Insurance Side Hustle
New Side Hustle of Selling Auto & Home Insurance
February 16, 2020 By Nathan Quayle
Not very often does a new side hustle opportunity come along that has this much potential to make great money.
Key requirements for a side hustle to have great potential
Large marketplace - Auto and Home insurance is a $350 Billion market (yes, Billion). Thus, you don’t have to get a large slice of the pie to make it worth your while.
Consumer need - Unlike other products where you must convince people to buy something they really don’t need, auto and home insurance is mandatory in most cases.
Simple and quick sales process – With our sales platform, sales can happen in as little as 5-10 minutes.
High compensation per sale – Compensation varies, but it is reasonable to make $800+ over the life of a sale.
Ability to focus on sales, not service – If you are servicing a past sale, it takes away your ability to make another sale. This is why our platform does the servicing for you.
Zero to Low costs to join – Upfront and monthly fees can substantially cut into the opportunity’s potential which is why our platform doesn't have any.
To get started you will need to take an exam prep course and then pass the exam for your state department of insurance. Once that is complete you can sign up with a company which provides access to products, sales systems, etc. With Entrepreneur Insurance Agency (www.entrepreneurinsuranceagency.com) you’ll have excellent products to offer your clients, technology to do comparison shopping, and more.
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Who is this opportunity for?
If you are an outgoing person that has lots of contacts and like helping people save money on the products they already have, then this could be for you.
If you want a side hustle opportunity which offers flexible hours, this could be for you. Agents can work from home and occasionally meet clients in person when it works for them on their own schedule.
What are the costs of getting started?
To sell insurance you must be licensed by the state. Before you can take the exam from the state, you need to pass a pre-licensing exam from an online provider such as www.adbanker.com. The cost is usually around $130. A few hours of studying per day over 1-2 weeks, you’ll complete the course.
After you pass the online pre-licensing course, you can register and take the state exam. The cost of the exam and licensing varies depending on the state you live in. You can expect to spend another $70-$200 to complete this portion. Being fingerprinted and passing a background check is mandatory to become licensed in most cases.
The knowledge you are learning and being tested on is very important to retain as you will be using that to provide guidance to your clients on the types and amounts of coverages needed to protect your clients.
After becoming licensed, you’ll need to sign up with a company that can provide the access to the products, sales systems, and hopefully meets your requirements.
After that, you can focus on the hard part, sales. If you are new to sales, I would suggest starting with close friends and immediate family to get the sales process and your pitch down before going out to those you are less close to. There are many sales podcasts, books, and other sources out there online which can motivate and teach prospecting and sales tactics.
You will be reaching out to your current contacts and prospects via phone and email and with some, having in person meetings.
If you want to earn extra income, selling Auto and Home insurance is a good option. Insurance sales is a profession where you get back what you put in. The potential is anywhere from a few thousand per month to over 6 figures per year, depending on effort and success.
At Entrepreneur Insurance Agency (www.entrepreneurinsuranceagency.com) we built a platform to provide all the technology, access to products, and more so you can focus on selling.