What is sales in P&C insurance?

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PostPosted: Sat Jul 04, 2009 3:57 am   Post subject: What is sales in P&C insurance?  

I work in surplus lines insurance - first processed policies and now end up underwriting. I'm still new to the insurance industry. I just got my P & C license a couple months ago. I went to a job interview for an assistant broker and the interviewer was looking for a sales person. But I have a hard time understanding what that means? What is "sales" in insurance? I'm very knowledgable in the products and markets and very responsive to retail agents who ask questions, but I don't consider myself a sales person. So what does the term mean? Am I doing sales without even knowing it?


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PostPosted: Sun Jul 05, 2009 2:07 pm   Post subject:   

The most important part about insurance sales is indeed explaining the products in a clear and concise manner. If you are very knowledgeable in this area, then it will really depend on your people skills. If you have a knack for understanding the needs of your clients, and you suggest a solution that they decide to pursue, you have just made a sale.



P & C sales is much easier than Life sales in my opinion, although I'm sure many would disagree. People are always looking for a quote on homeowner's or auto insurance, and the other areas of P & C are there as well.



Focus more on what you would be doing on a daily basis, rather than terming it as a sales position. You might be surprised that it's not that different than what you are currently doing, or on the other hand you might find out that it's not for you.



Good Luck!

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PostPosted: Mon Jul 06, 2009 6:01 am   Post subject:   

Well Paper Agent, I think the insurance sales people are the first contact point for the customers in order to receive coverage. The sales person/agent would then shop for appropriate policy for the client. Extensive product knowledge is particularly required in the profile of sales agent.



However, if you don't consider yourself appropriate for sales position, IMO you better not opt for the job. To me it is very important to like the job that you're doing in order to become successful in it.



What profile are you interested in, anyway?

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PostPosted: Mon Jul 06, 2009 7:38 am   Post subject:   

Hi PaperAgent1..



It's good to know that you have a good understanding of the product even though you're new to the industry. In my opinion, if a prospective customer is reciprocating to your queries and then accepting the offer - then it's nothing but a sale.



Quote:
I went to a job interview for an assistant broker and the interviewer was looking for a sales person.


I guess you'd need to work under an insurance broker and may need to achieve targets set by him. By 'targets' I mean a good number of sale-closures within a stipulated time.



Well, the bottom line is -



They don't really need someone knowledgeable to explain the features to the prospect and then leave it on him to decide what's better for him. They're probably looking for someone who's assertive, one who'd go ahead and close a deal.



Did the interviewer talk about commissions?



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PostPosted: Thu Jul 23, 2009 1:19 am   Post subject:   

Thanks for the insights. The job wasn't commission base. I work on salary now and work for a broker in surplus lines. I handle everything file related and quote related and deal with retail agents. The only thing I don't do is quote new business or handle major accounting issues. The interview I was going for didn't sound like I was going to work with retail agents but rather with customers. I'm looking to move up to an associate broker position than be the one handling everything while my associate broker takes the credit. I love my broker though. I'm just sick of fixing everything and answering questions that the associate broker doesn't know but should know. In any case, after thinking about the interview I had, I'm in a solid stable job - all I need is to move up and I hope management sees what I'm doing and my broker recognizes what I'm doing for her too, and rewards me in the form of gift cards and/or bonuses or a promotion! "Good job" and "we don't know what we'd do without you" isn't cutting it. I rather get paid for it.

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PostPosted: Thu Jul 23, 2009 9:13 am   Post subject:   

Have you tried negotiating a hike? I know you would get the recession crap but it won't hurt asking. In a tight market situation like this it may worth more to stay on a job for a while and bid your time.



Have you pondered over the idea of becoming an independent agent?


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PostPosted: Thu Jul 23, 2009 9:36 am   Post subject:   

PaperAgent1,



P & C agents aren't salesmen.



They are either "order takers" auto and homeowners insurance AND/OR they are technicians, worker's comp., business liability etc.



The "salesmen" of the insurance industry are the Life & Health agents.



The only thing similar between a P & C Insurance Agent and a Life & Health Insurance Agent is the word INSURANCE, beyond that....For Get About It.



You couldn't give me a P & C license and most P & C agents can't stomach the work that goes into Life & Health sales.



Razz What does P & C stand for anyway? Cool



Very Happy Properly and Casually? Wink



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