How to Be a Successful Insurance Broker

A successful insurance broker enjoys an increased amount of income as the business grows. Working in this field will require planning and initiative on your part. You will need to be knowledgeable about the policies that you sell and you will have to exhibit good interpersonal skills to build relationships with your customers. If you learn how to match clients with the right insurance plans, you will have a better chance of success in the industry.

Things You'll Need

• Computer
• Insurance license
• Phone
• Office

Instructions

1. Become licensed in your state. According to the U.S. Department of Labor, Bureau of Labor Statistics (BLS), sales agents must be licensed in the particular type of insurance that they plan to sell. Depending on your state, you will be required to take a course and pass an exam.

2. Set up a business location. While you may desire a high-traffic location, you do not need to overpay for prime retail space. A well-designed and placed sign on the outside of your business will serve to attract customers.

3. Start marketing your insurance business. Put a sizable portion of your budget into online marketing as this is now how many people find the products and services that they need, according to BizReport.com. Hiring an online marketing agency can help get you started. In addition, use other promotional materials with your business logo and information on them. Calendars, pens, note pads and other items are a way to advertise your business and keep your brand in front of current and potential customers.

4. Provide impeccable service. Go out of your way to find the policy that will meet your customers' budget requirements and give them the coverage that they need. If you are an independent insurance broker, you will be able to offer your clients many choices to help them find the policy that matches their needs best.

5. Get referrals from existing customers. When you talk with a current or new customer, ask for a referral of someone who may benefit from your services. Successful insurance brokers do a large percentage of their business in referrals, explains InsureMe.com. If you can get a few names from every person that you do business with, you can build up a customer base in a short period of time.

Tips & Warnings

• Using social networking sites can help you develop relationships with people in your area to market your services to.

References

• Bureau of Labor Statistics: Insurance Sales Agents
• Small Business Administration: Market and Price
• BizReport: Survey: 89% of consumers prefer online shopping
• InsureMe: Asking for Referrals: Your How-to Guide