There’s certainly pros and cons on both sides. And I’ve heard horror stories of agencies who have had that ‘one big client’ who one day leaves and the agency folds shortly afterwards. In their Local SEO Industry Survey, BrightLocal estimated the average at 14 clients, based on the graph below: They argue that this is “quite the handful,” resulting in “workloads [that might] be difficult to handle.”. 2020 - What do you reckon? The average income for an insurance agent was $46,770 in 2011, according to the U.S. Bureau of Labor Statistics. An agent explains various insurance policies and helps clients choose plans that suit them. [Image credits – juggling man, juggling robot], © State of Digital. You can reach a direct writer online, via 1-800 number, possibly through an app… But if you decide to buy insurance from him, you probably won’t deal with that same person again (i.e. car dealerships, banks, mortgage companies, etc.). Privacy Policy, This website uses cookies to improve your experience. What your insurance agent earns per year depends on whether he or she works for one insurance company or as an independent agent. 7. Many customers lack the time or expertise to study the different types of insurance to decide what they need and will continue to rely on advice from insurance sales agents. Mon-Fri 8:30am-5pm, Phone: 508-226-3533 However if you have 10 clients then there’s the risk that you’ll struggle to keep on top of them all, get them mixed up, forget what you’re doing for them, etc. In a separate write-up for Search Engine Land, which highlights some different stats from the main study, they broke it down by looking at the number of clients depending on the type of operation – different types/sizes of agencies and freelancers: While freelancers are taking on about 9 clients per average (similar to me), individuals at agencies admitted to taking on 15-20! You can read more about his process in that article. It could be a turn-off for clients – If clients know that they’re 1 of 10 then that might put them off working with you, especially if there are times when they feel that you’re not giving them your full attention. Knowing what insurance agents do will give you a better perspective on whether you need an insurance agent or not. In fact, Millennials (ages 18-30) are more than twice as likely as other generations to buy their insurance online. Personal lines insurance agents handle auto, home, umbrella, motorcycle, RV, and boat insurance policies. Willing to Fail. Help out your agents with automated reminders for when their license is expiring and rest assured they're taken care of. Insurance Agent Licensing . Typically, an insurance agent is paid a commission, or percentage, of the total insurance premium the insurer charges for a given policy.. Property and Casualty (auto, home and business) insurance agents typically earn anywhere between 7% and 20% commission on each policy sold. Finding new clients in a changing and increasingly competitive environment is an overriding concern for independent property and casualty insurance agents.. This can be really powerful on the sales front, especially if you’re growing your business and hiring employees in order to take on even more. Your boss. All states require insurance agents to obtain a license to sell insurance. This means that you get rewarded up to the first deal you gotten. As Myles points out, it’s “almost double the number of clients as a freelance SEO, which makes you consider what types of tasks are being tackled day to day.”. It shows that you’re busy (and popular) – Admittedly you can be busy with just a small number of clients, if they’re big contracts that give you a lot of hours, but having lots of clients shows that you’re popular. If your office looks shabby and so do you, you’ll lose trust of potential customers … Each state has its own set of procedures for applying for a producer's license. More financial security – This is the primary pro for me. How Property and Casualty Insurance Agents Are Paid. I appreciate that you might be thinking that there’s some ‘fag-packet maths’ style guesswork going on here, but it’s hard to combine the data of two separate studies – especially when one of them was more focused towards Local SEO providers while the other was more general. This potential conflict of interests is one reason why many people prefer the independent agent model. Contact Us, 475 High Street If you have 10 clients but you’re doing good work for them and they all feel looked after all the time then what’s the problem? The plan here is to do relationship selling, since most family members or close friends are unlikely to turn you down when you approach them to talk about insurance planning. Wow. Acquiring clients is one of the biggest challenges facing new agents and there are dozens and dozens of suggested approaches. 9 Reasons to Call Your Local Insurance Agent, Millennials (ages 18-30) are more than twice as likely as other generations to buy their insurance online. The first potential clients that agents are taught to reach out to would normally be their family members and close friends. Similarly…, More potential testimonials(!) If everything goes smoothly in your life, you may never have a problem with a direct writer or captive agent situation. how many clients an agency has in total, not what an agency employee his/herself). Like most modern products and services, insurance is now available online. Is having lots of clients a good thing, or is it better to stick to only having a few on the go at any time? But does that mean that only having a few is a good idea? More potential referrals – If you do a good job for someone, they’ll be more inclined to refer you on. 190 Chauncy Street Find your niche. Consider it a cautionary tale... From Mansfield, to Dedham, Greater Boston and beyond... Meet our team of Massachusetts insurance experts. Contact Us, 117 South Avenue Similarly, you may have wondered: Why does anyone need a travel agent? But what about your own insurance needs? As a sales professional, your job is to find the product that is best … Captive agents are usually paid a salary and commission and are provided with benefits. If you only have 2-3 clients then you can give them your full attention pretty equally and fairly. So if you do a good job for lots of people, you could potentially get referred to quite a few people. Don’t let it happen to you. Or a piano teacher? Mansfield, MA 02048 What insurance do I need as an insurance agent? Roughly. Of course if they’re big agencies with dozens of employees then that’s fine, but if they’re small agencies then… well…. That’s… a lot. We would beg to differ (here’s our opinion on “easy/fast” insurance), but we also understand why the trend exists…. We talk a lot about smart data and making your data work for you in our blogs, eBooks, and webinars. The agent might have an office in your neighborhood. However, further education can help you succeed in this business. That's just a broad overview of the job, and it doesn’t disclose specific tasks or detail what an insurance agent does on a day-to-day basis. We think there’s a lot of value in working with someone who’s not only an expert in her field, but also knows you and your family on a first-name basis. The type of license an agent needs depends on the kind of insurance the individual intends to sell. (Say, for example, State Farm, AllState, or Farmers.) This field is for validation purposes and should be left unchanged. 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