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Career profile Insurance Sales Representative

Also known as Insurance Agent, Insurance Broker, Insurance Sales Agent, Sales Agent, Sales Associate, Sales Representative, Underwriting Sales Representative

Insurance Sales Representative

Also known as Insurance Agent, Insurance Broker, Insurance Sales Agent

Interests Profile
  • Enterprising
  • Conventional
  • Social
Pay Range
$29,000 - $127,840 (annual)
Required Skills
  • Reading Comprehension
  • Active Listening
  • Speaking
Knowledge Areas
  • Customer and Personal Service
  • Sales and Marketing
  • Mathematics
Core tasks
  • Customize insurance programs to suit individual customers, often covering a variety of risks.
  • Sell various types of insurance policies to businesses and individuals on behalf of insurance companies, including automobile, fire, life, property, medical and dental insurance, or specialized policies, such as marine, farm/crop, and medical malpractice.
  • Explain features, advantages, and disadvantages of various policies to promote sale of insurance plans.
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What does an Insurance Sales Representative do?

Insurance Sales Representatives sell life, property, casualty, health, automotive, or other types of insurance.

In addition, Insurance Sales Representatives may refer clients to independent brokers, work as an independent broker, or be employed by an insurance company.

What kind of tasks does an Insurance Sales Representative perform regularly?

Insurance Sales Representatives are often responsible for overseeing or executing some or all of the following tasks:

  • Customize insurance programs to suit individual customers, often covering a variety of risks.
  • Sell various types of insurance policies to businesses and individuals on behalf of insurance companies, including automobile, fire, life, property, medical and dental insurance, or specialized policies, such as marine, farm/crop, and medical malpractice.
  • Explain features, advantages, and disadvantages of various policies to promote sale of insurance plans.
  • Perform administrative tasks, such as maintaining records and handling policy renewals.
  • Seek out new clients and develop clientele by networking to find new customers and generate lists of prospective clients.
  • Call on policyholders to deliver and explain policy, to analyze insurance program and suggest additions or changes, or to change beneficiaries.
  • Confer with clients to obtain and provide information when claims are made on a policy.
  • Interview prospective clients to obtain data about their financial resources and needs, the physical condition of the person or property to be insured, and to discuss any existing coverage.
  • Contact underwriter and submit forms to obtain binder coverage.
  • Select company that offers type of coverage requested by client to underwrite policy.
  • Ensure that policy requirements are fulfilled, including any necessary medical examinations and the completion of appropriate forms.
  • Develop marketing strategies to compete with other individuals or companies who sell insurance.
  • Calculate premiums and establish payment method.
  • Attend meetings, seminars, and programs to learn about new products and services, learn new skills, and receive technical assistance in developing new accounts.

The above responsibilities are specific to Insurance Sales Representatives. More generally, Insurance Sales Representatives are involved in several broader types of activities:

Establishing and Maintaining Interpersonal Relationships
Developing constructive and cooperative working relationships with others, and maintaining them over time.
Getting Information
Observing, receiving, and otherwise obtaining information from all relevant sources.
Selling or Influencing Others
Convincing others to buy merchandise/goods or to otherwise change their minds or actions.
Working with Computers
Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
Organizing, Planning, and Prioritizing Work
Developing specific goals and plans to prioritize, organize, and accomplish your work.

What is an Insurance Sales Representative salary?

The median salary for an Insurance Sales Representative is $52,180, and the average salary is $69,100. Both the median and average roughly describe the middle of the Insurance Sales Representative salary range, but the average is more easily affected by extremely high or low salaries.

Many Insurance Sales Representatives earn significantly more or less than the average, due to several factors. About 10% of Insurance Sales Representatives earn less than $29,000 per year, 25% earn less than $37,590, 75% earn less than $79,200, and 90% earn less than $127,840.

Between the years of 2020 and 2030, the number of Insurance Sales Representatives is expected to change by 7.0%, and there should be roughly 50,400 open positions for Insurance Sales Representatives every year.

Median annual salary
$52,180
Typical salary range
$29,000 - $127,840
Projected growth (2020 - 2030)
7.0%

What personality traits are common among Insurance Sales Representatives?

Interests

Career interests describe a person's preferences for different types of working environments and activities. When a person's interest match the demands of an occupation, people are usually more engaged and satisfied in that role.

Compared to most occupations, those who work as an Insurance Sales Representative are usually higher in their Enterprising and Conventional interests.

Insurance Sales Representatives typically have very strong Enterprising interests. Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.

Also, Insurance Sales Representatives typically have strong Conventional interests. Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.

Values

People differ in their values, or what is most important to them for building job satisfaction and fulfillment.

Compared to most people, those working as an Insurance Sales Representative tend to value Relationships, Independence, and Achievement.

Most importantly, Insurance Sales Representatives strongly value Relationships. Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment.

Second, Insurance Sales Representatives strongly value Independence. Occupations that satisfy this work value allow employees to work on their own and make decisions.

Lastly, Insurance Sales Representatives strongly value Achievement. Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment.

Psychological Demands

Each occupation brings its own set of psychological demands, which describe the characteristics necessary to perform the job well.

In order to perform their job successfully, people who work as Insurance Sales Representatives must consistently demonstrate qualities such as integrity, independence, and attention to detail.

Below, you'll find a list of qualities typically required of Insurance Sales Representatives, ranked by importance:

Integrity
Job requires being honest and ethical.
Independence
Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.
Attention to Detail
Job requires being careful about detail and thorough in completing work tasks.
Achievement/Effort
Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
Dependability
Job requires being reliable, responsible, and dependable, and fulfilling obligations.

What education and training do Insurance Sales Representatives need?

Many Insurance Sales Representatives will have a four-year bachelor's degree, but some do not.

Insurance Sales Representatives usually need several years of work-related experience, on-the-job training, and/or vocational training.

Educational degrees among Insurance Sales Representatives

  • 1.1% did not complete high school or secondary school
  • 15.0% completed high school or secondary school
  • 25.6% completed some college coursework
  • 10.5% earned a Associate's degree
  • 39.5% earned a Bachelor's degree
  • 7.1% earned a Master's degree
  • 1.3% earned a doctorate or professional degree

Knowledge and expertise required by Insurance Sales Representatives

Insurance Sales Representatives may benefit from understanding of specialized subject areas, such as customer and personal service, sales and marketing, or mathematics knowledge.

The list below shows several areas in which most Insurance Sales Representatives might want to build proficiency, ranked by importance.

Customer and Personal Service
Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
Sales and Marketing
Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
Mathematics
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Law and Government
Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Transportation
Knowledge of principles and methods for moving people or goods by air, rail, sea, or road, including the relative costs and benefits.

Important Abilities needed by Insurance Sales Representatives

Insurance Sales Representatives must develop a particular set of abilities to perform their job well. Abilities are individual capacities that influence a person's information processing, sensory perception, motor coordination, and physical strength or endurance. Individuals may naturally have certain abilities without explicit training, but most abilities can be sharpened somewhat through practice.

For example, Insurance Sales Representatives need abilities such as oral comprehension, written comprehension, and oral expression in order to perform their job at a high level. The list below shows several important abilities for Insurance Sales Representatives, ranked by their relative importance.

Oral Comprehension
The ability to listen to and understand information and ideas presented through spoken words and sentences.
Written Comprehension
The ability to read and understand information and ideas presented in writing.
Oral Expression
The ability to communicate information and ideas in speaking so others will understand.
Speech Clarity
The ability to speak clearly so others can understand you.
Written Expression
The ability to communicate information and ideas in writing so others will understand.

Critical Skills needed by Insurance Sales Representatives

Skills are developed capacities that enable people to function effectively in real-world settings. Unlike abilities, skills are typically easier to build through practice and experience. Skills influence effectiveness in areas such as learning, working with others, design, troubleshooting, and more.

Insurance Sales Representatives frequently use skills like reading comprehension, active listening, and speaking to perform their job effectively. The list below shows several critical skills for Insurance Sales Representatives, ranked by their relative importance.

Reading Comprehension
Understanding written sentences and paragraphs in work-related documents.
Active Listening
Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Speaking
Talking to others to convey information effectively.
Critical Thinking
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
Writing
Communicating effectively in writing as appropriate for the needs of the audience.

What is the source of this information?

The information provided on this page is adapted from data and descriptions published by the U.S. Department of Labor, Employment and Training Administration under the CC BY 4.0 license. TraitLab has modified some information for ease of use and reading, and the U.S. Department of Labor, Employment, and Training Administration has not approved, endorsed, or tested these modifications.

If you have any questions or suggestions about this information, please send a message.