Insurance Companies

I am looking at making a semi-career change. I am currently in sales and would like to switch to insurance sales. What company is a good choice for someone in my situation? I currently do not have any licenses. I don’t have a problem taking the exams and I have very strong sales skills. Any information will be extremely helpful. I am looking for an entry level position with base plus commission to start.

That is a great question. I am going to give you a website to start at. http://www.naifa.org. First thing to remember is while it is important to consider carefully the company you are going to do business with, it is more important to be a member of a trade group. The demand in our industry is huge. The average age of insurance agent or financial advisor is around 54 years of age currently. Before deciding on the company, decide if you want to be an independent agent/advisor or a captive agent/advisor first. Being captive is easier at first because of that upfront $$ to get you started but many regret this decision later because you really work for "the man" and if you leave them, they own your clients and you have to start over. An independent is straight commission, but you own your clients and they are always yours. I would look at a company called Union Central. You are independent, but they offer a New Agent Financing Plan which is becoming rare in our industry. They are a old company and deadly competitive as well.

It does not seem it is going in that direction; it seems like more of a insurance sale for insurance company.

The politicians saw an opportunity to extend government control over private industry, regulate the populace more heavily, get LARGE amounts of government money for their state (at the expense of everyone else), and increase taxes across the board.

That’s what politicians do.

It’s all about getting individual payoffs in whatever form it was, and getting more "control".

It does not seem it is going in that direction; it seems like more of a insurance sale for insurance company.

Thats what I was expecting. We would be better off if the government did nothing.

(only for life insurance agent)if you are sales person and you want to get MGA or want to operate you are own company please tell me some steps

Companies have different requirements to be considered for an appointment as an MGA. In general, to become an MGA you usually have to have a minimum level of personal production specified by the company and you would usually have sub agents submitting production to that company.

The qualifications will vary greatly from company to company.

Recently I posted my Resume on Careerbuilder and it seems the only companies hiring are insurance companies. I have no background in insurance sales. I was even contacted by Allstate and State Farm for agency opportunities being promised all sorts of goodies. Is there a high turnover rate and therefore they are constantly seeking new agents?
my background is in interior design/sales

There are not "hiring" in the usual sense of agreeing to pay a salary or wage.

They are offering positions where, if you are able to get someone to buy something, then they will give you a commission.

There is a high turnover rate, but that is not why they have these positions.

Sometimes, someone who does not need more insurance, will buy it anyway, if a friend or relative has just started a new job selling it. If you accept a position, then it is possible that one of your friends or relatives might buy a policy, who otherwise would not have bought. If that happens, then the company makes money, pays you some of it, and keeps some of it.

If you sell nothing, you get paid nothing.

Well over 90% of new insurance salespersons (by some estimates, closer to 100%) fail at it. Almost no one lasts a year. Most of those who stay for more than a few months are not making money, but stay because they are told that they will be making money soon, and quit when they realize that they will never make money. A few do make money, but that is very rare.

We did not find results for: when making payouts should a car insurance company base it on how much you paid for the car or whether you bought it from a dealer or privately or from an auction . or should they offer you the market rate i.e what the dealers are charging? I asked this b/c my insurance company find out the car is worth more than i paid for it and want to offer what I paid for it froma private owner but that would restrict my chances of getting the same car from the traders.
Try the suggestions below or type a new query above

Hello

They will pay you the repair costs up to the write off value. As per Parker’s or Glasses Car guides.
Regardless of what you paid for it and from where?
If you check your car details against those guides (Unless it is pre 2000, In which case you would have to pay) Or find similar car to yours in the Auto-Trader then this is what you should get. Remember they may offer you a lower payment which you can refuse but try to indicate why you think it is worth more than there offer.
You do not say if you caused the accident or are claiming on your own insurance in which case they will pay the write you off value less the agreed excess. They may leave the car with you and deduct a £40-50 scrap value. (Depends on the company you are with as by this method they do not have to dispose of the car).
If the car is written off but you want to keep it and get it repaired let your insurance company know.

Hope this answered your questions

Andy C

My father and his colleague keep mentioning how great insurance sales is. My dad put me in touch with a person that works for Altig insurance, and he is making good money and seems to enjoy what he is doing. He is working on commission, and my impression is he is not luring me into a bad situation. However, non salaried, commission based put alot of pressure of a person. And, I ve been reading alot of negative comments about Altig on the web? Should I work for Altig?

My gf currently works for Altig and she loves it. I wasn’t sure at first but being that I want to support her decisions I have done all I can to help her out with studying for her exams. Seems like a solid company from what I can tell.

i was in a car accident, a truck driver bump my car. i bought this car with an open deed of sale. now how will i handle this? the insurance of the car is named after the first owner. will i still have to contact her (the first owner)? will i still have to call the insurance company to let them know? again, this wasn’t my fault, the truck bump my car.

It sounds like you have a complicated situation that would be best handled by speaking with a car accident attorney in your state.

In 1996, the insurance companies in California got Prop 213 passed, which limits the ability of uninsured motorists to sue and recover damages if they are involved in an accidents, even if it is the other person’s fault. Your state may have a similar rule. You should speak with an automobile accident lawyer to find out.

I am currently in insurance sales and want to go to claims but my current employer says i have too much experience but bascially they don’t want to pay me the 20,000 more than the fresh out of college applicants

Well, they won’t. What you have to do is talk to some of your contacts, tell them you’re willing to take a serious pay cut, but you really want to get into claims.

Keep in mind, you’ll have to mean it. An entry level claims job (what you want to do) will pay about $20,000 a year. You’re just going to need favors to convince someone that you’re willing to stick with it at a much lower salary.

You WON’T get an entry level claims job that pays anywhere NEAR what sales pays. Ever.

Personally, you couldn’t pay me enough to do claims. I’ve always thought of it as the dregs of the insurance world. Why wouldn’t you think about underwriting? There’s definately more money in underwriting, and if you are already licensed and have been selling, you already have a good grasp of price negotiation and basic underwriting . . .

I left a financial services company about 20 months ago and am now worried about losing my Series 7 and 66. I am director of sales at an insurance company and we will be offering security products down the road (maybe 12-24 months) but right now I need a partner company that can be flexible for the next 1-2 years. Any suggestions?

You are probably going to have to ask FINRA directly. Your license will expire 2 years after you left the last firm with which you were registered (you probably know this). Here’s a FAQ page from the FINRA website that pertains to your license(s) ;

http://finra.atgnow.com/finra/searchResults.do

Most likely you are going to have to re-take the exams when the firm you are with begins offering securities services.
Personally, I think it is doubtful that you will find a firm that will let you "park" your registration with them if you do not intend to or will not conduct business with or for them.

Best of luck.