As an entrepreneur, you are someone looking for a job that gives you good pay and benefits. Not to mention you want something you could see yourself doing for many years to come. One such option that may interest you is being an insurance agency owner. While that doesn’t sound like much, being an insurance agency owner is very important.
So, let’s take a look into the insurance agency world and see what is so special about it.
What Does an Insurance Agency Owner Do?
An insurance agency owner is someone who creates brand new marketing strategies, pushes for more advanced contracts to their clients, and makes changes to the contracts that the business already has in place. This job requires the agency owner to have a hybrid work style. This means that they will work both in the office and travel to the location of clients in order to have meetings or to work on marketing requirements.
Ana agency owner uses innovation, sales, and marketing to get a better understanding of the business, how the customer database works, and creating strong bonds to ensure a good reputation for the company.
Day to Day as an Agency Owner
An insurance agency owner has many jobs that they need to do at any given time. These tasks include:
- Nurtures opportunities for innovation and growth of new revenue for the business.
- Maintain relationships with clients to ensure that whatever they need is done.
- Give clients a wide array of niche choices for clients to pick from.
- Use marketing strategies to bring in a large and diverse demographic.
- Identify the needs of clients and find a solution to the client’s problems in the best way.
- Better the reputation of the business by taking on a variety of tasks to help the agency.
- Find new ways for the agency and for clients to gain new monetary value.
- Ensure that the agency is up to date on the latest market trends and the industry.
How Much Does an Insurance Agency Owner Make?
In the United States, the average annual salary for an insurance agency owner is around $135,690. However, depending on the job, company, and state you live in, it can fluctuate. For instance, the lower end of the salary is around $71,500 while the higher end is a whopping $257,571 a year.
Common Questions About the Agency Owner
Is it an “in-demand” job position?
- The Bureau of Labor Statistics or the BLS states that the insurance sales agent, a similar job to the insurance agency owner will increase by 10% in about 6 years.
What are the hours for an insurance agency owner?
- A typical agency owner usually has an average work day of about eight hours which equates to forty hours a week. However, due to the stressful nature of this job, coming in on the weekends or do some overtime is a common thing to expect.
How to Become an Insurance Agency Owner
For starters, this a job that requires schooling and skill, not something you can just pick up in your free time. For an average agency owner, a bachelor’s degree is required, typically in something like economics, finance, or something similar. While not required, a master’s degree can look good and may get you in a better position in the company.
Once you have gotten schooling out of the way, you apply for marketing positions. As it varies across the fifty united states, you may need some special qualifications in the form of credentials and requirements. Some companies even offer licensure if you join them.
Throughout your schooling and from internships or hands-on experience, you will need several skills to get you through this difficult job. Some of the most important ones include:
- Sales Management
- Customer Service
Sometimes you don’t get the job you want right away. That’s okay! besides, you will just be learning more and gaining other skills from something else if you don’t get this job immediately.
Consider the following jobs if you can’t become an insurance agency owner.
Insurance Sales Agent
- Sales agent uses their skills and marketing to sell to customers.
- An insurance underwriter reviews proposals and records. They determine if someone can obtain insurance.
Personal Finance Advisor
- Financial advisor helps their client with their money and keep it organized.
An insurance agency owner has a lot of responsibility to ensure that the company is seeing growth and obtaining and maintaining their clients. It is stressful, long hours, but, if you work hard enough and have that drive, you can see yourself making up to $200k a year! That’s not bad money.