Overall, young agents are happy with their career choice. They enjoy the freedom and challenges that come with being independent agents.
But they are not thrilled with every aspect of their career choice. Who is?
The April 4 issue of Insurance Journal magazine features results from Insurance Journal’s exclusive 2016 Young Agents Survey in which more than 500 young agents nationwide shared their views on the insurance industry and their experiences as agents.
Young agents are those aged 40 years and younger.
By the way, overall today’s young agents are very optimistic and the aging of the insurance industry is one of he reasons they see opportunity and security ahead. Almost half of all insurance professionals are over age 45, with about one quarter of them expected to retire by 2018.
So what do young agents like and dislike about being independent agents? The results are in:
What Young Agents Like MOST:
- Flexible schedule.
- Opportunity for professional development and community involvement.
- Earning potential.
- The daily challenges. No two days are the same.
- Work-life balance.
- The ability to check several markets to attain the best insurance coverage for each client.
- Establishing relationships with clientele and educating them about the importance of insurance and how it can impact their business.
- Helping people.
- Being own boss.
- Residual income.
What Young Agents Like LEAST:
- Doing servicing work.
- The pressure from carriers to produce for them in order to keep an appointment.
- Overcoming the negative perceptions set forth by those before me.
- Having to regularly deal with new (revolving door) insurance carrier representatives and what seem like the constantly evolving appetites.
- The stigma that comes with selling insurance.
- The lack of young talent in the business and awareness of our business.
- Having to negotiate many different online production/quoting systems.
- The hours can be demanding.
- The first three-to-five-year grind as a new young agent.
- Lack of response by carriers to agent feedback.