Why Becoming an Insurance Broker is a Great Career Choice.

In this fast-moving and ever-changing world, we never know when the next challenge is coming that we need to face. Whether we are dealing with a global pandemic, or rising inflation, the one thing that remains constant is change.

Despite all this, there are many things we can control to limit our vulnerability to these risks, like the industry and career we choose to be a part of. There are many reasons as to why insurance is one of the best career choices, but we can categorize them into three main points:

1.      It’s recession proof.

Like we already discussed, we don’t know what is coming our way in the future, but we do know that change is inevitable. The best part about being in insurance, regardless of the position, your job is very safe – people always need coverage. Interest rates will rise and fall, stock prices will do the same; nevertheless, people will still insure their homes and businesses because they must. In the last recession, which was during the COVID-19 pandemic, while businesses were shutting down, insurance companies made their highest profit in recent history.

2.      Wide sales channel.

Most industries are limited to the demographic to which they can sell to, but that doesn’t apply in our industry. Beer companies can only sell to people who are the legal age, and those who drink. Computer companies can only sell to people who have a need for the device, and those who have enough money to buy it. In insurance, regardless of someone’s income or age, everyone needs some form of coverage. This means that as a salesperson, your net can be cast wide, and the opportunity to make a good income from day one is high.  

3.      You can grow your income year over year.

Being an insurance broker is all about growing your ‘book’, which is slang for building a client list of policyholders. Every year, clients need to renew their policies, so if the broker is good at retention, then you can assume that (at least) ninety percent of the previous year will be renewable in the current year. In addition, if the agent continues to grow the book, then  their income will go up year over year. Even if they don’t grow their book every year, insurance premiums are always going up, and the commissions follow.

Have we convinced you!? If you are thinking of making a career switch, or just want to learn more about the options, drop Alteri a line at info@alteri.ca.

Thanks for reading!