Looking for jobs can be stressful. Students are leaving college with a degree, but unable to find a job to pay off their impending student loans. For those looking to get into the insurance industry, current trends suggest a positive outlook!
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Let’s take a look at some reasons why selling insurance is a career choice to consider.
Insurance Agents are Needed
We’re seeing them everywhere lately — “We’re Hiring” signs. While they might be a bit more common at your local corner store, there’s still a need for qualified insurance advisors in markets across the country. Not only will the demand for insurance agents stay consistent through 2022, but it’s projected to grow seven percent from 2020 to 2030, according to the Bureau of Labor Statistics. They also suggest that growth will be the strongest for independent insurance agents as companies rely more heavily on brokerages to maintain costs.
Not only will the demand for insurance agents stay consistent through 2022, but it’s projected to grow seven percent from 2020 to 2030.
About 50,400 openings for insurance sales agents are projected on average each year due to reasons such as seasoned agents retiring. This incoming demand in agents is the perfect time for young professionals to enter the market and consider a career in selling insurance!
There’s Stability in Medicare
Since being introduced in 1965, Medicare has provided health insurance to older and disabled people. The percentage of people covered by Medicare in the United States continues to increase every year, especially as baby boomers reach age 65. In 2020, 62.6 million were enrolled in a Medicare program, with around 54 million qualifying by age.
Medicare Advantage plans have also become increasingly popular, providing an income opportunity for agents as more and more Americans choose the private coverage option. By 2030, the portion of Medicare enrollees choosing these plans will rise to about 51 percent, according to the Congressional Budget Office. Currently, in 19 states and Puerto Rico, more than 40 percent of all Medicare beneficiaries are enrolled in a Medicare Advantage plan. In 2020, most of these enrollees were in plans operated by preferred carriers including Aetna (CVS Health), Humana, and Blue Cross Blue Shield (BCBS) affiliates.
Agents generally have the freedom to choose where they work and often travel to meet with clients. These days, it’s quite common for agents to work from home or in an office due to the global pandemic.
Independent insurance agents have additional job flexibility on top of work location. Since these agents aren’t connected to a specific company, they can sell a variety of products from different carriers. This means more options for your clients! If you’re dreading the typical 9-to-5, you’ll be happy to hear that independent agents also have the freedom to set their own schedules. Just make sure you’re putting in enough effort to fit your client’s needs.
If you’re dreading the typical 9-to-5, you’ll be happy to hear that independent agents also have the freedom to set their own schedules.
The other option is becoming a captive agent, but that comes with a few restrictions. For one, you are tied to a single carrier. This means you might not be able to offer your clients all the options they might need. You also don’t have the ability to join a field marketing organization, which can provide you with a lot of support on Day One and Day 10,000 and beyond.
Career Support Through FMOs
Young professionals may be worried they don’t know enough about insurance to start a career in the industry. Well, good news! FMOs are a great source of support for navigating insurance sales. If you are new to the insurance industry, joining an FMO, like Ritter, means you have people on your side who are trusted by agents and carriers. They can vouch for you and help you along the way by making contracting, prospecting, and enrolling a breeze.
If you are new to the insurance industry, joining an FMO like Ritter means you have people on your side who are trusted by agents and carriers.
Contracts are vital for successful insurance sales. Ritter, for example, is partnered with many preferred carriers in the industry and offers contracting at full commission levels. Additionally, our online contracting system makes expanding your product profile easier by storing your info and providing a helpful tool for attaching any necessary supporting documents. And those are only a couple of reasons why having an FMO in your corner for contracting is a big benefit.
Online Sales Tools
As we’ve seen in so many industries, conducting insurance sales has also become more remote, which makes online sales tools essential. The Ritter Platform’s Medicare Quote Engine and our exclusive enrollment site, Shop & Enroll can make remote sales seamless. Your own free Shop & Enroll site enables you to easily connect with clients, both remotely and in-person, to help them choose and enroll in the best plan to meet their needs.
Trainings and Resources
Sales and product trainings are also important for new agents, and you guessed it — FMOs usually offer them, too! Ritter provides helpful online trainings for agents to learn the ins and outs of selling insurance, from starting out to retirement. The insurance industry is always changing and learning as much as possible just means that you will be a better agent for your clients. Ritter also has educational eBooks and guides as well as webinars to help you expand your knowledge on topics ranging from selling Medicare Advantage plans to social media marketing.
You can always learn about insurance and acquire sales techniques, but the most important part of being an insurance agent is caring about your clients. At the end of the day, the biggest reward is knowing they have the health care coverage they need. There are also many other factors that make someone a great insurance agent. So, if you’re fresh out of school, or looking for a career change, consider adding “insurance agent” to your list of options!
Ritter is here to support your insurance career every step of the way. Register with Ritter and get access to exclusive resources to help you grow in the industry.