There are many people who want to increase their annual income because they are in insurance sales. It is the commission that is important when aiming for an annual income increase. Understand what kind of remuneration system you have and increase your annual income efficiently. Here, we will introduce the reward system of insurance sales and points to increase income.
full-time employee
It is a form of regular employment with an insurance company. We make appointments through posting and telephone sales, etc., and make insurance proposals. Full-time employees of insurance companies often have a style of running their own business. On the other hand, a full-time employee of an insurance agency will have a style of dealing with customers who come to the store. Salary is generally based on base salary + commission.
insurance salesman
It is a style of work that works as a sole proprietorship. Receive a performance fee from the insurance company. If you can’t get a contract, you can’t earn income, so depending on the company, you may receive a basic salary for a certain period of time. Basically, it is a complete commission system remuneration form.
Compensation system
Compensation for insurance sales is calculated and paid based on contracted results. In the case of full-time employees, performance is reflected in commissions, so it is important on what basis performance compensation is paid.
Compensation schemes vary by insurance company. Generally, in the case of domestic insurance companies, the system is based on the amount of insurance. The insurance amount is, for example, “death protection of 10 million yen”. The higher the insured amount, the higher the reward.
In addition, it is common for foreign-affiliated companies to base their coverage on insurance premiums. A premium is a monthly premium that you pay.
The higher the insured amount, the higher the insurance premium, so you should consider that the higher the insurance policy, the higher the reward.
Tips to increase your income
Earn trust from customers
Insurance is an intangible product that cannot be seen. There are no products to purchase, as the insurance only pays out if something goes wrong. The most important thing when selling such products is trust. The more trust you can gain from your customers, the more contracts you will be able to win and the more you will earn.
High-value insurance contract
For insurance Agent, where remuneration is determined by commission, it is an important point to aim for results. Compensation systems are mostly based on insurance premiums and insurance amounts. It is important to take a number, but if you are conscious of taking a high-cost insurance contract, you can increase your income efficiently.
continuous self-improvement
In insurance sales, it is advantageous not only to propose insurance products, but also to advise on life plans. It’s hard to get an idea of what they need from product descriptions alone, and many people lose interest in the middle of the conversation.
However, if you make a proposal that matches your life plan, you can have a concrete image, so it will be easier for you to listen to your story. For example, if you have a family with small children, you can start by talking about the approximate amount of educational expenses you will need in the future.
In order to give advice tailored to your life plan like this, you will need to have a constant study attitude. You also need knowledge about how to make money for retirement and how to manage assets. The Strategic Corporation Insurance Sales School (SHE) is a place where you can learn useful knowledge for insurance sales. If you want to increase your annual income, check it out.
