Orlando Harmon
Insurance agents sell insurance policies to people, protecting them from future financial issues. They can be captive, working for a single insurance company, or independent, selling products from multiple providers. There are many jobs similar to insurance agents, including insurance brokers, insurance specialists, insurance advisors, sales agents, and insurance producers. These roles share many core skills with insurance agents, such as customer service, verbal and written communication, time management, and decision-making. Some other jobs parallel with insurance agents, including underwriters, financial representatives, claims adjusters, benefits consultants, and account managers. These roles may require additional education, experience, or specialization. The insurance industry offers a multitude of job opportunities, providing stability and the ability to help people.
| Characteristics | Values |
|---|---|
| Education | High school diploma, with some roles requiring a college degree |
| Skills | Customer service, analytical skills, verbal and written communication, time management, critical thinking, decision-making, marketing, interpersonal skills |
| Job Types | Life insurance agent, health insurance agent, property and casualty insurance agent, insurance broker, insurance specialist, insurance advisor, sales agent, insurance producer, insurance sales representative, underwriter, financial representative, claims adjuster, benefits advisor, benefits consultant, personal line account manager |
| Salary | Average salary for a life insurance agent as of November 2019 was $79,606; average salary for a health insurance agent as of November 2019 was $55,839; average salary for a property and casualty insurance agent as of November 2019 was $48,723; national average salary for insurance agents as of 2024 was $45,884 per year |
| Job Outlook | Stable, with a projected employment growth of 7% over the decade according to the U.S. Bureau of Labor Statistics |
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Insurance Broker
An insurance broker is a customer-facing and sales-focused professional who has knowledge of different risk management and insurance products and services. They help companies and individuals find insurance for their businesses, homes, families, and themselves. Insurance brokers work for their clients or the company's customers and shop around to find the best coverage. They do not work for insurance companies but for their clients, and they do not sell insurance policies. Instead, they help their clients find the best insurance policy for their specific needs at the best price.
To become an insurance broker, you need to complete a licensing exam successfully. The specific requirements for licensing will vary depending on the state or province. In some cases, you may need to complete prelicensing education and pass a combined life and health insurance exam. Most provinces or states offer in-person classes, online courses, or a self-study option. There are three levels of courses and exams that you can take to earn a license, each of which will help you build your knowledge of insurance.
There are generally two types of insurance brokers: retail and commercial. Retail insurance brokers offer health, travel, home, and auto insurance policies, as well as various liability policies. Commercial insurance brokers specialize in industries such as gas, oil, marine, and aviation, offering more complex and high-value policies.
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Sales Agent
A sales agent shares 51% of the core skills required for the role of an insurance agent. As a sales agent, you are the first line of customer service. You are responsible for fulfilling customer requests and providing services that meet their needs. This involves taking orders, offering services, and providing support in person, over the phone, or online. Sales agents are also responsible for maintaining client files and ensuring that returning customers receive the best possible service.
Overall, a sales agent role involves a combination of customer service, sales, and product knowledge skills to effectively promote and sell products or services to customers.
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Benefits Consultant
A benefits consultant is a natural career progression from an insurance agent. They share many transferable skills, such as employee benefits design, disability insurance, benefits administration, and health savings accounts.
The average salary for a benefits consultant in the US is $51,835 per year, with an estimated 8% growth rate in job prospects between 2019 and 2029, outpacing the national average.
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Claims Adjuster
A claims adjuster is responsible for investigating insurance claims, examining evidence, and preparing reports. They work to find fair settlements for claimants while adhering to the insurance company's rules and guidelines. Claims adjusters often work outside the office, inspecting properties with insurance claims, such as damaged automobiles and buildings. They also handle a caseload of pending claims, which may include some complex cases.
To work as a claims adjuster, a high school diploma or equivalent is typically required for entry-level positions. However, some employers prefer applicants with a bachelor's degree or insurance-related work experience. Licensing requirements vary by state, with some states requiring prelicensing education or a satisfactory score on a licensing exam.
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Underwriter
An underwriter is a person who assesses and evaluates the risks of approving a loan or insurance application. They decide whether a borrower's application should be approved or not. For instance, if a car is no longer running and dented, an underwriter will probably decide not to insure it. Underwriters also determine how much the insurance company should charge for insurance. They review credit history, assets, the size of the loan, the appraisal of the home for mortgage applicants, and medical history for insurance applications.
Most underwriters specialize in one of three fields: health, life, and property and casualty. Within the property and casualty field, underwriters may further specialize in commercial (business) insurance or personal insurance, as well as the type of policy, such as insuring automobiles, homes, or pets. Underwriters typically work full-time in an office setting during regular business hours.
To become an underwriter, a high school diploma or equivalent is required, although some college education is preferred. Entry-level underwriters can complete on-the-job training, while more specialized roles may require certification and years of experience. Previous experience in customer service, banking, insurance, or other business roles is beneficial.
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Frequently asked questions
Some entry-level jobs in insurance include Insurance Sales Agent, Underwriting Assistant, and Claims Adjuster.
Some mid-level jobs in insurance include Commercial Lines Account Manager, Benefits Consultant, and Financial Representative.
Jobs that share 90% or more of core skills with insurance agents include Insurance Broker, Insurance Specialist, Insurance Advisor, and Insurance Producer.
Other jobs in the insurance industry include Underwriter, Claims Representative, Customer Service Representative, and Collections Specialist.
Insurance agents can specialize in various types of insurance, including life, health, property and casualty, auto, and workers' compensation.
