Insurance Agent: What They Do

When you use an insurance broker, you’re not dealing directly with an agent, but an they still plays a role. This is because the insurance policies you get through a broker have to be approved by the insurance company’s agent.

Insurance Agent

Who is an Insurance Agent

An insurance agent is someone who works for an insurance company. They sell insurance and help customers with changing their coverage or making a claim. Some agents sell different types of insurance, while others focus on one, like home or car insurance.

There are two kinds of insurance agents: captive agents and independent agents. Captive agents work only for one insurance company, while independent agents can sell policies from multiple companies.

What Does an Insurance Agent Do?

An insurance agent is someone who works for insurance companies and sells their policies to people. They earn money by getting a commission from the sales. First, they talk to you to know how much money you have and what kind of insurance you need. Then, they help you choose a policy that gives you enough coverage and fits your budget.

Insurance agents do many things to help you:

  • They help you figure out what insurance you need.
  • They assist you with filling out forms to get insurance.
  • They check in with you from time to time to make sure your insurance still fits your needs.
  • They help you with filing and sorting out insurance claims when needed.

Insurance agents help people find the right insurance for them, whether it’s for life, car, or health. Their main job is to find a policy that fits your needs well and isn’t too expensive, no matter what type of insurance you’re looking for.

Insurance Agent Responsibilities Include

  • Figuring out ways to advertise and sell different types of insurance policies, including suggesting changes to existing ones.
  • Building good relationships to find potential customers from different places like networking, making cold calls, and getting referrals.
  • Understanding what businesses or individuals need for insurance and suggesting plans that fit their situation and budget.

How Much Does an Insurance Agent Make

Insurance agents typically make around $79,650 per year on average, which is about $40 per hour. However, the exact amount they earn can vary based on factors that include their level of experience, skills, who they work for, and where they work. The type of insurance they specialize in can also impact their earnings.

Difference between Insurance Agent and Insurance Broker

An insurance agent works for an insurance company, while an insurance broker works for you, the customer. Agents sell policies from one company, but brokers can offer options from many insurers. Brokers help you compare prices and coverage options. They earn commissions from insurance companies and may charge fees.

Insurance agents work for a certain company or multiple companies and sell their products. They earn money based on the sales they make. Sometimes they get a fixed salary too. They can offer products that brokers can’t. If you know what insurance you want and from which company, it’s better to deal with an agent directly.

Frequently Asked Questions

Who do they work with?

An Insurance Agent helps people get insurance. They might team up with other agents and Insurance Brokers to do this job.

Do You Need an Insurance Agent? 

You don’t always have to use an insurance agent to buy insurance. But using one can be really helpful. It also depends on the insurance company. Some companies let you buy insurance directly, while others only sell through agents.

What makes a good Insurance Agent?

A good Agent cares about their clients the most and knows a lot about different policys. They should be trustworthy, communicate well, and make clients feel secure. Also, they need to keep learning to know what’s happening in the insurance world.

Is it hard to be a successful insurance agent?

Selling insurance can make you a lot of money because you can earn big commissions and have the freedom to choose when you work. But it’s tough. Many customers might say no to you, and the job can be stressful. A lot of people quit because it’s so challenging.

Why do they quit?

Many insurance agents leave their jobs because they expect to make a lot of money quickly, but the reality is different. They might think it’s easy to earn big bucks by selling insurance because the industry is massive.

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