When you look forward to pursuing a career, a pool of ideas might arise and loud decisions in your head. If you want a career option that gives you financial stability and pursue your interpersonal skills, becoming an insurance agent is one of the best options you may choose. However, you need to know how to become an insurance agent in India. As an insurance agent, you need to help the customers to buy suitable policies that meet their insurance needs rather than merely selling to them.
How to become an insurance agent in India?
Requirements you must fulfil
To be an insurance agent, you must have a passed 12th Standard or equivalent. However, in some cases, people who have passed out secondary school with sales experience or other related talent can also become an insurance agent. Hence, you can say that the minimum qualification required to become an insurance agent is class 12th or 10th. Along with examination certificates, you need identity proof, PAN card, photograph in the prescribed format. Furthermore, you need to undergo the necessary training to obtain a licence from IRDAI (Insurance Regulatory Development Authority of India) for selling car insurance. The training duration depends on the type of insurance policies you are going to sell.
The candidates keen to become insurance agents must register to the IRDAI online portal. As part of the process, you will have to fill certain forms and upload them after making necessary payment through demand draft. As soon as you complete these formalities, you will get the date and time of your examination. To take this exam conducted by IRDAI, you can access the study material from the same portal to understand how to become insurance agent in India and what is required to become an insurance agent. The study material is available in several languages on the website. The site also contains some useful links to the corporate agents and help you get clarification through its comprehensive FAQs section.
It is important to note that every state in the country requires the insurance agents to get a separate licence for selling life and general insurance. Once you pass the exam, you will get a licence to operate as an insurance agent.
Choosing an insurance company
The choice of insurance company generally depends on the type of insurance you want to sell. To become a car insurance agent, you need to work in a general insurance company. Next is to look for general insurance companies in the country, their network presence throughout the nation, the products in which they deal, and the customer base. It is only after you go through this in-depth research you will get to know which company is the best for you to start working with.
Four tips to make your insurance sales pitch better
Bravo! Since you know how to become insurance agent in India, now let’s get started with actual business. For this, you need to know how to make an insurance sales pitch. We have outlined some game-changing sales presentation tips for new insurance agents like you.
1. Educate instead of merely selling: Nobody likes to feel as if they were sold something not good enough, especially when the product is something that they are not much aware of. People usually research and buy products that they feel they need or will benefit from. Insurance policies are no different! However, the point is gathering information on insurance products can be challenging for some people. Many people do not understand insurance, what are their options, and how the coverage works. Here is your chance to educate them and establish yourself as a reliable source of information for their insurance-related needs.
2. Avoid making wrong assumptions: If you want to give an excellent presentation, avoid making wrong assumptions during your sales pitch. Once you start explaining the insurance product, don’t assume you already understand what your prospect wants. Also, don’t think that, just because your client has money or looks healthy, they want the most expensive or the cheapest plan they can afford. Assumptions can lead to confusion and waste time and may even lose sales. Find out what your prospects know, educate them on what they don’t know and uncover their needs. This will set a stage for you to create another valuable relationship and more business in the future.
3. Stop presenting, Start listening: Ask your clients if they understood the product and identify the key details you need to make a fantastic conversation. Open-ended questions are great to identify the problems and provide solutions to them. However, close-ended questions can also give you valuable insights. You may consider the following examples:
– What would you like your new insurance plan to do for you?
– How much premium can you afford to pay for your policy each month/year?
Asking such questions would help you to learn more about your prospects and their expectations. Practice active and empathetic listening skills. Don’t just think about what to say next. It is essential to focus on what your prospect is saying and then respond and adjust your response accordingly.
4. Practice what you preach: If you can’t sell to your clients on your ability to help them, you won’t be able to help them. Also, before going to a sales appointment, practice your core sales script. Your tone should sound like you’re having a conversation with a friend (Of course without slang words!) You don’t want to sound too monotonous. Be confident and let your prospect know that that they have your undivided attention.
After you give it a go, make a note of what you could do better. Try to improve in all four areas. People may not find insurance products thrilling, but you should not let that stop you from doing a job. Remember your audience, your clients. They need your help. Always strive to give them your best.