Looking for a pandemic-poof business?
Independent Insurance is here for you.
Insurance is one those industries that is seldom bothered by extreme economic fluctuations. Insurance is necessary no matter what is happening in the economy. You have to protect your homes, autos, and business whether there is inflation or recessions or booms.
But for all the reasons insurance is a good business to be in, there are many things to consider before you take the leap.
What do initial costs look like?
Insurance is similar to many business opportunities. But it also comes with some more unique considerations. It requires a licensing process, by state, so first and foremost - you must be willing to put in the work - and money - up front to get started. In order to sell insurance anywhere, you must first past a state exam.
The state may require anywhere from 20 - 40 hours of general insurance education courses and up to 12 hours of ethics courses before you can take the state exam. There are also additional licenses to sell specific variable annuities or variable life insurance.
There is also state required insurance required to protect yourself.
Insurance Specific Considerations
Some insurance companies allow their agents to sell multiple types of insurance and with many carriers that require a relationship before you can sell their products. SAI, for instance, is one of those companies. We offer many carriers and allow agents to sell any insurance.
These relationships are important to allowing companies to continue to sell their products. They often want to be associated with reputable companies and will continue to meet and work with agents based on their association.
If you've never worked in a retail position, sales language matters. Apart from needing to know the carriers and products, many agents are expected to find their own network of sales as well. For carrier specific agents, their pool of possible clients can already be limited by both what they are allowed to sell, and the areas they can advertise in.
Being personable at a party is not the same as sitting down face-to-face with strangers in their home or office to convince them to trust you on their policies. You must not only be able to provide accurate and knowledgeable information - but present it as a trusted source.
All while knowing if you don't close this sale, you don't get paid.
Not everyone can thrive in this type of pressure. A few agencies like SAI and CIB have started offering renewal payments as well - this means when your clients renew each year, you will get a commission based on that as well.
This helps agents in the long run, as well ensure that their clients are happy with their services year over year.
No Limits on Potential
For those blossoming under these conditions, you are not limited by volume or earning potential. This allows agents under independent companies like SAI to really work on their schedule and focus on what matters to them.
Many agents also elect to build their renewal systems up to keep their income steady as they build their business. This is why companies like SAI have started focusing on this earning power for their agents. It really allows agents to build their own business up so they can retire.
You can really build a business like no other, but it's not for every personality. In addition to licensing fees many well established companies will charge for on-board tools and access to their relationships, insurance and technology.
If you are interested in learning more about getting a license and hitting the ground running with a great company like SAI new agents can apply online.