Issues Facing Insurance Agents

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PostPosted: Wed Feb 06, 2008 4:49 pm   Post subject: Issues Facing Insurance Agents  

Hello,



I'm currently in school studying actuarial science, but will eventually be joining the real world. I think that I'm more interested in sales type work within the insurance industry (rather than actuarial work). I was just hoping that I could get some more clarity about what issues agents - both captive and independant - are facing. I see the various benefits of being an agent, but was hoping to get your insight on the difficulties you're facing. Any and all input is much appreciated!


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Insurance Baby
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PostPosted: Wed Feb 06, 2008 11:33 pm   Post subject:   

Hi Insurance baby, welcome to the forums, what a great question. I am sure the professionals will be a long shortly to give you all the help you need. Congradulations on your soon to be accomplishments, I wish you much success in your new career! Very HappyVery HappyVery Happy

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PostPosted: Thu Feb 07, 2008 12:59 am   Post subject:   

I think it is great to have you here, you will stay with us once you learn all the ropes right? I like that this forum has so many professional people here that work in the industry. Welcome aboard, glad to have you.

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PostPosted: Thu Feb 07, 2008 6:20 am   Post subject: welcome!  

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PostPosted: Thu Feb 07, 2008 6:48 am   Post subject:   

My friends, you have all the freedom in the world to follow your heart. Hence, you can choose the career of an agent upon that of an actuary. Both career paths have their pros-n-cons in their own ways.



Modern days business depends more and more upon the skills of an professional actuary, which requires an in-depth study of the business models. An actuary needs to possess good analytical skills. Similarly, an agent should also be able to understand what his/her client wants and forward a product accordingly. Both ways are quite lucrative as a career. However, the success depends upon your own skills and understanding. Hope some member with better understanding will come forward with more reasonings. Best of luck!


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Carla Huesen
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PostPosted: Thu Feb 07, 2008 11:25 pm   Post subject:   

Wow, 1 day and already some great responses about pay and starting out as an agent. Thank you all for your input and your well wishes!



One of my concerns is that some of the recent trends we've been learning about in class – for example, changes in technology and increased competition from brokers/bankers – will impact the nature of the work done by insurance agents. Do you think this is the case? Do you think there are any other trends or changes that an agent needs to look out for? Are insurance companies doing all they can to keep up with these changes? Which brings me to another question – do companies/agencies provide sufficient training?



Sorry for the barrage of questions… guess I just want to know a little bit more about the industry from people that actually know.


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Insurance Baby
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PostPosted: Tue Mar 04, 2008 2:42 pm   Post subject:   

good question, but there's no easy answer


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anonymous1
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PostPosted: Tue Mar 04, 2008 5:56 pm   Post subject:   

I would suggest looking into premium finance/life settlements. The industry is becoming larger and larger with more money from institutional banks coming in every day. I recently finished up my schooling and have begun working for a life settlement brokerage. Feel free to email me, jay[at]ogpltd.com, if it sounds like something you would be interested in.



Email edited - Evan


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Jay
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PostPosted: Tue Mar 04, 2008 7:01 pm   Post subject:   

Great information Jay, your email will probably be taken out of the post, I think it is against the terms of service.

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PostPosted: Sat Mar 08, 2008 8:41 am   Post subject:   

great jay, thank you for the offer, hopefully some people here will take you up on it.

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PostPosted: Sat Mar 08, 2008 1:18 pm   Post subject:   

One of the biggest issues facing health insurance agents is increasing regulation. Mass. has gone with mandatory insurance and we're under the constantly threat of universal coverage - which would eliminate our jobs.

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PostPosted: Mon Mar 10, 2008 1:39 am   Post subject: agents  

I don't know much about being an Insurance (LOL), but..I just waana say welcome to the forums, to those new people.

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PostPosted: Sun Apr 06, 2008 11:13 am   Post subject:   

Insurance Baby wrote:

Quote:
I was just hoping that I could get some more clarity about what issues agents - both captive and independant - are facing. I see the various benefits of being an agent, but was hoping to get your insight on the difficulties you're facing.


Hmmmmmm issues?



The biggest "issue" Insurance Agents face are themselves. Just exactly who is stopping any agent from contacting people regarding their products and related services?



Nobody,.... but the agent.



You write your own paycheck is this business and are paid EXACTLY what you are worth.



Selling insurance is simple, but it's not easy.



Most agents are their own #1 problem.


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GarySpicuzza
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PostPosted: Mon Apr 07, 2008 2:16 am   Post subject:   

great response gary, I guess you could say that they could be their own worst enemy. Hopefully with good customer service and good reputation an insurance salesman will do one some good.

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PostPosted: Wed Apr 09, 2008 10:07 pm   Post subject:   

Hi Insurance Baby, well you picked a good one. I've been both an independent broker and a captive agent. There are pros and cons to both, but overall it is an awesome industry to be a part of. My advise keep doing what your doing and opportunities will arise. As you gain knowledge and experience you will find your niche, and you will know it. The best of luck.

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