Convincing people to enroll in a suitable insurance policy is not a piece of cake for everybody. In fact, a good insurance agent needs to have outstanding social skills to establish such an accomplishment.
According to my brother’s research, convincing a family to insure their favorite pet is easy and less troublesome. But, as I found out, one has to go through a lot of hassle before identifying as a pet insurance agent.
How to sell pet insurance? To answer this question, you need to have a brief idea about pet insurance and other requirements of becoming a pet insurance agent. In simpler terms, read this article to have a generalized idea!
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What is There to Know About Pet Insurance?
Those who own cute dogs, cats, and other types of animals in the house, are very certain to see their favorite pet healthy and safe. While humans account for a health insurance policy, there is a similar policy that holds for pet animals, known as pet insurance.
Going to a veterinarian and having a regular check-up or in case of sudden accidents can be expensive. What you can do is enroll for a suitable pet insurance policy where the cost drastically decreases depending on the monthly or yearly premium payments.
Though pet insurance can sometimes refer to only cats and dogs, several other companies provide insurance coverage for other types of animals, such as rabbits, ferrets, tigers, etc.
The insurance terms and conditions also depend on the type of animal and the insurance company’s policies. According to the recent datasheet news, 70 percent of households in the United States own a specific pet animal.
Pet insurance agents now get an outstanding opportunity to lure such a household to their company’s insurance coverage. But, to become an efficient pet insurance policy agent, there are requirements that you need to fulfill, which will be discussed in the later section.
What Are the Necessary Steps to Become a Pet Insurance Agent?
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First of all, you need to be a pet enthusiast to become a pet insurance agent. Because if you cannot show love for pets while explaining the insurance coverage to a family, how do you expect to convince them?
Additionally, you cannot directly jump to conclusions and look for pet insurance agent jobs; certain regulations are required. Things needed to apply for a pet insurance agent’s job are as follows:
- Minimum Educational Requirements.
- Suitable Pet Animal License.
Educational Requirements of a Pet Insurance Agent
Some pet insurance companies want a minimum educational background, at least a high school graduate, for the pet insurance agents. Do not worry! If you do not have certain degrees, you can always enroll for suitable marketing or BBA courses that can relate to an agent job.
As an insurance agent, one has to have good social, and communication skills, which are the parameters the company owners and managers will seek during the interview.
Even so, many online courses are available nowadays that can attract your interest. In fact, in order to make your life easier, here are some of the courses that you can enroll for both online and offline that will make up for the minimum educational requirements:
- Business Management Courses.
- Fundamental Economics.
- Finance.
- Risk Management.
- Basic Communication Skills.
- Theory of Marketing.
You would be very happy to know that these above courses apply not only to pet insurance agent job openings but also to any other insurance provider jobs. Sounds fantastic, doesn’t it?
Therefore, are you still having doubts about how to sell pet insurance? Well, there is one other parameter to fulfill before going on fieldwork, and it is as follows.
License Approval for A Pet Insurance Agent
To answer another question, do you need to have a license agreement to become a pet insurance agent? Yes! Several states in the United States made the license agreement mandatory in case of pet insurance.
Therefore, the most top-notch pet insurance license term is known as the Property and Casualty (P&C) license. Additionally, you need to go through sudden steps before getting a P&C license, and they are as follows:
- P&C License Exam: This particular exam requires a minimum BBA or Economic knowledge study background. There is no certain date for the P&C exam; hence you can study at your convenient hour and sit for the exam at any time you want.
- Background Checks: To mark yourself as a reliable insurance agent, you must have a clear background history – no criminal records – to get a P&C license. The invigilators at the licensing department will run this background check and certify you as suitable for a P&C license.
- Application Form: Once you pass the P&C exam and there have been no records of criminal records, they will provide you with an application form to apply for the license.
Though getting a P&C license is time-consuming, there are certain advantages and disadvantages of a P&C license over a limited-line license. For example, suppose you enroll in a suitable insurance company under a P&C license. In that case, you can continue your study sessions part-time, which is impossible with a limited-line license.
Furthermore, you can apply for any type of insurance agent job under the supervision of a P&C license. On the other hand, a limited line license is only applicable to pet insurance agents.
Most importantly, a P&C license is not approved by all the states, whereas a limited license can hook you up inside any state for a pet insurance agent job. Furthermore, some companies force you to continue your studies when you are under a P&C license, but with a limited license, you would not require additional educational qualifications.
Pet Insurance Selling- Important Tips
While taking notes on your insurance policy classes, we are sure that you have heard some names of the pet insurance coverages and policies that every agent should be concerned about. They are as follows:
- Pet animals’ health coverage.
- Pet animals’ life coverages.
- Pet animals’ injury coverage.
Pet Animals’ Health Coverages
While talking to a certain family about pet insurance, every family seeks this particular type of insurance coverage, and our suggestion will be to start the discussion with health coverage.
This coverage will provide backup for any type of sudden treatments, medications, surgeries, and many more. Families like to have a great money coverage offer, which an agent should be aware of.
The cost of coverage will depend on the type and breed of pet animals they have available in the house. Also, a significant amount of deductibles must be charged for the security of the company’s insurance policy.
Pet Animals’ Life Coverages
This step might be a bit too sad to read, but this coverage session accounts for the cost of burial for any pet animal. With the family suffering and mourning the loss of their favorite pet, the experienced insurance agent will rush down to the spot handling every expense regarding the burial and arranging a nice memorial event.
Pet Animals’ Injury Coverages
Bear with us and consider the scenario where you take your dog to the morning walk with you, and suddenly, a driveway car hits your pet and fractures one of his legs. A good insurance agent should try to convince their clients with such scenarios to sell them injury coverage.
On the other hand, this coverage covers the cost related to sudden accidents that might require medical bills, surgery costs, and all the transportation costs related to the accident.
Point to be noted, while selling pet insurance to a family, the agents should not confuse injury coverage with health coverage. Though both coverages include surgery costs, a family enrolled only in injury coverage will not get surgery insurance costs due to the severe health condition of their pet.
Additional Conditions on How to Sell Pet Insurance
As we have already mentioned before, a pet insurance policy and coverage will depend upon the type of breed and also the number of pet animals a family has in their house.
Additionally, the insurance agents will also lead the future inspection when there is a matter of pet insurance money. If any family member is responsible for the harm to their pet animal, in that case, the agent will not authorize any money for the health damages of that pet.
The agent will make themselves clear about the coverage at the time of signing the insurance deal, including sudden accidents, illness, surgeries, medications, dog food prescribed by the veterinarian, and many more.
Furthermore, the agent must also inform the families about the possible waiting period for the insurance money to take action. In the meantime, they must pay all the medical or surgery costs all by themselves.
These are the additional conditions an agent must know on how to sell pet insurance. Furthermore, there are more flexible ways to accomplish pet insurance. An agent can even conduct online sessions with their clients for less time consumption and to finalize the deal as early as possible.
All one has to do is supply the papers and documents online to the clients, and they can fill out the form and submit it to their respective agents more efficiently. One important thing to add before wrapping up the insurance session, a good discount might also help with the pet insurance selling rate.
Many insurance companies even offer annual discounts on particular insurance coverages so that clients can add more to their insurance. An agent must mention all the attractive discounts and offers while discussing them with their clients.
Furthermore, they should stay connected with their clients on the phone or make frequent visits to show interest in their pets and offer more insurance policies for the company’s betterment.
In other words, socializing is the key to selling insurance policies to families!
Frequently Asked Questions
Does pet insurance vary according to the animal species?
Yes! Pet insurance coverage varies depending on the species of the pet animal. The amount may fall between 15 to 40 dollars per month for dogs. On the other hand, cats will get insurance coverage between 30 to 70 dollars monthly. The negotiation mainly depends on the expertise level of the insurance agents.
What is the minimum waiting period for pet insurance?
The waiting period depends on the severity of the animal’s condition. The illness will take about two weeks of the waiting period. Whereas an accident might take 2 -3 days, severe conditions like cancer treatments or orthopedics might take over a month.
What are the types of insurance coverages for pet animals?
Based on the condition of the pet animals, there are three types of insurance coverage to consider:
1. Pet animals’ health coverage.
2. Pet animals’ life coverages.
3. Pet animals’ injury coverage.
Are there any states to regulate pet insurance-providing companies?
To ensure that pet insurance providing companies perform their insurance task very efficiently with good client service, one should regulate every company and check their records on every client. And California is the first state to make a law regulating every pet insurance company.
What is known as the annual limit of pet insurance?
An annual limit is an amount your pet insurance agent will most likely pay you right after you have passed your deductibles. For example, if your annual limit is 5000 dollars annually and you have 6000 dollars of annual expenses on your pet, the deductible fee is 1000 dollars only.
What happens to the pet insurance policy after the sudden death of a pet animal?
The insurance company will cover the expenses related to the burial of that pet animal, and this coverage falls under the category entitled ‘Pet Animals’ Life Coverages.’
Conclusion
Now that you have read the whole article, you must have had a clear idea about how to sell pet insurance. The key is that you need to show your clients that you care for their pet animals and that it will be best for them if they are under a suitable pet insurance policy.
Furthermore, a good pet insurance agent should also finalize all the deductible fees and waiting periods and set boundaries on annual discounts provided to the clients. Also, one has to push them frequently with numerous benefits so they can enroll for more insurance coverage for their pets.
This article will also benefit you in finding all the necessary steps to become a pet insurance agent. As it turns out, you need a minimum educational background, a suitable pet license, and communication skills.
Have fun in your pet insurance selling!
Mehedi Hasan is an insurance expert with over 6 years of experience in the industry. He has a deep understanding of various types of insurance policies and is skilled at helping clients find the coverage that best fits their needs. In his current role, Mehedi works as a consultant, advising businesses and individuals on the best insurance options for their specific situations.
He is also a frequent speaker at industry events, sharing his knowledge and expertise with colleagues and professionals in the field. Mehedi holds a degree in insurance and risk management and is committed to staying up-to-date on the latest industry trends and developments. In his free time, he enjoys reading, traveling, and spending time with his family.