Still have questions about the Commercial Insurance Career path?
We have put together a Commercial Insurance Career path FAQ to help answer some of the most common questions.
What are some of the intangibles of a commercial insurance career?
As a producer, you will be given the opportunity to build your career in the direction you want to take it. Specialize in a niche insurance market or industry… entertain clients on the golf course or at fine dining venues… continue your professional education. This is a professional career that allows you to use your personality, drive, and business acumen to go further than you ever thought possible.
What does it take to succeed in this career?
Successful producers are driven to succeed; they set high standards for their personal performance and accomplishments and work hard to achieve them. They also relate well to others, are outgoing, friendly, and sociable. They like to have as much control over their own destiny as possible, are self-directed and entrepreneurial. Successful producers learn new material rapidly, and can apply the learning in analytical, problem solving situations.
Why do you say this is a very secure career?
There are two compelling reasons why this career is very secure. First, the demand for business insurance is not affected by the economy or stock market. Businesses always need to cover their risks and exposures with insurance. Second, successful producers are scarce and in high demand.
What is the turnover in this program?
We have been helping our member firms hire and develop new producers for over 10 years. The success/retention rate to date is 70% of the new producers that we recruit and develop.
What potential for advancement would I have?
Insurance agencies typically have a flat management structure. If your desire is to climb the corporate ladder, this probably isn’t the career for you. By working for an insurance agency/broker, you are directly in control of your career, unlike in corporations where others decide how much money you make and if/when you are promoted. Advancement in the producing business is measured by how many satisfied clients you have and by your income.
Would I do a lot of cold calling?
Yes and no. As you start to build your client base, you would need to call prospects. But as your base builds, you would gain more and more new clients from referrals, and do less and less cold calling.
What are the toughest challenges I would face?
The toughest challenge is getting started, your first two years. You will have to work hard to build your book of business. Insurance is also a complex product and the sales cycle may be longer than what you are used to.
Is there a lot of travel required?
No. You can build a great career and make a lot of money and still be home 95% of the nights. Many successful producers find it easy to blend in community involvement, like coaching or politics, with their career.