Wed. Apr 10th, 2024
Insurance Agent
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Insurance is a highly gratifying job; not only does it help millions of people get the right care and protection they need to live their lives without worries and but it also offers unmatched flexibility and benefits. Moreover, becoming an insurance agent requires no investment. These tangible and intangible benefits make becoming an agent a highly sought-after career option.

What is an Insurance Agent?

An insurance agent  is a representative of an insurance provider and is responsible for bringing in new business for them. They sell insurance products from the insurers they are affiliated with to prospective customers by recommending the right policy based on their needs.

Their primary role involves explaining the policy details, such as the policy term, coverages, special conditions, claims process, etc., to the customers, helping them make well-thought-of decisions. Other than this, they also offer post-sales customer support and financial advice to the customer when asked.

There are two types of agents based on the insurance providers they are affiliated with.

  1. Exclusive Agents– An exclusive agent is usually a full-time or part-time employee for a single insurance provider and is responsible for selling insurance only from them.
  2. Independent Agent– An independent agent is not bound to any particular insurer and is free to sell policies from any number of affiliated insurers.

Top Five Advantages of Pursuing a Career as an Insurance Agent

1.  Stable Income

Becoming an exclusive agent typically offers a monthly income, facilitating a stable lifestyle for full-time agents.

2.  Uncapped Commissions

There is no upper cap on how much commission someone can earn. This allows for a performance-based incentive, enabling agents who sell more plans to earn more.

3.  Flexibility

The ability to work anytime and from anywhere is the best benefit of working as an agent. This allows for unmatched flexibility while also being able to support your needs.

4.  Non-cash perks and benefits

There are also non-cash perks and benefits like international tours, gift vouchers, products, etc.

5.  Training and Seminars

Both the insurance provider and you benefit from upskilling, and the better you are at your job, the more successful you will be.

How to Become an Insurance Agent?

Becoming an agent in insurance is relatively easy; it requires you to spend no money from your side while also easing the requirements, making it a more accessible process for the masses. You can follow these steps to start your journey to becoming an agent.

  1. Identify an insurance company you would like to work for.
  2. Visit the insurance company’s website, fill out the insurance agent registration form on the ‘Become an Agent’ page, and submit it.
  3. After this, you should be able to complete your mandatory practical training with the insurance provider and start preparing for the compulsory examination.
  4. After clearing the examination and getting the license, you can start working with the organisation as an agent.

I am currently working as a health insurance advisor for Niva Bupa and can recommend them to anyone looking to start their career as an insurance agent health.

Eligibility Criteria

To be able to qualify as an insurance agent, there is a set of eligibility criteria that one must fit in. These are:

  • Individuals must be at least 18 years old.
  • Depending on where they are from, they must complete their secondary or senior secondary education.
  • They must possess an Aadhaar Card and a PAN Card.
  • They must also complete mandatory training for a set period.
  • They must also attempt and pass an examination.

Conclusion

Flexible work timings, the ability to work from anywhere, stable income, potential for uncapped income, and the ability to change the lives of hundreds of people by offering them the right insurance for their needs are some of the benefits of becoming an agent. Weigh the pros and cons of becoming an agent and steer your career in the right direction today.

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