25 min
I Passed My Exam Now What? Property and Casualty Business of Insurance Podcast
-
- Careers
EP 54 - I PASSED MY EXAM NOW WHAT? Property & Casualty The topic in this episode is a suggestion from one of the apple podcast reviews (iTunes). I’ve also heard from people that are just studying for their test, so I thought I’d create an episode to give you some ideas for your next steps.
Even if you have been in the industry for a while, you might listen as a refresher or share with someone you are mentoring.
If you are in sales or thinking about going into sales, I’ve included a few extra nuggets for you towards the end.
Since the core of this podcast is why the insurance industry is a great place for a career, I thought I’d take the question and offer some ideas. If you are listening to this and have other ideas, let me know and if I get enough of them, I’ll put together another episode on the topic.
I passed my exam, now what Did you get your license before you were hired?
Congratulations, a lot of people don’t do this, they get their license once they’ve been hired. I know some investment firms hire you and give you the first 90 days to get your license completed. That will put you behind the 8 ball because those 90 days could have been used for prospecting, and a good sales person will understand this.
If you are someone that has chosen a career in insurance, getting licensed is the first step. No matter what direction you go with your career, it’s a big learning curve. The licensing portion is only the basics. A lot of what you learn in the licensing process is not what you will be dealing with in the real world.
If you are headed into sales, you need to focus on the sales process first, but I would recommend that you take some other classes about 3-6 months into your career to expand your knowledge. Work towards a certification. It will set you apart from those that haven’t furthered their education, many but more importantly, it definitely expands your knowledge base. It’s often a way to fast track the OJT.
One little nugget Share about your license. Over the years I’ve seen many agents trust their employer with handling their license, from making sure they renewed it to making sure their CE’s were completed. The agents just went about their day to day duties until one day they realized their license had expired or they didn’t do their CE’s and then chaos sets in.
My suggestion is that you stay on top of when you need you do your CE’s and your renewal and that you process your license renewal, don’t let your agency or employer be responsible for this.. You worked hard to get your license and you don’t want to take any chances.
Over the years I’ve had a few friends lose their license because they thought their employer had taken care of things, and they didn’t! Nobody wants to go through the licensing process twice!
Now that you are licensed, let’s talk about working in the property / casualty side of the house.
CAREER OPPORTUNITIES For today, we'll focus on the agency side of things, not the insurance company side. Most insurance company personnel don’t have to have their license because they aren’t selling anything. At least that is what I think.
I’ve never worked on the carrier side, so if I’m wrong, I know someone will correct me and I’ll update the show notes!
On the agency side you work for a Direct Writer or an Independent Agency
Personal lines - protecting cars, homes, trucks, motorcycles, campers, boats, You might provide insurance for special art pieces or airplanes, you might need to protect their household staff or international travel needs.
Depending on the market you live and work, some of these accounts can be over $10,000 and I’ve seen them over $100k. Some agencies have high net worth divisions that focus on the individuals that have a lot of assets that need protecting.
Commercial lines - this is primarily business insurance. Look around you at where you eat, your gym, office buildings, amusement parks and contractor
EP 54 - I PASSED MY EXAM NOW WHAT? Property & Casualty The topic in this episode is a suggestion from one of the apple podcast reviews (iTunes). I’ve also heard from people that are just studying for their test, so I thought I’d create an episode to give you some ideas for your next steps.
Even if you have been in the industry for a while, you might listen as a refresher or share with someone you are mentoring.
If you are in sales or thinking about going into sales, I’ve included a few extra nuggets for you towards the end.
Since the core of this podcast is why the insurance industry is a great place for a career, I thought I’d take the question and offer some ideas. If you are listening to this and have other ideas, let me know and if I get enough of them, I’ll put together another episode on the topic.
I passed my exam, now what Did you get your license before you were hired?
Congratulations, a lot of people don’t do this, they get their license once they’ve been hired. I know some investment firms hire you and give you the first 90 days to get your license completed. That will put you behind the 8 ball because those 90 days could have been used for prospecting, and a good sales person will understand this.
If you are someone that has chosen a career in insurance, getting licensed is the first step. No matter what direction you go with your career, it’s a big learning curve. The licensing portion is only the basics. A lot of what you learn in the licensing process is not what you will be dealing with in the real world.
If you are headed into sales, you need to focus on the sales process first, but I would recommend that you take some other classes about 3-6 months into your career to expand your knowledge. Work towards a certification. It will set you apart from those that haven’t furthered their education, many but more importantly, it definitely expands your knowledge base. It’s often a way to fast track the OJT.
One little nugget Share about your license. Over the years I’ve seen many agents trust their employer with handling their license, from making sure they renewed it to making sure their CE’s were completed. The agents just went about their day to day duties until one day they realized their license had expired or they didn’t do their CE’s and then chaos sets in.
My suggestion is that you stay on top of when you need you do your CE’s and your renewal and that you process your license renewal, don’t let your agency or employer be responsible for this.. You worked hard to get your license and you don’t want to take any chances.
Over the years I’ve had a few friends lose their license because they thought their employer had taken care of things, and they didn’t! Nobody wants to go through the licensing process twice!
Now that you are licensed, let’s talk about working in the property / casualty side of the house.
CAREER OPPORTUNITIES For today, we'll focus on the agency side of things, not the insurance company side. Most insurance company personnel don’t have to have their license because they aren’t selling anything. At least that is what I think.
I’ve never worked on the carrier side, so if I’m wrong, I know someone will correct me and I’ll update the show notes!
On the agency side you work for a Direct Writer or an Independent Agency
Personal lines - protecting cars, homes, trucks, motorcycles, campers, boats, You might provide insurance for special art pieces or airplanes, you might need to protect their household staff or international travel needs.
Depending on the market you live and work, some of these accounts can be over $10,000 and I’ve seen them over $100k. Some agencies have high net worth divisions that focus on the individuals that have a lot of assets that need protecting.
Commercial lines - this is primarily business insurance. Look around you at where you eat, your gym, office buildings, amusement parks and contractor
25 min