Personal Finances

A Complete Guide on How to Become a Captive Insurance Agent

Have you ever wondered what it takes to work as a captive insurance agent? The captive insurance industry has experienced explosive growth in the past 40 years. In 1980, there were 1,000 captive insurance companies across the globe but today there are more than 7,000!

Working in this industry can make for an exciting and rewarding career but how can you take the next step toward working in this field? Read on to learn how to become a captive insurance agent!

Understand the Job

Before you begin working as a captive insurance agent, you need to understand what the job entails. You may be asking, ‘What is a captive insurance agent?’

Independent insurance agents can sell insurance products from virtually any company. Captives are those professionals who work for only one insurance company. 

As an agent, you will generate income for an insurance company by selling coverage. Depending on your role, you may meet with customers and discuss insurance options. You could also spend lots of time preparing paperwork to bind insurance coverage. 

Select a Carrier

One of the most important aspects of working as a captive is learning about and selecting a carrier. With more than 7,000 captive insurance agencies across the world, there is no shortage of career options. 

Spend time reading about some of the insurance companies that have locations in the area where you live. Choosing your employer is an important part of your work experience. You want to find one that matches up well with your personality and ethics, while also rewarding you for your effort as an employee. 

Learn About The Kinds of Insurance 

Being an agent for captive insurance means selling policies for almost any aspect of life. From car and boat owners to home and commercial liability policies, there is insurance available for almost anything!

Before you begin working as a captive agent, it’s beneficial to learn about the different types of insurance you can sell. Besides getting insight into the kind of work you’d be doing, it will also help you identify whether that kind of insurance is a good fit for your skillset.

Last and most important, the insurance you want to sell will dictate what license(s) you’ll need to earn to do it lawfully in the state where you live.  

Earn Your Insurance Licenses

Before you begin selling policies for a captive insurance company, you’ll need to earn the licenses required to do it. Depending on the state where you live, selling insurance without a license can subject you to civil fines and/or criminal charges. 

To earn an insurance license, you will need to undergo a background check. You will also begin studying for an exam in the state where you will work. Your insurance carrier may also have you do specific training before you start work.

Start Your Career as a Captive Insurance Agent

Whether you are finishing school or looking to change professions, now is a great time to begin your career as a captive insurance agent. By learning about the industry and the process to become an agent, it will help increase your confidence as you enter a new career.

Are you interested in learning about ways to generate revenue for your own business? Check out our blog section for more business posts today!


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