A career in insurance sales comes with many opportunities and unlimited earning potential. Insurance sales is a stable and growing field with great flexibility and few barriers. In the next ten years, India’s insurance market is estimated to be four times in size from its current state. India is the second-most populous country in the world, yet has an insurance penetration rate of 3.42%, which is far below the global average rate of 6.2%. The Indian insurance sector still has large untapped potential. If someone is looking for an employment opportunity and knows how to sell insurance then this is the simplest job they can consider is that of an insurance agent.
Insurance agents act as a connection between the insurance company and the individual investor as a representative of the insurer. The insurance agents for life or general insurance company can enjoy a lot of benefits on a monetary, social and personal basis.
Benefits and perks of selling insurance
Selling insurance policies can provide one with personal satisfaction for working in the interest of the public and result in their well being and security through sales of products such as life, health, automobile, and home insurance. The rewards can be plentiful as listed below:
Start earning quickly
One of the advantages of a career as an insurance agent is a modest formal education requirement. Most agents only need to have completed their senior secondary education. One can become an insurance agent right after completing their 12th provided they have the state license. Licensing usually requires an individual to take approved courses on how to sell insurance and clear exams on insurance and relevant state laws. Even though a college degree is sometimes required for advancements, but one can start earning before completing their bachelor’s.
Being your own boss
An individual with entrepreneurial inclinations and a passion for building their own business should consider the career of an insurance agent. Being their own boss, an individual can work as per their own schedule and at the same time develop their own systems for attracting and developing clients. With the proper mindset to sell insurance in a rightful manner and the more one invests their own time and resources into the work, the more return they can expect to get.
No ceiling on income potential
A career in insurance sales enables one to match the earning to their sales abilities. Since many insurance agents are paid partly or completely by the commission, hence, superior sales skills can earn high pay. The insurance industry offers huge untapped earning potentials, and once one becomes an insurance agent, their income is only limited by their own desire.
As the insurance market today is underserved today, there is always the opportunity of earning more with great efforts. Having the flexibility of setting their own working hours, one can set a goal for themselves and work to achieve the targeted goals. Renewals are considered a positive financial aspect of selling insurance.
Flexible schedule
As most offices require their employees to be at their office desks starting from 9 am in the morning and sit through the entire day till 6 pm. Whereas, insurance agents have very flexible work times. As an insurance agent, one can choose to work as per their own convenience or establish own office in or away from home. An insurance agent can make his own decision of working 35-hour per week or an 80-hour per week as they make their own schedule.
Opportunity to positively impact clients
Being an insurance agent allows an individual to help people by protecting them from financial loss in the case of unexpected events. Hence, not only professionals like doctors and teachers can positively impact the lives of people, but insurance agents are equally rewarded as their work helps people to build assets, take care of children’s education, transfer wealth from one generation to the next and also make secure retirement plans. The agent helps their clients by gathering information, identifying their needs and hence give them a policy that works for them and matches their financial situations.
Insurance is a stable and growing field
Selling insurance is a stable job, and the insurance industry is also growing at a great pace. People need protection even in hard times, and a career in insurance sales offers advantages like job stability and favorable prospects. Agents who can earn a related degree in the field of business or clear a licensing exam can increase their prospects of advancing to management. The number of insurance sales agents is predicted to grow by 9% by the year 2024.
If an individual is looking for a career where they can define their own income, be their own boss, and also help people build a financially stable future, then selling insurances could be the right thing for them. Insurance provides jobs, supports disaster recovery and also benefits workers, businesses and communities. For a head start, you can learn more about how to sell insurance with Mintpro.
