What is the future of an insurance job?

The insurance industry in the United States will continue to flourish. As you might know, the insurance industry is highly regulated but despite the calls for radical change I don't believe that there will be such a change. There will be consolidation, for sure, such that economies of scale can be leveraged.

Of course, political, social and economic changes and conditions can alter this view quickly.

Please remember that what I write here is not medical, legal or financial advice. Please see a qualified professional for your particular concern. This is not a solicitation.

What is the future of insurance agent?

I work in an insurance company and believe me most of the business we get is through agents only. They are the lifeline of any insurance company. Many of them who are in this field for a long time having vast experience earns decently. Now with the digital era already arrived, agents are feeling a sense of insecurity about their future. Lot of people (tech savvy) are opting to buy or renew their insurance plans online or through apps. But let’s not forget that most of the insurance policies are bought by the parents (for their kids and family) or older people which will still prefer agents over internet for every single thing. Yes, digitalization is not a huge success as you may think at least in India. Agents provide door to door service in collecting premiums and issuing policies. Also, people prefer to call their agent over insurance company to make a claim which makes the process much easier and convenient. So agents are not going anywhere at least for the next 10 years. But in the era of robots,humanoids and self driving cars who knows who will replace whom?

Future of Insurance agent is, He has to become expertise only in one vertical of insurance business. Once he becomes expert in one vertical he will be treated more like a consultant rather than agent by his clients. They will become more like business or Life consultants rather than just agent.

They will be using gadgets which will help insurers to do the field level underwriting and that in turn will help insurers to bring down the cost of insurance for preferred risks.

Just for example :  Lets say you recently started trading into a new product. You are now looking for new customers but they are all asking for credit. You are not sure whom to give credit and what if they default or delay? Your cash flow will stop and business will fail. What will you do ? Call Insurance agent having expertise in Trade Insurance. He will help you in telling you to whom the credit can be given based on the factual data of customers he is already having access. He will insure your credit and if the customer defaults you get your money from insurer. He will also help you in getting loans at better rate from banks because now that you have credit insurance, even they are not worried about defaults. You can fully focus on your business.

Will I make money being an insurance agent?

Of course YES.
I believe insurance is the highest paid industry and while saying that we can’t ignore a fact that insurance selling is most difficult task.
For example, I rarely see someone knows his Life insurance needs or went to buy Life Insurance on his own.
It’s actually a Push Product, please knows that it’s most important to have Life insurance but they keep delaying the Decision and there comes duty of Insurance Advisor.
It’s basically service industry and if you give ethical and right advise to your clients then they will happily refer you to their friends and relatives and that is how Insurance agent normally can grow Business, client base and of course Earning.
It’s best Business with Zero-Investment.
Wish you All the Best.
Best Regards

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