Insurance agencies are normally started by insurance professionals and people with experience in financial services who want to spread their wings and become entrepreneurs. All but a hand full of insurance companies require agents to contract with a NMO instead of contracting directly with the insurance carrier. To excel in insurance business, an agent requires more than just skills and knowledge, it is also about having the right attitude and habits.
Some top agents will not take on ‘open listings’ for the very reason that they are a waste of time and effort. The Travel Agent opportunity has an initial fee of $500 and then you are required to pay a monthly license fee of $49.95. After that, you may choose one of the other programs.
Insurance policies are the contract agreements done between the insurance companies and the insured subject. It also makes sense thatâ€”as is the general ruleâ€”an agent is not liable on contracts she makes on the principal’s behalf; because, the agent is not a party to a contract made by the agent on behalf of the principal.
If you are just starting off, I will advice aspiring entrepreneurs to consider areas that are just coming up or low and middle cadre areas because he will be rendering services mostly to low and medium profile people. You can make good money working as an agent for an insurance company or financial institute, but the real money is in owning your own agency.
Now is not the time to ‘lose the plot’, stay focussed and get an outside view of your business now and again as a ‘reality check’. It is less expensive for the insurance industry to pay over-rides to marketing companies for training and servicing agents than it is to hire a few thousand home office people who have to train, service, and market these very same products.