Misconceptions About Working in the Insurance Industry

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When the general public thinks of the insurance industry, they likely think of a ruthless field designed to get people to spend money. However, while this area of business can be intense, it’s far from the negative career choice some make it out to be. In fact, there are plenty of benefits to making a living as an insurance agent. Here are some common misconceptions about working in the insurance industry and the truth behind them.

Being an Insurance Broker Is Boring


The notion that being an insurance broker is boring is far from the truth. When you work in insurance, there’s always something new and interesting to learn or experience. Most insurance brokers have the freedom to choose the types of clients they serve, the policies they offer, and the types of benefits they negotiate. There are also advanced certification programs that can help you stay on the cutting edge of industry changes and advancements.

Insurance Brokers Make Inconsistent Income


Although this can be the case in some circumstances, most insurance brokers earn a salary and additional earnings based on commissions. The workload and effort required for each account can range and affect each broker’s earnings in a different way. Still, many professional agents make a very comfortable living for themselves and their families.

The Job Doesn’t Involve Interaction With People


Insurance is a people business, which is good news for those who want to be social in their careers. Brokers need to build and maintain rapport with their clients to be successful. An insurance broker’s role is to help clients navigate insurance programs and build relationships to foster their clients’ trust. Establishing and maintaining good relationships helps agents ensure repeat business and earn referrals that can generate new sales.

There Isn’t a Lot of Room for Career Progression


Another misconception about working in the insurance industry is that there’s no room to grow. This field is constantly developing, opening up new opportunities and revising existing ones to meet modern needs. By pursuing advanced certifications and training programs, an agent can specialize in more niche areas of the insurance industry and develop a more extensive understanding of insurance markets and products. A successful insurance broker can even ascend the corporate ladder and eventually lead a team or department.

Insurance Brokers Only Sell Insurance


Selling policies is far from the totality of a broker’s job. Insurance brokers oversee an array of client services, including cost comparison, risk assessment, claims management, and client record keeping for regulatory compliance. The insurance sector is ideal for people who are detail-oriented, analytical, and possess effective communication skills.

Though there are many misconceptions surrounding the insurance industry, it is a wonderful occupation for many individuals. That’s why Warner Pacific is here to help you succeed. Our insurance service agency can aid with all aspects of the agent role, and our extensive list of provider partners will give you access to some of the best plans for your clients. Reach out to us today to see how we can best support you and your career.