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Insurance Consultant

Posted by in Career Stories
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wilgusExplore Being an Insurance Consultant with Allison Wilgus

Health Brokers of Florida
Phone: 954.629.3938

cz: Briefly describe your job.

My career as an insurance consultant is based on the needs of my clients. They are looking for a solution to their insurance needs and for most people insurance is not an enjoyable topic. I work with all of the reputable insurance carriers and based on the needs and budgets of my clients, I am able to shop the market and find the product that best fits their needs. Sometimes I am helping a family save money from their current plan, adjusting benefits to more appropriately protect someone, maybe finding coverage for just a catastrophic need, and sometimes I am educating the client on what their insurance does and what everything means. We work for individuals, families, and Medicare-eligible people.

cz: How long have you been working in this field?

I have been in the field for about 3 1/2 years. I got licensed as an insurance broker right out of college.

cz: When and how did you decide to choose this career?

Right out of college I had plans to be a broadcaster but really wanted to start making a living quickly. Before graduating my father asked me if I knew what “residual income” was. I knew I wanted to start my own business and after seeing my mother, and role model, laid off from her "big shot" executive job in Corporate America, I knew I wanted to be self employed and help people.

cz: What education/training did you obtain to qualify you for your field?

Although it was not required, I emphasized part of my studies on Risk Management and Insurance and obtained a 2-15 license to sell Health, Life, and Variable Annuity Insurance products.

cz: What was your first job in the field?

I started out working for AFLAC as an independent consultant. Although this provided me with good training and sales experience, it wasn't major medical coverage which most people have. I then started working for a "captive" agency where I could only sell one company’s products. Again, this wasn't what I wanted to do. I wanted to help people with their insurance needs and this is most definitely not a “one-plan fits all” type of industry. That's when I decided to build my own agency as a broker.

cz: Describe a typical day on the job?

I typically begin my day by going down to my home office and checking my emails. I then follow up with all of my clients and structure each business day in a different but very structured way. Part of my day is focused on building my business, calling leads or following up with referrals. Another day of my week is dedicated to networking and meeting other professionals that I may be able to build relationships with and refer business to. Of course, some of my time is put towards marketing in other ways and finally holding meetings, both virtual (over the computer), or in-person and closing business. Once I close business or meet with businesses/individuals, I show my appreciation with a thank you letter. My typical work day may seem quite different from most other professions.

cz: What do you like most about what you do?

I love being self employed and making my own schedule but you have to be discipline to do so. I have finally built that residual income I wanted and a book of business. A book of business refers to my current list of clients. I add clients to my book of business who elect to use me as their agent. I like that I am able to help people. The best part of my job is knowing that my clients truly appreciate the knowledge and advice I have given them.

cz: What do you like least about your job?

It is sales. You need to be on the grind all the time. With being self employed comes the responsibility of building a business. If I'm not working, I'm not making a living.

cz: What has been the most rewarding experience so far in your career?

Building a book of business of my own and with the primary of my business coming from referrals. Getting a referral means someone has confidence in my skill and professionalism in my industry. Referrals are very rewarding.

cz: What is the biggest challenge for you in this job?

Staying disciplined and not getting down when I have a slow week. Everyone has them. It's learning to cope and push through that is a challenge.

cz: What are the most important personal and professional skills necessary to succeed in your field?

Discipline, professionalism, organization, an outgoing character, continued follow up, care for others (and not just in the sale).

cz: What could someone do to learn more about this field right now?

They could call me! I am always happy to offer advice and my experience. I have made so many changes and learned so much. I wish I had someone to guide me through in getting to where I am now quicker. They could also visit the Department of Insurance's website.

cz: What advice you would offer to students making a career choice or on work life itself?

It's all what you make of it. Work is just that... it's work. It takes time but if you work hard enough and consistently you will be rewarded. As a 25 year old, I feel truly blessed to lead the lifestyle I do. I am able to travel and enjoy life but it was hard work to get here... well worth it. Be productive!

cz: Here is some more information from Allison that will be helpful to anyone interested in this field:

Insurance Agents Overview: Among the career paths in insurance, insurance agents (also called insurance sales agents) sell one or more lines of insurance products and policies. Additionally, some insurance agents may act as financial planners, and may be licensed to sell a range of investment products in a manner similar to financial advisors. Agents who are employees of a given insurance company are sometimes referred to as "captive agents." Independent agents who sell the products of multiple insurance companies often are called "insurance brokers."

Education: A Bachelor's Degree is expected. Coursework in finance, accounting and/or economics is helpful, though not required. Strong quantitative and analytic skills are vital. An MBA can give you a leg up in the hiring process, depending on the firm. Certification: Licensing is complicated. Each state has its own licensing requirements, which vary by the types of insurance that the insurance sales agent will handle. The industry has been pressing for uniform national licensing standards, to simplify the certification process.

Insurance agents who also handle securities products will require FINRA certification, passing either the Series 6 or Series 7 exam. Those who act as financial planners may need the Certified Financial Planner (CFP) designation. Duties and Responsibilities: Insurance agents advise clients about using insurance products to protect against risk. The job has a large amount of inherent financial planning work, even if the agent does not explicitly engage in a financial planning sideline. Thus, while success is highly dependent on sales ability, strong analytic skills are also vital.

Typical Schedule: The time commitment is variable, depending on the specific insurance agent position and the individual's desire to excel. 40-60 hours per week is a typical range. As in other sales fields, those starting out tend to need a larger investment of time to launch their practices.

What's to Like: Insurance agents often have a high degree of professional autonomy. Those paid largely by commission enjoy a close correlation between performance and reward, with significant earnings potential. The job offers a chance to make a clear, positive impact on your clients' lives.

What's Not to Like: Insurance agents must balance possible conflicts of interest, since compensation is based on sales, without respect to how appropriate the products sold are to the client’s situation. Insurance companies are held not in generally high esteem, so there can be hurdles of distrust to overcome, which can come to a head in disputes over paying out claims.

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