Careers › Insurance Agent

Career as Insurance Agent

Insurance is a subject that studies risk management protection from financial loss. The work of an Insurance agent is to sell life, property, health or car insurances to various individuals according to their requirements. They interact with clients and customers and offer the product that is best suited to them. Insurance Agents represent an Insurance company to sell insurance policies to clients. They advise individuals or companies to select the right insurance protection policy as needed for life insurance, automobile, home, business, or other property. An Insurance career helps one to understand management and marketing strategies that help to ascertain their want and need through their skilled talent. It can transfer your existing skills and experience to build a professional network to research and target Insurance employers. There is a commendable growth in the public sector due to digitalization towards a cashless economy.

Job Profile

Career as Insurance Agent
  • An Insurance Agent work involves liaising with clients and local people to plan and design such policies that can cater to their requirements. It involves working with other agencies, brokers or any Insurance firm. Sometimes they work under pressure on critical projects when levels are high. Sometimes the work hours are stretched due to deadlines. Travelling and staying from home can be expected to be part of our job. 


  • An Insurance Agent’s life involves a lot of fieldwork. There can be frequent visits to various firms, organizations and customer’s houses to help them understand insurance policies to customize it according to their needs. They prepare strategies to promote all new types of insurance contracts with the existing ones, create a pool of clients through referrals, cold calling and networking sources. Their goal is to ensure growth with an offered protection plan. An Insurance Agent needs to collect data according to the policy requirement and then prepare the policy according to his requirement and dispatch it to his residential address. The data collected needs to be stored in a database as this will lead to generating one’s income. An Insurance Agent guides a customer to purchase policies in health, automobile, loan, property, business, life, travel etc.


  • This career demands job satisfaction and competitive compensation that can make a difference by solving problems of an individual for his required insurance need. It is an adventure for those who are self-motivated and skilled to utilize referrals, emails, phone calls to advertise and generate new customers. 


  • An Insurance Agent in India can earn a starting salary ranging from Rs 20, 000 to Rs 40,000 (with commissions). Candidates with MBA degree receive higher salaries ranging from Rs 35,000 to Rs 50,000 (with commissions). A freelancer can expect earnings of Rs 1, 40,000 to Rs 3,00,000 lakh per annum which can be further hiked to INR seven lakhs if worked as Senior Insurance Advisor at MNC or corporate sector. Those who are eager to work in Gulf countries, the USA, the present average salary for Insurance Advisor/Agent are around $ 50,000. After four to five years of hard work and dedication, the sky’s not the limit for rewarding jobs in the insurance sector. An underwriter earns around Rs 6,00,000 per annum. 

Role of an Insurance Agent

Some of the common roles offered to Insurance Agents are Development Officer, Underwriter, Asset Officer, Assistant Administrative Officer, Composite Agent and Insurance Officer. The job profile of an Insurance Agent involves selling insurance policies, helping individuals and businesses in managing risk from financial losses. The most demanding jobs are as Insurance Advisor and Insurance Agents, as they can earn their salaries according to their target assumes. 

 

Insurance Agents are not paid fixed salaries. They are paid on a commission basis. An Insurance Agent can grow up to the level of Insurance Advisor at Senior level with the right package and assurance. Below is the list of companies that hire individuals with the desired roles. Big metropolitan cities such as Mumbai, Hyderabad, Bangalore, New Delhi, Chennai, Kolkata, etc. hire individuals in large numbers due to their highest density of population. An aspirant has a scope of earning more in these areas. Some of the various roles are as follows:

 

Name of job/role

Average salary offered (2-5yrs ) experience

Top Recruiting Companies 

Insurance Agent

Rs 15000 to 25000 pm

Max life Insurance

Insurance claim adjuster

Rs 18000 to 30,000 pm

HDFC life Insurance

Insurance claim specialists

Rs 25000 to 45000 pm

Kotak

Insurance Advisor

 

TATA

Credit & Risk Manager

Rs 75,000 to 90,000 pm

AIA

Investment Analyst

Rs 35,000 to 45,000 pm

ICICI

Loan Officer

Rs 35,000 to 40,000 pm

Aditya Birla

Internal auditor

Rs 45,000 to 60,000 pm

SBI

Administrative Officer

Rs 35,000 to 50,000 pm

BAJAJ

Stock Analyst & Treasurer

Asset Manager

Rs 45,000 to 65,000 pm

Rs 75,000 to 90,000 pm 

Exide

PNB

 

Salaries differ in the private and government sector depending on the qualification and experience of an aspirant.

Future Growth Prospects and How to get there faster

Accounting has a bright career in future; one can go abroad and work with the top companies that offer a lucrative package with additional benefits. One needs to excel in majors because auditors and analyst requirements would likely compete with Accountancy in the coming era. Be updated with the latest technology and upcoming courses for better career prospects.

Pros and Cons


Pros

  • It offers job security for making a living in insurance for many years.

  • It can help you gain more commissions, as it is not a salary based job.

  • No specific qualification is required for this career.

Cons

  • It is a freelancer job with no restrictions.

  • Income is not steady and predictable. 

  • It takes stress to sell products and build a base with clients.

  • Difficult to keep up with rules and regulations.

Top Recruiters

  • Hiring is done for various grade of Insurance agents such as Asset Manager, Internal auditor, Stock analyst, Credit and Risk Manager and Insurance claim Advisor etc. for various government and Private banking sector like SBI, HDFC, TATA AIA, HDFC, Birla, MAX Life, ICICI Prudential Life Insurance, Exide Life Insurance, PNB Met Life, Bajaj Allianz Life Insurance.


There is a growing demand for such insurance agents in the coming days. Various governments and non-government require Insurance agents to sell customized policies according to the customer’s requirements. The current demand includes agents with specializations in Risk Management and Claim Advisors. MBA aspirants can also join government organizations such as LIC, Jeevan Bima and AVIVA to study and analyze various policies. International opportunities do offer lucrative packages with additional benefits.

How do I get there?

  • An aspirant needs to take up Commerce and Arts stream in class 12th to pursue a career in the insurance sector. 

  • To pursue a career in insurance, one needs to take up courses in Banking & Insurance, Risk Management and Financial and Risk management at UG level. He/she needs to clear an entrance exam conducted by respective universities such as CAT/XAT etc.

  • To pursue a career at PG level, one needs to be a graduate in any one of the Insurance courses and apply for the same subject at PG level to gain in-depth knowledge of the subject.

  • One can also opt for a diploma or certificate course in Insurance conducted by various universities.

There are several undergraduate and postgraduate courses in India. Various colleges and institutions offer bachelor, master courses in Insurance. Some of them are:

 

S.No

Name of Course

Specialization

Eligibility Requirements

1

BA

B.Com

BBA

Banking & Insurance

Banking & Insurance Management, Risk & insurance

Banking & Insurance, Insurance & Risk Management, Insurance Management and Finance & Insurance Management

Passes in 12th with 55% aggregate from any recognized board.

2

MA

M.Com

MBA

Banking & Insurance

Banking & Insurance Management, Risk & insurance

Banking & Insurance, Insurance & Risk Management, Insurance Management and Finance & Insurance Management

Passes in BA/BBA/B.com with 55% aggregate from any recognized board.

3

Diploma

PGDM in Banking & Insurance, Insurance Management, Finance and Insurance Management.

Passes in 12th with 55% aggregate from any recognized board.

4

Certificate

Banking and Insurance Management, Risk and Insurance and Business Insurance

Passes in 12th with 55% aggregate from any recognized board.

 

People who wish to become Insurance Agents are required to undergo 100 hours of training by respective Insurance companies. After the completion of training, they need to undergo an online examination conducted by the “Insurance Regulatory Development Authority” (IRDA) with at least 50% marks in aggregate. Various entrance tests such as SNAP, CAT, MCAT, CAT, IIIF etc. IRDA & Insurance Institute of India conducts online professional examination for recruitment as Insurance Agent in various sectors.

The other areas of insurance are:

  • Sickness, Accident and Unemployment Insurance

  • Liability Insurance

  • Aviation Insurance

  • Workers compensation and 

  • Title Insurance

 

How much does it cost?

The average cost of a B.A course in Insurance Management is around Rs 3 lakhs, including the hostel facilities. For some private colleges, the fees can be more. In general, the fees can range from Rs 30000 to Rs 80000 per semester. The diploma courses and certificate programs cost less. MBA in Insurance, the fees can be around Rs 4 lakh for the two-year-long course. Multiple PG diploma courses are available at lower costs from various institutes.

Fees Details:

S.No.

Course

Duration

Fees (Total fees in Rupees)

1

MBA- Insurance Management

2 years

4,99,000

2

BBA-Insurance Management

Banking & Insurance

3 years

3  years

3,50,000

4,50,000

3

MBA-Insurance & Finance Planning

2 years

6,60,000

4

MBA-Actuarial Science

2 years

1,70,000

5

MBA-Financial Management (Part-time)

3 years

1,52,000

6

BA –Marketing of Insurance

3 years

45,000

7

B.Com-Banking & Insurance

3 years

55,000

8

PG Diploma in Management

2 years

9,43,000

9

PG Diploma in Insurance & Risk Management

PG Diploma in Insurance

1 year


6 months

64,700


90,500

10

Diploma in Insurance & Risk Management

1 year

75,000


Top colleges to pursue Insurance course

There are quite a few colleges in India that offer excellent facilities and quality infrastructure for the students. As this is a relatively new branch, the chances of securing a seat in any of the top colleges are much more than that of other conventional Insurance streams.


Rank of the College

Name of the College, City

Course

1

Actuaries Society of India

Mumbai

BA, B.Com and MBA

2

Amity School of Sciences & Actuarial Sciences-Noida

MBA-Finance & Insurance Management

3

Birla Institute of Management & Technology New Delhi

MBA- Insurance and Risk Management

4

Insurance Institute of India

Mumbai

MBA-PGDM

5

National Insurance Academy

Pune

PG Diploma in Management

6

SVKM NMIMS University Mumbai

BA, B.Com, MBA 

7

Institute of Insurance & Risk Management-Hyderabad

International PG Diploma in General Insurance

8

LPU- Noida

BA, B.Com, MBA 

9

Jaipur National University

MBA-Finance & Insurance Management

Syllabus of Insurance course

  • Principles and practice of Insurance

  • Types of Insurance

  • Legal and regulatory aspects of Insurance

  • Risk Management and 

  • General Insurance

Books and Other Study Material

  • General Insurance by Mohinder Singh Kambhoj

  • Going Tradigital by Nadeem Damani

  • Insurance Economics by Roland Eisen

What if this career does not work out for me? What are the other options for a person with these credentials?

If this profile doesn’t match your criteria, one can work as Relationship Manager, Fund Manager and private equity partner with any investment bank to raise their capital. He/she can also work as a financial expert in an MNC or volunteer to work as a Maths Faculty. One can pursue Masters in Financial and Risk Management for a better option. If you possess a flair of talking with people and have good communication skills, one can work as a counsellor in various sectors.


An Insurance Agent stepwise approach towards customers and reliable clients to buy a customized plan according to their requirements.

 

Content on this page is by Career Expert
Mrs. Kum Kum Tandon
MA (Psychology), M.Ed, Diploma in Educational Psychology, Vocational Guidance & Counseling (NCERT, Delhi) | View Complete Profile
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