The first step towards becoming a health insurance agent is licencing and for that, you must clear the exam conducted by IRDAI. Know more on how to become insurance agent and what makes a good health insurance agent.
When you guide and sell an insurance policy to people, they put their faith in your judgement to protect their life, health, assets and business. As an insurance agent, your duty is not only to find an affordable insurance policy for your clients, but also to use your expertise to guide them appropriately.
You can become part of the insurance sector, not only as a policyholder but also as an agent. First of all, you need to choose the health insurance company for which you would like to apply to become an agent. How much commission will you earn depends on the number and type of insurance products you sell, and on the insurance company which you are associated with.
How to become insurance agent?
To become a health insurance agent, you need to be at least 18 years of age, you need an identity and address proof. You need to fill up relevant application forms along with a yellow form for IRDAI registration with the insurance company you wish to join.
You can follow any of the ways mentioned below if you want to become an insurance agent.
• Walk into the nearest branch of the chosen insurance company and speak to the Agency Development Manager or branch manager to understand how to become an insurance agent for the company, the earning potential and other relevant details.
• Visit the chosen insurance company’s website and apply online to become an agent. Wait a call back from the insurance company.
• Send your details via email to the agent recruitment department of your chosen insurance company. Their recruitment team should contact you shortly. You can also get in touch through the help-desk number to get more information.
For an insurance agent to start sourcing business, you need to have an IRDAI license under any insurance company. To acquire licence from IRDAI, you need to complete 50 hours of mandatory training from an insurance company. Once the training is successfully completed, you will be issued a training completion certificate from the insurance company to sit for offline or online IRDAI exam. The minimum score to pass this exam is 50%. Once you successfully clear the test, you will be issued an IRDAI license, post which you can start sourcing business for the insurance company you are registered with.
Health insurance agents have to clear an exam. Therefore, it is crucial to have in-depth knowledge of health insurance products. Moreover, the company provides in-house training for health insurance agents.
To establish yourself in the health insurance sector, it is important to be people’s person. You should enjoy listening to people’s requirements and have a deep desire to help them understand the insurance policy. Being comfortable at a friend’s birthday party is not the same as sitting with strangers at their home. You have to discuss their insurance needs and convince them to trust your offerings, your knowledge and your guidance.
Another equally important quality is discipline. You should be disciplined and interested to make cold calls. This is a necessary step to build the market base and grow your reputation as a knowledgeable and trustworthy health insurance agent.
Nowadays, all reputed insurance companies have robust recruitment programs. The recruitment program includes step by step process, starting from screening followed by in-house training and IRDAI exam.
Five things you should know about selling health insurance
When engaging with a new client, health insurance agents must take a soft sales approach and expect a longer sales cycle. The very first step is education because many prospects will find health insurance policies complex and confusing. As an insurance agent, you should help simplify their choices by following some simple methods.
• Present a limited number of health insurance plans that have distinct differences between them. You may, however, provide other options later if required, but it is advisable to keep the first choice simple.
• Try to create easy to read sales materials. Develop a selling aid that helps prospects to select a plan. You can simply use a flow chart or develop an online tool to make it simple for customers.
• Softer sales methods are necessary. Just as the prospect needs to be educated about your health insurance products, you too need to be educated about the products you are selling. You should know about their life situations, including family history or any other risk factors. It will help you provide the product that best meet their health insurance needs.
• Getting the prospect’s trust can be the greatest challenge for health insurance agents. Referrals are an excellent approach to overcome this challenge as they start you off with a measure of credibility. You can get referrals by positioning yourself as an expert source of information and solutions, not mere a salesman. If you help your customers, they will help you.
• Most health insurance-buying decisions are emotional. But it is advisable to try appealing with hard facts. Show statistics from reputable and reliable source supporting your claims. Show your customers the costs of long-term health insurance and compare that with your product’s premiums. Selling long-term plans may not be an easy task; however, if you can master it, you will be well-positioned to find leads and sales that other health insurance agents cannot.
Becoming an insurance agent is one thing, and being a successful insurance agent is a different ball game! There are some qualities insurance agents must possess in order to be successful in the insurance sector. The insurance sector can be challenging, but immensely rewarding for those who are willing to learn the required skills to build their business.