Once you have your insurance license, you must choose the best insurance agency. Apply to different insurance agencies that hire eligible independent agents. There are several independent insurance agencies that not only employ independent agents but also provide other services. A simple google search can get you a list of insurance agencies in your area or state. Choosing the best insurance agency for you is very important for your career. Different agencies have different advantages and disadvantages so, it is advisable for you to do your research well and weigh many options before making your final decision.
Marketing and sales support
Marketing and sales can take up a lot of your time. In between meetings with clients, you’ve got to be posting on your social media, responding to emails, sending forms to the carriers, requesting quotes and so on. Being an independent agent is not an easy task unless you have an agency that helps you manage all your work in a better way.
The best insurance agency will provide you with additional service options with marketing and sales support. The marketing support may include social media marketing, email marketing, prospecting, lead generation etc. While the sales support may include filling up forms, sending requests to underwriters, insurance renewals, etc. You must choose an agency that allows the agents to focus on selling insurance and takes care of all the other tasks.
These services do not come for free of course. Insurance agencies will take a commission split off your sales. A forum in the insurance journal discusses the compensation and commission split an insurance agent should get. There is no set rule for the commission split agencies offer but there some models of commissions that most agencies follow. You must be able to find out the different commission splits and terms and conditions of various agencies. This way you can weigh your options and pick the best insurance agency that gives you the best deal.
Insurtech has been a huge buzz word for all the right reasons. The best insurance agency for you would be one that has technological assets. Fortifier claims that according to the latest reports and statistics, the global insurtech market size will continue to grow. The growth of revenue will hit the point of $1,119.8 million by 2023. With the use of artificial intelligence, machine learning, internet of things, smartphone applications, blockchain, big data, and many more, insurtechs will capture the full insurance market. Therefore, you should be looking out for insurtechs as the best insurance agency will be the one investing in its tech for greater returns.