance coverage for their health, lives, and property.
Insurance agents may sell health insurance for life, health, disability, and long-term care. Property and casualty insurance agents sell policies that protecting businesses and individuals from financial loss due to property damage, such as fire, theft, storms, and automobile accidents. Business property and casualty insurance can also cover medical malpractice claims, product liability claims, and injured workers' compensation.
Insurance Agent Job Duties:
*Interview prospective clients to obtain data about their financial resources and needs, the physical condition of the person or property to be insured, and to discuss any existing coverage.
*Calculate premiums and establish payment method.
*Sell various types of insurance policies to businesses and individuals on behalf of insurance companies, including automobile, fire, life, property, medical and dental insurance or specialized policies such as marine, farm/crop, and medical malpractice.
*Contact underwriter and submit forms to obtain binder coverage.
*Explain features, advantages and disadvantages of various policies to promote sale of insurance plans.
*Confer with clients to obtain and provide information when claims are made on a policy.
*Ensure that policy requirements are fulfilled, including any necessary medical examinations and the completion of appropriate forms.
*Call on policyholders to deliver and explain policy, to analyze insurance program and suggest additions or changes, or to change beneficiaries.
*Customize insurance programs to suit individual customers, often covering a variety of risks.
*Select company that offers type of coverage requested by client to underwrite policy.
*Monitor insurance claims to ensure they are settled equitably for both the client and the insurer.
*Seek out new clients and develop clientele by networking to find new customers and generate lists of prospective clients.
*Inspect property, examining its general condition, type of construction, age, and other characteristics, to decide if it is a good insurance risk.
*Develop marketing strategies to compete with other individuals or companies who sell insurance.
*Attend meetings, seminars and programs to learn about new products and services, learn new skills, and receive technical assistance in developing new accounts.
*Explain necessary bookkeeping requirements for customer to implement and provide group insurance program.
*Plan and oversee incorporation of insurance program into bookkeeping system of company.
*Perform administrative tasks, such as maintaining records and handling policy renewals.
*Install bookkeeping systems and resolve system problems.
Insurance agents must obtain a license in the States where they sell. Insurance agent jobs are expected to increase by 12 percent over 2008 to 2018, about as fast as average for all occupations. Job opportunities will be optimum for college graduates who have good interpersonal skills, expertise in a wide range of financial and insurance services, and sales ability. Insurance agent positions specializing in long-term-care insurance, health insurance, and other comprehensive financial planning services designed for the elderly are expected to rise as the population ages.
How much does an insurance agent make per hour?
A May 2009 Bureau of Labor Statistics report shows the median hourly wages for an insurance agent was $29.48.
Industry And Hourly Wages
Agencies, Brokerages, and Other
Insurance Related Activities $29.65
Insurance Carriers $29.43
Travel Arrangement and Reservation Services $25.85
Depository Credit Intermediation $23.70
How much does an insurance agent make per year?
The median yearly salary for an insurance agent according to a May 2009 Bureau of Labor Statistics report was $61,330.
Industry And Annual Wages
Agencies, Brokerages, and Other
Insurance Related Activities $61,660
Insurance Carriers $61,210
Travel Arrangement and Reservation Services $53,770
Depository Credit Intermediation $49,290