I would guess that 95% of folks in the insurance field did not plan on making a career out of it. Normally individuals from both the sales and service side might somehow stumble upon an opportunity in this field. But interestingly enough throughout my 17 year Insurance career, I have noticed that few people leave the industry, especially if they work for an established, best in class organization that rewards employees for collective success.
All jokes aside about the insurance industry. There are several key reasons why we retain good people and their are great insurance jobs out there to to be found. Some of the reasons (in no particular order) are as follows:
- Compensation. The income potential is very competitive. This is especially true on the top end for those seeking a sales or production role. For a successful commercial producer it is not out of the question to see six figure incomes after approximately 5 years in the industry. Unlike some sales jobs, you can enjoy some residual income (AKA renewal commissions), which also is attractive and provides stability.
- Professional/Consultative. In the field of commercial insurance (and with our friends in the benefit world), the consultative nature of the agent as it relates to the client is critical and satisfying. The client is depending on their agent to protect their assets and to do it in an economical and creative way. A CFO or business owner ideally places the same level of importance in hiring their agent as they would their corporate attorney or their CPA. This is easy to understand when a typical commercial insurance spend for a $25mm revenue company could approach $150,000 to $200,000 depending on many factors.
- Work/Life Balance. Like with most jobs, the individual that works the hardest and smartest in the insurance field is the person who most often succeeds. However, the flexibility of work hours and the amount of work hours can be arranged in a way that enable professionals to balance their work life with their home life. I think this is due to the “team” service approach and the fact that most of our clients are needing us during the conventional 8-5 timeslot.
I hope that this very general synopsis of Insurance Sales career was helpful and a great career in insurance can be very rewarding, challenging and lucrative. I look forward to comments or questions, or you can send me an email directly below. Thank you and talk to you next week!
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