Captive insurance agent. It sounds like a hostage situation! It’s not. Captive insurance agents also known as dedicated agents are insurance agents who only work for one insurance company. Theyhave a great difference with independent agents as they can work with many companies. Suppose you are starting your insurance career.
In this case, it would be important you learn the difference between these insurance agents. This way, you will be in a position to make an informed decision. Having knowledge about this can greatly impact your professional happiness. Here’s what you need to know about captive insurance agents.
DifferencesBetween A Captive And Independent Agent
When comparing insurance quotes, it might be difficult to tell the difference between these two. Well, a captive insurance agent works for one insurance company and only sells insurance policies and products from that agency. Typically, major insurance companies use this agency to sell their products. These agents are true experts in these products because that’s all they sell.
Dedicated insurance agents can easily walk first time client’s through products offerings to get them to an insurance package that works for them. These agents are paid a salary, enjoy financial assistance. An independent agent works with many companies. They are able to offer deals to their clients. Therefore,it’s up to you to understand their differences and decide on what agent to use.
Benefitsof Being A Captive Insurance Agent
Salary, commission, financial assistance. Generally, the most significant benefit of being a captive insurance agent is the stability of working with only one insurance agent. It allows the agents pay attention to specific issues thus doing their work perfectly.
The salary, financial help with marketing and hiring, and the benefits that many captive agents enjoy can make a difference. This stands out from the experience of being an independent insurance agent who must have funds to start their agency and start selling insurance products.
These are the things you should keep in mind about captive insurance agents. Now that you have some of the key points about these agents, we believe you can now make an informed decision hassle-free.
James Gunny came across Bitcoin in early 2013 and was hooked on ever since. After years of being an active member in the bitcoin community, he now aims to help promote cryptocurrency technology to the masses through his position of Senior Managing Editor at Onlinemagazinenews.com.