Thread by @annexworld

INSURANCE BROKERAGE
This is a business you can do on either a part-time or full time basis, depending on your resources, social network and capability. For those, however, who do not have much capital to start with you can operate right from your house. #WednesdayWisdom

To do a good job, however, there are few important things that you must know.First you must be familiar with the various laws and regulations governing the insurance business. Secondly, you must be certain about the condition for claims.
#insurance

There are several insurance companies who will employ you and you don't necessary need to resume at their offices until you have clients who want to insure something with you.
One other important factor of success in this business is absolute honesty on your part.

Remember that you need to persuade clients to insure through you and that you stand to gain from their patronage. For instance if your premium on a car is N35,000 per annum, the insurance broker can help you pay this and issue cover note for a month pending the time you can pay.

Whether the client pays through the broker or not the premium will still be N35,000. The broker only gets his commission. The amount of profit you can make will therefore depend on how many people you can persuade to do business through you.

Let the client know that when there is any claim you will handle it for him. In most cases, brokers get very close to insurance companies and can usually expedite the settlement of claims-much faster than if they were not made through brokers.

Some insurance companies pay 15% commission on a premium the first year, the second year 10% and subsequent years 5%.
After a stage you will discover that you need an office and then a secretary/typist and some other hands that will have to go out prospecting for customers.

Do not attempt to go full time until you have enough people and organization willing to employ you as their brokers.
There are some well-known names in business today who are insurance brokers. follow @insuranceblitz @insure_mind @youareinsured

#smallbiztalk comes back next week. Questions are welcomed. Have a wonderful day, week and year.

@threadreaderapp unroll