Insurance Industry Associations – Seven Reasons Why You Should Become a Member

While there are hundreds of thousands of insurance agents across the country, only a small number of them join insurance industry professional associations. Some agents may not want to pay the required monthly membership fee, and others wonder how spending a couple of hours a month with other insurance agents could benefit them. Here are some reasons why you should join an association if you are an insurance agent.

1) Continuing Education – Most insurance associations offer regular CE classes for their members. Local chapters often have monthly classes on a variety of topics, and the state chapter usually provides opportunities for CE credit at their annual convention. In some associations, such as the National Association of Health Insurers, members can earn a few credits each year simply for being members who attend meetings.

2) Networks: Insurance is a broad industry with many different niches. Agents can sell group health insurance, individual health insurance, cancer and disability plans, whole and term life insurance, Medicare supplements, annuities, and long-term care insurance. Property and casualty agents may also sell commercial and general liability insurance, auto and home insurance, workers’ compensation insurance, and other property lines. Because each market segment is different, most agents specialize in just one or two lines of insurance. By attending membership meetings, you can meet agents who specialize in lines different from yours and exchange referrals.

3) Compliance – Beyond continuing education, association membership will give you access to several different ways to learn about industry regulations and stay compliant in your business. Most associations have a website full of information, such as the latest legislation affecting the industry, upcoming industry events, product and operator information, and forums where you can talk to other agents. Additionally, industry magazines provide news, perspectives and alerts on the ever-changing world of insurance.

4) Designations – When an agent wants to specialize in a certain segment, they can look for specialized courses where they can learn more about insurance laws and regulations. Taking these courses and passing the related exams earns her an industry designation that you can list after her name and let your customers know. Associations often sponsor these classes so that members can access them frequently and at reasonable prices.

5) Representation – Most associations have lobbyists who work at the state and even national level to represent the interests of insurance agents. A portion of what you pay goes to the efforts of these lobbyists, who are continually in front of your legislature to make sure the legislators are on top of things that affect both you and your clients. In a sense, these debts that you pay are a form of career insurance in the sense that your associations provide you with someone in Washington to be your voice.

6) Leadership – Due to the fact that so few agents bother to join an association, your membership alone makes you a leader among your peers. People who care enough to spend money to further their professional knowledge are generally agents committed to their industry for the long term. these members become leaders within their association and their field, and you may not learn much from existing leaders, but over time, you can become one yourself.

7) Mentors and friendship: Becoming an insurance agent is a long and arduous process. Few people succeed in the industry after a few years. By joining an insurance industry association, you can find people who are already in your field who can guide you through your learning process and be a great resource to you. Over time, you will develop lifelong friendships with colleagues that will be mutually beneficial and rewarding.

In summary, insurance groups offer many positive things to individual agents. The small price you pay on a monthly basis easily gives you a long-term return on your investment by helping you be the most informed and knowledgeable agent you can be.