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Insurance provides financial coverage for your potential losses or damages. With 1,300+ road accidents and 400+ fatalities every day, motor insurance in India is a must, not merely for legal compliance but also to safeguard the public interest, encourage safe driving practices and bring monetary protection for vehicle owners. Thanks to our growing population, rising disposable incomes, a shift towards personal transportation, increased demand and digital advancements, the motor insurance market size is witnessing an upward trajectory. It signals valuable opportunities for any individual with aspirations to become a motor or car insurance agent.
Let's thoroughly define motor insurance and its relevance, understand who motor insurance agents are, what they do, the advantages they enjoy, explore their earning potential, and explain how to become a car insurance agent.
● Motor insurance is a must in India for legal compliance.
● It provides financial cover and ensures stress-free driving experiences.
● Motor insurance agents are trained professionals who sell motor policies.
● They are motor insurance subject matter masters who know which policy suits the customer.
● As a registered auto insurance agent, you get to learn and acquire new selling skills.
● You earn commissions, incentives, and bonuses.
● You can become a motor insurance agent by following a simplified, predefined process.
Motor insurance, often referred to as car or auto insurance, covers you and your vehicle against financial losses arising from accidents, thefts or natural disasters. It also addresses injuries to third parties and damages to their motor vehicles or properties. It should be noted that, as per the Motor Vehicles Act of 1988, third-party liability insurance is mandatory by law for all motor vehicles operating in public spaces in India.
Compulsory, it only takes care of your financial liabilities arising from injuries, damages and losses to third-party individuals or their properties.
It is an optional coverage that provides added protection for your insured vehicle against accidents, vandalism, theft, fire, and other natural disasters.
The all-inclusive offering combines third-party insurance and own-damage cover features plus benefits. It also introduces optional enhancements via add-ons.
Motor insurance is a statutory requirement in the country and acts as a safety net for you and your vehicle. It takes care of your financial liabilities resulting from humanmade and natural occurrences. It also manages your motor vehicle's repair and replacement costs and provides coverage for injuries and damages caused to third parties and their property.
Auto insurance covers costs resulting from legal repercussions. It brings multiple add-ons as protective umbrellas and contributes to support for the family. Altogether, car insurance saves money, reduces your monetary burdens and ensures complete peace of mind.
Motor insurance agents and point-of-sale persons (POSPs) are adequately trained, certified and IRDAI-licensed individuals. As representatives of insurance companies, they act as a link connecting auto insurance providers to potential customers, presenting expert advice, promoting available motor insurance products, including car, two-wheeler and commercial vehicle insurance, and closing policy sales.
Vehicle Insurance Agent: The Role & Responsibilities
Motor insurance POSPs are the faces of insurance service providers, both government and private. They are frontline representatives or intermediaries between insurance companies in charge of auto insurance products and the public who need to buy these policies.
Vehicle insurance agents rely on their official training and in-depth knowledge of the motor insurance domain to probe and identify prospects' specific auto insurance needs. They simplify a variety of motor insurance options, focus on critical aspects and analyze both the pros and cons of the policies. Consequentially, these Auto insurance agents help individuals from all walks of life make informed buying decisions while also assisting them with claim filing and timely renewals.
Aspirants to auto or car insurance agent positions can begin without sophisticated academic qualifications, advanced degrees, years of experience, initial investments or infrastructure. Motor insurance agents benefit from expert-led training programs, prescribed accreditations and backend support. They work from anywhere in a nearly paperless environment supported by digital tools, websites, apps, laptops and tablets. They also get to customize their schedules, learn about regulations and discover new market trends or products.
Auto insurance agents follow incentive-based models, earn regular commissions, renewal/referral incomes and national/international insurance excellence awards. They take pride in their financial independence and end their workdays with a sense of personal fulfilment, job satisfaction and security, all while nurturing lifelong priceless relationships.
When it comes to your earnings as a motor insurance agent, there is no upper limit. Your earning capabilities may substantially depend on the number of clients you serve, the policies and plans you sell, the renewals you complete and the bonus structure of the insurance company you are aligned with. Motor insurance agents in India may sell all three kinds of policies, ranging from third-party and own-damage covers to comprehensive insurance, and earn up to 20% of the total premium as commission.
You may become a general insurance agent or POSP advisor, and that permits you to sell motor or auto insurance policies. You can begin the process as long as you are at least 18 years old, hold a 10th-pass certificate, and have your Aadhaar, PAN and functional bank account details.
The initial steps involve reviewing the legal framework of the general and motor insurance industries, as well as studying all applicable rules and regulations. You may then partner with trusted insurance providers, share your KYC documents, go through up to 25 hours of pre-licensing training, clear the IRDAI-prescribed vehicle insurance agent exam, and get started selling motor insurance.
Become a duly certified business partner and POSP motor insurance agent with QuickInsure, India's one-stop insurance comparison destination for smart decision-making and the globally admired insurance selling platform.
Access motor insurance products from multiple insurance services providers, benefit from AI-led innovative technologies plus app-driven integrated operations, get seamless support from dedicated relationship managers, secure timely commissions, multiply your earnings and invest in systematic career growth.
Note: The above information is purely indicative in nature and subject to change without any prior notice from the government authorities. One must refer to the IRDAI portal to learn the most up-to-date developments before taking action.
