Jul '23 in 📰 Articles
The Best Work-From-Home Insurance Jobs
If your dream job involves you working from home, you're not alone.
If offered the chance to work remotely, an overwhelming majority of people will take it. Close to 90% of employees jump at the opportunity to work remotely when given the chance.
Are you thinking of entering the insurance industry? If so, you'll be happy to know that there are a variety of insurance-related jobs that you can carry out from home.
Continue reading for a list of the best work-from-home insurance jobs.
Independent Insurance Agent
Do you want to work from home and be your own boss? This is the ultimate level of flexibility.
If you've got your sights set on working for yourself, from home, becoming an independent insurance agent could be a superb option.
Independent agents either work on their own or run their own brokerages. Instead of working for a carrier, like captive agents, independent agents only have to answer to themselves.
Independent insurance agents contract with carriers, usually through IMOs or FMOs. This allows them to start selling insurance, but they aren't employed by the carrier.
Independent agents can contract with as many different carriers as they like. This allows them to sell a much wider range of insurance products and policy types than captive agents.
Because of this, independent agents are usually better able to truly serve their clients' needs. They can cherry-pick policies that perfectly suit their clients' budgets and goals.
This is one of the reasons why independent agents can earn so well.
Average Earnings
Not only do they get to work for themselves, but independent agents tend to earn substantially more than captive agents.
According to salary estimates, independent insurance agents earn almost $90,000 per year on average.
Those in the 75th percentile earn just over $100K per year. Top earners can make as much as $200K per year.
If you compare this to what captive insurance agents earn, it's a lot more attractive. Captive insurance agents earn a median annual salary of $54,000.
Expenses
As you can see, independent insurance agents earn substantially more than captive agents. But, they do have more expenses. Independent agents need to pay for things like marketing, web design, purchased leads, etc.
However, just because you want to be your own boss doesn't mean you have to shell out a fortune on office space. If you want to work from home, you can save on expenses like premises rent, internet, commuting costs, etc.
Residual Commissions
Both captive and independent insurance agents earn residual commissions on certain types of insurance products. But, there's one caveat for captive insurance agents. If they leave the carrier they work for, they may forfeit their residuals.
Over time, residuals can build up into a strong source of passive income.
Independent agents retain full ownership over their residuals. You can stop selling insurance completely, go retire on a tropical island, and your residual commissions will still roll in.
Captive Insurance Agent
Would you like to work from home, but not necessarily for yourself? Becoming an independent agent can be daunting. Although you have a higher earning capacity, this doesn't mean anything if you're struggling to make sales.
You have to figure out how to generate and convert leads, how to create a sales funnel, and more.
As a captive agent, the carrier you work for will provide the leads. You might also earn a small retainer, and receive certain benefits such as discounted insurance.
Brand-new agents often opt to first work for a carrier and then go independent.
This will allow you to practice the art of the sale, without having to worry about the lead generation side of things.
Not all carriers allow agents to work from home. However, more and more carriers are now hiring for remote positions.
Some carriers offer attractive packages that include comprehensive home office allowances, tailored perks, generous parental leave, and more.
If you want to research your options, we have a guide on the best companies that are currently hiring for work-from-home insurance jobs.
Insurance Customer Service Representative
If you have a background in customer service and want to pursue a career in the insurance industry, this could be an ideal role.
Not all insurance customer service representatives work from home. However, remote jobs in customer service are on the rise. The role of a customer service rep can easily be completed from home.
Insurance agencies, carriers, and brokerages can save on overhead by allowing customer service representatives to do remote work.
As a remote insurance customer representative, your duties may include:
- General customer support
- Assisting clients with policy management
- Helping clients understand policy terms
- Guiding customers through the claims process
- Liaising between customers and the claims department
- Handling customer complaints and resolving issues
- Escalating complaints
- Administrative tasks like maintaining records, processing policy documents, and updating customer information
- Identifying opportunities for cross-selling and up-selling
Insurance Underwriter
Insurance underwriter is another role that can now be carried out remotely.
Insurance underwriters are responsible for risk assessments on insurance applicants. They look at things like applicants' medical history or driving record to determine how likely the applicant is to make a claim.
Underwriters also review applications and determine whether to approve, deny, or modify applications.
Besides assessing risk, insurance underwriters also need to communicate with stakeholders. They have to interact with agents, brokers, and internal departments.
Traditionally, underwriter roles were rarely remote. But things are changing fast. Modern collaboration and communication tools mean that insurance underwriters can complete their work from just about anywhere.
If you find a remote insurance underwriter job, you might have a higher level of flexibility, but you will still need to adhere to certain company policies.
For instance, your hours might be fixed. If not, you will still need to meet certain productivity targets.
Insurance Claims Adjusters
In times gone by, there wasn't much remote work for claims adjusters. But since the pandemic forced millions of Americans to work from home, there are now a fair amount of online jobs for insurance claims adjusters.
Insurance claims adjusters are responsible for investigating claims. For a lot of insurance types, adjusters can examine claims remotely.
Depending on the claim, they don't have to travel to the claim site or the insurance company's premises.
During a remote investigation, claims adjusters use digital tools and resources to make assessments.
They also communicate with witnesses, policyholders, and other involved parties. Often, remote claims adjusters rely on videos and photos when investigating claims.
As the insurance industry becomes more streamlined, carriers are offering policyholders the option to upload supporting evidence. Rather than having an adjuster travel out to evaluate your damaged property or vehicle, they can assess the digital evidence.
Insurance Transcriptionist
Transcription jobs are a common form of remote work. Insurance transcriptionists can easily work from home, and there is a considerable number of these online jobs available.
Insurance transcriptionist duties include:
- Transcribing audio from recordings into documents (including claim statements, recorded statements, interviews, etc.)
- Proofreading and editing transcriptions
- Communicating with claims adjusters, agents, or other stakeholders
Insurance transcriptionists also need to have specialized knowledge of insurance terminology.
Transcriptionists don't usually earn as well as insurance agents. However, this can be a good role to consider if you aren't a born seller and already have experience with transcription.
Currently, transcription is one of the industries that are likely to be disrupted by AI.
No one holds a crystal ball. But, transcriptionists that specialize in a certain industry (such as insurance) are probably more likely to be in demand than general or inexperienced transcriptionists.
Remote Personal Assistant
Do you have experience as a PA and are looking for work-from-home insurance jobs?
Some insurance professionals rely on personal assistants to help them organize their schedules, arrange client meetings, and offer administrative support.
As a remote PA, you might be tasked with things like:
- Managing emails
- Scheduling appointments and meetings
- Preparing reports
- Maintaining records
- Organizing documents
Besides these duties, you might also be responsible for:
- Providing customer service support
- Addressing policyholder queries
- Providing basic information on insurance products
- Data entry
- Updating policy details
- Recording claim information
- Research tasks like competitive analysis
- Marketing tasks like managing social media accounts, creating newsletter content, etc.
Specific responsibilities will vary depending on your employer.
Are You Considering Any of These Work-From-Home Insurance Jobs?
Do you want a job in the insurance industry that allows you to work from home? These are some of the best work-from-home insurance jobs to consider.
Remote working is slowly becoming the norm rather than the exception. More and more carriers, companies, and brokerages are happy to have staff work off-premises from the comfort of their own home.
Are you looking for more helpful info on insurance jobs? Here at AgentVia, we don't gatekeep.
We're here to provide you with the info you need to break into the insurance industry.
Sign up to become a member of our community page and join us.
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The Best Work-From-Home Insurance Jobs
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