Are you considering pursuing a career as an insurance agent?
You’ll join a profession that has more than 1.2 million agents already in practice. So, if we were to go by the numbers, you’re certainly making a good decision.
However, you don’t want to make such a big decision solely based on the number of people who are in the profession. You also want to consider other things, such as whether being an insurance agent is easy.
This isn’t the kind of question you can answer with a simple yes or no. We’re taking a deep dive into the life of insurance agents.
Read on for more!
Is Selling Insurance Easy?
Let’s get this one out of the way first. Selling insurance isn’t an easy job. In fact, selling as a whole isn’t what you’d call easy.
The numbers don’t lie. 90 percent of insurance agents burn out and quit the profession within the first year of practice. Stretch this to five years and the percentage climbs to 95.
While the insurance consumer market is massive (one can argue that literally every adult has to buy at least one or two different kinds of insurance policies), the competition is fierce.
Insurance agents typically earn commissions from the sales they make. So, to earn a living, you must make a sale. Yet, it’s not easy for beginner insurance agents to find clients and close a sale. Unable to make good sales, the commission earned simply isn’t enough to sustain a living. It’s easy to see why so many choose to quit.
Why Is Selling Insurance Difficult?
The fierce competition for clients in the insurance market alone isn’t to blame for why selling insurance is difficult. A lot can be attributed to the nature of the product they’re selling. It’s intangible.
Picture a car salesman. A customer comes to the dealership and the salesman introduces the customer to the car they’d like to buy. The customer can touch it, get in, try out new features, and drive it around the block. This experience goes a long way in helping the customer make a quick purchase decision.
Now picture a life insurance agent. A client comes to the office and all they have to see is a load of papers outlining the features of various life insurance policies. The client experience is vastly different (read boring) compared to buying a car or other physical product. The insurance agent has to do a lot more persuasion to get the client to make a purchase.
Can the Life of an Insurance Agent Be Easier?
Thus far, it’s all been doom and gloom. You might already be discouraged about becoming an insurance agent.
But it’s not all gloom. The life of an insurance agent can be easier. There are thousands of insurance agents who’ve built successful careers and even went on to start their own insurance agencies.
There are steps you can take to make your professional life easier. For example, you can specialize in selling a few insurance products and utilize digital channels to find more leads.
An Insurance Agent Career Can Be Good for You
Truth be told, pursuing an insurance agent career isn’t a walk in the park. A competitive industry and a market full of intangible products make selling hard. However, with determination, patience, and the right occupational skills, you can make your professional life a walk in the park.
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