Do the big bucks go to Insurance agents? Everyone talks about the potential to make lots of money in insurance, but is that only if your in sales as an agent. Will working in claims or adminstrative duty pay so well?
2007-09-13 06:00:00 · 5 answers · asked by Shaun 1 in Business & Finance ➔ Insurance
Working in admin will not get you the "big bucks" in any industry. Sales are certainly one of the best ways to make it though. I have never worked in the back office before, so I am not sure what kind of salary an underwriter or actuary makes (I think the actuary does pretty decent though).
Plus you can always start your own agency & have agents working for you & to give a % of all pay. So if you have 10 agent bringing in $50k each, with a 10% override, you get $50k just for letting them do so. Plus what ever you make.
2007-09-13 07:31:37 · answer #1 · answered by ricks 5 · 0⤊ 0⤋
I highly recommend NOT being an agent in sales. There is an extremely high number of agents, direct companies, and internet services fighting for that one customer you have your eye on. Changing times show that credit scores, pay histories, and length of time at prior company play key rolls in winning a customer. Lets not forget "trust".
If you're starting out new, I recommend company side. Most likely you still need your license, but you can climb the ladder much easier and get the salary to increase faster. Sometimes a degree is required to get into claims or additional insurance classes for underwriter positions. If you're looking for top dollar, go company side.
2007-09-19 09:38:40 · answer #2 · answered by njunprincess 4 · 0⤊ 0⤋
It depends a lot on the company you work for, how high up the ladder you go, how specialized your job is, what area you live in, etc. I am a medical claims representative (junior level) for large auto insurance company, and I make an average salary. There are different levels of claims handling, and of course there are management roles. There are also more specialized roles, (medical specialists, litigation specialists, special investigators, etc.) who make quite a bit more.
Underwriters and actuaries are other jobs to consider, although I couldn't tell you what kind of money they make.
I would suggest going to a site like salary.com or monster.com to get some ballpark figures for your area.
2007-09-13 11:51:05 · answer #3 · answered by j.d 2 · 0⤊ 0⤋
I'm an insurance agent and I live totally off of my commissions making over 130K a year and I don't have a huge fancy agency or anything like that. The big bucks really are in insurance because everybody needs it.
2007-09-13 06:07:47 · answer #4 · answered by ☆ღWifey Wifeyღ☆ 5 · 0⤊ 0⤋
Sales is where you will make the most money. Regular admin jobs dont pay well in insurance companies and unless you are at a top job in claims management you will also not be well paid.
2007-09-19 07:13:58 · answer #5 · answered by Diane M 7 · 0⤊ 0⤋