Insurance is divided into two parts, one is life insurance and other is general insurance. Life insurance covers the risks on the life of the individual. In this case the insurer bears two kinds of losses, one is emotional loss and other is financial loss. Nobody can recover emotional loss, but financial loss can be recovered, and this is the place where the insurance company comes into the picture. General insurance covers all the other risks, which are measurable in terms of money like accidents, damage of property, and injury.
A lot of career opportunities are available in the insurance sector with different job profiles and responsibilities. Insurance agents and Insurance Brokers are an integral part of this sector. Insurance agents are people who find prospective customers for their company, and find suitable policies for them. The customers can be families, individuals, or businesses. It is a financial, gratifying, and demanding occupation. To have a positive and successful career, one needs to have the skill set to sell the product with the minimum qualification. These agents can work either independently or as Agents hired by the companies. Insurance agents are free to choose the policy they want to deal in. They can either vend a particular policy or can sell variety of policies. Captive agents work under the particular company and sell the policies of that company only.
The key responsibilities of an individual in an insurance company are meeting the clients and making a sale with them, maintaining the records, guiding the benefactor on the expiry of the policies, and settling of the insurance claims within a short span of time. In addition to that, an insurance agents needs to provide financial services like planning for real estate and also retirement. They also help the business houses for the formation of the pension plans. The different policies that insurance agents sell comprises of Casualty, long term insurance, health, life, mutual funds, property, disability, and also other securities. Depending on their interest and choices the insurance-agent selects its policy for sale.
The minimum qualification to be eligible for a career in insurance agency is a high school graduate. People with sales capability or who possess specialization in commerce get more preference than others. One needs to pass the State examination or a pre licensing course to be a professional. One needs to have a separate license to sell health-insurance, life-insurance, and casualty and property.
A bright future is available for people, who have the capability to sell these policies. They may get up to the position of management, where they can be appointed as manger of sales and further they can be posted as Superintendent or as an executive.
To be successful in the insurance sector one needs of a lot of other skills despite their college degree. These skill sets include interpersonal skills along with the knowledge in the field of insurance and finance. It is a crucial thing for an insurance agent, whether he is independent or he is a captive agent.
There is an upward rise in the graph of the recruitment of the insurance agents. This shows that a lot of opportunities are available for individuals. Agents can earn high incomes in this sector. They can make $50,000 a year and can quickly jump to $200,000 with the proper knowledge in the field of finance and with good selling techniques.
Insurance is a vast pool of knowledge and a lot of changes take place in this pool so one needs to be aware of what is going around him. It is a very much rewarding career both in monetary terms and recognition, whether being a full time worker or an agent.