HOW TO BECOME INSURANCE AGENT IN INDIA

We all are attached to that one person who plays the role of an agent and guides us and suggests suitable insurance for our family and Individuals. Authorized Insurance agents are trained with IRDAI rules and regulations. They work with multiple insurance companies; with market-required insurance policies like Motor vehicle insurance, Health insurance, Travel insurance, and personal accident insurance with all insurance companies; you can ask for Plans, Policies, required age limits, premiums budget, duration, and coverages, etc.

 

 

According to IRDAI norms, individual agents are permitted to sell policies from three insurers: one life insurance company, one non-life insurer, and one standalone health insurer. Data from IRDAI indicates that the total number of general and health insurance agents increased by 6%, rising from 652,000 in FY 2020-21 to 688,000 in FY 2021-22.

 

Who is the Insurance Agent?

An Insurance Provider is a representative of Insurance Companies or Insurance Providers. Insurance Agent/ POS is the best walking insurance guide for us whether you want to compare any health insurance plans to buy with other plans, an insurance agent will always educate you promptly for every policy.

 

Types of Insurance Agents/Consultants

1. Internal Insurance Sales Agent

A full-time employee of an insurance company who provides consultation and advisory services exclusively on that company's policies.

2. Captive Insurance Agent

An agent who sells only one type of product from an insurance company.

3. Independent Broker/Point of Sales

An IRDA-approved agent who can offer a range of policies from multiple insurance companies. Each point-of-sales person (POSP) has a license code from the IRDAI, allowing them to work with various companies and sell multiple insurance policies simultaneously.

 

Benefits of Being an Insurance Agent in India

• Flexible Working Hours

Insurance agents often have the freedom to set their schedules, allowing for a better work-life balance.

• High Earning Potential Through Commissions

Agents can earn significant commissions based on the policies they sell, with no upper limit on earnings.

• Opportunity to Guide People Secure Their Financial Future

Agents play an advisor role for clients for their insurance needs, contributing to their financial security and peace of mind.

• Professional Development and Industry Knowledge

Agents gain deep insights into the insurance industry and can continually enhance their skills through training and certifications.

• Independence in Work

Many insurance agents work independently, giving them autonomy and the ability to build their business networks.

 

What are the Current Opportunities and Revenue of an Insurance Agent:

• The Market of an Increasing Agent is Growing day by day

The growth in Insurance Agents is increasing due to the sales volume of products, services, and economic activities in the market.  People are seeking over time opportunities which leads to more demand in the Insurance Agents.

• Risk Sensitivity Creates a Steady Demand for Insurance Agents

An insurance agent is a person who is in constant need by everyone. Insurance agents guide us in achieving financial safety, helping us recover from unwanted financial circumstances; accidents, robbery, and critical illness are increasing day by day and unknowingly Insurance agents play an important role in reminding us to ensure and keep the safety net against fire, theft, accidents, illness, and more. Every economic product and activity owner should be bound by relevant insurance for our safety to avoid unforeseen risks in the future.

• Earnings Through Commissions on Policy Sales and Renewals

Insurance Agents are free to earn commissions from both the initial sale and subsequent renewals of vehicle insurance policies.

• Additional Revenue from Selling Add-On Services

Offering extra services like roadside assistance or comprehensive coverage leads to an increase in an agent's revenue.

• Potential for Substantial Income Based on Sales Volume and Value

High sales volume and selling higher-value policies can significantly enhance any agent's income.

 

Eligibility Criteria to Become an Insurance Consultant

To become an insurance agent, you need to meet these basic requirements:

1. Education: You must have completed at least the tenth grade.
2. Age: You must be at least 18 years old.
3. IRDAI Certification: You need to be certified by the Insurance Regulatory and Development Authority of India (IRDAI).
4. State License: You must pass a state-level exam to get a state-specific insurance license.

 

Procedure to Become an Insurance Agent/Advisor in India

• Step 1: Registration

Find that specific Insurance company’s website you want to apply for, navigate the insurance agents registration section, and fill in your basic details.

• Step 2: Training

Complete the required IRDAI training, which takes about 15 hours and can be done online or offline in two to three days. After the training is completed, you will get a certificate.

• Step 3: Exam for License

Take a pre-licensing exam, which has multiple-choice questions. To get selected and become an insurance agent you need to score at least 17 out of 50 marks to pass.

• Step 4: Receiving your Insurance Agent IRDAI Certified License

Once you pass the exam, the IRDAI will issue you a license to work as a certified insurance agent.

 

Services Provided by an Insurance Agent

• Helping clients choose and purchase insurance policies that suit their needs.
• Assisting clients in renewing their insurance policies.
• Helping clients file claims and navigate the claims process.
• Evaluating clients' risks and suggesting appropriate insurance coverage.
• Providing ongoing support and answering clients' questions about their policies.

Types of Insurance Provided by Agents

• Life Insurance

Life Insurance policies provide financial backing to the nominated beneficiaries after the policyholder's death.

• Health Insurance

Health Insurance that provides you coverage for medical expenses, including hospitalization, treatments, and medications.

• Vehicle Insurance

Policies that cover damages and liabilities related to vehicles, including cars and motorcycles.

• Home Insurance

Coverage for damages to homes and personal property due to events like fire, theft, or natural disasters.

• Travel Insurance

Protection against travel-related risks, such as trip cancellations, medical emergencies, and lost luggage.

• Corporate Insurance Agent

A Corporate Insurance Agent helps businesses get the right insurance coverage. They understand the specific risks companies face and offer policies like property, liability, and employee benefits. Their responsibilities include finding the best insurance plans, helping with claims, and ensuring the business stays protected.

Corporate insurance agents are highly in demand as property and company sectors are vastly increasing. To secure it, a knowledgeable corporate insurance agent can help protect your business with the right insurance solutions.

 

Roles and Responsibilities of an Insurance Agent

• Finding and attracting new clients through various means such as networking, referrals, and marketing.
• Assessing clients' insurance needs and financial situations to recommend suitable policies.
• Clearly explaining the features, benefits, terms, and conditions of insurance policies to clients.
• Tailoring insurance solutions to meet the specific needs and preferences of clients.
• Keeping accurate records of clients' insurance policies and personal information.
• Ensuring all activities comply with industry regulations and company policies.
• Building and maintaining strong relationships with clients to ensure long-term satisfaction and loyalty.
• Staying updated on industry trends, new products, and regulatory changes through ongoing training and education.

 

How to Become an Insurance Agent at Quickinsure

It is easy to become an insurance agent of any insurance company. Visit our Quickinsure-pos page, where all information is covered step by step. You can enroll at Quickinsure! With the details. Moreover follow these simple steps:

1. Download the App

Download the Quickinsure app from the App Store or Google Play Store.

2. Register for the Exam

Use the app to register yourself for the insurance agent exam.

3. Complete the Training

Participate in the mandatory training program. This training will prepare you for the exam and provide you with the necessary knowledge.

4. Clear the Test

Take the exam after completing the training. Make sure you pass the test to move forward.

5. Sign the Agreement

Upon passing the exam, Quickinsure and you (the business partner) will sign an agreement.

6. Receive Certification

After signing the agreement, you will be given a certificate of association, officially recognizing you as a Point of Sales (POS) person (Business Partner) with Quickinsure.

7. IRDA and IIB Notification

Quickinsure will notify the Insurance Regulatory and Development Authority (IRDA) and the Insurance Information Bureau (IIB) about your association with Quickinsure.

By following these steps, you will be ready to start your journey as an insurance agent with Quickinsure.

 

Over to you,

Becoming an insurance agent with Quickinsure is a straightforward process that opens up numerous opportunities for professional growth and financial success.

Ready to start your journey? Download the Quickinsure app today and take the first step towards becoming a certified insurance agent!

 

FAQs

Q1. Can I Become an Insurance Agent Without Graduation?

Ans: Yes, you can become an insurance agent in India without graduation. The minimum educational requirement is completing at least the tenth grade.

Q2. Is There an Age Limit to Become an Insurance Agent?

Ans: Yes, to become an insurance agent, you must be at least 18 years old. There is no upper age limit for becoming an insurance agent.

Q3. Do I Need to Pass 12th Grade to Become an Insurance Agent?

Ans: No, you do not need to pass 12th grade to become an insurance agent. Completing at least the tenth grade fulfills the educational requirement.

Q4. Can I Become an Insurance Agent if I Am Over 50?

Ans: Yes, there is no upper age limit for becoming an insurance agent. As long as you meet the educational and certification requirements, you can become an insurance agent at any age.

Q5. May I Become an Insurance Agent Without IRDAI Certification?

Ans: No, IRDAI certification is mandatory to become an insurance agent in India. You must complete the required training and pass the IRDAI exam to obtain certification.

Q6. Can I Work as an Insurance Agent Part-Time?

Ans: Yes, many insurance agents work part-time, offering flexibility in scheduling. You can choose to work as a part-time insurance agent while pursuing other professional or personal commitments.

Q7. May I Sell Policies from Multiple Insurance Companies as an Agent?

Ans: Yes, as an independent broker or Point of Sales (POS) agent with an IRDAI license, you can offer policies from multiple insurance companies to your clients.

Q8. Is there any restriction on the number of policies I can sell?

Ans: There is no specific restriction on the number of policies you can sell as an insurance agent. Your sales volume depends on your efforts and the demand in the market.

Q9. Can I Become an Insurance Agent if I Have a Criminal Record?

Ans: Insurance companies may conduct background checks as part of the application process. Having a criminal record may affect your eligibility to become an insurance agent, depending on the severity and nature of the offense.

Last updated: 17-10-2024