There are big perks that come with being an independent insurance agent. You’re your own boss, you can become an employer, and you’ve greater control over your earning power. You also have greater freedom to sell various types of insurance.
However, while many people will tell you about the successes of independent insurance agents, you need to know that being successful isn’t a walk in the park. It takes a combination of competence, determination, and business savviness to excel as a solo insurance agent.
In this article, we’re delving deeper into the world of independent agents, fleshing out tips you can use to find success.
Experience, Experience, Experience
Anyone who qualifies to be an insurance agent can go solo. Being a solo agent means you won’t be employed by anyone. Instead, you’ll start your own insurance agency.
If you’ve got the capital to start your own agency, you can do so straight after obtaining the qualifications necessary to sell insurance in your state. But capital alone isn’t going to make you successful. You need experience – vast experience –as well.
How do you gain this experience? You need to start by working for an established agency or for an insurance company.
Once you’ve firmly planted your feet in the insurance industry and racked up a couple of years selling insurance, you can then consider branching out on your own.
Learn How to Run a Business
Some insurance programs have business management courses, but that’s just a drop in the ocean. For the most part, you’ll learn how to be a salesperson.
However, being an independent insurance agent isn’t just about selling insurance policies. It’s also about running your agency profitably.
As such, it’s prudent to take additional classes in entrepreneurship, business management, and marketing. This knowledge will help you follow the right procedures when opening and operating your insurance agency.
Diversify Your Insurance Services
As a solo insurance agent, you have the freedom to decide which type of insurance to sell. For example, you can focus on selling auto insurance only. Or you can be an exclusive home and property agent.
There’s a case for focusing on one type of insurance plan, but you risk over narrowing your target market. If you’re selling only auto insurance, and there are many other auto insurance agents in the state, you can picture how competitive the market can get.
It’s advisable to expand your offerings. A good strategy is to offer plans that are closely related or can be bundled. For example, if you’re a health insurance agent, you can also look into selling life insurance and final expense insurance.
Become a Successful Independent Insurance Agent
There are many successful independent insurance agents. There’s no reason you shouldn’t follow their path. It can be scary at first, but with the right guidance, you can transition into solo practice and hit it big. The tips fleshed out above are a good place to start.
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