What's it like to be an insurance agent?
Licensed agent Madison Miles is seen at his desk Dec. 13 in the Miles Insurance Team office in Coeur d'Alene.
Being an insurance agent is like being a teacher, a counselor, a researcher and a detective all in one.
Agents must be knowledgeable about the products they sell and the companies they carry. They need to effectively communicate with clients. They are expected to explain what is available and help people decide which products and services are ideal for them and their families. They're constantly updating their certifications, learning about how new laws affect their products and deciphering complex documents.
On top of all this, they need to ask all the right questions so they can know what coverage is best for every customer.
When it comes to health insurance, the more information, the better.
"You have to pry in a bit because you need to know what their health conditions are," licensed agent Bill Miles said Dec. 12. "You need to know their doctors, their specialists, their medications.”
“We try to tell them, 'In order to give you the right health plan, we’re going to need to know your health history,'" said licensed agent Madison Miles, who is also Bill's son.
Founded, owned and operated by Bill's brother Brad Miles, Miles Insurance Team in Coeur d'Alene has been serving North Idaho since 2006. The agency offers solutions for Medicare, individual and small-group plans. Its nine agents assist with everything from comprehensive group plan coverage for employers to finding affordable, comprehensive coverage for individual customers.
Although Miles Insurance Team is open 9 a.m. to 5 p.m. Monday through Thursday and by appointment Fridays, it is by no means a strictly 9-5 job.
“You wake up in the morning and someone decided to get up bright and early and leave you a voicemail at 6 a.m. Before you even get to work, you’re making phone calls," Madison Miles said. "Days off you’re making phone calls. When it’s the slow time, we rotate through and each agent has a day of the week they come in. But the other days that you’re off, you’re still answering phone calls and sending emails.”
That "slow time" annually occurs from April through June. From June through September, insurance agents are undergoing trainings and professional development in anticipation of the busy season, which is October through December. January through March is a redo period for certain products. Then the cycle begins again.
A college degree isn't necessary to work in insurance. However, one must have solid people skills and strong reading comprehension to understand the fine print in each plan.
New insurance agents should also have money saved up for their first year or two on the job.
“The first couple years are a little rough because it’s by commission,” Madison Miles said. "As you’re building your book, you have to have some amount of safety net to hold you over those first couple years. Once you get to a certain point, you're no longer just trying to make ends meet.”
According to indeed.com, insurance agents make an annual average of $109,646 in Idaho with salaries starting around $50,000 per year.
For many in the insurance world, it's not all about the sales commission. It's about serving those who need help and ensuring their needs are met.
"We do a lot of pro bono work — there are certain drug plans or carriers that just don’t pay us, but if it’s the right plan for the client we’ll enroll them in that plan because that’s the best for them, whether it’s the cost or the coverage," Madison Miles said. "It’s what they want to be on or what they should be on."
Bill Miles said it's a great feeling to provide help and education for those with health insurance questions.
“You’re going to get more clients and more referrals by doing the right thing," he said.
