The insurance industry has seen an incredible boom in recent years following the Covid-19 pandemic, with more people joining in as both full-time and part-time as a secondary source of income. Amid this boom, there has been an increase in the number of people who are curious about this field and wish to enter it.
There are many questions, from what an agent in insurance does to how to become one. This is why, if you are looking for online insurance agent registration, you have come to the right place. This article will explore what an insurance agent is, what they do, the requirements to become an agent, and the steps to become an agent online.
What is an Insurance Agent?
An agent in insurance is licensed by the IRDAI to sell insurance products to customers. Agents do so by representing the insurance provider they are affiliated with, showcasing their products, and acting as representatives to potential customers.
There are typically two types of agents:
- Exclusive agents who are affiliated with only one insurer and only offer insurance products from them.
- Independent agents are free to sell policies from any number of insurance providers they are affiliated with.
What Does an Agent do?
The primary responsibility of an agent is to generate new business by selling policies to prospective customers for the insurance provider. This is done by understanding their pain points, providing detailed explanations about the products, such as policy terms, premium prices, coverages, and claims process, and recommending the best policy. Other than this, they must also offer financial advice and provide customer support if asked.
For this, they need in-depth knowledge about the product, communication skills, analytical abilities, and networking skills. This should help them make the best of this role and succeed as agents.
How to be an Insurance Agent?
Becoming an agent in insurance in India is quite easy. Not only are the requirements lax, but they also require no investment from the applicant, thus allowing anyone to become an agent. The following are the minimum requirements set up by IRDAI, the regulatory authority for insurance in India.
Eligibility Criteria
- The applicant must be at least 18 years old.
- Depending on where they are from, they must complete their secondary or senior secondary education.
- They must also complete mandatory training for a set period.
- They must also attempt and pass a simple examination.
Step-By-Step Guide to Becoming an Agent
- The first step in this process is deciding which insurance company you would like to work for and the specialisation. For example, Life or Health Insurance. As a health insurance agent, I am biased towards health insurance and will mention the steps for the same. While these steps are similar for most specialisations, there might be certain additions or exclusions.
- As someone working for Niva Bupa, a leading health insurance provider, I recommend them to people seeking to specialise in health insurance.
- Visit Niva Bupa’s website, fill out a form on the ‘Become an Agent’ page, and submit it.
- After this, you should be able to complete your mandatory practical training with the insurance provider and start preparing for the compulsory examination.
- Clear the examination and get the license from IRDAI to start your journey as an agent in insurance.
Conclusion
Becoming an agent in India is quite rewarding. It is straightforward to become one and offers unmatched flexibility regarding working hours and location. It requires no investment to get started while providing stable income, sales commissions, bonuses, and much more. Anyone looking to become an insurance agent in 2023 can look forward to a booming career if they fulfill their responsibilities properly.
