Insurance agents sell traditional life insurance policies as well as a variety of property and casualty insurance coverage such as fire, accident, marine and automobile insurance to business institutions and individuals. They are employed almost exclusively by insurance companies.
In selling insurance, yo must first develop a list of prospective clients and establish what kind of coverage is needed. For example, in the case of life insurance, wage earners in single-income families may want to insure themselves for a larger amount than those with spouses that earn large incomes. Two business partners may insure themselves so that if one dies, the survivor has enough money to buy out the rest of the business from the estate of the deceased.
You inform clients about the range of options available and about specific individual or group insurance packages. You analyze prospective clients' needs and suggest a product that is appropriate. You then make sure that the paperwork, medical examinations and other policy requirements are completed. You calculate premiums and establish the method of payment. You are also responsible for dealing with the client then a claim is made on the policy.
Today, many insurance agents also act as financial planners. This allows you to offer your clients a much broader and more comprehensive array of financial services.
Starting as an insurance agent, you can progress to more senior positions if you acquire the right experience. Many insurance agents, however, tend to prefer to run their own businesses rather than take on managerial or administrative responsibilities. Generally, you will work under a branch manager and will not be supervised by more senior agents. In the property and casualty field, however, senior agent are often responsible for supervising other more junior agents.
New agents are usually paid a combination of salary and sales commissions. Experienced agents generally depend entirely on sales commissions.
You will do well as an insurance agent if you are independent and work well without supervision. You should also enjoy meeting people. The more people you meet, the more clients you are likely to get. The key is to develop ways of meeting people who need your expertise.
You should be able to derive satisfaction from the personal relationships which develop over the long term, between you and your clients. At the same time, you must be able to handle the inevitable rejections that accompany any sales job.
Insurance companies that recruit agents look for mature people who have some financial security. Often people come to this profession after exploring other options and deciding against them.
What You Need
41 Lesmill Road
Don Mills, Ontario M3B 2T3
Tel. (416) 444-5251
* The Insurance Institute of Canada
18 King Street East, 6th Floor
Toronto, Ontario M5C 1C4
Tel. (416) 362-8586