Guest Profile:
Rama Gupta, Insurance Broker, Kapnick Insurance Group
Studied Human Biology (B.S.) and Public Health (M.S.) at Michigan State University
Things to keep in mind for people who want to work as an insurance broker:
Critical thinking and analytical skills are essential. You need to be able to look at a problem and dive into it to understand the root of the issue
Being very personable is crucial to success
You need to be able to operate on your own and be able to work with other people
Need to be able to understand balance sheet, risk management, safety of the culture, and how the business is set up to analyze client needs
The business is seasonal, as different companies are at various stages in the insurance cycle
An insurance broker is required to do sales
You must develop a level of trust with your clients in order to get their business
Acquiring a license is required to sell insurance
Specializing in a specific area is important to long-term success in the insurance world
In Rama’s case, his book of business builds on itself. The bigger it gets, the larger his base salary becomes
You are responsible for your own salary; if you want a raise, you have to sell more
Insights:
Rama started out working as a pre-med student and had plans to be a doctor. But he realized around age 25 that he would be done with school when he was 34 or 35 and half a million dollars in debt, just starting his life. He realized that wasn’t what he wanted
He was unsure about his skill level when it came to insurance and then decided to take the jump
You always need to be prepared to meet people. Rama met an insurance broker on a trip with friends, which led him into his current role
Continue to facilitate a network because you never know who the right people are and when you will need them
For those that are newer in their careers, 10 or so years from now, your peers and friends will be leaders in their companies
Rama had the opportunity to work in a learning environment his first few months prior to starting to get sales
Don’t be afraid to get out there and give stuff a shot
Rapid Fire-Round:
What Rama wanted to be when he was a kid: Firefighter
Best resource for career-related information: Your network
What helps Rama when he has a bad day at work: Knowing that I have control over my happiness
Best part of Rama’s work day today: Cold calling at the end of the day. Thursdays between 3:30 - 5:30 are the best times to get ahold of busy people
Advice:
Take internships and move away from home, this will help you grow
Focus
Why should someone want to work as an insurance broker?
There is great job security, which pays a very livable wage
Every day is different and there are a limitless number of roles and opportunities for people of all interests
You have a lot of accountability for your actions and your results
You have the opportunity for limitless income as long as you grow your book and keep your clients
Get in touch with Rama Gupta