Salary of an Insurance Broker : Becoming an Insurance Broker

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The salary of an insurance broker depends entirely on a few key things. Learn about the salary of an insurance broker with help from an independent insurance agent and small business owner in this free video clip.

Expert: Melissa Morley
Filmmaker: Scott Studach

Series Description: Becoming an insurance broker has a wide variety of licensing and educational requirements that you're going to need to keep in mind. Get a guide to become an insurance broker with help from an independent insurance agent and small business owner in this free video series.

[TheDIGAgency]

I'll answer the question.

1) The best positions have no salary. You "eat what you kill" and take straight commission.
2) 10% of the agents in this business take home 90% of the commission. The Pareto Principle applies perfectly to selling insurance.
3) You can become apart of the 10% of insurance agents by following a system of prospecting/lead generation and product presentation. As Brian Tracy says, "Success Leaves Tracks."

I've seen many agents make next to nothing. I know of an agent who sells burial insurance to grandmas and grandpas who has made north of $500, 000 in commissions this year.

The key is to stick to this business, committing entirely, and hooking up with someone who can show you the ropes and mentor you on being successful.

[TimPeddycoartForReal]

It's all over the board. There is no floor and no ceiling per se for brokers or producers. The truth is most don't make much or wash out.  Some who commit themselves to the industry can make good money. Six or seven figures is not inconceivable - but, not the norm. It generally takes a few years to start earning decent money or any money. There are costs like, education, E&O insurance, office expenses, management systems, marketing, and if you have employees - all kinds of expenses. Most people want something for nothing or to get rich quick - which like winning the lottery - rarely happens.  Someone with no marketing or sales ability probably won't make it as an insurance broker or producer.  If they have the skills or commit to getting them and are willing to work long hours like 18 hours a day for a few years have a chance.  Entitlement minded people will struggle and probably go bankrupt. People asking for an exact amount of pay likely won't make it.  She said the pay was up to you. Determined and self reliant people will succeed.  Like anything else in this world no commitment or no risk = no reward. That's just how it is. There are other positions like CSR's and underwriters who can earn a decent living without much risk. They have a floor or regular salary and the possibility of bonuses once they have the experience.  Experienced commercial insurance CSR's are in demand and supply is low.

[jlucumi]

good video.. 8 years old but nothing has changed when it comes to the income.

[josevarela]

OK so what is the answer to the question? there is any average on it? been Whit a company or as a independent broker?

[richardulmer]

I stay a way from brokers as a buyer reason is you get screwed with a the junk fee . The fees that make no sense

[mazzaroppirj]

I operare in the Brazilian Insurance brokerage market, and I say with a very knowledge, do you can get how you want, since work, work hard !!!

[cottojn]

Ah yeah I don't know about anybody else that watched this video but did I miss the point of this video $$$?

[JerubbaalgodSlayer]

INSURANCE SUCKS! DO NOT DO THIS JOB! You will regret it! I totally regret the day I became a broker! I should have stayed in school. Melissa you are full of it! You didn't even answer the question you posed! PATHETIC!

[patricia]

better start looking for something else. Insurance is OUT of business. Get ready