Contributed Post by Author Jacques.
The financial services industry in Canada is vibrant and rapidly expanding. Banking, trusts, and investing are just a few of the many financial services available. With over 130,000 employees, life insurance businesses are a significant and important contributor to Canada’s economy as well as a big employer.
The insurance business, according to the Canadian Life and Health Insurance Association, a trade group that represents Canada’s life and health insurers, is one of the country’s top investors, with almost $475 billion in assets.
Insurance sales may not be a glamorous or high-profile profession, but it provides products that help people at various phases of their life. A career in insurance sales can be rewarding for someone with an aptitude for selling. Provincial governments license and regulate insurance agents and brokers in order to safeguard Canadian consumers. While the specifics of becoming an insurance agent differ by province, the overall process is consistent across the country.
A career as a life insurance agent can be a rewarding one, with several job options and plenty of space for personal development and promotion.
A career as a life insurance agent is ideal for those who enjoy meeting and assisting people, prefer flexible hours, and are willing to put in long hours in exchange for a substantial salary, commission, and bonus package. Additionally, you have the option of working for yourself as an independent financial broker.
In this country, insurance is regulated at both the federal and provincial levels; the federal level is concerned with guaranteeing the financial viability of insurance corporations, while the provincial level is concerned with individual licensing.
The insurance regulator decides which insurance positions require a license and what an individual must do to obtain one. Individual requirements usually include a course or program of study followed by one or more exams. Depending on local legislation, the examinations may be offered by an educational body and/or the regulator.
At the very least, get your education to the end of high school. Insurance is a tough business, and most firms will not consider candidates without a high school diploma. Many people prefer to use agents with a college diploma.
Find a job with a company that will sponsor you geting CAib designated. To become a licensed insurance agent, you often need to be sponsored by an employer, and your license is only valid while you are employed. Job postings for insurance agents can be found at insurance companies, financial firms, and brokerages. Positions are frequently advertised in traditional job ads, but you can also call firms of interest to check about current openings.
If you already work in the insurance industry, your boss should be able to supply you with details on license requirements. You should also be aware that your employer must ensure that you are licensed in the province(s) where you serve consumers, not just the province where you work or live.
Find out what kind of training you’ll need to apply for a license in your province. The requirements differ depending on the jurisdiction and the sort of insurance you’ll be selling. For a detailed list of courses necessary in your jurisdiction, contact your provincial insurance ministry, provincial department of finance, or an industry group.
In your own jurisdiction, apply for a license to sell insurance. Be prepared to show proof of completion of the needed curriculum as well as pay an application fee.
If your province needs it, pass the provincial exam. Some states don’t require an exam, while others only require one for certain types of insurance transactions. A criminal background check will be necessary.
Before your license expires, renew it. Your license must be renewed every two years in most cases. You may need to reapply for a license as if you were a new insurance agent if your license is terminated by your employer or expires.
To be a successful insurance agent, you must be a certain type of person. Great insurance agents have a set of characteristics and skills that, like puzzle pieces, come together to define their success. People and technology abilities, as well as exceptional salesmanship and all in between, are all required.
The ability to work with people is the most important trait of a successful insurance agent. They must be able to communicate effectively with others without resorting to technical phrases or insurance jargon that could lead to customer misinformation. To grasp what clients require and want, agents must be able to listen and empathize with them.
By nature, insurance agents are salespeople. To recruit, develop, and sustain their clients, agents must have great sales abilities in addition to strong people skills. Attending a range of seminars and enrolling in professional training programs can help agents improve their skills.
To be successful as an insurance agent, you must have excellent client service abilities. Responses to queries, emails, and phone calls must be made promptly. Customers want their insurance agents to assist them in promptly and simply resolving concerns. Having a strong work ethic and excellent customer service skills go hand in hand. A successful career as an insurance agent requires being proactive in both building new client relationships and maintaining existing customer relationships.
To be a successful insurance agent, you must be motivated, enthusiastic, optimistic, and engaged with your clients. Your customer relationships will reflect your love for what you do if you show it.
“Honesty is the best policy,” as the old adage goes. This is never more true than when it comes to insurance agents. By telling the truth up front, a good agent will obtain greater respect and confidence from their clients. Agents that are deceptive do not last long in the insurance sector.
Only the province in which you are licensed allows you to sell insurance. You must apply for a license in each province where you plan to sell insurance if you want to offer insurance in more than one.
If you currently have an insurance sales license in one of Canada’s provinces, you won’t need to take any additional examinations or courses to apply for licenses in other provinces. In most situations, you can qualify for additional licenses by submitting a Certificate of Authority from your home province to the jurisdiction where you are seeking.
If you are licensed in any U.S. state, you may use the same procedure to apply for an insurance license in a Canadian province.
Jacques is an award-winning insurance professional who has worked in education since 2009 and in the insurance industry since 2013. In 2015 and 2019, he won an Insurance Council award for academic excellence after scoring 97% in his CAIB 3 exam and 96% in CAIB 4 (the highest marks in the province). He brings his study method, blended with his educational background and his ability to simplify complex ideas to students through these online courses.
Outside of his day job as an insurance broker, he lends his industry expertise to readers by writing for Insuranceopedia (a Canadian insurance publication) and Trusted Union among others. He’s also held educational webinars in front of hundreds of insurance professionals.