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As with most things, there’s no “silver bullet” to becoming successful and extremely profitable in the insurance industry—if there was, every agent would be filthy rich! However, there are a few things that can help new agents set off on the right path toward a high-paying career in insurance. In my experience, anyone can be profitable with the right connections.
As an experienced agent, here’s my take on three types of high-paying insurance jobs—and two others to avoid.
What are the highest paying insurance jobs?
1. Multiline Agents
Insurance agents who can sell multiple products are consistently the highest paid. That’s because you have the freedom to sell different products and collect income from multiple streams. I suggest this route for all agents interested in generating a consistently high income. Most insurance companies won’t stop their agents from getting the appropriate licenses and selling products beyond core P&C offerings. (You can learn more about how to get licensed in this article.)
2. Commercial Agents
If I was limited to picking only one type of insurance to sell, I would pick commercial insurance. Commercial insurance is one of the most viable solutions to long-term profitability for agents because it can’t be easily automated. For example, computers can (and are beginning to!) automate insurance agents out of the selling of auto insurance, offering lower compensation with driverless vehicles, etc. Auto insurance is poised to change drastically in the next decade, as is homeowners insurance and other P&C products. But commercial insurance can’t be automated easily—and for that reason, if you can get into this area, you should!
3. Agents Working With An Established Network
This one is fairly obvious. If you’re a new agent and you walk into an established agency with a book of business, you’re going to have a leg up over competitors who are starting from scratch. Your network is the fastest way to make money; the larger your networks, the less you have to do from zero, and the more money you can make through referrals and cross-selling. However, for many new agents, this isn’t a luxury they can buy into or afford immediately.
What insurance job should you avoid?
I suggest avoiding focusing only on niche areas unless you’re really in love with selling the product or have a plan for how you’ll pivot if the industry struggles.
- An insurance salesperson exclusively selling niche products can make a lot of money, but it’s not as easy to do—especially for new agents. In my experience, the people who are most successful in selling niche products are financial advisors or investment brokers who are able to sell these on the side. It’s simply difficult to make a career solely in niche insurance sales.
- Health insurance plans, like individual Medicare plans, can be great products, and I would not recommend avoiding them. But I would say that you shouldn’t sell only this product. What happens when the health insurance structure changes, as it did with the passing of the Affordable Care Act? What happens when a compensation plan changes?
When one industry changes or struggles and you’re tied solely to the products sold in that industry, your business will suffer.
Diversification: The Key To Profitability
So what insurance jobs pay the most? Put simply, the ones that are diversified. Diversification is crucial because it insulates you from the economy and allows you to make money consistently.
Without a doubt, multi-line agents who sell products across the board have more opportunities to close deals and win customers. When you’re a niche agent, all you can sell is your “one thing,” but it can be hard to build networks with just a single product. Essentially, you’re risking your livelihood if the industry struggles or evolves.
Most companies allow their agents to get licenses to sell multiple products, and it’s a path I recommend! It’s more work, and you have to invest time and money into learning, training your team, and knowing how to sell these products, but it’s an investment that will pay off tenfold.
The truth: Profitability doesn’t mean easy money.
Reading up on top-paying insurance jobs is a step in the right direction—now you need a plan to get there. Profitability isn’t easy money, and no matter what type of insurance you sell, you need a consistent leads source to help you supplement whatever verticals you focus on. That’s where EverQuote can help. Contact us today to learn about our insurance lead and call offerings and how a partnership can benefit you.
