Prior to Covid-19, you probably wondered what exactly the job of a work from home insurance agent entails.
Since the pandemic, you likely were forced to work from home as an insurance agent and got the chance to see what it is like firsthand.
Insurance agents who sell insurance from home, or some other location like a coffee shop, still market, sell and administer insurance policies to new customers.
The work from home insurance agent completes their tasks in an alternative location outside the office, typically at their house. This alternate location is always equipped with a high-speed internet connection.
As work from home insurance agents carry out their roles remotely, they may be specialized in one specific insurance category. For example, an agent may choose to deal with home, auto, or medical insurance solely.
In other instances, the agent may be selling multiple types of insurance policies.
Regardless of the types of insurance products you sell, or whether you work from your house or a coffee shop, today’s article will share some tips for work from home insurance agents.
Table of Contents
Duties of a Work From Home Insurance Agent
On a normal day, work from home insurance agents will spend the time fielding phone calls. Other communication tasks include responding to emails and speaking with customers.
Outside of communications, your job as an agent will include the following:
- Identify the client’s needs and recommend an insurance policy based on your evaluations.
- Use your insurance software tools to process the information you receive from customers.
- Often you will perform the job of a customer care representative. You will respond to customer queries and solve problems with the accounts.
- Continue marketing to generate more leads for sustained insurance product purchases.
- Start creating a rapport with potential clients from various sources through such methods as referrals, cold calls, and networking.
- Agents are responsible for distributing the payments earned from an insurance claim that is submitted and accepted.
- Analyze your clients’ risk profiles and recommend the risk management policies that will protect them.
- Write detailed reports on the progress of your initiatives.
- Handle administrative tasks that involve record maintenance and policy renewals.
- Track the submitted claims to ensure that the clients and companies are satisfied.
- Educate prospective buyers on the pros and cons of different insurance policies to improve the sale of various insurance plans.
- Create marketing strategies for implementation. Marketing strategies are meant to give a competitive edge in the business.
As you can see, your job responsibilities are the same as when you work in an office. Working from home as an insurance agent is completely fluid, you basically just need an internet connection and the office equipment necessary to carry out the same tasks that you would in an office.
How to Become an Insurance Agent Working from Home
To start an insurance agency from home the fundamental requirements on how to be an insurance agent working from home is these two things:
- A license that authorizes you to sell the insurance covers you have on offer
- Industry experience in insurance or related field
Other requirements vary according to the state you want to be licensed in. Across most states, the standard requirements include taking a training course and then sitting for an exam.
Once you sit for and pass the exam, the next stage is to apply for a license at the state department of licensing. During your license application, you will be required to submit to a background check and fingerprinting.
Being an insurance agent has no stringent academic requirements. Formal education is not a necessity but an added advantage in this field. The minimum requirement is a high school diploma or its equivalent.
However, having an associate’s or bachelor’s degree in business, finance, or insurance will make it easier to gain your footing.
Skills You Must-have to be an Insurance Agent
As an insurance agent, you must possess excellent communication skills to carry out your duties effectively.
- As an independent stay-at-home insurance provider, it’s important to be passionate about your work. Your clients will notice your charm first before they listen to what you have to market. Take advantage of this and develop outstanding interpersonal communication skills.
- Now that you have charmed new clients into your database of prospects, how do you make them stay? Use your communication genius to make them feel valued. Create customized email marketing messages and videos so that everyone feels important.
- You need to pay great attention to detail as one mistake can make or break your trust with a client. Insurance deals in a lot of fine print and figures, create the habit of double-checking your work.
- An insurance agent must display outstanding problem-solving skills. This will constitute a large part of your job description as you determine the best coverage for your client’s needs.
- You must exude confidence so that your consumers can have the same confidence in you and your policies.
- A successful agent is organized and has a system that keeps track of the needs of multiple clients. This ensures that every one of your customers has their needs met.
- Insurance agents should be professional and prepared to carry out their duties effectively under zero supervision. An agent working from home has no boss except himself.
- An agent needs to know a variety of financial resources and avenues of reference.
- Try your best to stay informed about government compensation plans, tax policies, and other emerging legislation that impact the insurance industry. Subscribing to the best insurance blogs is a great start.
Lastly, train yourself on how to handle stressful circumstances calmly and professionally. The insurance business deals with the tragedies of life; you must be the voice of reason in such a scenario.
How to Start Working from Home
Making the transition to working from home, or beginning your insurance agency business at home is nearly effortless. This is because the insurance business largely involves correspondence. You can communicate from anywhere, either on a phone or online.
There is the matter of meeting up with your business partners and clients. With the advent of the coronavirus, virtual meetings replaced physical sit-ins. Even if you must meet, the local café is sufficient.
So, how do you get started as an insurance agent working from home? We will discuss the three basic steps. The first is getting licensed, then setting up a home office. Lastly, begin working on your insurance business network and hit the ground running.
Licensing
In all the states, you need a license to sell and discuss insurance policies. To be licensed, there are a set of guidelines that one has to fulfill.
Do your due diligence and research on the licensing requirements set by your state’s department of insurance. In most cases, this information is readily available on their website.
You need a license so for your business to be legitimate, even when you are running it from your living room.
How is the licensing experience?
- It involves paperwork from filling an application form with both your personal and business details.
- Other supporting documents you have to provide are your business registration documents. You must show proof of entity registration and the business address, which could be your home location.
- Several states stipulate that you must undergo a background check before your licensing application is processed. You will be instigated for criminal history and fingerprinted.
- In almost all states, it is necessary to undertake a training course. This will provide proof of some professional knowledge.
- There are states which require that the licensing applicant post an insurance broker bond. The bond is to protect your customers from illegal or unethical activities.
- If you fail to follow the law in your business practice, the clients harmed can file for compensation through a bond claim. This money will be used to compensate for them.
Setting Up Your Office
The home office needs a couple of simple equipment and furniture to operate. The following items constitute a functional home-based insurance agents office:
- A computer with a webcam
- Printer
- Scanner
- Phone
- Desk
- Ergonomic chair
- Stationery
Place all this equipment and install the necessary technology in a dedicated spot of your home. The workspace must be separated from the rest of your normal routine.
Separating the office from the rest of the rooms minimizes distractions and keeps you motivated and focused enough to accomplish your tasks.
While you can get most of the work done in the isolated office space, feel free to use other house parts for brainstorming sessions. A change of environment fosters creativity.
Your home office should have plenty of light and free from background noise.
Network and Stay Updated
The downside of working from home is that you can easily fall out of the news cycle. In an office setting, there is a constant flow of information. This is not the same when you are working from home.
This is why, if you are working from home, you must make an effort to keep in touch with your network. Keep scanning the news for developments in your field—especially those about new insurance regulations and tax laws.
Keep a network of close professional contacts who will get you the most competitive rates for your clients. This is especially useful if you are dealing with multiple insurance carriers.
Attend training, conferences, and seminars about insurance. They are a good opportunity to develop your business practices. Meeting fellow professionals in the field can be an opportunity to develop partnerships.
Conclusion
A job as a work-from-home insurance agent is an enticing opportunity for both emerging and existing professionals. It is a popular career choice because of the convenient location and freedom to choose with whom you want to work with.
If you ever wondered what the job of a work from home insurance agent was, now you know. If you are thinking about working remotely then checkout these work from home time management tips.
Have you been working from home? If so, share your favorite work from home tips in the comments below.
