You can become part of the insurance industry, not only as a policyholder, but also as an insurance agent. To become a general insurance agent in India, here’s what you need to do!
If you are looking for career opportunities in the insurance sector, let me tell you, the Indian insurance sector is vast like an ocean, and you have a great opportunity to tap the unexplored market in the country. Even if you already have a job and want to pursue a career in the insurance sector, becoming an insurance agent is one of the best career options for you. Let’s have a look at how to become a licensed insurance agent in India and examine the training and qualification required to become a car insurance agent.
What does an insurance agent do?
Before we explore further on how to get general insurance agent license in India, it is essential to understand what precisely the job of car insurance agent is? A car insurance agent is someone who is associated with a general insurance company and helps to sell insurance products to the customers. Car insurance agents help people to choose and get the right kind of insurance policy as per their need and requirements. Car insurance agents detail everything related to the insurance policy, including coverage, limitations, terms, and conditions of the policy.
Who can become an insurance agent?
According to IRDAI (Insurance Regulatory and Development Authority of India) guidelines, any individual who wants to become an insurance agent must fulfill the below-mentioned criteria:
• An insurance agent should have passed 12th Standard or equivalent. However, in some cases, some who have passed out of school but possess significant experience in sales may also be able to become an insurance agent. Hence, holding HSC or SSC qualification is the minimum requirement for becoming an insurance agent.
• The documents required include identity proof, exam certificates, address proof, PAN card copy, and a passport-sized photograph.
• To obtain a license to sell motor insurance or any type of insurance policy, an individual has to undergo a certain amount of training. The duration of training depends on the type of insurance policy you would like to deal in. For example, the duration of training for life insurance may differ from other types of insurances. The duration of training may also vary depending upon whether you are seeking renewal of a license or applying for a new license. Some insurance companies also offer on the job training to their insurance agents.
How to get a licence for becoming a car insurance agent?
Those who are interested in becoming car insurance agents in India are required to register via IRDAI online portal. They can also approach an insurance aggregator for guidance on becoming an insurance agent. For instance, someone who wants to become an insurance agent can visit the website of the insurer or aggregator, enter a few details and contact information. This will help the company to get in touch with the candidates.
To become a general insurance agent in India, a candidate must clear the IRDA IC 38 exam. IRDAI also provides study material online to help agents understand what exactly is involved in becoming an insurance agent. Moreover, the study material is available in several languages such as English, Hindi, Marathi, Tamil, Gujarati, Bengali, Kannada, Malayalam, and Punjabi. The website also includes useful links to corporate agents, the insurance institute of India and some FAQs.
Becoming car insurance agent means selling insurance to individuals as well as corporate tie-ups. Insurance agents can sell products to the companies and businesses who need multiple insurance policies, and so on. Car insurance agents with excellent networking skills as well as sound head for sales can make a good amount of money, even while working for flexible hours. Some agents are paid commission on the number of sales made. Agents who are employed by an insurance company are paid salary plus bonus at the time of achieving the sales target. Some insurance companies also provide clerical support or other resources to car insurance agents.
Five habits of highly effective insurance agents
Selling insurance can be a tough business. First and foremost, it requires you to have knowledge about industry and company forward and backward. Here are seven things the most effective and successful insurance agents do on a regular basis. Try them, and soon you too will be exceeding your insurance sales goals.
1. Keep your day organised: The most effective insurance agents plan their days thoroughly. It’s a good idea to set aside time every day for returning phone calls, prospecting, meeting prospective and current clients, and making outreach calls.
2. Join and participate in trade seminars: It is important to participate actively and create a network among peers. It will help you to keep pace with the industry trends. Surround yourself with positive and successful people. Talk to other insurance professionals in the business about what does and does not work in the industry. You may also ask about their experiences when they were in your shoes.
3. Set goals with deadlines: It important to set definite goals. How many appointments are you going to fix this week? How many of those appoints will result in a sale? Additionally, make sure that your goals are realistic. Instead of aiming for a 100% close rate, aim to increase your insurance sales by a certain rate every month. Moreover, don’t leave your goals open-ended, give yourself a deadline.
4. Habitual follow-up: The best insurance agents are those who follow up with their prospects on a regular basis. If you couldn’t close the deal in the first time, it doesn’t mean you don’t have a shot at the business. Decide a good time to follow up and keep in touch with your clients even after you close the deal.
5. Love your work: In order to be truly effective and successful in what you do, you have to love what you do and believe in the product you are selling.
Selling insurance is different from selling everything else. Insurance is a reliable sale and people buy, and they can’t see it, hold it and touch it. You are selling ideas, you are selling promises, you are selling the trust. All the best!