A general brokerage agent sells insurance products to other brokers and money managers, who then represent individual and corporate clients. They conduct business through meetings and the internet, and their job is primarily to make sales. They provide insurance quotes and serve as an educational resource for the industry. They also hold meetings with other representatives to discuss product options and customer needs.
A general brokerage agent is an insurance professional who sells products to other industry participants. However, the brokerage general agent does not deal directly with individual or corporate clients. Instead, this individual sells insurance products to other brokers and money managers, who in turn represent individual and corporate clients. A general agent conducts business through live meetings as well as over the Internet and may sell life insurance, health insurance, disability insurance or other insurance products. This professional is a licensed agent and typically represents many insurance carriers.
A general agent’s job in the brokerage industry is primarily to make sales. A general brokerage agency may decide which insurance products a representative can sell to other brokerages based on price, quality of policies, and relationships established by individual brokers. Agent salaries are usually commission-based, although there may be a fixed option based on agreements with other brokers.
Included among the job duties of a general brokerage agent is the process of providing insurance quotes to other financial professionals. Typically, the general agent will require some application to be processed first with the necessary information linked to the customer who is looking for an insurance product. Based on the details provided on this form, the broker’s general agent can provide other insurance professionals with a financial estimate for an insurance product.
A general agent is typically familiar with the insurance underwriting process and may receive inquiries from other insurance professionals about that process. Insurance underwriting involves risk assessment of insurance customers prior to issuing a policy. The brokerage general agent often serves as an educational resource for the industry and may provide support to other insurance brokers when an insurance claim is processed.
It is common for the broker’s general agents to hold meetings with other representatives to discuss the various product options and customer needs. At these meetings, there is usually an exchange of marketing material so that the general agent is aware of what the broker needs and the outside broker has a list of options. The sales process can take place over several meetings between the parties before decisions are made and any product is sold to the outside broker.
There are a number of financial professionals, including wealth managers and certified public accountants, who can sell insurance products to clients. These industry participants can purchase a specialized type of insurance from a general brokerage agent. For example, a general agent might specialize in selling long-term care insurance. When another financial professional needs to add this product to a client’s portfolio, the general agent can provide that representative with a list of carriers and prices.
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