Selling insurance is a highly competitive and complex business. Monetary values often have to be assigned to intangibles like a person’s life or the state of their future health, while some insurance covers items such as automobiles or property whose value is relatively easy to calculate. Insurance marketing involves offering potential or existing customers insurance plans that give them the greatest coverage for the lowest costs.
To be successful in the field of insurance marketing requires an outgoing personality and a demeanor that instills trust and confidence. Empathy and discretion are necessary in life and health insurance marketing and sales as personal details regarding physical conditions and lifestyles are required to calculate premiums. Math skills are essential to calculate premiums and decipher information provided by actuarial tables. The ability to explain complex terms in common language is necessary.
A position in insurance marketing requires a considerable amount of research to target specific demographic groups that are the most likely to buy the most insurance. Representatives of large companies frequently attempt to sell full lines of coverage in health, life, property, casualty and automotive insurance as a package by offering attractive discounts and incentives. Marketing is commonly done through cold calling and referrals. Attending meetings and seminars on industry practices and standards is normally required.
Insurance marketing usually involves a lot of automobile travel in a local region or territory determined by the parent company. Office work is required to file sales reports and process new policies and policy amendments. Professional business attire is required. Hours are normally long and usually include nights and weekends to reach potential and existing clients at home.
A high school diploma or equivalent is generally required for this job. Advanced courses in business administration or insurance practices are preferred. The majority of large insurance companies provide in-house training for insurance marketing representatives and frequently send new hires out into the field with seasoned employees to learn the personal dynamics required to succeed in the position.
Salary and Advancement Opportunities
An insurance marketing representative may begin her career selling a specific type of insurance and advance to selling multiple lines as she gains knowledge and experience. In the course of her career, she may have opportunities to advance to managerial positions. Based on information sourced at payscale.com, the average salary range in July 2010 for an insurance marketing representative in the United States was $33,296 to $68,653.
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