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It is no secret that the insurance industry has an image problem. No one grows up dreaming about a career as a commercial insurance sales representative, or producer, as they are more commonly known. In fact, many people end up in the industry by accident – and stay. Why? Because they discover a career that is fast paced, stable, offers a diverse mix of clients and the opportunity to control how much money they make.
Even average producers can earn a six figure income, with top producers earning well into the six figure range. Unlike other sales careers, there are no caps on compensation and some agencies even offer successful producers an ownership interest in the agency.
We are not talking about selling auto or home insurance to your family or friends. We are talking about commercial business insurance for large corporations, sports arenas, building contractors, doctors, and just about any business you can think of. No two clients are the same so you are constantly probing to identify risks and proposing different solutions to protect businesses against those risks.
Our member firms are insurance agencies. They are independent intermediaries between the insurance companies who provide the insurance and the businesses that buy it. You would join the team of one of our member firms in the location where you want to build your career. Our development specialists will work with you to get the training you need to succeed.
Click on the tabs below to learn more about what this career has to offer:
The Four Roles
Successful Producers Perform These Roles Seamlessly
Relationship Building. Ours is a relationship business, and the primary key to success is building long term relationships with business clients that are based on trust, technical competence, and the drive to meet client's needs.
Selling. Producers succeed because they grow their personal "books of business" — their client revenue base — by adding new clients and by generating additional business from their existing clients.
Consulting. Producers succeed because they provide solutions that add value to their client's businesses; they bring expertise in such fields as risk analysis, risk placement, and alternative risk financing as well as in the problem solving process.
Servicing. Producers succeed because they ensure that high standards are maintained for the responsiveness and quality of service provided to their clients, whether the service is provided personally or by other members of their team
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Typical Day
The Good News: There is no typical day.
"I met over lunch with the principals of an Internet start-up company that I had read about on the Net. We discussed the risks and exposures such companies face and how to minimize these risks."
"I met with the new office manager at a law firm that is a good client and briefed her on the firm's coverages, schedules, certificates, etc. I was also able to help her on the spot by reviewing a contract the firm was entering into. I made sure the insurance requirements specified in the contract were met."
"One of my clients had a fire at their headquarters. The projected loss, including loss of income, was $20 million. Fortunately, I had just worked with the client to develop a Catastrophe Risk Management and Recovery Program. So I was able to obtain a loss payment advance of $8 million for the client to put the Recovery plan into operation, continue production, and save 50 jobs.”
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Some of the Rewards
Compensation. You will start out with a base salary. The base salary is eventually phased out as your book of business grows and you are able to support yourself on straight commissions. Commission income is earned from writing new business and through residual sales. Click here for estimates of earnings.
Professional Pride. You will become a trusted advisor to your clients, just like their lawyer or accountant. They will rely on your expertise in risk management and insurance, and for the quality of your advice.
Repeat Business. Insurance contracts are written on an annual basis and 90% of your clients will repeat their purchases each year. Income really starts to grow around year three when residual income becomes a major factor. Then earnings take off.
Security. Commercial business insurance is a non-discretionary purchase. Businesses cannot operate without it. The insurance industry is stable even in tough economic times.
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Career Comparisons
CIB Group member firms are small professional organizations (12 to 100 people). See how the career they offer compares with:
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Large Corporations
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CIB Group Firms
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 You are a little fish in very big pond.
Difficult to make and see contributions.
Difficult to make a difference.
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You are a big fish in little pond.
Easy to make and see contributions.
Easy to make a differenc.
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Large bureaucratic structure frustrates achievement.
Low independence.
High hassle factor from barriers you cannot control.
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No bureaucracy to frustrate achievement.
High independence.
Little to no hassle factor; you control most barriers.
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You compete with many others as you climb the career ladder at a pace the corporation controls.
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You compete only with yourself and receive increasing rewards at a pace you control.
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Mutual loyalty and feeling of belonging may be rare.
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Mutual loyalty and feeling of belonging is strong.
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Typical Sales Careers
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CIB Group Firm’s Career
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Your financial success depends on constantly selling, on making new sales.
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Your financial success includes annual renewal of policies previously sold to clients who remain loyal to you because of your relationship with them.
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You are a salesperson to your customers.
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You are a consultant, a trusted advisor to your clients.
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Your financial success depends on constantly prospecting, on searching for new customers.
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Referrals become a major source of your new clients.
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Financial Planning/Stock Sales
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CIB Group Firms
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High turnover of trainees; less than 20% make it.
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Low turnover of new producer trainees because we commit to their success.
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Low starting salaries, if any; many firms offer only commission to start.
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We pay competitive a salary until you begin earning your salary in commissions.
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Heavy cold calling and visiting prospects at home in the evening.
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All prospecting is to businesses during business hours.
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Pharmaceutical Sales
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CIB Group Firms
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You are a salesperson selling to professionals who have little time to give.
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You are a trusted advisor to business people, just like their accountant and lawyer.
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You can eventually earn an attractive; six figure income, but only by continuing to travel heavily to maximize visits to care providers.
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You will earn an attractive, six figure income, but with a high quality of working life.
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Relocation may be a key to advancement.
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You build a very successful career and live a balanced life without relocation.
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The Right Stuff
We are not looking for candidates who have knowledge about the insurance industry. We are looking for talented individuals who can sell and are successful at it. The ideal candidate will have a proven track record of success in business-to-business, consultative sales.
We also expect candidates to have experience prospecting, developing leads, and cold calling for appointments. We want someone who has strong drive and ambition and can work independently. The best candidates are from the local area and have sold to businesses within it. Above all, we want someone who is committing to a career, and not just a job.
In addition to a solid sales background, we are looking for someone who is able to build strong relationships. Ours is a relationship business, and the primary key to success is building long term relationships with business clients that are based on trust, technical competence, and the drive to meet client's needs. |
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