• In 2019 the insurance industry toppled more than $1.2 trillion from written premiums. 

• The pandemic saw the industry shrink by nearly 40%. 

• Now almost 900,000 employees in America are working within the industry. 

The United States insurance industry toppled more than $1.2 trillion in 2019 from total written premiums. The S&P Global Market Intelligence has noted that roughly 52% of this figure comes from life and annuity insurers, and although the industry saw a 40% decline during the pandemic in 2020 – the insurance industry is now back, and ready to conquer the U.S. economy once again. 

2021 might look like a fruitful year in terms of new net premiums, and recorded property or casualty insurance accounting. More than 900,000 employees are currently employed in the insurance industry, these include both life and health insurers. With estimates to skyrocket in the third and fourth quarters of the year, some individuals are considering moving their interest into the world of insurance. 

The practicalities involved to become an insurance agent, or receiving your insurance license are relatively the same as that of getting a real estate or broker license. Each state houses individual laws and regulations regarding the process one will need to undergo before successfully obtaining your insurance license. 

Examination and licensing requirements are state-specific. Here’s a general overview of how you can get your insurance license. 

Undergo a pre-licensing training course 

As mentioned, the requirements will be state-specific. The pre-licensing course gives you a better understanding of what you can expect in the final exam. Courses can roughly take about 20-40 hours to complete, and some states will require you to provide a certificate of completion with your application. 

Submit your insurance license application 

Once you’ve gathered all the required documentation, you can complete and submit your application. By this step, be sure that you’re comfortable with the different insurance licenses you can obtain. This can include life, health, property, personal lines, etc. Be sure that you know what the prerequisites are for each and that you have undergone the necessary evaluation process.

Submit your fingerprints and undergo a background check 

With your application, you will need to submit your fingerprints, and undergo a full background check. These can either be done by a third party or a local law enforcement agency. Fees for fingerprints range from $35 to $75.

Prepare and complete the insurance licensing exam 

You will be thoroughly tested and evaluated on a wide variety of insurance-related topics. These topics can include traditional policies, flexible features policies, contract law, underwriting, homeowners insurance, etc. Depending on the channel of insurance you’re focusing on, and your state requirements, it’s still advised to undergo pre-licensing examination prep.

Review of application and licensing 

Once all the necessary documentation has been submitted along with your application, and exam results – your application will now undergo a review. Once the reviewing process has been finalized, and your background check is approved you will receive notification on whether your application has been successful or not. 

From here on out you will receive a National Producer Number and you can apply for your first insurance job. 

A final review 

Becoming part of the insurance industry provides you with endless possibilities, as the industry is filled with various networks and channels in which you can progress. More so, the insurance industry offers more than fruitful career opportunities, it also enables you to assist and aid individuals with insurance needs making you one of the most important links between the individual and the company itself.