what experience do you need to become an insurance broker?
After being an Intern for 2yrs at an Insurance Corp., I have decided I want to become an Insurance Broker after I graduate college. Will this internship experience help me to gain an internship/job with a brokerage firm? Should I wait a few yrs. before becoming a broker to gain more knowledge of insurance or just jump right in to the business? Will I make a good salary in the beginning? What is a prestigous brokerage firm on the East Coast in the Philadelphia,New York, New Jersey area?
Selling in most cases including Insurance is done on Commission unless your company will start you out on a draw that you will get started with or at some point have to pay back possibly. 1st get your license and work under someone else to gain some experience say a year or so. then after that if your still liking the business break on out into the business and open your own office. once you get into the business more you will find the more Prestigious firms. However Prestige is one thing and bottom line is another. I’d rather have more money in my pocket and a little less Prestige…
August 30th, 2009 at 4:01 am
Selling in most cases including Insurance is done on Commission unless your company will start you out on a draw that you will get started with or at some point have to pay back possibly. 1st get your license and work under someone else to gain some experience say a year or so. then after that if your still liking the business break on out into the business and open your own office. once you get into the business more you will find the more Prestigious firms. However Prestige is one thing and bottom line is another. I’d rather have more money in my pocket and a little less Prestige…
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August 30th, 2009 at 4:33 am
Don’t have to have any experience but some of the best agents that I have seen are very personable and outgoing. They will generally care about others and are good at quickly being able to make them feel comfortable.
That being said you need to be very detail oriented and organized. There are so many different parts to all lines of insurance that it is important to know how the process works. The more you know about how the system works the better you will be.
The best thing to do would be find a mentor that has tons of experience that is willing to take you under their wing and teach you a broad base to the business. There are so many different lines of insurance and if you want to make good money you are better off to be the best in one very specific area. This will help you to show value to the most prestigious firms out there. By working for someone else you can learn what line really interest you the most.
I graduated from college a few years ago and that is what I have been doing and it is really working well. Helped me to understand the insurance industry and realize what lines I want to specialize in. The more specialized you are the more money you will make.
Good luck!
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August 30th, 2009 at 5:04 am
Well, you don’t need ANY experience. All you need is a license, and a company that lets you sell their insurance.
I don’t know of any brokerage firms that offer internships.
And NOBODY makes salary, it’s straight commission. So you don’t sell, you don’t eat. It’s very much a sink or swim business. 95% wash out the first year, and the average salary for the guy who lasts a whole year, is $40,000. For about 80 hour workweeks.
Your BEST bet, is to get a low paying entry level job in an agency – you don’t even need a license, if all you’re doing is filing. You could make just slightly over minimum wage, answering phones, opening the mail, or filing. BUT, you can LEARN. You can see what the successful people do, and ask a ton of questions.
If you want to be a broker, jump right in. But you need to be able to SELL.
If you don’t know the names of the local firms that do tons of business near you, you aren’t ready to jump in. Get that agency job.
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agent, 21+ years
August 30th, 2009 at 5:22 am
Unfortunately you don’t need any experience. If you’re still asking these questions after your internship, you haven’t learned the ropes. Unless you are bringing your brokerage managers large amounts of premium (especially true in a bigger brokerage firm), they won’t spend the time with you to learn anything. Start at an agency where you have a sales manager to oversee your work and help you out. If you have a curiosity for knowledge and work hard, you can do well.
Oh, when you leave the agency to go work as a broker, expect to walk away from your renewals.
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Independent agent
Former insurance brokerage manager
August 30th, 2009 at 5:35 am
You might want to check this out if you are in the Health Benefits industry.
You do not need a license to market this and the training program is good. The business plan can help you to build a retirement income of 100K in 2-4 years. If you are smart , you can do it in a couple of years. 2-4 years. Many have done it.
Check this out:
http://wpaul.simpleasabc.com/
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