Do you know that even during the pandemic, the Indian Life Insurance sector is growing at a CAGR of around 5.3%? And India ranks 10th and 14th in the world in popularity and business of life and non-life insurance, respectively.
The data given above suggest that the insurance market is booming, and this is a great time to become an insurance agent. If you want to become an insurance agent, and are wondering about the career opportunities that you can have in India in this field, then there are certain aspects that you need to know about an insurance agent’s career and opportunities.
Who is an Insurance Agent?
An Insurance agent is an individual who helps their clients to choose among different insurance products. The agent provides advice on selecting the best insurance plan as per the client’s requirements and other attributes like income, financial stability, age, occupation, and others.
The primary role of insurance agents in the insurance industry is to acquire clients with their networking and advisory skills. Then retaining those clients and helping them to not only choose a plan but continue it till maturity and, most importantly, helping those clients claim the insurance sum assured when they need it or at maturity of the plan.
These are the basic things that an insurance agent does. However, with the growing insurance market and other aspects, there are a lot more opportunities opening up for insurance agents.
Career Path of an Insurance Agent
Usually, if you become an insurance agent after your graduation or 10+2, then in the initial years, you have to acquire clients and sell them the insurance products your company offers. After gaining experience and with promotion, usually, insurance agents become team leaders or managers who manage a team of insurance agents.
Suppose, when you already have a few years of experience in the field, junior insurance agents, the newbies will join under you, and you will supervise and train them, help them crack the deals, and help them manage the clients they get. However, you can work as a freelance insurance agent, as well.
If you become a freelance insurance agent and work individually, then you can grow your network and continue earning commissions. You can even build a small team that will work under you to help you get clients, and you pay them a part of the commission you earn from the company you have entered into a contract with.
An insurance agent can climb up the corporate ladder with years of experience and hard work. You can also get the opportunity of becoming the head of the marketing and sales team of the organisation.
As you grow, the insurance agent commission also increases, and even with your fixed remuneration, you can earn incentives/commission for each client you acquire.
Skills required to become an insurance agent
- Firstly, you need to have great communication and networking skills.
- You have to be a quick learner, and an observant person who can analyse people’s behaviour as pitching to clients requires analysis of what the person in front of you needs the most or is willing to buy.
- You also need to be aware of the market scenario. General awareness is necessary to pitch to HNI especially.
- You should have and also learn the art of convincing people.
- Good negotiation skills.
- You should have a basic understanding of insurance products and the market.
Commission and Earning Opportunities
The insurance agent commission rates in India vary from one company to another. It also depends on the qualifications you have and the years of experience and knowledge you are bringing to the table.
Most of the reputed insurance companies in the country offer not only good commissions to their agents but also have fixed salaries and incentives as well. When you become a manager or the head of sales, you can still earn commission and incentives.
While becoming an insurance agent may seem easy to many, the job profile of an insurance agent is quite challenging and enticing at the same time. If you are a good communicator and have excellent convincing power, the Indian insurance industry is waiting for you.
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