Insurance agents do a lot in a day, and often in the evening too. Although no two insurance agents are the same, this overview will give you an idea of what many of them do, every day.
Morning: Client communication
Insurance agents spend a large part of their day communicating with clients, and this starts first thing in the morning. After grabbing a cup of coffee, insurance agents likely start the day by going through voice mails and emails. Some of these will be from existing clients who have questions about their policies or claims. Agents may also use this time to confirm meeting appointments that they have with clients later on in the day.
In addition, insurance agents may need to correspond with insurance companies or managing general agencies (MGAs). There might be outstanding requirements to facilitate the underwriting process or the companies may be communicating their decision on an application.
Mid-morning: Client meetings
Insurance and long-term planning are often complicated, and insurance agents play an important role in determining each client’s coverage needs. They help their clients to understand the financial risks they face from accidents, disability or death. Determining a client’s most appropriate insurance coverage usually starts with walking him or her through a detailed needs analysis.
This type of analysis takes time, so many insurance agents will meet clients in person to discuss, either at their offices or the client’s home. For many insurance agents, the lunch break is a great time to meet face to face.
Lunch/Early afternoon: Reminders and prospecting
After lunch, insurance agents may contact existing clients about policies that are set to expire. In some cases, renewing that policy will be fairly straightforward. In other cases, the insurance agents may decide that the expiring policy no longer provides the best coverage for their client and will suggest exploring alternatives.
This is also a good time of day for insurance agents to work on expanding their client base. The best leads are referrals from existing clients. Happy clients are more willing to recommend their friends and family.
Other business development activities insurance agents embark on include setting up referral networks with other professionals in related fields (lawyers, accountants, financial planners and mortgage brokers), leading workshops or presentations that provide insurance education for the broader community, or cold calling prospective clients and working on direct mailing campaigns.
Prospecting can also happen virtually, so some insurance agents may set aside time to update their blogs, write newsletter articles or connect on social media.
Mid-afternoon: Continuing education
Continuing education is an essential part of a job that’s always changing through the introduction of new products, markets, rules and regulations. Some insurance companies provide training sessions for insurance agents, to help them better understand how their insurance products work and provide techniques on marketing and selling those products.
Insurance agents can also participate in more structured professional development like taking courses offered through institutions like IFSE.
Insurance agents often go to their professional association’s meetings and networking events in the evenings. On other nights, a newer insurance agent might meet with a mentor over dinner or drinks, while a more experienced insurance agent may act as mentor to someone new to the field. Networking and mentoring are great ways to share information about new products, sales techniques, and what’s working and not working in the industry.
Insurance agents also know that it’s important to network with people in related industries, including financial planners, lawyers and accountants. Some have a “mastermind” group of professionals across a few industries who get together to talk about work.
Want to know more about the day-to-day life of an insurance agent? Watch this short video.