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Insurance producers, sometimes also known as insurance agents, sell insurance policies, write insurance proposals, and use sales techniques to gain and maintain new insurance clients. Insurance agencies hire insurance producers to work full-time shifts, usually during daytime hours, but may sometimes require evening and weekend hours as well. Insurance producers work in office environments as part of a collaborative team of sales agents and other office workers. Insurance producers typically work within the office itself but may travel to meet with clients or attend various networking events.
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Insurance Producer Duties and Responsibilities
Gain New Clients
Insurance producers use various networking techniques to increase clientele, such as cold calling and sending out mailers.
Create Insurance Proposals and Quotes
Insurance producers write insurance proposals and quotes showing comprehensive insurance coverage breakdowns.
Issue New Policies
Insurance producers create new insurance policies for clients, collecting all necessary information and filling out all the required forms.
Insurance producers assess risks that may increase insurance premiums.
Perform Clerical Tasks
Insurance producers perform various clerical tasks in the office that include answering phones, copying forms, and typing documents.
Insurance producers address customers who have problems or complaints, and find solutions to satisfy their issues.
Insurance Producer Skills and Qualifications
Insurance producers use sales skills and customer service to gain new clients, keep existing clients happy, and build strong, ongoing relationships. Insurance agencies seek candidates who have the specific skills required for continued success at this job:
- Sales skills – insurance producers use sales techniques to gain new clients
- Customer service – insurance producers use customer service skills to keep existing clients happy
- Communication skills – insurance producers use strong verbal communication skills to speak with clients and interact with other office members
- Analytical thinking – insurance producers use analytical skills to assess insurance policy risks
- Computer skills – insurance producers enter information into computer systems to create new insurance policies and proposals, which requires excellent computer skills
- Interpersonal skills – insurance producers are ultimately sales professionals who must build and foster relationships with clients, which requires them to have exceptional interpersonal skills
- Problem-solving skills – insurance producers use problem-solving skills to appease angry or upset customers
Insurance Producer Education and Training
A majority of employers require insurance producers to have a high school diploma or GED, though some insurance agencies do require insurance producers to have a bachelor's degree in business, accounting, finance, or another relevant field of study. Most employers do seek insurance producers who have past sales experience, because sales are such a strong component of the job. In addition to education and skills, employers require insurance producers to have an insurance license. Licensing is available for various types of insurance, and individual professional licenses are administered by each state. Professionals must complete applications in order to obtain insurance licenses.
Some training is typically provided to help familiarize insurance producers with the specific protocols and techniques used by the hiring insurance agency. This training period varies by employer but typically lasts only two to three weeks. While in training, insurance producers usually work closely with a senior sales agent.
Insurance Producer Salary and Outlook
According to data provided by PayScale, insurance producers earn a median annual income of $35,110. Information from the Bureau of Labor Statistics (BLS) shows that insurance sales agents earn a median salary of $23.90 hourly, or $49,710 annually. Insurance sales agents sell insurance, explain insurance policies, and help customers choose the right policies, performing the same duties as insurance producers. In some insurance agencies, the two job titles are interchangeable. The BLS projects employment in this field will increase 10 percent through 2026. This rate is faster than average.
In addition to base salary, insurance producers typically receive a sales commission bonus from employers for policies sold. Comprehensive benefits packages are typically provided to full-time insurance producers. These packages often include health insurance with dental and vision coverage, paid vacation days and holidays, life insurance, and retirement planning options. Some insurance agencies also provide insurance producers with stock options.
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this book provides valuable tips and modern-day techniques for getting potential customers to say "yes" to insurance policies
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