The 5 Best Jobs in Insurance (In My Opinion)
This month, I'm sharing what I think are the best 5 gigs in the business. In no particular order (though, admittedly, if I ever wanted a boss again, producer would hands-down be the job for me because I love so much of what it has to offer).
Producer: Producer is the only job where you build a business within a business. There are certain basics you need to be successful, but the bulk of your success rests on your shoulders - you control your own destiny, which is why I love it!
Basics: You're a "hunter" - out and about drumming up leads with prospective clients that align with what you and your firm have to offer. Prospect however you'd like - email, phone, or in person, but don't kid yourself - some degree of cold calling required, especially in the beginning.
Typical day: Mix of "office" and "out" time. Networking events. Meeting w/ centers of influence. Client site visits, facility tours, etc. Meetings with prospective clients to pitch. Renewal meetings (or not, depending how your agency structures the producer role). Desk time - cold calling, following up, putting together new biz opportunities with (or without) the help of the marketing person. Jumping in on emails/issues to assist your AM if they're unable to resolve an issue with a client or underwriter themselves. If you're lucky, lots of golf…many deals have been closed and relationships built on a golf course.
Who's it good for: The self-disciplined, peak performers. No one babysits you, sink or swim – the choice is yours. You're motivated, outgoing, hard-working. You're competitive, probably were (or still are) an athlete. You love winning. You have thick skin. Building new relationships is fun. You choose the OPPORTUNITY to earn more over the GUARANTEE to earn less.
$$: Most lucrative gig in the biz (if you're good) AND you're building recurring revenue - get paid when you get a new client AND each year you keep them. Comp. structure varies widely - some version of base + commission, and ultimately a "salary" that equals a % of the book you handle. Smart shops will bring you in with a decent base you can live on while you build. Total $$ varies widely...I've talked to mediocre producers making $75k; and great ones making $500k. Commercial and EB are the most lucrative - small biz and personal lines pale in comparison. Look for a shop that will offer equity once certain metrics are met - that's where the real money is.
Flexibility rating: 10/10. Doesn't get much better.
Pros: $$. Flexibility. Days are diverse
Cons: Non-competes make it hard to move. $$ can be impacted significantly if you lose a large client or don't hit new biz goals. The highs are high but the lows are low.
2.Risk Control Rep with a Retail Broker: Carriers AND brokers have this role, but the broker role is a better gig in my opinion. Carrier risk control reps are often more like inspectors. Broker risk control reps function more like a partner, offering (IMO) more value to clients, and serving as the voice of reason with carriers - helping implement the recs that matters, and advocating against the nonsense.
Basics: You'll work with the Producer/AE to do inspections of prospective/new clients to help present them in the best possible light to the underwriters. You'll evaluate things like worker safety, premises liability exposures, condition of property, adequacy of sprinkler systems, contingency plans should a machine/facility go down, etc. You'll do worker safety training events and help clients implement directives from the carriers.
Typical day: Out with clients more often than in the office, but you do spend a good bit of time writing up reports with findings, uploading info and photos to client files, etc. Travel will depend on the territory but is often drivable where you can be home for dinner each night. May require occasional overnights (again, depending on your territory).
Who's it good for: Someone with a background in safety and who likes being out and about, learning/seeing new things everyday, who doesn't want to sit at a desk all day.
$$: Pretty good if you're great and add real value. I've seen $70-$175k (DOE of course). You likely get a company car or a car allowance. The key to being a real asset in this role is to not only know your stuff but have personality. Clients are busy and generally don't want to spend time with you. If you can not only add REAL value (vs. just check boxes) but also be likeable and enjoyable to be around - you'll be a coveted part of the team. Producers will even “sell” you to new prospects as a value add that they get when working with your firm.
Flexibility rating: 8/10. You make your own day, but when something urgent comes up, you'll have to jump in. You also can't control where the producers' clients are. You may have some very early mornings or long days if visiting a client that's further away, but you'll also have the flexibility to then cut out early on a Friday when everything's buttoned up.
Pros: Good flexibility. Interesting and fulfilling work. Not stuck at a desk everyday.
Cons: Travel. Occasional long days. Visiting clients who are busy and maybe don’t want you there.
3.Carrier Marketing Rep (AKA Field rep, Territory Manager, Production Underwriter)
Basics: You're the face of the company. Typically structured in one of 2 ways:
1. You're the "sales" person, out there sharing new biz hit lists; schmoozing; golfing; having high level chit chat about what business the company wants, products, rates etc. Often known as "the guy who brings donuts".
2. You do all of the above but also underwrite new biz. You're able to sit down with producers and discuss an account in detail - rates, coverages, losses, etc and shepherd it thru all the way to proposal with your inside UW, or work it up yourself. (Agents prefer this structure because you add way more value.)Typical day: You're in the field most of the time. Most reps have territories that are within a few hours of where they live, so some longer days are typical when visiting your furthest agents, but you're often still home for dinner. Your weeks might consist of 2 days in office/3 in the field. Lunches, golf, visiting a prospective client with your producer. Maybe training them on your new systems or products.
Who's it good for: "People people" who LOVE being out and about. You need to strike a balance between writing new biz and saying no to the junk, while being the go-to for your agency partners.
$$: Great - I've seen salaries ranging $80-160k + bonus...and the bonus for this job can be sizeable, driven by your results - so the better you are, the bigger the bonus. If you like the idea of selling but are scared to be a producer (and thus, be commissioned, betting on yourself) - this is as close as you'll get. That is, you'll get a little taste of that sales $$ via the bonus you earn.
Flexibility rating: 9/10 - pretty good. You structure your days/weeks how you want them.
Pros: Company car. Awesome bonus. Great flexibility
Cons: Lots of windshield time. As the face of the company, you'll take the beating when something goes sideways.
4.Agency Marketer
Basics: You're the point person interacting with carrier reps, and helping turn producers' hodge podge of information on a new prospect into a professional, neatly packaged, thorough submission, and getting it into the hands of the right markets to get the best possible outcomes.
Typical day: Meeting with carrier reps (in person and virtually). Lots and lots of lunches out. Sitting in sales meetings and meeting with leadership teams. Working with producers to get accurate/complete submission info. Calling underwriters to discuss new accounts.
Who's it good for: Someone who knows their stuff and is really freaking likable. Most agencies that have this role want this person to be the point person interacting with underwriters, so in order for the underwriters to give you the best consideration/rates/pricing, they need to like you. Building strong relationships with your key underwriters is critical. This can be a great 'next step' for a strong AM or AE looking to advance out of servicing.
$$: Pretty solid. Varies widely depending on agency size, role responsibilities, and how big the marketing team is (or if it's a one-person gig). I've seen anything from $70 - $160k, and can include a bonus (typically when the role is part of the leadership team).
Flexibility rating: 6/10. You'll be involved in sales meetings to stay up-to-date with producers and managements’ expectations of them. You'll be involved in meetings to keep leadership apprised of progress towards production levels with the various carriers. Being in an office is often a requirement for this role due to the required facetime with all the masters you serve.
Pros: Lots of free lunches! This job is fun. You get to feel like part of the "winning team" for a new biz account but don't actually have to sell, per se. Carriers know you are the gatekeeper so you'll get lots of great, free stuff - cool marketing swag, invites to golf outings and events, goodies at the holidays, etc.
Cons: Lots of free lunches (prepare to loosen the belt. 😆). Meetings…. Sooooo many meetings.
5.Agency Account Executive: This title is used for several different roles - I'm talking about the version of it that's basically a producer without a sales goal (not an elevated AM).
Basics: The version of this job that I think is awesome is the person who's client facing, basically the face of the agency. You're the client's main point person, know coverage, run point on the meetings, meet with client for renewals, take them golfing, strengthen the relationship, etc. You handle a large book of clients and so your focus is retention, not bringing in new biz.
Typical day: Renewal meetings with clients, attending clients' events (i.e. annual employee safety training events), accompanying the carrier on risk control inspections, doing a walk thru of a client's new facility to be sure you've got everything properly insured, lunch/golf/schmoozing clients, hosting them at your annual client appreciation events, etc. You'll meet with carriers to maintain and strengthen relationships to be sure that when your largest, best clients have a claim, need an exception, etc - the underwriters know, like and trust you enough to help.
Who's it good for: The best personality for this role is someone who's outgoing and likeable, is good at establishing trust with clients, and knows coverage up, down and sideways BUT who doesn't want to have to cold call and open doors. These people are an asset to an agency because they can retain existing business so you can give them accounts when people leave, retire etc rather than bogging down your strong hunters.
$$: Pretty solid. Look for a place that pays you a % of the book (rather than a flat salary) - ideally something like 20-25% of the book you handle if it's just you being supported by an AM for the service work. (More layers to the team can reduce that % if you're freed up to handle a larger book.)
Flexibility rating: 8/10. Meetings with clients are often in person so you're at the mercy of when/where/how they want to meet.
Pros: Great way to be 'out and about' like a producer but without the cold calling. Strong earning potential - do a great job and hopefully clients refer you in for other new biz opportunities. Diversity in your days keeps things interesting.
Cons: Some agencies are cheap and don't value retention like they should, and may try to squeeze you on the % you're paid. You'll have a non-compete, making it tough to leave. These jobs are hard to come by and require a strong skillset (knowledge + personality) to step into.
“So much to love and so many great opportunities! Who ever said insurance was boring? 😁”
