Orlando Harmon
Becoming an independent insurance agent in Wisconsin can be a challenging yet rewarding career choice. To get started, you'll need to obtain a Wisconsin insurance license, which involves a 5-step process, including passing the necessary exams and completing pre-licensing education courses. Once licensed, you can decide whether to work as a captive agent for a company or run your own independent agency. With 490 independent agencies in Wisconsin, there are plenty of options to choose from. Strong communication and customer service skills, as well as an aptitude for sales, are essential for success in this career path.
| Characteristics | Values |
|---|---|
| First Step | Decide the type of insurance coverage you want to sell and the type of license you'll need. |
| Licensing | To obtain a Wisconsin insurance license, complete a pre-licensing education course (20 hours) and pass the relevant exams. |
| Application Process | Submit fingerprints, proof of completion of the life settlement 8-hour training, and other relevant documents. |
| Additional Requirements | If selling advanced life insurance, pass the Securities Industry Essentials (SIE) exam and obtain relevant securities licenses. |
| Career Flexibility | Option to work as a captive agent for a company or run your own independent agency. |
| Marketing | Develop a marketing approach, such as finding a niche and organizing client appointments. |
| Networking | Grow your network by attending industry events, volunteering, joining online groups, and connecting with professionals in the insurance industry. |
| Income Potential | Potential to earn over $100,000 per year as an independent insurance agent. |
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What You'll Learn
Choose a speciality
Choosing a speciality is an important step in becoming an independent insurance agent in Wisconsin. There are a few factors to consider when selecting your speciality:
Type of Insurance
Firstly, you need to decide what type of insurance coverage you want to sell. Wisconsin has four primary lines of insurance that you can choose from: property, casualty, personal lines, and life and health insurance. You can opt for multiple licenses to offer a wider range of products, or specialize in one particular type of policy. For instance, if you want to specialize in life insurance, you will need to obtain the relevant securities licenses and pass the Securities Industry Essentials (SIE) exam.
Means of Selling
You can choose to work as a captive agent, which means you will be employed by a single insurance company, or you can become an independent agent and run your own insurance agency. Being an independent agent offers the flexibility to be your own boss, control your time, and have the potential to earn a significant income. However, acquiring clients can be challenging, especially at the beginning of your career. To overcome this, focus on growing your network, attending industry events, and building relationships within your community.
Company Reputation and Products
When selecting an insurance company to represent, consider the company's reputation, the products they offer, and their unique selling propositions. Ensure that the company's values align with your own and that their product offerings match your chosen speciality.
Marketing Approach
Developing an effective marketing strategy is crucial for your success as an independent insurance agent. Consider finding a niche market to focus on and organizing your client appointments accordingly. This can help you establish yourself as a specialist in your chosen field and attract a targeted clientele.
Career Development Opportunities
Finally, consider the long-term prospects and career development opportunities within your chosen speciality. Look for companies that offer training and support to help you grow in your career. For example, some insurance companies, like Rural Mutual, offer comprehensive training programs and the potential for continuous learning and advancement.
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Complete pre-licensing education
To become an independent insurance agent in Wisconsin, you must complete 20 hours of pre-licensing education from an approved provider. This is a legal requirement for anyone interested in applying for a property, casualty, personal lines, and/or life and health insurance license.
Pre-licensing education courses are designed to provide you with the fundamental knowledge and skills needed to sell insurance products. These courses cover a range of topics, including insurance principles, legal and ethical issues, and state-specific regulations. By completing a pre-licensing course, you will gain a comprehensive understanding of the insurance industry and the role of an agent.
When choosing a pre-licensing education course, it is important to ensure that the course provider is approved by the state of Wisconsin. You can find a list of approved providers on the Wisconsin Insurance Licensing website or by contacting the Office of the Commissioner of Insurance. It is also recommended to review the course curriculum to ensure that it covers the topics required for your desired license type.
In addition to completing the required number of hours of education, you may also be required to pass a pre-licensing exam administered by the course provider. This exam will assess your understanding of the material covered in the course and your readiness to sell insurance products. It is important to thoroughly prepare for this exam, as passing it is a prerequisite for obtaining your insurance license.
After successfully completing your pre-licensing education and exam, you will be one step closer to becoming a licensed insurance agent in Wisconsin. Remember to carefully review the requirements for your desired license type and stay informed about any updates or changes to the licensing process.
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Pass exams
To become an independent insurance agent in Wisconsin, you'll need to pass your licensing exams. Here's a detailed breakdown of the steps involved:
Pre-Licensing Education:
Before taking the exam, you are legally required to complete a pre-licensing education course. This course will provide you with the necessary knowledge and understanding of the insurance industry and specific product lines. In Wisconsin, you need to complete a minimum of 20 hours of pre-licensing education from an approved provider. This step ensures that you have a solid foundation before moving forward.
Exam Preparation:
After completing your pre-licensing education, it's time to focus on exam preparation. You can enrol in online courses, such as Kaplan's online courses, which have a high pass rate of 93%. These courses will help you review the material, practice exam questions, and build your confidence for the actual exam. The goal is to ensure that you feel ready and well-prepared.
Booking Your Exam:
Once you're confident with the material, you can proceed to book your licensing exam. Keep in mind that there may be specific procedures and requirements for booking, such as providing fingerprints and paying any associated fees. Check with the official exam body in Wisconsin for the most up-to-date information on exam booking procedures.
Taking the Exam:
On the day of your exam, make sure you arrive at the testing centre early and bring any required identification and other necessary documents. During the exam, carefully read and follow the instructions, manage your time effectively, and try your best to stay calm and focused. Remember, you can always retake the exam if needed.
Exam Results and Licensing:
After completing the exam, you'll receive your results, and if you've passed, you can move forward with the licensing process. Submit your licensing application and any other required documentation to the relevant authorities in Wisconsin. Once your application is approved, you'll officially become a qualified insurance agent in the state.
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Submit fingerprints
To become an independent insurance agent in Wisconsin, you will need to submit fingerprints as part of a background check. This is to ensure that applicants do not have a criminal or social services background that would prevent them from becoming a licensed insurance agent.
To reserve a fingerprinting appointment, you will need to go to the Fieldprint Wisconsin website and use the code: FPWIOCIInsurance. You will need to pay a $36 fee to book an appointment. Processing generally takes between 24 and 72 hours.
Fingerprints are only valid for 180 days, after which they will no longer be accepted by the Commissioner of Insurance. If you have already submitted fingerprints within the past 180 days for a previous insurance exam, you may not be required to submit a new set.
If you have a felony criminal conviction involving dishonesty or breach of trust, you will need to apply for and obtain a federal crime waiver by submitting a 1033 Short Form Application to the Office of the Commissioner of Insurance Agent Licensing Department at the following address: Crime Waiver Application PO Box 7873 Madison WI 53707-7873.
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Develop a marketing approach
Once you have obtained your license to become an independent insurance agent in Wisconsin, you need to develop a marketing approach to help you succeed in your new career. Here are some strategies to consider:
Networking
Networking is a powerful tool to spread awareness about your services and build a client base. Get to know people in your community and join networking events, industry groups, and online communities related to insurance. These connections can be a source of referrals and partnerships.
Niche Marketing
Consider specializing in a specific type of insurance or serving a particular demographic. By focusing on a niche, you can establish yourself as an expert in that area and attract clients with specialized needs. This strategy can help you stand out in a competitive market.
Community Involvement
Volunteering and participating in community activities can help you build trust and establish yourself as a familiar and approachable figure. Look for opportunities to engage with local organizations and events, which can lead to word-of-mouth referrals and a stronger connection to your target market.
Online Presence
Create a professional website that showcases your services, expertise, and contact information. Utilize social media platforms to connect with potential clients and share valuable insurance-related content. You can also consider running targeted ads on social media to reach your specific audience.
Referrals and Partnerships
Encourage your existing clients to refer you to their friends and family by providing excellent service and maintaining good relationships. You can also explore partnerships with complementary businesses or professionals, such as financial advisors or real estate agents, who can refer their clients to your insurance services.
Brand Development
Develop a strong personal brand that reflects your values and sets you apart from competitors. This includes creating a memorable logo, slogan, and marketing materials that will help potential clients recognize and remember you. Consistency in your branding across all platforms and collateral is key.
Developing a successful marketing approach as an independent insurance agent in Wisconsin involves a combination of these strategies, tailored to your specific strengths and target market. It is important to continuously evaluate and adjust your approach to find what works best for you and your clients.
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Frequently asked questions
You will need to complete a pre-licensing education course, take an exam, and submit fingerprints to reapply for the license.
Being an independent insurance agent means being your own boss, having the potential to earn over $100,000 per year, and having flexibility and control over your time.
First, decide what type of insurance coverage you want to sell. Next, complete a pre-licensing education course, take and pass your exams, and submit your licensing application.
Consider the company's reputation, the products it offers, the commission structure, and whether it is a captive or independent insurance agency.
Grow your network by getting to know people in your community and attend industry events, volunteer, join online groups, and network with other professionals in the insurance industry.
