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Insurance Producer Broker Agent
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Learn a new side hustle or a new career as a insurance agent.
Follow along with me as we do some training for this new venture!!!
Working in insurance allows you to take advantage of numerous opportunities and you'll always have the potential to progress throughout different roles. Not only does the insurance industry offer a variety of roles, you'll also develop new skills in each.
Based on line of business, you’ll need to get licensed. Getting licensed when you are working part time is not a bad idea as it may take a few weeks to months.
Once you are licensed and registered as an insurance agent you need to get appointed by an Insurance carrier to sell their product. This step is not easy and may take some time. You can check out our article “Pro Tips for getting insurance Carrier Appointment for a new agency” to learn more about this process.
In P&C insurance the initial premium may not be as high as Life insurance but you get recurring commission each time the policy is renewed.Hence if you are doing a good job as an agent and are able to retain your customer then you get paid almost the same amount every year. Successful agencies have 90% + retention rate.
Generally an agent gets paid 8%-15% of premium for each P&C insurance policy issued.
If you sold a $2000 annual premium Car insurance policy then you get paid $200 on 10% commission structure.
In above example
On 10 policies you get a recurring annual commission of $2000
On 50 policies you get a recurring annual commission of $20,000
On 500 policies you get a recurring annual commission of $100,000
On 1000 policies you get a recurring annual commission of $200,000
That’s why you see agents who are in business for some time making huge amounts of money in recurring revenue.
So if you start building your book of business today then over a period of time you can be making this kind of money.
Follow along with me as we do some training for this new venture!!!
Working in insurance allows you to take advantage of numerous opportunities and you'll always have the potential to progress throughout different roles. Not only does the insurance industry offer a variety of roles, you'll also develop new skills in each.
Based on line of business, you’ll need to get licensed. Getting licensed when you are working part time is not a bad idea as it may take a few weeks to months.
Once you are licensed and registered as an insurance agent you need to get appointed by an Insurance carrier to sell their product. This step is not easy and may take some time. You can check out our article “Pro Tips for getting insurance Carrier Appointment for a new agency” to learn more about this process.
In P&C insurance the initial premium may not be as high as Life insurance but you get recurring commission each time the policy is renewed.Hence if you are doing a good job as an agent and are able to retain your customer then you get paid almost the same amount every year. Successful agencies have 90% + retention rate.
Generally an agent gets paid 8%-15% of premium for each P&C insurance policy issued.
If you sold a $2000 annual premium Car insurance policy then you get paid $200 on 10% commission structure.
In above example
On 10 policies you get a recurring annual commission of $2000
On 50 policies you get a recurring annual commission of $20,000
On 500 policies you get a recurring annual commission of $100,000
On 1000 policies you get a recurring annual commission of $200,000
That’s why you see agents who are in business for some time making huge amounts of money in recurring revenue.
So if you start building your book of business today then over a period of time you can be making this kind of money.
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