Everyone needs insurance and that is not likely to change anytime in the future. This makes it a great product to sell, and it is easier than ever to get started. But you may be wondering what you should know about insurance, agents, carriers, and how insurance is sold. Read on to learn about three important things to know regarding how insurance is sold in 2021.
3 Important Things to Know About how Insurance is Sold in 2021
There are three important things you should know about how insurance is sold in 2021. Insurance has evolved with the times since it was first introduced. There are some new ways it is being sold now alongside more traditional methods.
Insurance Agents and Carriers Work Together
Insurance agents or brokers sell insurance policies and other products to consumers. Insurance carriers, on the other hand, are the ones who create the products to be sold. Carrier or insurer are simply other names for an insurance company.
Carriers write insurance policies – like car insurance, homeowner’s, or renter’s policies – and decide on terms, conditions, and rates. Insurance agents work independently for many insurers or directly for one insurance carrier selling their products to consumers.
Technology Quickly Connects Buyers and Agents
Especially in today’s world, many insurance agents and carrier representatives work from home. Technology quickly and efficiently connects them to the customer and their co-workers and allows for business to be conducted from virtually anywhere. Agents use computer programs and apps to sell and service policies and communicate with customers and carriers.
It is easy to work from home selling and servicing insurance solutions. You will need reliable high-speed internet, a quiet and secure location, and perhaps a telephone line. Your company will provide you with a headset, laptop, and training. Lots of insurance companies use on-the-job training and computer simulations with role-play scenarios to help you learn when you first start. You should shadow a more experienced co-worker to learn from what they do.
Digital Sales are Increasing
Customers want to do business digitally more and more. Insurance companies are keeping up with this trend – agents and insurance carriers communicate with customers digitally and sell policies directly through websites. Customers can use the company’s website or agents directly to learn more about coverage and their options before making a purchase. This means workers have to be available online to answer customer questions through chat features.
How do I Learn More?
To learn more about how insurance is sold in 2021, contact the experts at Agent Careers. Our licensed professionals will be happy to answer any questions you have.
Choosing a career in the insurance industry is a smart move that will guarantee job stability for many years to come. You will have the opportunity to help others and provide them with peace of mind with reliable coverage they can depend on.
But while everyone needs insurance, selling policies as a young or inexperienced agent can be tricky no matter what type of coverage you are trying to sell. That’s because insurance policies can be expensive, and it can be difficult to convince event the smartest individuals that they should invest in a good insurance policy to protect their assets and their future.
Useful Tips to Help You Get Started with Insurance Sales
Learning the best tactics for selling insurance can be a challenge for new agents. But the key to your success lies in your ability to sell policies. That’s why we have put together some helpful insurance sales tips to provide you with some insight on what experienced and expert insurance agents do each day to increase their sales.
Look for Ways to Relate to Your Potential Clients
To ensure your insurance sales career is a success from the start, you need to learn how to find common ground with your clients. If you are a young agent in your 20s or 30s and you are attempting to sell a policy to a senior in their 60s, you may be wondering what you could have in common with them.
This is where you must learn to look beyond your age and find other things you have in common. Maybe you live in the same area, or you have the same favorite sports team. By finding even the smallest shared interest you can use that detail to build a rapport with your client that will help jump start your long-term agent and client relationship.
Learn from Experienced Agents
We all have to start from somewhere. Even the most successful agents in your firm once had the same growing pains you are experiencing at the beginning of your insurance sales career. Building a relationship with a fellow agent at your company may provide you with the insight you need to improve your sales performance. Be sure to ask your older and wiser agents questions and learn to take constructive criticism without losing your confidence. In the end, that will help you improve your selling strategies more than anything else.
Pay Attention to What Your Customers Are Saying
It is common for younger insurance agents to want to demonstrate their wealth of knowledge about the industry to their potential clients. But if you fail to listen to what your customers have to say, you could miss out on a possible sale. Learn how to give your clients all your undivided attention and be sure that you know the answer to their questions before you answer them. Do not be afraid or embarrassed to admit you don’t know the answer. Instead, use the opportunity as a learning experience and get the information from another agent if possible.
To learn more about how to get started with your insurance sales career, contact the experts at AgentCareers.net for assistance. Our licensed professionals will be happy to answer any questions you have.
The COVID-19 pandemic took the world by surprise. It came in hard and has refused to leave. In its wake, it has left devastation for many families. The healthcare industry took the hardest hit, caring for communities and loved ones. As the United States struggled – and still struggles – to face this challenge, families faced an unexpected outcome – the cost. The cost of medical expenses and, sadly, final expenses has proven the need and importance of insurance to help cover these costs.
Colby Direct specializes in this area, offering services such as Medicare Advantage, health insurance, and life insurance. Our experts know the market trends that prove the resiliency and necessity of insurance, especially during a pandemic.
Health Insurance Trend
The health insurance market is expected to grow from 2020 through 2027. Modern medicine has helped people live longer with the help of scientific and innovative breakthroughs. While the healthcare industry is growing, so are the costs associated with healthcare. The COVID-19 pandemic inundated our healthcare facilities with sick patients, and the facilities need money to continue to help the sick.
Health insurance is vital to the continued operations of our healthcare facilities. The hospital staff cannot run on charity and provide innovative medical care. This, and the growing amount of people living with chronic diseases, leads to opportunities in the health insurance industry. You can read more about the anticipated growth statistics in the health insurance industry here.
Medicare and Long-Term Care Trend
Medicare is growing at an impressive rate. As many as 10,000 baby boomers age into the Medicare system every day. As baby boomers mature into the Medicare program, the rates of Medicare Advantage plans increase.
Since 2010, enrollment rates have increased 8% annually. Medicare Advantage plans are also evolving, with plans being offered by major carriers and start-up companies. This growing field is poised to weather the pandemic and prove more relevant than ever.
Life Insurance and Final Cost Trend
The COVID-19 pandemic has also brought increased awareness of life insurance and final cost needs. Life insurance rates are at an all-time low, making them marketable and more appealing than ever. The mortality brought by the pandemic also has families thinking about the final costs for their loved ones
While this is a market trend worth considering, the pandemic has impacted new life insurance purchasers. Customers can expect to be asked about COVID-19 testing or illness and any possible time on a ventilator if they were affected. Medical research has suggested some COVID-19 patients may suffer from long term complications from the virus. One can expect that this will be a consideration in the life insurance application and rating.
Recessions are an unfortunate part of any economy. Whenever an economy takes a hit, a recession can often be expected to follow. With recessions come company layoffs, budget cuts, and pay demotions, and that is if the company can stay afloat. Whenever a recession is on the horizon, anxiousness and uncertainty can quickly take hold. When your career’s future can seem in the balance, which job markets have the most job security? Are there any jobs that are “recession-proof?”
When the economy takes a dip, and every business is holding its breath, the insurance market is the safest place to call home. The insurance industry offers the strongest hold on job security during a recession simply because insurance is considered a must-have, no matter the economy. Life insurance, health insurance, homeowner’s insurance, and auto insurance are all mandatory parts of a citizen’s budget.
How is a Career in Insurance Recession-Proof?
There are not many jobs that can offer job security during an economic crisis; however, the insurance industry holds steady against changes during a recession.
Insurance Will Always be a Necessity
The insurance industry is deeply embedded within our society and has become a cornerstone of security within our lives. The risks to our health and property will never go away, and if anything, it can amplify in a downward spiral time. Perhaps the only thing worse for an employee than an economic recession would be the inability to cover their medical or repair bills.
As an insurance agent, you would have the privilege of helping people when they needed it most. It is rewarding to assure a policyholder that their car will be repaired after an accident that occurred while they were laid off. Insurance agencies offer financial protections from that risk, and therefore will always be needed.
By taking a job with an insurance agency, you accept a job offer that holds the promise of financial stability and growth. As stated above, the need for insurance agents will never go away. Therefore, the availability for payment, promotion, and high commission rates will not either. Another great thing about the insurance industry is that, while you can feel the pride in selling policies that truly protect your clients, you also have endless room for high commission rates and promotions. Taking pride in your career has never been so easy.
During a recession, layoff rates often skyrocket, except for insurance agencies. Other industries are cutting budgets and employees, and the insurance scene is actively recruiting new and promising talent. A talent that can work with clients to tailor policies to fit their needs during uncertain times.
Another reason to consider beginning a career in the insurance industry is the undeniable room for advancement. According to the Bureau of Labor Statistics, half of all current insurance workforce will be retired by 2028. With 50% of the industry nearing the end of their careers, the room to climb the insurance ladder is wide open. The more passion you hold for helping your clients purchase the insurance they need, the greater your chances of reaching maximum success.
How do I Learn More?
To learn more about insurance and how it is a recession-proof career, contact the experts at Agent Careers at agentcareers.net. Our licensed professionals will be happy to answer any questions you have.
To make it in the world of insurance, you first need to choose a specialty. Choosing a specialty allows you to narrow your competition. Instead of competing with all insurance agents, you are only competing against those within your niche.
One lucrative insurance niche is Medicare. When working as a Medicare Insurance Agent, you sell Medicare Supplement Plans and help those on Medicare understand their benefits and needs.
Learn more about what a Medicare Insurance agent can expect to earn within their career. Then, let Agent Career Finder help you find the perfect Medicare Insurance brokerage for you.
What Kind of Salary can you Expect?
When choosing a niche, you want to ensure it is lucrative. Selling insurance that is not lucrative will not motivate you to find the business you need to succeed.
Medicare is a lucrative business; everyone can get Medicare when they turn 65. However, the basic plan does not cover much. Many people require more than Medicare Part A. They need supplemental plans to cover other health expenses, such as medication, rehab, and more.
Therefore, a Medicare Insurance Agent can earn an excellent living off the insurance plans they offer to supplement Medicare. The average salary for those getting into the industry is around $60,000 a year.
Your salary depends on the following:
• Where you sell insurance
• The number of policies you sell in a year
• The number of policies you help maintain within a year
• The types of supplemental policies you sell
• Overall sales and residual income throughout the year
Do you Need an Insurance License to Sell Medicare Insurance?
Any insurance sales require an insurance license. Those who sell Medicare Insurance plans must maintain a health insurance license in the state where they sell.
Insurance agents can maintain licenses in as many states as they work. Therefore, if you wish to sell Medicare insurance plans in several states, such as the entire Northeast, you must maintain a health insurance license in each state. Otherwise, you cannot sell Medicare insurance in that state.
Are You Prepared to Help People Truly?
As a Medicare Insurance agent, you have one job: to help people. All insurance products allow you to help people obtain the proper coverage. However, Medicare insurance sales are even more about assisting people and figuring out what they have and what they need.
Your job will consist of several layers. First, your clients will expect you to explain what they currently have available to them. Many people on Medicare do not know what they have and may think their basic Medicare coverage pays for every medical expense.
Your job will be to explain to them what Medicare’s free plans cover.
From there, you will explain what options are available to them. Once again, you must walk your clients through the entire process. Many of your clients will be on a fixed income. Take the time to help them understand what they should carry and why. Show them the actual value of having Medicare Supplemental Insurance plans.
In the end, you are working with the older population. They are vulnerable and need your help. If you choose to sell Medicare insurance, make sure you want to help people. Your dedication will shine through.
To learn more about becoming a Medicare Insurance Agent, contact the experts at Agent Career Finder at Agentcareers. Our licensed professionals will be happy to answer any questions you have.