Job Responsibilities
Prospecting - 10 hrs/wk -- Business development, lead follow-up
Sales - 20 hrs/wk -- Going through sales process via appointments
Service - 10 hrs/wk -- Keeping business on books; policy changes
Compensation based on commission sales, plus bonus and some
expense reimbursement, plus professional liability insurance,
auto insurance, mediucal/vision/dental benefits, pension, & 401k.
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Job Requirements
Most companies require a 4-year degree, but a fes will hire with
only a 2-year degree. This is true for both 1099 (independent
contractor) and W-2 (employee) hires. Of course, if you want to
be an independent broker, you only need the proper insurance
licenses and no degree at all; professional designations will do.
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Uppers
Free to set my own schedule. This only works for people with decent time
management skills and discipline, however; this will not usually be an upper for
those who lack discipline and are poor at managing their own time and schedules.
Freedom to make my own income level: the more I sell, the more I make. If I want
or need a raise I just have to sell more to earn more commission.
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Downers
Fighting Underwriting to convince them that the client I have
written a policy for is a good, acceptable risk. Sometimes it is
harder to sell the Company on the client than it is to sell the
client on the Company. Making sure Claims pays the claims they
are assigned on a timely basis, in a fair way. Making sure that
monthly billing doesn't screw up a client's bill so they cancel.
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Lifestyle
Dress code is generally business or business casual (suit and tie
or at least dress shirt and tie, dress slacks, and dress shoes).
Work hours can be many more than those listed above. They may also, however, be
much less, if what you sell is of sufficient premium to generate a commission
thath will give you the income you desire. Commercial (business) insurance can
fill this role.
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Compensation
Most companies pay via commission. Personal insurance (annuuity,
life, home and auto) can pay from 7-50% for a 1st-year commission
and from 5-20% for a renewal (subsequent year) commission. W-2
(employee) positions can also offer bonuses, as well as benefits
and retirement. 1099 (independent contractor) jobs generally
offer commission only, with no benefits and with no retirement.
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Advice to Jobseekers
Work for a multiline company (one that sells both Property &
Casualty - auto & home - and Life & Disability - annuity and
life - insurance products). Try to find a company (like mine)
which offers a W-2 (employee) position. You will have fewer
choices to offer your clients, but you will generally earn
commission, plus benefits & retirement, that 1099 jobs don't have.
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