New to insurance? Here are three reasons why you should be on the course

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New to insurance? Here are three reasons why you should be on the course

This post is part of a series sponsored by AgentSync.

New to insurance? Here are three reasons why you should be on the course

Ask any veteran of the insurance industry and they will tell you that it is a prestigious industry. Whether they own an independent agency, work for a large brokerage, manage and service accounts, process claims or any Dozens of career paths The insurance industry admits that this tight field is a good professional “home” for those entering it.

Of course, in any field there are ups and downs. It can be discouraging at first to feel like a small fish in a big pond that doesn’t get its share of algae flakes. Let’s assume for a minute that you really want algae flakes. You’re a fish – go with it.

Despite having an excellent reputation with long-term incumbents, the insurance industry is notorious for having high turnover rates. According to a 2019 article, 30 percent of new producers quit within a few months and a full 83 percent of producers quit within three years. Property Casualty 360. Those figures are from pre-pandemic times! We can only imagine how high the turnover will be in 2021 “The Great Resignation” In full swing.

Why is insurance so profitable?

If it’s such a great industry to work in, why is turnover so high? The primary documented causes include:

  • Adequate onboarding
  • Lack of diversity in the workforce
  • Slow technology adoption

Combined, they make for a less-than-stellar employee experience, especially for young, new, or inexperienced producers.

If you are indeed a young, new or inexperienced producer, don’t run to hand in your resignation just yet! Each of these factors can be addressed by the insurance company. The good news is that many agencies do just that!

What makes insurance a great career?

While new agents and producers are quickly fleeing, life-long insurance professionals resent it. So where is the disconnect? Most of the answers come with time and experience, but that’s the kind of time and experience that the next generation of insurance professionals rarely see.

New producers may be lured into the industry with promises of flexible hours and unlimited earning potential, but soon realize that there is a steep learning curve to becoming a licensed agent and many rejections along the way to growing a successful book of business.

In fact, why should you invest in a long-term insurance career after studying? Here are the top three reasons that we believe are worth the effort.

Insurance is really about helping people

Insurance is an industry that most people love to hate. Most of us have had at least one experience where a claim wasn’t received the way we would have liked, or as quickly as we would have liked.

While it is true that there is a high potential for malpractice, the industry is highly regulated to protect consumers. There are more than ten Reasons for losing a producer insurance license And basically to be initiated from the industry. While selling an insurance policy, most involve unethical practices such as lying, misrepresenting or omitting facts.

Thanks to strict regulations and high standards placed on many producers, most insurance professionals are actually helping people and feeling better at the end of the day. After all, what could feel better than knowing that you’ve sold your customer a solid policy and, should a disaster strike, he’ll be fine? Or can you accompany your client through their worst times and help them recover?

Insurance is proof of inertia

Only a few things are certain in this world. Death, taxes, and, it turns out, insurance! The modern world runs on insurance and no person or business can survive in society without at least two policies.

That’s why you’ll often hear the insurance industry referred to as “recession-proof.” It is never without its own ups and downs, for example, the hardening and softening of insurance markets can make things easier or harder for industry insiders and consumers. But all in all, while luxury cars can break down during a deep economic downturn, and ships can suffer greatly during a global pandemic, the insurance industry is so integral to the day-to-day running of the world that it simply can’t stop messing up.

The industry’s stability makes it an attractive option, and is one of the key points industrial veterinarians point to when recommending it as a career. However, young people new to and/or entering the field can find it difficult to appreciate that long-term perspective when there are still challenges in their day-to-day experience.

Which brings us to…

The insurance industry is catching up with modern technology

The age of insurance technology, or insurtech, is upon us. Over the past few years, the development of software and technology built to serve the insurance industry has seen astronomical growth with no sign of slowing down. By 2021, investment and growth, Insurance technology has reached an all-time high $2.55 billion in the first quarter alone.

The pace of growth is breaking, but much needed. For decades, the insurance industry has lagged behind others in terms of technological advancement and automation. This is great news for the younger generation of insurance professionals Digital natives and expect to work in technology-forward environments.

For a long time, insurance companies and agencies alike addressed theirs Talent crisis By Modernizing the employee experience. with Millennials are fully infiltrating the workforce (Note that the younger ones are already 25 years old Step up its tech game.

And a modern experience is important. Not only do new producers learn how to sell, but equally — or even more so — during the process Recruitment And Boarding The next generation of talent.

If you’re an agency owner or in leadership, we’re sure you’re noticing a trend. The insurance industry has been an exceptional place to call home for generations, but a lot of work needs to be done to keep that legacy alive.

If you’re starting a career as a young professional, or considering one, we hope you find the promise and potential to serve you well in your future career. A very large pond. Future agencies work hard to create an exceptional experience, provide onboarding and training opportunities to help you succeed, and invest in technology that makes your job easier.

You may still be a small fish, but we know you’ll get that algae if you keep swimming! Learn how AgentSync can help your team scale.


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