When is the best time to get into the Insurance field?

[Xunal]

Hello all-

I am a 20 year old college sophomore. Lately I've become very interested in Insurance, and been doing a bit of research.

It appears (judging by the posts on this forum) that most of the people who are deciding to change careers into Insurance come from a background of accounting, real estate, etc. with quite a bit of experience.

Is it possible to start right out of college? During college? With no college?

I love working with people, numbers, and selling things. Insurance seems like a natural field for me to be in...but is it possible to start with no background experience in any of these fields (basically, anyway...)?

Thinking out loud here, but I've got a sort of Pros/Cons list set up...bear with me, please...

During my research, I've come across things that make it seem like this is a perfect time to "join in":

1) Being hired by a large firm that gives training, but it seems that they don't make very much. This is fine with me, as (being 20) I don't have a ton of living expenses.

2) It seems to take time to really get things going. Judging by posts I've read here, being a "captive agent" for a period of time is preferable to most people....with later moving on to an independent position.

3) I'm already in school, so taking classes in preparation of the necessary exams won't be a big deal.

But then, sadly, there are the Cons:

1) I do need to make SOME money to pay for rent, bills, etc.

2) I have no experience in this field. Will companies be willing to hire me?

3) Will I need to wait until I get my bachelor degree before really diving into this business?


There are other points, of course, for both sides....but those are the ones I've been thinking about mostly.

I'm also going to talk to my personal agent later on during the week...but looking at people's posts here on this forum, the amount of knowledge here will surely out shadow any single persons experience.


Thanks for taking the time to read my lengthy description, and answering.

 

[J.R.]

Hello all-

I am a 20 year old college sophomore. Lately I've become very interested in Insurance, and been doing a bit of research.

It appears (judging by the posts on this forum) that most of the people who are deciding to change careers into Insurance come from a background of accounting, real estate, etc. with quite a bit of experience.

Is it possible to start right out of college? During college? With no college?

I love working with people, numbers, and selling things. Insurance seems like a natural field for me to be in...but is it possible to start with no background experience in any of these fields (basically, anyway...)?

Thinking out loud here, but I've got a sort of Pros/Cons list set up...bear with me, please...

During my research, I've come across things that make it seem like this is a perfect time to "join in":

1) Being hired by a large firm that gives training, but it seems that they don't make very much. This is fine with me, as (being 20) I don't have a ton of living expenses.

2) It seems to take time to really get things going. Judging by posts I've read here, being a "captive agent" for a period of time is preferable to most people....with later moving on to an independent position.

3) I'm already in school, so taking classes in preparation of the necessary exams won't be a big deal.

But then, sadly, there are the Cons:

1) I do need to make SOME money to pay for rent, bills, etc.

2) I have no experience in this field. Will companies be willing to hire me?

3) Will I need to wait until I get my bachelor degree before really diving into this business?


There are other points, of course, for both sides....but those are the ones I've been thinking about mostly.

I'm also going to talk to my personal agent later on during the week...but looking at people's posts here on this forum, the amount of knowledge here will surely out shadow any single persons experience.


Thanks for taking the time to read my lengthy description, and answering.

Welcome to the board. What is your major and when you do anticipate graduating?

First things first, you should look into interning with your current agent if he sells product's that your interested in Or visit all the local agencies who specialize in different lines of insurance that you're interested in. Want to get your feet wet and see if you can handle things? Tell him you'll gladly cold call or go BtB in exchange for the commission and training. A 50%-50% deal is ideal, although I'd personally pay you 20%-30% and work the level up based upon your production.

I've been in sales for just about 2 1/2 years and still have all my good, ridiculously great looking hair. Zoolander would be jealous!!! Hopefully you're not like many 20 years old and screw off. If you're one of the few who can bust ass and take names, takes in everything like a sponge, , but constantly is constantly searching for more knowledge so you can put your competition out of business and send em to the cleaners, you stand a good chance of making it.

You're on the right track. Keep up the reading and hook up with a L/H guy. To answer your question. The answer to when is a good time to enter this field is.......NOW!!!!....Don't succumb to analysis paralysis syndrome like some of us have experienced.

 

[Xunal]

Well, my current major is Pre-Pharmacy, but that isn't something I was interested in, it just sounded better then "Undecided".

I'm thinking I'm going to switch my major to Business. With that, even if the insurance doesn't work out, I still have quite a few options.



Say I wanted to intern for my agent...cold calling, or something (which, correct me if I'm wrong, is basically glorified telemarketing? Thats what I've been able to find so far...).would it be acceptable to flat-out ask him, or is there a more accepted way to do such a thing?


Thanks for your reply, I really appreciate it.

Glad I found this forum

 

[J.R.]

Well, my current major is Pre-Pharmacy, but that isn't something I was interested in, it just sounded better then "Undecided. I'm thinking I'm going to switch my major to Business. With that, even if the insurance doesn't work out, I still have quite a few options.

If you really want to take advantage of your college education take some upper level classes in psychology (social, counseling and clinical introduction classes should suffice), finance, economics, business and any entrepreneur classes they might offer.

A major in pre-pharmacy makes me think you want to be a legal drug doctor down the road as a pharmacist. Don't worry about being undecided. The old way of working one career from 18 until you die is coming to an end for the majority of Americans. Do make a timeline though for you to achieve your associates or bachelors degree. I did notice you avoided my question about when you plan to graduate, which to me says you either forgot to answer or avoided the question.

Say I wanted to intern for my agent...cold calling, or something (which, correct me if I'm wrong, is basically glorified telemarketing? Thats what I've been able to find so far...).would it be acceptable to flat-out ask him, or is there a more accepted way to do such a thing?

There's nothing glorious about telemarketing except the break I get after every hour. Is it acceptable to ask a woman out to dinner or to dance if you're at a club? The answer is yes. As long as you're not rude, it's generally a good idea to be open and honest with people. Put together a nice looking resume, wear a suit. If you don't own one wear the nicest stuff you have and get rid of any accessories you might see on MTV. Walk, in and ask for the owner. When he or she says "that's me" or asks "What's this about?" reply by saying, "My name is X and I'm here for the job interview!" This will of course induce a huh, what response in which you sell yourself with a 2-3 pitch.

"Mr. Smith, you've been my agent (parents agent...whatever) for X amount of years and I can tell that you're successful. I came here with the intention of not leaving until you allow me the chance to explain to you what I can do to help you increase your profits." Give first before you take!

I've contemplated hiring interns down the road and will probably end up doing it as long as everything works out as it should. Nothing beats determination and hard work like a piece of the failure pie

Let us know how it works out for you when you go try this approach.

 

[Xunal]

Heh, yeah, I forgot to mention my graduation date.

Right now I'm shooting for 2010. I'm trying to find a full time job, while going to school full time, so it might get pushed back to 2011.

...speaking of forgetting things, I also forgot to mention that I'm from Oregon. That seems to make a huge difference when dealing with certain types of insurance (life/health seem to have the biggest difference state-to-state)

I've taken a number of Psych and economy class already, will full plans to minor in economics....Oddly enough, I had plans to major in both those areas at one point in time.

That is a bold approach for a job interview...but I have a feeling you know what you are talking about. During my meeting this week with my agent, I think I will try something very similar.


On a side note, is there a "best" degree for someone looking to enter the insurance field? Business is the obvious answer, but is there a better one?

 

[J.R.]

Heh, yeah, I forgot to mention my graduation date.

Right now I'm shooting for 2010. I'm trying to find a full time job, while going to school full time, so it might get pushed back to 2011.

It's very doable. I received my A.A. in Liberal Arts (AKA...Undecided degree) while in the military. Started in 2000 and finished in 2003, while simultaneously starting my BS degree in Psychology before I got out in summer of 2003. I'm not saying this to boast, but to illustrate about sacrificing and determination.

I recall being the joke of the party because I would read, while my friends would screw off by partying and drinking. I did the same thing, but used that as a reward for my hard work during the week. Granted, who really has much direction when your in your early 20's. Things change and you adapt. Funny thing is, I'm 3 classes away from finishing my degree due to a change of plans.

Cut the partying down to weekends (if you don't already) and network with a select number of school clubs. Both will help you later on in life. Do what unsuccessful or lazy people are not willing to do and you'll be fine.

Within 1 year of getting out of USAF I became the president of the psych club, student advisory board, and helped numerous people twice my age get into graduate school. Not a big surprise to most, but to the people who knew me as the guy who got expelled twice in high school and had a different type of Mohawk every few months, it was a change to say the least. The punk rocker in me probably still comes out at times with some type of clients.

I was 23 at the time, while my competition was 21-50 years old due to attending an adult oriented undergraduate and graduate school. Needless to say, the military taught me skills that help me to this day. And no, you don't have to kiss ass, although some people enjoy that approach.

hat is a bold approach for a job interview...but I have a feeling you know what you are talking about. During my meeting this week with my agent, I think I will try something very similar.

I'm still learning about this animal we call insurance and will probably continue to learn until I know enough to be bored and have to retire. What do I know is how to shock people and persuade. I'm not good at manipulating people, but persuasive skills have their place.

On a side note, is there a "best" degree for someone looking to enter the insurance field? Business is the obvious answer, but is there a better one?

I don't even know if there are any colleges out there that offer majors in insurance. Somarco was the last one to get one of those, but I believe air conditioning hadn't been invented yet and they used candles.

Your best bet is to take the classes that interest you and hopefully you can get a degree from those classes. The learning will never stop and you'll be able to see what you do or do not like.

I'd like to know if there is a college that offers a degree in sales. Now that is something that is a money maker from a ROI perspective. That's like asking people to pay you to find out how to get a library card.

 

[sams66]

I have been in the interview process with Northwestern Mutual Financial Network and have found out that they have an extensive internship process for undergrads. you may want to check out Northwestern.

Sam

 

[007]

make sure you look into computer and marketing skills as well. Learn from the creme of the crop in their line of field. For example, like Mike Ferry for telemarketing and TRUMP for negotiation/people skills...

it's kinda like in golf, most people look at TIGER for tips and tricks in how to get ahead in the game...

I've seen people with great products with no marketing skills and ok products with superb marketing skills...

 

[HomeService]

One other type of sales to consider for you { if insurance does not cut it} is Pharm. rep. For the big guys like Merck and Phizer and such. They seem to do well. That's if insurance and yourself do not meet and shake hands and eventually get married.

 

[James]

One other type of sales to consider for you { if insurance does not cut it} is Pharm. rep. For the big guys like Merck and Phizer and such. They seem to do well. That's if insurance and yourself do not meet and shake hands and eventually get married.

The Pharm Rep, yea have you seen them lately? All mid twenties to thirties females with a certain look! Hey, if I was a Dr I would let them in!