Insurance Sales Agent Concentration Marketing Sales Service Pathway

Insurance Sales Agent Concentration: Marketing, Sales & Service Pathway: Marketing Communication & Promotion Pathway 7 th Grade Career Discovery Research Project By: Barbara Mackessy

Main Job Duties from the DOT TITLE(s): SALES AGENT, INSURANCE (insurance) alternate titles: insurance agent Ø Sells insurance to new and current clients: Compiles lists of prospective clients to provide leads for additional business. Ø Contacts prospective clients and explains features and merits of policies offered, recommending amount and type of coverage based on analysis of prospect's circumstances, and utilizing persuasive sales techniques. Ø Calculates and quotes premium rates for recommended policies, using calculator and rate books. Ø Calls on policyholders to deliver and explain policy, to suggest additions or changes in insurance program, or to make changes in beneficiaries. Ø May collect premiums from policyholders and keep record of payments. Ø Must hold license issued by state. Ø May work independently selling variety of insurance, such as life, fire, casualty, and marine, for many companies and be designated Insurance Broker (insurance). Ø May work independently selling for one company and be designated General Agent (insurance). GOE: 08. 01. 02 STRENGTH: L GED: R 4 M 3 L 4 SVP: 6 DLU: 81

Education and Training Ø Most agents have a college education. Training may involve some self study courses. Ø Most companies and independent agencies prefer to hire college graduates; especially those who have majored in economics or business. Graduates from high school may be hired if they have proven sales expertise or have been successful in other types of work. (California Occupational Guides) Ø Many agents learn much about their career on the job from other agents by shadowing. College education may be very helpful. (U. S. Department of Labor, Bureau of Labor Statistics) Ø College training can help agents understand the technical aspects of insurance policies , industry fundamentals and operational procedures of selling insurance. (College. Grad. com) Ø The AICPCU (American Institute of Chartered Property Casualty Underwriter) offers advanced insurance courses to qualify an Insurance Sales Agent or other insurance professional for the prestigious designation of CPCU. The CPCU program consists of eleven courses. An individual must pass eight courses to earn the CPCU designation. Ø Speaking more than one language is a plus for an insurance sales agent. (College. Board. com) Ø Every state requires insurance agents to be licensed. Individuals are required to obtain separate licenses to sell life and health insurance or property and casualty insurance. Most states require insurance agents to complete pre-licensing courses and pass state examinations. (College. Board. com)

Working Conditions according to GCIS ØMost Insurance Sales Agents work in small offices with a high level of socialization. ØAgents also spend part of the time away from the office, traveling to meet with clients, close sales, or investigate claims, and talking to customers. ØMost agents usually work a 40 -hour week, although some work 60 hours a week or longer. Ø Agents often work as part of a team. ØMany agents schedule weekend and evening appointments for their clients convenience. ØAgents will typically spend many hours viewing a computer monitor, therefore good vision is helpful. ØAgents must be familiar with many computer software programs used specifically in the insurance industry, as well as basic word processing and general applications. ØAgents will spend many hours on the telephone and must have excellent listening skills. ØAgents will typically be working inside in a clean environment. ØAgents use a car to travel to clients/customers home. ØInsurance sales agents usually provide their own vehicle for business use. ØAn insurance agent may be called day or night due to client emergencies.

Salary & Benefits ØThe most common form of payment for agents working as self-employed independent contractors are commissions. The benefit of this is that the more you sale the more you make. According to U. S. Bureau of Labor Statistics, Insurance Sales Agents at the lowest 10% had yearly earnings of $24, 600 or less and the highest 10% earned over $115, 000. (BLS) ØThe average agent in Georgia weans 35, 200 per year. Agents are paid on commission so the size and location of their sales will cause their salary to vary. Living in a well populated area would benefit their sales. (GIS) ØThe average national salary is 3400 per month. Full time employees expect to receive the benefits of paid training, health insurance, and retirement plans. (Iseek) ØThe annual wage ranges from $29, 900 to $66, 000 with benefits of commissions and bonuses. (About. com) ØThe hourly wages for an Insurance Sales Agent ranges from $16. 43 to $37. 58. (California Occupation Guides) ØA benefit of a larger client base would equal a larger income. (Career Cruising)

Other Company Benefits May Include ØContinuing Education ØOffice Space ØTraining for Licensing ØGroup Insurance Plans ØClerical and Staff Services ØAgent’s automobile ØPaying agents transportation cost ØAttendance at conferences and Conventions ØClient seminars ØMarketing Expenses ØRetirement Plans Ø 401 k ØDisability Insurance ØHealthcare ØPension ØTime off

The Outlook for Employment ØAs securities brokers and bankers begin selling insurance policies, traditional agents may be negatively impacted by this increase in competition. (U. S. Department of Labor, Bureau of Labor statistics) Ø Between now and 2012 Insurance agent’s outlook will increase 7%. (GIS) Ø The employment of insurance sales agents is expected to grow as fast as the average for all occupations through 2016. (About. com) Ø This occupation should grow faster than the average of other occupations in California (CA. GOV EDD Employment Development Department) Ø Some insurance agents will not find enough clients to earn a living. To prevent this from happening to you, you will need to understand offer a broad range of insurance products and financial services. Speaking a second language is another plus. (College. Board. com) Ø BLS states that opportunities will be good for college graduates who have good sales ability, excellent communication and people skills, and expertise in a variety of insurance and financial services.

Typical Day or Week – According to Career Cruising A sample day: An agent spends eight hours working with people. An agent spends two hours working by yourself. An agent spends three hours working with numbers. An agent spends two hours writing or drawing. An agent spends zero hours creating or making things. An agent spends zero hours running machinery. An agent spends five hours on the phone. An agent spends two hours using the computer. An agent spends eight hours working in an office. An agent spends two hours working out of the office. A sample day would be 9 -11 am in the office on the phone and taking claims and answering questions. On the average day from 11 -12 the agent would be preparing quotes for clients. They would go to lunch form 12 -1 pm. Then from 1 -3 pm the agents would be reviewing their files and returning phone calls. The agent would prepare bills and continue to return calls and answer questions from 3 -4. Then from 4 -5 pm they would organize their days work, continue to answer questions and return calls to clients along with finishing any paperwork remaining from the day. (Career Cruising)

Necessary Skills or Aptitudes Required - iseek ØActive Listening – The ability to give full attention to what others are saying and not interrupting. ØClerical – Knowing administrative and clerical procedures and systems, managing files and records, and other office procedures. ØCritical Thinking – Using prior knowledge, logic and reasoning to solve a problem or situation, using alternative solutions, conclusions or approaches ØJudgment and Decision Making – The ability to consider the pros and cons of potential actions and to choose the appropriate outcome. ØMathematics – The ability to effectively and efficiently use mathematics to solve problems. ØMonitoring – Assessing yourself or others to make or recommend improvements ØPersuasion – The ability to persuade others to change their minds or behavior. ØReading Comprehension – The ability to understand what one has read. ØSales and Marketing – Principles and methods for showing, promoting, and selling products or services. ØSpeaking – The ability to verbally communicate effectively in a positive manner. ØWriting – The ability to communicate effectively in written format based on the intended audience.

GOE Aptitudes (these aptitudes or the previous aptitude slide for section seven) G 2= High General Learning Abilities V 2 = High Verbal Ability N 2 = High Numerical Aptitude S 4 = Low Spatial P 4 = Low Form Perception Q 2 = High Clerical Perception K 3 = Average Motor Coordination F 3 = Average Finger Dexterity M 4 = Low Manual Dexterity E 5 = Very Low Eye-Hand-Foot Coordination C 5 = Very Low Color Discrimination (GOE is the reference source)

Dissatisfactions/Dislikes/Negatives According to the interview in Career Cruising, a dislike is that there is a lot of responsibility and pressure on this job. According to the interview in Career Cruising, one small mistake in the paperwork and it could cost the company or the client a lot of money. According to the interview in Career Cruising, there are long days. This is not a nine to five job.

Satisfactions/Likes/Positives According to New York Life, agents will get a valuable exposure to the exciting financial industry. The agents will be able to tap their own resources. The agents will be able to make a real contribution to the success of a company. The agents will be able to feel good about providing effective and innovative solutions to people.

Hello, my name is __________. I’m a seventh grade student at _____ Middle School. I’m doing a research project on Insurance Sales Agents in my Career Discovery class. I would like to ask you a few questions about your career if you havet time. Person Interviewed: _________ at _____Agency, Inc. , representing _____Insurance Company. Telephone (___) _____ Date and Time: Question #1. Why did you choose this job? Question # 2 What do you like best about your job? And why? Question #3 Would you recommend this job for someone starting out today? Why or Why not? Thank you very much for the information and your time. I really appreciate it.

Your Name Your Street Address City or Town, Georgia Zip Code Date Name of company you are writing Human Resources Department Street address of company City or Town, State Zip Code To Whom it May Concern: Career Discovery I am a seventh grade student at ____ Middle School. I am completing a school research project in my Career Discovery class. I am currently interested in the Georgia Program Concentration area of Marketing, Sales & Service. The specific Pathway that is Marketing Communication & Promotion Pathway. At this time, I am interested in becoming an Insurance Sales Agent or a Personal Financial Representative. I would appreciate it if you would send me any information about either of these positions within your organization. Thank you for your time and assistance in this matter. I look forward to receiving information on becoming an Insurance Sales Agent or a Personal Financial Representative from you soon. Sincerely, Your Name

References and Sources • DOT Dictionary of Occupational Titles - http: //www. stepfour. com/jobs Ø U. S. Department of Labor- Bureau of Labor Statistics http: //www. bls. gov Ø CA. GOV EDD Employment Development Department http: //www. calmis. ca. gov/file/occguide/INSUSALE. PDF Ø GCIS – www. gcic. edu Ø Iseek – www. iseek. org Ø Career Cruising – www. careercruising. com Ø Georgia State Insurance Commissioner Ø College. Board. com - http: //www. collegeboard. com Ø Ø Ø AICPCU - http: //www. aicpcu. org About. com - http: //www. about. com College. Grad. com - http: //www. collegegrad. com/ New York life – http: //www. newyorlike. com GOE – Guide of Occupational Exploration