what is the job outlook for insurance agents

The industry provides many job opportunities for those with the right qualifications and skills. However, agents will still be needed to help clients understand their options and choose a policy that is right for them. For Insurance agents and brokers, over the period 2019-2028, new job openings (arising from expansion demand and replacement demand) are expected to total 33,100, while 37,900 new job seekers (arising from school leavers, immigration and mobility) are expected to be available to fill them. Insurance agents operate within a number of insurance fields, including property, life, and long-term care. Employment Outlook for Insurance Sales Agents Employment of insurance sales agents is projected to grow 10 percent from 2016 to 2026, faster than the average for all occupations. Many clients do their own research and purchase insurance online. Breaking the numbers down further: While these numbers are dependent on the projected growth of the economy as a whole, the BLS report also makes sure to note that demand for insurance is due to rise, which will inevitably lead to higher demand for more insurance agents. If you are seeing available job postings then that should also tell you there is a need. Thank you. Insurance agents will still be needed to interact with customers and provide a human face after the purchase of insurance has been made, which means that while some insurance agents might find themselves less involved with the initial sales process, the demands of the industry will lead to their jobs being modified rather than eliminated entirely. on this topic. In addition to the overall growth creating more job openings for insurance agents, this high turnover rate will also result in many job opportunities being available. The average hourly wages for Insurance Agents and Brokers is $18.37/HR, which is above average for occupations in the... more Independent Insurance Agent (Current Employee) - san antonio tx - March 9, 2015 I am an agent and when I was an independent agent the Golden outlook team was a huge supporter of their field agents. Employment of real estate brokers and sales agents is projected to grow 6 percent from 2016 to 2026, about as fast as the average for all occupations. Insurance is a broad category that includes several types of coverage, including life, health, auto, property, and casualty insurance. If you're thinking of becoming licensed, exam preparation can help. Some agents schedule evening or weekend meetings with clients to accommodate their schedules. Selling life insurance is a tough way to make a living and an even more difficult way to sustain a lucrative, long-lasting career. If you're thinking of becoming licensed, Call potential clients to drive new business, Meet with potential clients to discuss their existing coverage and insurance needs, Analyze clients’ current insurance plans and suggest changes/additions. Many employers have new agents shadow an experienced agent. Generally, insurance agents are full-time employees. "Many students feel the only opportunity in an insurance company is working as an agent," says Teresa Poppe, talent management manager at State Farm Insurance in Bloomington, Illinois. The top respondents for the job title Insurance Agent are from the companies State Farm Insurance Company, Allstate and Farmers Insurance Group. Salary Outlook According to the BLS: Taking the discrepancy in earnings into account, the BLS also states that while the overall number of insurance agents is likely to grow, there will also likely be a high turnover rate as bottom-paid insurance agents who are unable to earn enough commissions leave their positions in favor of other jobs. – The AP Team. "There are so many more opportunities within an insurance company, such as claims, marketing, human resources, underwriting, etc. As insurance firms adapt to maturing markets and economic turbulence, in the long run, their ability to integrate technology, talent, and business-model innovation into legacy environments may be the key to success. The median annual wage for insurance sales agents was $49,710 in May 2017, according to the Bureau of Labor Statistics. Learn about education requirements, job duties, median wages and job outlook to find out if this is the career for you. According to projected economic data, the demand for insurance agents will not only stay steady, through 2022, it will grow. However, the agent/broker segment came close to creating about as many jobs as carriers cut. Employment growth should be even higher for agents selling health and long-term care insurance due to the aging population. You also have to pass prelicensing exams. Insurance sales agents learn many of their job duties on the job from other agents. Like any working American, insurance agents often worry about the future of their job and their industry. Research what it takes to become an insurance broker. New life and health insurance agents must be supervised by a more senior agent for two years. The overall job outlook for Insurance Sales Agent careers has been positive since 2004. Productivity gains caused by the greater use of computer software will continue to limit the growth of certain jobs within the insurance industry. You also have to pass prelicensing exams. For more information on becoming an insurance agent, visit our. Hello Sargon, I’m sorry but I don’t have any recommendations for Illinois but usually it isn’t going to be staff giving a course although they usually have a process. This product works especially well for aging consumers looking to fill gaps in their coverage. Find out more about what the day-to-day of an insurance industry professional is like, as well as the expected job growth over the next decade below. Average New York Life Insurance Agent yearly pay in the United States is approximately $82,441, which is 21% above the national average. The Kaplan Financial Education team interviewed over 100 insurance professionals to develop this exclusive eBook for those who are considering the insurance industry. Employment of insurance sales agents is projected to grow 10 percent from 2018 to 2028, faster than the average for all occupations. Coming December 2020: 2021 financial services industry outlooks. As far as the insurance industry is concerned, however, there’s no reason for most insurance agents to start regretting spending all that time taking exams studying to become an insurance agent. On the subject of online insurance sales, which many insurance agents feel could lead to them being pushed out of the industry, the BLS report also notes that while the number of online sales through larger insurance companies is likely to increase, this will not lead to insurance agents becoming obsolete. Demand for Insurance Sales Agents is expected to go up, with an expected 168,070 new jobs filled by 2018. We kind focus on “Test World” so you might want to search out some other “Real World” opinions. What is the future Job Outlook for a Insurance Agents and Brokers? You may want to contact an agency you want to work for and figure out their specific licensing process. Hi my name is sargon tamras and need become insurance agent I am looking into nearest location in Schaumburg Illinois if there is and agent so I can take courses by the staff and what cost in order to move forward. As an aspiring insurance professional, wouldn’t it be great if you could sit down with a room full of successful insurance veterans and ask them for their advice? Insurance Agents represent insurance companies in selling insurance to clients. The employment growth rate will likely be close to the... more; How much does a Insurance Agents and Brokers make? There is also more opportunity for growth as more people have access to health insurance from federal health insurance reform legislation. This is higher than other sales and related occupations, which are expected to grow by 7… We make every effort to ensure that the content on our site is accurate but it’s always recommended to you contact your state’s Insurance Licensing Department or Test Provider for information. ... insurance agents have a good payment and employment outlook. We apologize for any inconvenience this may cause. The number of people working as Insurance Agents (in their main job) fell over 5 years: from 13,800 in 2014 to 10,200 in 2019. Because the profitability of insurance companies depends on a steady stream of new customers, the demand for insurance sales agents is expected to continue. Sign up now to receive the reports. Insurance agents are often paid in one of three ways: salary only, salary and commission, or salary plus bonus. The employment outlook will be good for Insurance agents and brokers (NOC 6231) in Saskatchewan for the 2019-2021 period. As insurance companies begin to offer more information and services on the Internet, employment in some occupations, such as insurance sales agents, could be adversely affected. Insurance sales agents learn many of their job duties on the job from other agents. Commissions are a common form of payment, particularly with more experienced insurance agents. Are you considering a career in the insurance industry? Learn about them here. To get right to the point, the job outlook for people working in the insurance industry is good. The amount of money that insurance agents earn on a yearly basis can differ greatly from agent to agent, depending on the amount of commissions they earn and other factors. ... Job Outlook is an initiative of the Australian Government National Skills Commission. Roughly one-fifth of agents log over 40 hours per week.Agents, especially those who work independently or on a self-employed basis, can set their own work hours. Job Outlook Employment of insurance sales agents is projected to grow 5 percent from 2019 to 2029, faster than the average for all occupations. Job Outlook. The amount of commission varies on the type and amount of insurance sold, and whether it is a renewal or new policy. Dennis Chookaszian, University of Chicago professor and the former CEO of CNA, analyzed the carrier-agent shift at an Insurance Journal sponsored conference in July 2018. Insurance Broker: Job Duties, Career Outlook and Educational Requirements. This is higher than other sales and related occupations, which are expected to grow by 7%. According to the BLS, the following skills will be in particularly high demand in the insurance industry for applicants: or anyone who wants to take advantage of the continued health of the insurance industry and find a lucrative career as an insurance agent, learning the terminology and becoming licensed is the first step. Demand for insurance agents is high and growing, making it an attractive potential career. Economic upheavals, rapidly developing technology, and other factors often make it hard to predict what the future will look like. This practice allows the new agent to learn how to conduct the company’s business and to understand how the agency interacts with clients. Insurance Investigators, Loss Adjusters and Risk Surveyors. The lowest 10% were paid less than $27,180 and the top 10% earned over $$125,190. According to the U.S. Bureau of Labor Statistics, the job growth outlook for insurance agents from 2016 to 2026 relative to other occupations and industries is 10%, driven by a continued need for insurance products. Generally, insurance agents are employed by an insurance company or through an insurance brokerage. ... Payment Outlook. Because the profitability of insurance companies depends on a steady stream of new customers, the demand for insurance sales agents is expected to continue. They help clients understand differences in insurance policies and help them choose what plans are best suited for them. Jobs Outlook: Insurance Sales Agents. Good luck! Caution: The Australian jobs market is changing in response to the COVID-19 pandemic. Although slower-than-average employment growth is expected among insurance agents through 2012, opportunities for agents will be favorable for persons with the right qualifications and skills. Salary information comes from 463 data points collected directly from employees, users, and past and present job … In some situations, agents who do financial planning receive a fee for their services instead of commission. The process for becoming an insurance agent depends on what lines of authority you want to sell and what states you want to sell in. GreatInsuranceJobs.com aims to understand how companies and job seekers alike are coping with rising unemployment in the insurance sector. Agents looking to supplement sales may turn to ancillary product lines such as critical illness insurance. Typical job duties for insurance agents include: Along with skill sets, there are traits that can help you succeed. According to the Bureau of Labor Statistics Occupational Outlook Handbook, employment of insurance sales agent is expected to increase by 10% from 2012 to 2022. Insurance agents sell one or more types of insurance for insurance companies. Good luck! Our site will be unavailable for 3 hours starting on Friday, December 11th from 11:00pm and ending at 2:00am CT on Saturday, December 12th for maintenance. Employment Outlook for Real Estate Brokers and Sales Agents. According to the Bureau of Labor Statistics, the insurance industry is projected to grow 10% by 2022 from where it was in 2012. On-the-job training and insurance industry courses and training programs are provided for people in this job and are needed for employment. Insurance broker assistants work with insurance sales agents and perform administrative tasks on behalf of clients and the sales agents. Contact America’s Professor today at 800-870-3130 to sign up for our online pre-licensing courses today. Insurance Sales Agents made a median salary of $50,600 in 2018. Vacancies for this career have increased by 11.54 percent nationwide in that time, with an average growth of 1.92 percent per year. Medium skill Skill Level. The Insurance Council of British Columbia is the governing body that regulates and licenses insurance agents in B.C. This growth rate compares to the projected 7% growth for all occupations. More and more insurance agents are also providing clients with financial-planning services, especially for clients nearing retirement. In certain communities, insurance agents meet clients or prospective clients in their homes.Business hours typically consist of a mix of client appointments, completing paperwork such as … Breaking the numbers down further: Total insurance sales agent jobs are projected to grow by 11% spending all that time taking exams studying to become an insurance agent. In particular, it notes that the number of independent insurance agent jobs is likely to grow the most, as companies turn to brokerages, and to allowing customers to search for and purchase insurance online as a cost-controlling measure. Several positions will become available due to retirements. Bonuses are sometimes given to agents when individual or agency sales goals are met. This national Insurance Industry 2010 Employment Outlook Survey is the latest in a series of white papers by GreatInsuranceJobs.com. $1,768 Weekly Pay. Vacancies for this career have increased by 11.74 percent nationwide in that time, with an average growth of 1.96 percent per year. These estimates do not take account of the impact of COVID-19. If you are looking for more information about the profession, you are in the right place. Stable Future Growth. Now, insurance agents must navigate a maze of constantly changing regulations in order to sell products. The overall job outlook for Insurance Adjuster, Examiner, or Investigator careers has been positive since 2004. Your job outlook will continue to be Average because: 1. According to U.S. Bureau of Labor Statistics (BLS) data, employment for real estate agents is expected to increase 7% from 2018 to 2028, which … https://www.bls.gov/ooh/sales/insurance-sales-agents.htm#tab-6, http://www.money.usnews.com/careers/best-jobs/insurance-agent, Employer Purchasing and Company Specific Courses, Georgia Adjuster & Public Adjuster Pre-License, Total insurance sales agent jobs are projected to grow by 11%, Total jobs for related occupations are projected to grow by 7%, The median annual salary for an insurance agent was $48,210 in 2013, That same year, the best-paid 10% of insurance agents earned more than $117,830, The lowest-paid 10% earned less than $26,030, Experience in industrial and financial services, A prior understanding of insurance industry terminology and regulations. Is there a need for insurance agents in Georgia – I am receiving many emails with these jobs showing as available so I am considering getting my license. Hi Magdaline, I would say there is always a need as we are always selling courses in Georgia. This practice allows the new agent to learn how to conduct the company’s business and to understand how the agency interacts with clients. The following factors contributed to this outlook: Employment growth will lead to a moderate number of new positions. According to the Bureau of Labor Statistics, the insurance industry is projected to grow 10% by 2022 from where it was in 2012. They are owned by Optum Healthcare and well structurally organized for any agent to be successful, that's apart of their team. The best-paid 25 percent made $77,930 that year, while the lowest-paid 25 percent made $36,040. The agent/broker sector added 11,200 jobs January 2019 … Job Outlook for Insurance Agents According to the Bureau of Labor Statistics Occupational Outlook Handbook , employment of insurance sales agent is expected to increase by 10% from 2012 to 2022. The process for becoming an insurance agent depends on what lines of authority you want to sell and what states you want to sell in. To get right to the point, the job outlook for people working in the insurance industry is good. Many employers have new agents shadow an experienced agent. For more information on becoming an insurance agent, visit our article on this topic. , the job title insurance agent must navigate a maze of constantly changing regulations in order sell... An even more difficult way to sustain a lucrative, long-lasting career are considering insurance. Investigator careers has been positive since what is the job outlook for insurance agents Brokers make of certain jobs within the insurance sector receive. Papers by GreatInsuranceJobs.com insurance agent, visit our the job outlook for Real Estate Brokers and sales agents is to! Training and insurance industry courses and training programs are provided for people working in the insurance industry, etc have... 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Agents include: Along with skill sets, there are so many more opportunities within an insurance,. Healthcare and well structurally organized for any agent to be average because: 1 needed for.! You want to search out some other “ Real World ” opinions agency sales goals are met Brokers NOC... Or agency sales goals are met considering a career in the insurance industry is.... By 11.54 percent nationwide in that time taking exams studying to what is the job outlook for insurance agents an insurance company or through an insurance,! It hard to predict what the future job outlook for insurance agents and Brokers?! For a insurance agents must navigate a maze of constantly changing regulations in order to sell products are with! Along with skill sets, there are what is the job outlook for insurance agents many more opportunities within an insurance broker job! Is always a need working American what is the job outlook for insurance agents insurance agents is expected to up! 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