How to Become an Insurance Agent? Know Qualification, Licence and Training Required
To become an insurance agent in India, you need a licence from IRDAI. But to become a successful insurance agent in India, you need a lot more. Read here.
How to become an Insurance Agent
Career as an Insurance Agent can be both rewarding and fulfilling. It is a job that requires natural flair of communication and networking. If you wish to become an insurance agent you will need to be highly dedicated and persistent. You need to be able to guide the customer into buying the most suitable insurance that covers their financial needs and aids in future planning. In this blog, we have shared all about insurance agent. If you wish to take it up as a profession, read this blog to know Insurance agent qualification, job, practice, etc.
- How to become and Insurance Agent? Qualifications and Skills
- How to Become an Insurance Agent? Step-by-Step Process
- Types of Insurance
- Top Insurance Companies in India
How to become and Insurance Agent? Qualifications and Skills
- Valid licence to practice: Valid licence by Insurance Regulatory and Development Authority of India (IRDAI) is mandatory to practice this profession in India. To obtain this licence one needs to apply for the licence and undergo training by the IRDAI.
- Communication ability: To be able to convince a potential insurer as to why an insurance policy is necessary for them, one needs to be a great communicator.
- Product knowledge: An insurance agent often has to sell different types of policies. To be able to help an insurer choose the best insurance policy the agent needs to have indepth knowledge of all the policies. They should be able to answer all the questions about the policy and be able to convince the insurer and develop trust.
- Sales pitch: All insurance agents have sales targets to meet so that they can get incentives. Having the skills of a good sales person will automatically make then a successful insurance agent, as it is all about developing trust and convincing the customer as to how an insurance policy will benefit them and their loved ones. Strong sales and negotiation skills, help agents to sell more and more policies.
- Interpersonal skills: Having strong interpersonal skills helps agent in gaining confidence of the customer and build feedback. Active listening, patience, persuasion and empathy are important qualities that an insurance agent should possess or acquire.
- Customer service: Customer service is key to success in this field. As an insurance agent you are expected to solve customer queries, clear their doubts and provide them with the most suited insurance policy. If you are good at your job, your clients will recommend you to their friends and relatives. Good customer service by an agent also boosts the reputation of insurance agency.
How to Become an Insurance Agent? Step-by-Step Process
To become an insurance agent, an individual needs to be above 18 years of age and must have studies up to at least class 12th. Check below a brief description of the process to become and insurance agent.
Step 1: Apply for licence: First step is to apply for a licence with the IRDAI. Fill the form and submit relevant documents to get registered with the IRDAI for insurance agent training.
Step 2: Undergo training: Undergoing the mandatory training programme is mandatory to be certified as an insurance agent to practice the profession legally.
Step 3: Find a mentor: You can find a senior insurance agent to assist and learn the job – how to sell an insurance policy, which insurance policy to sell to whom and how to convince the potential insurer to buy a policy. There are valuable insights that one can’t learn from books but from experience.
Step 4: Start Practicing: After you’ve acquired training and licence, look for job. You’ll be appointed as an insurance agent by the insurance company. Attend induction programme and learn about products to start selling.
Types of Insurance
There are essentially two types of Insurances - Life Insurance and General Insurance. Check the table below to know what sub-types are included in these two.
| Life Insurance | General Insurance |
|---|---|
| Term Life Insurance | Health Insurance |
| Whole Life Insurance | Motor Insurance |
| Endowment Plans | Travel Insurance |
| Unit Linked Insurance Plans (ULIPs) | Home Insurance |
| Annuity (Pension) Plans | Fire Insurance |
| Child Insurance Plans | Commercial Insurance |
| Group Life Insurance | Marine Insurance |
Top Insurance Companies in India
Check below the list of insurance companies in India recognized by the IRDAI. You can look for insurance agent roles in these after completing the mandatory IRDAI training.
- Life Insurance Corporation of India
- Axis Max Life Insurance Limited
- HDFC Life Insurance Company Limited
- ICICI Prudential Life Insurance Company Limited
- Kotak Mahindra Life Insurance Company Limited
- Aditya Birla SunLife Insurance Company Limited
- TATA AIA Life Insurance Company Limited
- SBI Life Insurance Company Limited
- Bajaj Allianz Life Insurance Company Limited
- MetLife India Insurance Company Limited
- Reliance Nippon Life Insurance Company Limited
- Aviva Life Insurance Company India Limited
- Sahara India Life Insurance Company Limited
- Shriram Life Insurance Company Limited
- Bharti AXA Life Insurance Company Limited
- Future Generali India Life Insurance Company Limited
- Ageas Federal Life Insurance Company Limited
- Canara HSBC Life Insurance Company Limited
- Bandhan Life Insurance Limited
- Life Insurance Company Limited
- Union Dai-Ichi Life Insurance Company Limited
- IndiaFirst Life Insurance Company Limited
- Edelweiss Life Insurance Company Limited
- Credit Access Life Insurance Limited
- Acko Life Insurance Limited
- Go Digit Life Insurance Limited
Bottomline:
Career as an insurance agent can be rewarding. It promises regular income, incentives and networking opportunities. But all of this is possible if one is driven to excel in this field and has empathy. The job of an insurance agent is also about trust. When a person invests money into something with a hope to achieve a goal in future or secure the lives of their loved ones, it becomes necessary for the insurance agent to guide them honestly. This job is about building trust and goodwill.
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