How to become an insurance agent, how one goes about it, the benefits, how easy it is to become one, and the necessary skills, qualifications, or qualities one must have.
While becoming an insurance agent might not be the first thought in many people’s minds, it is a highly rewarding and safe career option many should consider.
Keep reading this blog to learn all you need to know before becoming an insurance agent to have a successful career.
Who is an insurance agent?
An insurance agent is someone who represents either a single insurer or several insurers to negotiate and sell policies to potential customers. They have in-depth knowledge of the policies they are dealing with and advise potential customers about policies that best suit their needs.
This is why we are also referred to as insurance advisors, i.e., Life insurance agents are called life advisors, and health insurance agents are called health advisors.
How to become an insurance agent online?
There are two things to keep in mind when looking to become an agent, the first one is the eligibility requirements, and the second is the steps to follow.
Eligibility Criteria
Becoming an insurance agent online is very simple, as there are few eligibility requirements. These requirements are to be at least 18 years old and have completed at least 10th standard/12th standard based on where you live. You must have a valid Aadhar card and a PAN card. You must also complete a mandatory 100-hour training and pass the IRDA exam.
Steps to follow
As someone who has been an exclusive agent for Niva Bupa for several years, the steps to become insurance agent online are now simpler than ever.
- You can visit the https://www.nivabupa.com/become-an-agent-portal.html website to fill out a POSP form.
- You need to submit the relevant and requested documents.
- Niva Bupa will help you out with your mandatory training.
- After the training, you just need to pass a simple test by getting at least 17 answers right out of 50.
- After this, all that is left is to sign a contract with Niva Bupa to become an insurance agent.
What are the benefits of becoming an agent?
The requirements to become an insurance agent are very lax, enabling people to become financially independent and start earning very early in life. This, in particular, helped me complete my college education and pay for my father’s surgery.
Based on whether you are an exclusive agent for a single insurer or an independent agent for several of them, you will receive a salary, commission based on sales, and even a bonus for meeting or exceeding targets.
Beyond this, as there is no cap on how much commission one can earn, you could make a lot if you are great at sales or marketing tactics. There are also other benefits, such as:
- Safety net
- A secondary source of income
- Zero investment to start
- Upskilling
- Flexibility in working hours
Some things to keep in mind when looking to become an agent
There are several things to remember when looking to become an insurance agent. These things range from certain pre-requisite skills and things one must do before and after becoming an agent.
- Communication skills
Developing people skills and understanding how to approach people and their pain points is essential.
- Analytical skills
Understanding the issues your customer is facing and finding the best plan for them requires you to have an analytical mind and realising their current position.
- Good math skills
As an insurance advisor, you might have to deal with a lot of numbers, and having good math skills is helpful in the process.
- Networking
Networking with industry peers and veterans helps you upskill yourself and improve at your job. This is also helpful in getting the right advice and also get leads.
Wrapping Up
These are all of the things one needs to consider before becoming an insurance agent and how to become one. These skills and qualities can help jumpstart your career and help you excel at what you do.