Insurance sales agents are the face of insurance companies. These men and women are tasked with selling insurance policies to new and established customers, recommending the best course of action based on their customers' finances and needs. More and more agents are diversifying, offering their clients general purpose financial planning. Some agents are also authorized to sell mutual funds and securities, distinctions which are important to keep in mind when looking to hire insurance sales agents. Some companies may need highly specialized agents, while others will benefit from agents whose capabilities are more broad.
Due to the often commission-based nature of an insurance sales agent, turnover can be an issue. Understanding this, as well as hiring skilled agents, can help reduce turnover. According to the Bureau of Labor Statistics, the insurance industry is projected to grow 22% in the next decade, a rate that exceeds the national average for all careers. Insurance sales agents should have a firm grasp of the industry's language and relevant laws. Nearly half of agents have a bachelor's degree. Agents should have strong, warm personalities and should be able to convince and persuade. In order to inspire customers' trust, they should project an air of confidence and reliability. (Read our whitepaper to learn more about how to hire top salespeople.)
Employers who use Criteria Corp's pre-employment tests to evaluate prospective insurance agents generally utilize a sales-focused personality test, the Sales Achievement Predictor (SalesAP), combining it with a general skills or aptitude test. This is done to ensure that their candidates are a good fit for a sales role from a behavioral perspective, and also have the communication skills and critical thinking ability necessary to succeed in this field.
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Rank in HireSelect:
8 out of 1,100
Median wage in U.S.:
$63,730/year or $30.64/hr
Expected growth rate 2012-2022:
Number employed (2014): 374,700
Education level of Sales Representatives (Insurance):