There is a long-standing argument regarding the difference between an insurance agent and a real estate agent. Regardless of the feedback on insurance systems nowadays maybe, insurance agents are not the same persons as real estate agents.
A sales job can be challenging: having to call people you’ve never spoken to before intending to sell them a service or product can be scary. This is the main similarity between a real estate agent and an insurance agent – they both have something to sell.
The real estate and insurance industry standout as some of the most popular sales jobs because of their self-driven nature as well as having a flexible schedule. Before we go into the difference proper, it is worth knowing that people visit online review websites such as reviewsbird.co.uk in search of the most competent real estate agents and insurance companies based on the reviews from their past clients.
Differences between a real estate agent and an insurance agent
Below is a list of the major differences between both
The first major difference between a real estate agent and an insurance agent is their educational qualification. A real estate agent requires a minimum of 4 GCE ‘O’ Level passes or equivalent (taken at not more than 2 sittings). On the other hand, an insurance agent requires a GCE ‘A’ Level certificate with passes in at least 3 subjects at “Higher 2” level and two subjects at “Higher 1” level; an International Baccalaureate Diploma qualification; a diploma awarded by a polytechnic or any other equivalent academic qualifications.
A real estate agent can decide to work on all types of properties, or even decide to choose their area of specialisation; like focusing on the sales of landed properties, HDBs, or focus on the sales of new properties or commercial properties. Also, real estate agents have to source for their inventory if they are to focus on the resale of properties.
However, though an insurance agent also has an area of specialisation, they can choose to function as generalists that provides several policy-type products ranging from savings to investments-linked products, or hospitalization plans, and endowment policies.
Insurance agents also do not need to source for their inventory. This is because their products and policies have been created by the company that they are affiliated with.
Real estate agents usually keep in touch with their clients on a personal level at least twice or thrice a year after concluding a sale or sending the regular market update.
In the insurance industry, after-sales is critical. Insurance agents have to properly analyze the policies of their clients as well as the financial conditions annually to suggest amendments and additions to their coverage.