Working as an insurance advisor or agent can be a rewarding journey. From a flexible work schedule and no investment requirement to the opportunity of being your own boss, working as an insurance agent has multiple benefits. However, many people fail to capitalise on these growth opportunities due to a lack of information regarding the career requirements.
To set yourself on the right path, it’s therefore crucial to understand the key steps that will help you start your career as an agent. This article will provide details regarding these steps and assist your professional growth. Read ahead to know more!
How Can You Become an Insurance Agent in India?
If you are above the age of 18 years, have a valid Aadhaar/PAN number, and have passed class 10th examinations, you can become an agent. However, you will have to follow the below-mentioned steps for a smooth journey:
Obtain the Necessary Licensing
The first and most fundamental step in becoming an insurance agent is to get licensed with the insurance regulator. To obtain the license, you must register with the insurer of your choice. Then, you will be required to complete the 15-hour training mandated by IRDAI, after which you will receive a certification. This will make you eligible for a state-level pre-licensing exam. Licensing requirements vary from one state to another, so you must research and understand the specific regulations in your jurisdiction.
You can find the relevant study materials on IRDAI’s website for the basics of insurance policies, ethics, and legal regulations. Once the exam is cleared, you can start working as an agent upon signing a contract with the insurer. Ensuring that you are properly licensed is not only a legal requirement but also a foundation for building trust with potential clients.
Choose Your Niche and Specialise
The insurance industry is vast, encompassing various sectors such as life insurance, health insurance, auto insurance, and more. To stand out from competitors, consider choosing a niche according to your interests and expertise. Specialising allows you to develop in-depth knowledge, build a targeted client base, and become a go-to expert in your chosen field.
For instance, if you have a background in finance, specialising in life insurance and retirement planning might be a suitable choice. On the other hand, if you have a keen interest in healthcare, focusing on health insurance could be your niche. By tailoring your expertise, you can better address the unique needs of your clients and differentiate yourself from other insurance agents. For example, if you wish to sell insurance to an organisation or an association, specialising in group medical insurance might be the way to go.
Build a Strong Educational Foundation
Stay informed about insurance industry trends and regulatory changes to offer your clients the most accurate and relevant information. Consider pursuing additional certifications, courses and professional development opportunities to enhance your skills and credibility.
Networking with other insurance professionals and participating in industry events can provide valuable insights about emerging trends. Joining relevant professional organisations can also connect you with mentors and peers who can guide you in your career.
Develop Effective Communication and Sales Skills
Building rapport with customers and effectively explaining complex insurance policies are essential aspects of the job. Invest time improving your verbal and written communication skills to convey information clearly and persuasively.
Furthermore, mastering the art of sales is crucial for growing your client base. Regularly refine your sales techniques through practice, feedback, and continuous improvement.
Cultivate a Strong Work Ethic and Resilience
Success in the insurance industry requires a strong work ethic and resilience. Building a client base, especially in the early stages of your career, may involve facing rejection and overcoming challenges. Cultivate resilience by viewing setbacks as learning opportunities and staying committed to your long-term goals.
A strong work ethic involves dedicating time and effort to prospecting, networking, and skill improvement. Consistency is key, and maintaining a positive attitude, even in the face of challenges, will contribute to your success as an insurance agent.
Wrapping Up
Remember that success in insurance often comes from a combination of knowledge, skills, networking, and a genuine commitment to serving your clients’ needs. As you advance in your career, stay adaptable to meet the ever-changing demands of the insurance industry.
In addition to the above steps, choosing the right insurer to work with is equally important. Niva Bupa is one such reputable health insurer that offers competitive commissions, bonuses, and other non-cash rewards to its insurance agents. Niva Bupa also provides dedicated support to its agents and advanced training programmes for career advancement. Visit Niva Bupa’s website to learn more and start your journey as an insurance advisor!
