How Much Does an Independent Insurance Agent Make?
Independent insurance agents in sell all kinds of different insurance policies like life, health, property, or other types of insurance to match the needs of their clients. As an independent insurance agent, multiple approaches to work can be applied. You may work for an insurance company, refer clients to independent brokers, or work to become an independent insurance agent anywhere in the US.
The past year has been quite confusing for the entire world, but the internet has not slowed down a bit. This means that insurance agents working online or through social media haven’t stopped either. Agents from across the US have been working online via social media and other sites to continue their business in these testing times. Independent Insurance agents are no different from the change as they lie in a busy state.
Today, let’s talk about the types of agents. Generally, there are two types of ways an agent can work in the insurance industry. One is by becoming a captive agent and the other is by becoming an independent insurance agent.
The median annual income for insurance brokers was $48,150, according to statistics from the Bureau of Labor Statistics. The top ten percent of insurance agents made more than $116,940 per year. The bottom ten percent of insurance agents made less than $26,120 per year.
Also, you can find an agent to give you the best information about the policies you should get. Get in touch with them.
According to Investopedia, a captive agent is another type of insurance agent who only works for an insurance company. A company pays them in the form of a combination of salary, commission, and benefits. You can be a full-time employee or an independent contractor.
Captive agents work for one company so they know your company’s insurance products. You cannot help a customer who does not need or does not qualify for this company’s products.
Captive agents are often characterized by an exceptional level of service for their clients. This is because they have the freedom to devote more time to relationship building, information research, and customer service. In an increasingly digital insurance market, these are things that customers don’t always get.
Also, Do you know you can work as a captive agent from other insurance carriers? Read more about it from Independent Insurance Agent Business Cards and know how to get online.
Independent Insurance Agent
An independent agent is a person who sells insurance policies provided by several different insurance companies rather than a single insurance company. The independent agent is essentially the intermediary that connects insurance buyers and sellers to facilitate a transaction. Independent agents receive commissions on the policies they sell and are not considered employees of any particular insurance company.
To understand this concept, please keep in mind the following:
- Firstly, no single carrier employs Independent Insurance Agents.
- Secondly, these agents are liable to sell insurance from multiple different carriers and get paid in commissions for every sale they make
- Finally, Clients prefer independent insurance agents because they can procure multiple different quotations and policies.
Are you aware that we provide cyber insurance to protect you from cybercrime? Also, research the insurance brokerage company online to find the best insurance broker to assist you in finding the best policy. You can also locate an insurance agent and get your insurance plans.