You’re embarking on a career in the insurance field. As you search for your first position or seek to upgrade your current one, what salary should you expect to earn? Many different factors influence the salary of an insurance agent: here are a few of the most important ones.
The Typical New Insurance Agent Salary
If you’re entering the insurance field for the first time, you’ll find opportunities as a customer-service representative, administrative assistant and sales agent. These entry-level jobs are ideal for those who are curious about the insurance industry as a whole. Those who work in administration and customer service get to know the business as they interact with customers and get to know their problems and questions. Sales agents also develop a deeper knowledge of the field as they learn about, educate others, and sell insurance.
Customer service representatives typically earn around $24,000 a year, while administrative assistants earn $30,000 to $40,000 a year. An entry-level insurance sales agent earns between $30,000 to $40,000 per year.
The Insurance Agent Salary For Higher-Level Positions
If you’ve worked on your education and you’ve developed areas of expertise within the insurance field, you may be ready to move up into a new position. Depending on the size of your insurance agency, you’ll have different opportunities for career movement. The insurance industry is diverse, so people can have multiple specialties throughout their career.
Over time, a customer service representative or sales agent can move into a team leadership position, supervising and managing other sales agents. If management is not your style, you could also become an expert in a specific area of insurance such as marine insurance. You might move laterally as well, to work in the development of the business or in insurance underwriting. As you move up in the industry, your salary will increase as well, to $70,000 per year or much more.
What Influences an Insurance Agent Salary?
Whether you’re moving into the industry for the first time or you’re considering a move within the insurance field, you probably wonder how you can maximize your salary. Education matters. Taking continuing education courses will allow you to move up in your field and within your current position so that you can talk with clients about their insurance options. As you increase your education, increase your certifications in the industry as well. Your current agency may decide to invest in you and help cover the cost of your insurance education.
Experience and skill also play roles in determining your insurance agent salary. If you have previous experience in a call center or in sales, this will help you make an impact in your insurance call center or sales career. When a past employer gives you a glowing review of your soft skills like communication skills, this can also make you higher-value to your insurance company and increase your starting salary.
Are you considering a career in the insurance field? Network and connect with educational opportunities through the American Agents Alliance. We’re a group of independent insurance agents & brokers across the nation who are here to learn and share with each other. Join us at our annual Alliance Convention or contact us today to learn more about our membership benefits.