Career and Education Opportunities for Insurance Agents in Newark, New Jersey
Newark, New Jersey provides a wide variety of opportunities, both career and educational, for insurance agents. Currently, 12,300 people work as insurance agents in New Jersey. This is expected to grow by 7% to about 13,200 people by 2016. This is not quite as good as the national trend for insurance agents, which sees this job pool growing by about 11.9% over the next eight years. Insurance agents generally sell life, property, or other types of insurance.
Insurance agents earn about $28 per hour or $59,590 per year on average in New Jersey and about $21 hourly or $45,430 annually on average nationally. Earnings for insurance agents are better than earnings in the general category of Sales and Clerical in New Jersey and better than general Sales and Clerical category earnings nationally.
There are 318 schools of higher education in the Newark area, including one within twenty-five miles of Newark where you can get a degree to start your career as an insurance agent. Insurance agents usually hold a Bachelor's degree, so you can expect to spend about four years studying to be an insurance agent if you already have a high school diploma.
CAREER DESCRIPTION: Insurance Agent
In general, insurance agents sell life, property, or other types of insurance. They also may refer clients to independent brokers, work as independent broker, or be employed by an insurance company.
Insurance agents attend meetings, seminars and programs to learn about new products and services, learn new skills, and receive technical assistance in developing new accounts. They also sell various types of insurance policies to businesses and individuals on behalf of insurance companies. Equally important, insurance agents have to explain features, advantages and disadvantages of various policies to advance sale of insurance plans. They are often called upon to interview prospective clients to obtain data about their financial resources and needs, the physical state of the person or property to be insured, and to consider any existing coverage. They are expected to call on policyholders to deliver and explain policies, to analyze insurance programs and suggest additions or changes. Finally, insurance agents insure that policy requirements are fulfilled, including any needed medical examinations and the completion of appropriate forms.
Every day, insurance agents are expected to be able to read and understand documents and reports. They need to articulate ideas and problems. It is also important that they listen to and understand others in meetings.
It is important for insurance agents to perform administrative tasks. They are often called upon to design marketing strategies to compete with other individuals or companies who sell insurance. They also customize insurance programs to suit individual clients, often covering a variety of risks. They are sometimes expected to monitor insurance claims to insure they are settled equitably for both the client and the insurer. Somewhat less frequently, insurance agents are also expected to attend meetings, seminars and programs to learn about new products and services, learn new skills, and receive technical assistance in developing new accounts.
Insurance agents sometimes are asked to explain needed bookkeeping requirements for customer to execute and furnish group insurance program. And finally, they sometimes have to insure that policy requirements are fulfilled, including any needed medical examinations and the completion of appropriate forms.
Like many other jobs, insurance agents must have exceptional integrity and be thorough and dependable.
Similar jobs with educational opportunities in Newark include:
- Advertising Agent. Sell or solicit advertising, including graphic art, advertising space in publications, custom made signs, or TV and radio advertising time. May obtain leases for outdoor advertising sites or persuade retailer to use sales promotion display items.
- Cage Cashier. Exchange coins and tokens for patrons' money. May issue payoffs and obtain customer's signature on receipt when winnings exceed the amount held in the slot machine. May operate a booth in the slot machine area and furnish change persons with money bank at the start of the shift, or count and audit money in drawers.
- Cashier. Receive and disburse money in establishments other than financial institutions. Usually involves use of electronic scanners, cash registers, or related equipment. Often involved in processing credit or debit card transactions and validating checks.
- Model. Model garments and other apparel to display clothing before prospective buyers at fashion shows, private showings, or photographers. May pose for photos to be used for advertising purposes. May pose as subject for paintings, sculptures, and other types of artistic expression.
- Product Demonstrator. Demonstrate merchandise and answer questions for the purpose of creating public interest in buying the product. May sell demonstrated merchandise.
- Real Estate Agent. Rent, buy, or sell property for clients. Perform duties, such as study property listings, interview prospective clients, accompany clients to property site, discuss conditions of sale, and draw up real estate contracts. Includes agents who represent buyer.
- Retail Sales Manager. Directly supervise sales workers in a retail establishment or department. Duties may include management functions, such as purchasing, budgeting, and personnel work, in addition to supervisory duties.
- Retail Salesman. Sell merchandise, such as furniture, motor vehicles, or apparel in a retail establishment.
- Sales Team Manager. Directly supervise and coordinate activities of sales workers other than retail sales workers. May perform duties, such as budgeting, accounting, and personnel work, in addition to supervisory duties.
- Technical Service Representative. Sell goods for wholesalers or manufacturers where technical or scientific knowledge is required in such areas as biology, engineering, and electronics, normally obtained from at least 2 years of post-secondary education.
- Telemarketer. Solicit orders for goods or services over the telephone.
- Wholesale and Manufacturing Sales Representative. Sell goods for wholesalers or manufacturers to businesses or groups of individuals. Work requires substantial knowledge of items sold.
EDUCATIONAL OPPORTUNITIES: Insurance Agent Training
St. John's University-New York - Queens, NY
St. John's University-New York, 8000 Utopia Pky, Queens, NY 11439. St. John's University-New York is a large university located in Queens, New York. It is a private not-for-profit school with primarily 4-year or above programs. It has 20,109 students and an admission rate of 56%. St. John's University-New York has one to two year, bachelor's degree, master's degree, and post-master's certificate programs in Insurance which graduated three, fifteen, twenty-six, and zero students respectively in 2008.
Accredited Adviser in Insurance: The Accredited Adviser in Insurance program gives you the tools you need to establish a clear professional advantage in the marketplace and fulfill your commitment to customer service.
For more information, see the American Institute for CPCU and Insurance Institute of America website.
Associate in Insurance Services: The Associate in Insurance Services program is a nationally recognized educational program designed specifically for insurance personnel.
For more information, see the American Institute for CPCU and Insurance Institute of America website.
Certified Pension Consultant: The Certified Pension Consultant (CPC) credential is designed for benefits professionals working in plan administration, pension actuarial administration, insurance, and financial planning.
For more information, see the American Society of Pension Professionals and Actuaries website.
Board Certified Estate Planner: Board Certified in Estate Planning (BCE) is the only designation designed and offered to brokers, advisors, and planners who have clients interested in estate accumulation, preservation, and distribution.
For more information, see the Institute of Certified Fund Specialists website.
Certified Sales Professional: The Certified Sales Professional (CSP) program gives a thorough understanding of consultative selling.
For more information, see the Manufacturers Representatives Educational Research Foundation website.
Certified Salesperson: The SMEI Certified Professional Salesperson program is ideal for professionals who are employed as a sales representatives, account managers, distributor representatives and business development personnel.
For more information, see the Sales & Marketing Executives International website.
Licensing agency: Department of Banking and Insurance
Address: Division of Insurance, License Processing, PO Box 327, Trenton, NJ 08625-0327
Phone: (609) 292-4337
Website: Department of Banking and Insurance Division of Insurance License Processing
LOCATION INFORMATION: Newark, New Jersey
Newark is located in Essex County, New Jersey. It has a population of over 278,980, which has grown by 2.0% in the past ten years. The cost of living index in Newark, 140, is far greater than the national average. New single-family homes in Newark are priced at $83,500 on average, which is far less than the state average. In 2008, ninety-nine new homes were built in Newark, up from twenty-nine the previous year.
The three big industries for women in Newark are health care, educational services, and finance and insurance. For men, it is construction, administrative and support and waste management services, and accommodation and food services. The average commute to work is about 32 minutes. More than 9.0% of Newark residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 3.0%, is lower than the state average.
The unemployment rate in Newark is 14.8%, which is greater than New Jersey's average of 9.3%.
The percentage of Newark residents that are affiliated with a religious congregation, 57.0%, is more than the national average but less than the state average. First Mount Zion Baptist Church, First Newborn Tabernacle Church and First Presbyterian Church are among the churches located in Newark. The most common religious groups are the Catholic Church, the Muslim Estimate and the American Baptist Churches in the USA.
Newark is home to the Clinton Branch Newark Public Library and the Brills Yard as well as Rippel Field and River Bank Park. Visitors to Newark can choose from Fairfield Inn and Suites, Days Hotel Newark Airport and Broad Street Hotel LLC for temporary stays in the area.