Despite the recession and inflation affecting the economy, the insurance industry isstill growing steadily. There is a lot of undiscovered potential in the Indian insurance industry. This creates a big opportunity in becoming a life insurance agent. However, there are still many misconceptions about getting a job as an insurance agent.
The biggest myth is that the person has to be from an insurance or sales background. Certain characteristics like communication skills, marketing skills and persuasive power are essential, but not mandatory. People who usually have a sales background are more preferred for this job. However, these skills can definitely be learned from training, and educational opportunities offered by insurance companies.
What Does a Life Insurance Agent Do?
Every job needs hard work, commitment and motivation, and the job of an insurance agent is no different. Being an insurance agent can reap excellent benefits and incentives, depending on the insurance company you represent. However, while customers deal with insurance sales agents, they should also have adequate knowledge about it. Here are some things which make an insurance agent credible:
Licensed Insurance Agent
It is mandatory for insurance providers to get a license from the Insurance Regulatory and Development Authority of India (IRDA). This is essential for providing the evidence of their credibility and that they are eligible for providing insurance services to the customers. The license is also a certification of undergoing adequate training. The IRDA has a policy for permitting an agent to work for only one life insurance company or a non-insurance company, at a time. However, now, the IRDA allows the agents to work for up to three insurers. These include selling insurance for health, life and non-life insurance providers. However, under these regulations, agents are not allowed to be benefited with any bonus or incentives – cash or non-cash.
Watch The Discussion Unfold
As the customers refer their friends and relatives to search for a suitable insurance agent, it is equally essential to make the first meeting go well. Insurance agents tend to convince the customers. Life insurance is vital for securing the lives of family members. Hence, it is critical to ensure that customers are getting the right deal. The first meeting with an insurance agent plays a significant role in the customer’s decision-making process. It establishes the relationship between an insurance agent and the customer regarding if it is going to be for long-term or not. Good insurance agents ask for details about customers’ family and finances, instead of going about what they have to offer. Discussing goals and identifying the right policy is essential for the customer and the agent, both.
Work Experience
For an insurance agent, the experience that he/she has in the field is worth much more than educational qualifications. An agent’s job is not limited to only selling insurance options available to customers. Instead, he/she is responsible for successfully taking the customers towards the final step of claiming or purchasing an insurance policy that suits their needs. An agent needs to find a balance between not being pushy towards buying a particular policy and guiding the customer in buying the right insurance policy. Recognizing the financial needs of customers is the first step. Offering the policy should ideally be the last step of the meeting. Your knowledge and education about market trends come handy here. This is important for both – customers and agents. An ideal insurance agent should be able to inform the customers about all the available insurance plans and the associated pros and cons.
Flexibility and Recognition
Insurance agents generally have flexible timings as they can choose their schedules as per their preferences and convenience. Financial independence is crucial for everyone – whether it is a working individual or not. It is the responsibility of insurance agents to provide knowledge about various plans to their customers. Apart from that, the job of an insurance agent is good for people who have retired, or want to earn money working part-time. Insurance agents are generally very respected as they help individuals and their families become financially independent. They play a significant role in taking care of one’s money matters and leading them in the right direction for gaining maximum returns through their insurance policies