According to an O*NET survey, 35 percent of claims adjusters who responded had a bachelorâs degree compared to 81 percent of underwriters. In the event of a claim, agents help their customers file and receive financial compensation for their loss. A career as an insurance sales agent requires basic education, like a high school diploma or a college degree in business or a related field. Undergraduate programs that specifically study insurance and risk management are available through colleges and universities. Must complete an application online and submit transcripts for their highest degree earned. To become an insurance agent, try getting your feet wet with a summer job in sales, which will teach you about calling leads, marketing, and handling rejection. Some employers may require a bachelor's degree. Insurance sales agents must evaluate the needs of each client to determine the appropriate insurance policy. Some universities and colleges offer bachelor's degree programs in insurance and risk management, which cover topics like risk management principles, life and health insurance, commercial risk management and employee benefits. Must be a high school graduate or have completed GED. An error occurred trying to load this video. © copyright 2003-2020 Study.com. MBA Dual Concentration: HR & Project Mgmt. You need to complete prelicensing education for your line of authority, which is determined by each state. 10 Dec 2020 accessed. Must be a high school graduate or have completed GED. Success as an insurance agent requires the ability to network and make connections. The best-paid 25 percent made $77,930 that ⦠Earn Transferable Credit & Get your Degree. Must complete an application online and submit transcripts for their highest degree earned. Vocational diplomas in insurance coding are designed for students who are interested in learning about the principles of... An admission advisor from each school can provide more info about: Get Started with Purdue University Global, Get Started with Southern New Hampshire University, Get Started with Colorado Christian University. Study.com College Advisor that can help you compare costs and options. All programs require some coursework and the passing of an examination to achieve certification. Along with insurance, these salespeople can sell annuities, mutual funds and financial planning services, like estate planning for elderly clients. According to the U.S. Bureau of Labor Statistics, the projected job growth for this field for the years 2018-2028 is 10% and the median annual wage for insurance sales agents in May 2018 was $50,600. Insurance Agent Video: Becoming an Insurance Broker or Agent. All other trademarks and copyrights are the property of their respective owners. And in this field that has projected employment growth for at least the next decade, states require agents to obtain a license for the state in which he or she will plan to sell insurance. As such, take college courses in insurance and attend industry conferences. A minimum requirement to become an insurance agent is typically a high school diploma or its equivalent. Any major is acceptable, though courses in business, economics and finance are beneficial. Since there are multiple steps to becoming an insurance agent, letâs break this down by sections: Getting your insurance licenses â Three to six weeks Finding an insurance agent job â Two or more weeks Getting your FINRA licenses (optional) â Four to eight weeks All rights reserved. Continuing education and training may also be necessary. a Study.com College Advisor at the end of the process. Insurance sales agents commonly sell one or more types of insurance, such as property and casualty, life, health, and long-term care insurance. Follow our step To sell variable annuities and mutual funds, one must pass the Series 6 exam administered by the National Association of Securities Dealers (NASD), while someone who wants to general securities must pass the NASDs Series 7 exam. Life insurance, car insurance, home insurance, or business insurance all require a license to sell in any state. Study.com, 22 Jan 2020 published. Learn about the education and preparation needed to become an insurance billing specialist. What is your highest level of education completed? Find Schools. No matter what degree program an aspiring insurance salesperson enrolls in, they should take courses that provide them with the skills necessary for the profession. This plan includes: Take classes on your own terms while saving up to 50% on college. A career as an insurance sales agent requires basic education, like a high school diploma or a college degree in business or a related field. The U.S. Bureau of Labor Statistics notes that a high school diploma is usually necessary for insurance sales agents. Insurance sales agents sell property and casualty, health, life or a combination of these types of insurance. To get the most out of your degree, take courses geared towards a sales career. Since relationship selling tends to be more effective, agents, t⦠For example, Florida requires licensing students to either complete their studies within six months or re-apply for licensing. To accomplish this task, insurance agents must be active in seeking out new clients and explaining types of coverage they may find helpful. The National Alliance for Insurance Education and Research also offers several types of industry-recognized certification designations that insurance sales agents may earn to signify their expertise in the field. During college, future insurance salespeople can further develop their selling skills by working in a sales position. Connect with Many people are drawn to the insurance industry because of the unlimited potential it offers to those in sales. As a prospective agent, you'll have to take at least five credit hours of Law and Ethics Update. Masters degree applicants must have a Bachelors degree; Doctorate degree applicants must have a Masters degree, Afterwards, you'll have the option to speak to an independent The number of hours youâll have to complete and the cost also varies by state. - Enterprise Agility, Real Estate Sales, Appraisal, and Finance, BS in Business Administration - Financial Analysis, BS in Finance - Accelerated MS in Finance, MBA - Accounting and Finance (Self-Designed), BS in Business Studies - Business Finance, BS in Business Studies - Business Adminis, Jack Welch Executive Master of Business Administration, MS in Accounting - International Accounting, MBA Dual Concentration in Business Mgmt & Project Mgmt. Education Requirements. - Enterprise Agility, Real Estate Sales, Appraisal, and Finance, BS in Business Administration - Financial Analysis, BS in Finance - Accelerated MS in Finance, MBA - Accounting and Finance (Self-Designed), BS in Business Studies - Business Finance, BS in Business Studies - Business Adminis, Jack Welch Executive Master of Business Administration, MS in Accounting - International Accounting, MBA Dual Concentration in Business Mgmt & Project Mgmt. These programs aim to teach students the basic principles of risk management through coursework in insurance theory and security analysis. In fact, the BLS notes that education and knowledge in business can lead to advancement to managerial positions. Insurance sales agents help insurance companies generate new business by contacting potential customers and selling one or more types of insurance. Review and update your education, work and volunteer experience, and any skills or certifications that may be applicable to the job. Enter zip: Learn about the degree programs, job duties and skills required to see if this is the right career for you. To earn any of the certifications you need to complete five NAIER courses and pass an exam. Degree programs in sales are usually offered at the undergraduate level or as professional certificate programs. Some states also require license applicants to be sponsored by an employer. As an insurance agent, you are selling protection for your clients' most valuable possessions. Insurance sales agents operate as independent brokers or work for insurance companies selling life, auto, home and related insurance coverage to consumers. Licensing Testing Centers Now There are generally two types of insurance salespeople: captive agents who work for a single insurance company and sell that company's policies and independent insurance agents who are employed by brokerages and sell policies offered by multiple insurance companies. Study.com, 10 Mar 2020 published. (How to Become an Insurance Salesperson: Education and Career Roadmap. For this reason, many insurance salespeople leave the occupation to pursue other careers. ⦠All other trademarks and copyrights are the property of their respective owners. In 2018, insurance sales agents earned a median annual salary of $50,600, according to the U.S. Bureau of Labor Statistics. Master of Science in Nursing - MSN/MBA Dual Degree Option, BSFIN - Wealth Management and Financial Planning, Business Administration, M.A. The plan here is to do relationship selling, since most family members or close friends are unlikely to turn you down when you approach them to talk about insurance planning. degree options and guide you through every step of the college selection and enrollment process. In general, to obtain a license to sell insurance, one must pay a fee, complete a pre-licensing training course and pass a licensing examination. 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Property and casualty insurance agents sell policies that protect people and businesses from financial loss resulting from automobile accidents, fire, theft, and other events that can damage property. It's free! The requirements vary by state, but typically include completing pre-licensing coursework and passing a state-sanctioned exam. We'll explore your degree options and Curriculum, relevancy of sample programs, and outcomes will vary by school. Licensure is required by the state. 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You need to pass the state insurance licensing exam for your line or lines of authority. In order to sell insurance, sales agents must obtain a license from the state in which they operate. In order to obtain a licence, an applicant must meet the following requirements: Complete a General Insurance Agent application, provide applicable supporting documents and pay the required fee of $150.00. Separate licenses are required for agents to sell life and health insurance and property and casualty insurance. Find Schools. Prospective agents may take classes in economics, business or finance, to understand the principles of selling insurance as a product. Get personalized advice from our college experts. To recap, with a high school diploma, postsecondary degree, experience and licensure, an insurance sales agent can earn about $50,600 a year to sell property and casualty, health, life or a combination of these types of insurance. The key skills include analytical mind, excellent customer-service skills, and an initiative and self-confidence for seeking out and attaining new clients. The auto insurance business has experienced steady growth. Aspiring insurance salespersons seeking to advance their careers may consider joining a professional organization, such as the Association for Professional Insurance Agents (PIA), which offers members access to continuing education, networking opportunities, industry-related events, publications and other services for professional growth. They may also take courses to help them become better salespeople, such as psychology. A degree in or related to business is also a viable option. Step 4 : Errors and omissions insurance Before you can apply for your licence, youâll need to acquire errors & omissions (E&O) insurance, which is a professional liability insurance to protect you from client claims against any unintentional mistakes. It's free! It uses topics from the Insurance Instituteâs You do not have to break the bank to get a degree. Before selling insurance in the Unites States, insurance agents must earn licensure from their state of employment. Sales agents may specialize in one type of insurance coverage, such as health, property, life and auto, or they may be well versed in several forms of insurance coverage. You should also gain sales experience. © copyright 2003-2020 Study.com. Web. CB-114 for further details. Retrieved from https://study.com/articles/How_to_Become_an_Insurance_Salesperson_Education_and_Career_Roadmap.html.
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