Is insurance a stressful industry? (2024)

Is insurance a stressful industry?

Did you know that working in the insurance industry is one of the most stressful jobs in America? And while we love the many capabilities provided by technology, there's one thing insurance professionals face that can't be solved by efficient software solutions, and that's STRESS.

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Why do people quit the insurance industry?

The hiring pool is limited for entry-level and experienced talent, with 65% of people leaving an insurance job also exiting the industry. The leading reason why employees quit is a need for more career development and advancement.

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How stressful is it to be an insurance agent?

Insurance sales jobs are highly stressful with little pay guarantee and is an industry with a high quit rate. To be successful in the industry, new agents should understand the skills and attributes that are common among top producers.

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What is the most stressful career to have?

These 10 jobs require the most stress tolerance from employees:
  • Anesthesiologist assistants. ...
  • Judges and magistrates. ...
  • Phone operators. ...
  • Acute care nurses. ...
  • Obstetricians and gynecologists. ...
  • Public safety telecommunicators. ...
  • First-line supervisor of retail sales workers. ...
  • Nurse anesthetists.
Dec 11, 2023

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Why not to work in insurance?

The majority of this job involves dealing with clients, so if you don't like working with people, this might not be the career path for you. To gain clients, you will most likely need to make cold calls. If this stresses you out, it's something to consider before pursuing a career in the insurance industry.

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Is insurance a stable career?

Insurance is widely considered an “evergreen career,” one which typically offers excellent job security. Bureau of Labor Statistics research predicts that positions for insurance professionals will likely grow by 6% from 2021 to 2031, with approximately 32,900 new jobs per year.

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How long do most insurance agents last?

Most life insurance agents do not last a year in the business, and even fewer make it five years. The ones who persevere, however, are rewarded immensely with renewal commissions.

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What is the turnover rate for insurance agents?

In the past 10 years, most insurance companies operated with roughly an 8-9% staff turnover rate, whereas now, it's more typical for companies to operate in the 12-15% range, with voluntary turnover spiking at more significant levels.

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What is the hardest part of being an insurance agent?

Building trust with potential clients is perhaps the most demanding part of selling insurance.

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Is it hard to make money as an insurance agent?

It is not easy to make a living in insurance, but it is not as hard as you might think. As with any type of sales, becoming an insurance agent can be one of the best paying hard jobs or a terrible paying easy job. Dedicated agents will become successful at insurance sales, just like at any other job.

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What is the most mentally draining job?

The most stressful jobs
  • Military personnel.
  • Police officer.
  • Firefighter.
  • Social worker.
  • Broadcaster.
  • Newspaper reporters.
  • Emergency dispatcher.
  • Mental health counselor.
Jan 12, 2024

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What job has the highest burnout rate?

Leading causes of burnout by industry
RankIndustryMost common leading cause of burnout
1AgricultureLack of resources
2Financial activities and insuranceLack of resources
3Information publishing and telecommunicationsLack of resources
4Public sectorHeavy workload
8 more rows
Jul 19, 2023

Is insurance a stressful industry? (2024)
What is the #1 hardest job in the world?

The 9 Hardest, Most Demanding & Difficult Jobs
  1. Air Traffic Controllers. Navigating the constant movements of aircraft taxiing through airports, taking off and landing on various runways is no simple task. ...
  2. Surgeons. ...
  3. Military Personnel. ...
  4. Firefighters. ...
  5. Social Workers. ...
  6. Astronauts. ...
  7. Special Education Teachers. ...
  8. Miners.
Jul 16, 2023

Is insurance a safe industry to work in?

Insurance is a reliable, thriving industry that can offer plenty of appeal for job seekers.

Is it worth it to be a life insurance agent?

The Bottom Line. Those who have a knack for selling life insurance, and the perseverance to grind through the tough early years, can make a lot of money and retire with a high degree of financial worth. However, life insurance agents, to be successful, must accept short-term pain in exchange for long-term gain.

Is insurance a good or service?

Since insurance is merely a promise to do something in the future, it is not a tangible item and cannot fit within the definition of "good."

Is insurance a good career for introverts?

As an insurance agent, you may think that being an introvert is a disadvantage when it comes to selling insurance. However, being introverted can be an advantage in this industry, as introverts often excel at building deep relationships and listening to the needs of clients.

What position in insurance pays the most?

High Paying Insurance Jobs
  • Pricing Actuary. Salary range: $120,000-$188,000 per year. ...
  • Automotive Finance Manager. Salary range: $106,500-$174,000 per year. ...
  • Property Underwriter. Salary range: $70,500-$166,000 per year. ...
  • Claims Director. ...
  • Claims Consultant. ...
  • Actuary. ...
  • Life Insurance Sales Agent. ...
  • Casualty Underwriter.

Do people make a lot of money in insurance?

Insurance agents earn a mean annual salary of $79,650 or an hourly rate of $37, according to the latest data from the Bureau of Labor Statistics (BLS). While starting wages can be significantly lower than this number, industry veterans with an established client network can easily earn a six-figure salary.

How many calls should an insurance agent make a day?

Making around 60 calls a day is a better goal since it allows you to keep call volume high while also giving you time to build connections and have meaningful conversations. The focus shouldn't be on the number of calls, but rather your talk time. Great insurance agents will have 3 hours of talk-time each day.

What is the disadvantages of being an insurance agent?

Cons of working in insurance sales

For some people, the thought of earning commissions is appealing. For others, it can cause stress and worry about their future financial situation. New insurance agents often work long hours to build and strengthen relationships and get their names out in the industry.

What is the best insurance to sell?

Life insurance is the most profitable—and the hardest—type of insurance to sell. With the highest premiums and the longest-running contract, it brings in cash over a long period of time. In the first year, agents make the largest annual sum on a policy, bringing in anywhere from 40–120% of the policy premium.

Why do insurance companies have high turnover rates?

A lack of adequate onboard training strategies and a resulting lack of sales are causing significant increases in insurance turnover rates.

What is the turnover rate at Progressive?

Engagement at Progressive is more than double that of the U.S. working population. Plus, our 8% voluntary turnover rate, in this job market, is further proof that a strong culture that includes development and career opportunities produces better business results.

What is a realistic turnover rate?

While organizations should aim for a 10 percent employee turnover rate, the national average in 2021 was slightly more than 47 percent.

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