Insurance Agents keep a track of income and expenses through P&L statements. There has been an increase of 9% Invest Bankers in the previous few years in India. They are responsible for identifying sales opportunities for insurance plans and overseeing a portfolio of clients.
There are various Certificate Courses, Undergraduate courses and Postgraduate courses such BCom Banking and Insurance, MBA Risk and Insurance Management, etc from any of the Top Insurance Management Colleges across the country. The minimum eligibility criteria for becoming an Insurance Agent is that students must clear Class 12th board exams to apply for UG courses in Insurance. Students who wish to pursue PG courses must have passed their UG Degree with the relevant specializations. Admissions to these courses are done both on the basis of merit as well as on the basis of Entrance Exams such as DU JAT, SET etc. Read More: BBA in Insurance
After completing the insurance service course, students are appointed as insurance agents, customer service representatives, underwriters by top recruiters like banks, insurance companies such as LIC, ICICI etc. The Course Fees range between INR 10,000- INR 8 L, but it depends upon the courses as well as Institutes. When the insurance agent sets in for his job he can expect an average salary of INR 2 LPA – 6 LPA. Read More: Types and Salaries of Insurance Agents
How to Become Insurance Agent: Quick Facts
The Insurance Agent’s career is the dream of many graduates. Some quick facts to look at before discussing further about it in-depth.
| Industry | Insurance Sector |
| Eligibility | 10+2 |
| Average Starting Salary | INR 1.5-6 LPA |
| Job Opportunity | Birla Sun-Life, Tata AIG Life, Life Insurance Corporation of India (LIC), General Insurance Corporation (GIC), Postal Life Insurance, ICICI Prudential, Om Kotak Mahindra, Reliance, |
3.1 How to Become Insurance Agent After Class 12th
4.1 Certificate in Insurance Services
4.2 BBA Insurance
4.4 MBA Insurance
5.1 USA
5.2 UK
5.3 Canada
5.4 Australia
- Benefits of Career as a Insurance Agent
- Skills Required for Insurance Agent
- Salary of Insurance Agent
8.2 Specialization Wise Salary
8.4 Experience Wise
Steps to Follow to Become an Insurance Agent
To become an Insurance Agent, you have to make a strategy. Below we have shared some steps which will give you an idea about what points to consider while preparing yourself for this career.
- Decision Making: Before starting your career in the domain of insurance, you must make sure that you are well prepared. This will be a one time decision for you as there will not be any second chance after that. Candidates must have a firm belief in their ambition and take the upcoming steps wisely to become an Insurance Agent. They shall decide well in time if they wish to take up their career in the field of Insurance.
- Subject Choices: The first and the foremost step is to choose the correct subject in your 10+2. Although there is no specific subject combination for this career, it will be beneficial for you if you are from a Commerce background. Candidates can be from any stream at Intermediate. For Postgraduate programmes like MBA, there is also a requirement of a specific Undergraduate degree concentration.
- Entrance Exam Preparation: As there will be no entrance exams conducted for Admission in Certificate Course in Insurance Agent. But if you want to pursue a professional degree course in Insurance Services like BBA you have to prepare for Entrance exams to get Admission. After qualifying the examination, every aspirant would be given a particular college through counseling where they can start their graduation course.
- Selecting Correct Colleges: If you are aiming to get admission in top colleges then you will have to score very good marks in intermediate and Entrance. If your marks are low then you end up getting only a private college, which accepts your marks. Experts and professionals say it is always better to take admission in government colleges as they have the best facilities.
- After Qualifying Exam: Appearing for Entrance and taking admission in the best college is just the beginning of your journey. This journey is a 3 to 5 years long journey that has to be completed with consistency and patience. The UG and PG Insurance Services course consists of several theoretical classes along with practical experience that brings out the potential of the students and helps them to become Insurance Agents.
Types of Insurance Agents
A career as an Insurance Agent can be challenging but offers a lot to visit. Professional certification post bachelor’s degree can help your career to boost start directly as an Insurance Agent. Some of the major types among the Insurance Agents are listed below.
- Internal Insurance Sales Agent: Internal Insurance Sales Agent alludes to somebody who is a full-time on-board representative of an insurance agency. They work for the particular organization and sell their policies only. They also Work with management to build and grow a sales-oriented culture and interact with external and internal customers in a professional, helpful and courteous manner. The average salary for an Internal Insurance Sales Agent ranges from INR 4 LPA to INR 5.5 LPA which may gradually increase as per the experience and skills. After gaining experience, they can expect an average salary of INR 8 to INR 10 LPA. They can expect a better amount if they pursue their practice abroad.
- Independent Broker: An independent broker is an IRDA approved insurance agent who can offer a bundle of policies from various insurance agencies to the client. They have a licence code affiliated from IRDA to work with various insurance agencies and offer numerous insurance policies to the customers simultaneously. They work on behalf of clients to buy and sell securities, while also buying and selling within their own accounts. Independent Brokers get an average of INR 3 LPA to INR 5 LPA at the starting of their career. They can also make money off commissions from selling insurance to individuals or businesses. Most of the commissions are between 2% and 8% of premiums, depending on state and national regulations.
- Underwriters: An underwriter is an individual who chooses which individuals and things an insurance agency ought to protect and which ones they ought not. An underwriter also decides how much the organization should charge for Insurance. They play a critical role in many industries in the financial world, including the mortgage industry, insurance industry, equity markets, and some common types of debt security trading. At the start of their career, an Underwriter with less than 1 year experience can expect to earn an average total compensation including tips, bonus, and overtime pay of INR 3 lPAs. An experienced Underwriter with 1-5 years of experience earns an average total compensation of INR 5 LPA with gaining skills and knowledge.
- Adjuster: An adjuster is an individual who helps individuals after their property has been damaged. They research how the property was damaged and decide if the damage will be paid for by the insurance agency. They are responsible for investigating accidents to determine liability by having phone conversations with customers, obtaining police reports, and negotiating damage settlements. An early career Insurance Claims Adjuster with 1-3 years of experience earns an average total compensation (includes tips, bonus, and overtime pay) of INR 3.5 LPA. An experienced Insurance Claims Adjuster with 10-19 years of experience earns an average total compensation of INR 10 LPA.
How to Become Insurance Agent in India
Becoming an Insurance Agent in India is a challenging job. Candidates who wish to pursue this career, must train their mind to face some issues and start preparing after qualifying for secondary class (10th). Thereafter they need to choose the right subjects, prepare for Graduation, followed by a Diploma course in Insurance Services.
School Level Preparation: To become an Insurance Agent, one must have any subject at a senior secondary level. After qualifying 10th, while pursuing your senior secondary classes (10+2), start preparing for insurance services to get some experience in the insurance sector.
How to become a Insurance Agent After Class 12th
Students right after clearing class 10th can pursue subjects preferably in any field with any subject that would help them get the correct ideas right from the ground level. However, students from any discipline can pursue insurance services courses.
- Undergraduate Preparation: After qualifying 10+2, you need to have at least 60-65% to get admitted into a good college and complete a 3 years graduation degree. It is recommended that post your graduation, you should enroll yourselves for an insurance services certification like Certificate in Insurance Agent, Certificate in Insurance Services. If you are seeking to opt for a full time Bachelors course, then BBA Insurance will be a perfect choice.
- Postgraduate Preparation: After completion of the Under graduation course and before opting for a job or higher studies, it would be beneficial if you gain a professional insurance certification along with training to secure yourself for a better salary package. Candidates mostly opt for MBA Insurance course as this 2 year PG course trains the students to work in an organisation. This course covers the concepts and rules of banking and insurance and involves advanced learning of liability and corporate risk.
Courses to become an Insurance Agent
After your 10+2 you can pursue different types of courses from Certificate level to PG level to become an insurance agent.
Certificate in Insurance Services
Certificate in Insurance Services furnishes the students with information in regards to the insurance sector. They are prepared in securing self-confidence, social, active, accommodating and convincing skills.
See more: Certificate in Insurance Services Colleges in India
Certificate in Insurance Services: Admission Process
- There is no entrance test conducted for Admission in this Course.
- Since it is a Certificate Course candidates are purely selected on the basis of their merit score.
- Candidates need to apply online to the institutes offering Certificate in Insurance Services.
- A merit list will be released by all the institutes offering Certificate in Insurance Services and so students can follow for their admissions.
BBA Insurance
BBA Insurance is a 3-year UG course which helps a student to enhance their skills and knowledge for better career growth in the particular specialization. This course Studies the fundamentals and concepts used and practiced in the Insurance Sectors.
BBA Insurance: Admission Process
- Admission to BBA Insurance can be done on the basis of merit marks as well as entrance exams.
- Some colleges offering BBA Insurance conduct their own entrance test.
- In addition to Intermediate marks, candidates need to perform well in the entrance exam.
- Selected candidates will get a call for a personal interview or group discussion.
BCom Insurance Management
BCom Insurance Management is a 3-year UG course that studies the fundamentals and basics of the Insurance Industry. Students study subjects like Accounts, Business, Economics and many others.
BCom Insurance Management: Admission Process
- Admission to BCom Insurance Management is mostly done on the basis of merit.
- However few colleges may conduct their own exam to intake students in the BCom Insurance Management Course.
- Candidates seeking admission in BCom Insurance Management need to register themselves online and complete all the admission formalities.
- After the release of the merit list, they are required to submit the tuition fees.
MBA Insurance
MBA Insurance Management is a 2 year PG course that involves advanced learning of Insurance, Liability and Corporate Risk. This course prepares students for solving conflicts, the ability for establishing and maintaining interpersonal relationships, etc.
MBA Insurance: Admission Process
- MBA Insurance admission is done through an entrance exam taken by various colleges and universities.
- However few colleges may also take admission on the basis of marks scored at the previous higher qualification.
- Candidates need to register themselves to the college offering MBA insurance and wait for the merit list.
MBA Insurance: Entrance Exams
| Entrance Exam | Registration Deadlines | Exam date |
|---|---|---|
| CAT | August 3 – September 14, 2023 | November 26, 2023 |
| MAT |
IBT: February 11, 12, 18, 19 & 21, 2023 PBT: February 14, 2023 CBT 1: February 21, 2023 CBT 2: February 27, 2023 |
IBT: February 9, 10, 16, 17 & 23, 2023 PBT: February 19, 2023 CBT 1: February 26, 2023 CBT 2: March 4, 2023 |
How to become an Insurance Agent abroad
Pursuing an insurance services Course abroad to become an Insurance Agent is one of the most sought after professions. Most of the students opt for MBA courses in the related field to become an Insurance Agent abroad.
USA
To become an insurance agent in the USA is one of the great decisions by you. There are many courses offered in the USA which you can pursue to become an insurance agent.
Top Colleges
| University Name | Program Fees (INR) |
|---|---|
| Harvard Business School | 56 L |
| University of Pennsylvania-Wharton (Upenn) | 87.56 L |
| Stanford Graduate School of Business | 57.2 L |
| MIT-Sloan | 47.91 L |
| Columbia Business School | 57.79 L |
| University of Chicago-Booth | 43 L |
| Northwestern University-Kellogg | 49.09 L |
| UC Berkeley | 62.92 L |
UK
The UK offers MBA programs to students with facilities like best faculty, curriculum, placement percentage, growth in the industry, and others. It allows students to tailor their own programs and choose subjects of their own choice.
Top Colleges
| Universities | Program Fees (INR) |
|---|---|
| London Business School | 96.6 L |
| Cambridge Judge Business School | 63.7 L |
| Said Business School | 69.3 L |
| Warwick Business School | 45.8 L |
| Alliance Manchester Business School | 48.6 L |
| Cass Business School | 44.5 L |
| Imperial College Business School | 57.2 L |
Canada
Pursuing Insurance Courses in Canada opens a world of lucrative career options. The average fee for Indian Students may range from INR 12 Lakhs to INR 20 Lakhs. However, they can seek fully funded scholarships that will help them in the long run.
Top Colleges
| University Name | Tuition Fee (INR) |
|---|---|
| University of Toronto | 39.1 L |
| University of Alberta | 18.2 L |
| Concordia University | 21 L |
| HEC Montreal | 28.2 L |
| Dalhousie University | 10.5 L |
| McMaster University | 27.5 L |
| Brock University | 18.8 L |
Australia
Pursuing MBA course courses in Australia is one of the sought profession decisions you make. MBA colleges in Australia are accredited by a few of the globally reputed agencies, namely EQUIS, AACSB, and AMBA.
Top Colleges
| College Name | Tution Fees (INR) |
|---|---|
| University of Melbourne | 26.1 L |
| University of New South Wales | 44.4 L |
| Monash University | 23.3 L |
| Macquarie University | 21.1 L |
| University of Western Australia | 38.8 L |
| University of Queensland | 45.2 L |
| Australian National University | 25.3 L |
Benefits of Career as a Insurance Agent
After seeing such growth and globalization of the insurance agencies over the years, hiring an Insurance Agent added value to the organization. The following are some of the benefits of a career as an Insurance Agent.
- Salary: Being an Insurance Agent is not just a challenging career, but also has its perks like satisfying salary, work flexibility, learning opportunity, people-orientation, and the most important learning Communication skills.
- Job Security: Growth in Insurance Sectors is in high demand and there will be a lot of requirements in various sectors. So selecting this career is safe and will be the best career option in this era.
- Positive Impact: The Positive impact of the career of having an Insurance Agent in the industry will not only help in various sectors of the working hierarchy but will also help the organization prosper within.
- Higher Studies: The career of an Insurance Agent is ever-evolving, you have to be updated with the market trends, Certificate is the first step in this field. You can go for a professional level of courses along with gaining experience in the same Specialization.
- Unique Experience: Insurance Agent as a career is very challenging. Earning unique experience by identifying, assessing, managing risks, and gaining a vivid set of knowledge will help you to grow in your career and to make you ready for the next step in the Insurance Sector.
Skills Required to become an Insurance Agent
Some of the key skills that are essential to become an Insurance Agent are tabulated below for your reference,
| Excellent communication and interpersonal skills | Discipline |
| Reliability | Ability to Sell, Desire to make money |
| Sincerity, Empathy | People Skills |
Salary of an Insurance Agent
The starting salary of an Insurance Agent in India varies from INR 1,50,000 to INR 5,00,000. The salary value may depend on the sectors and how much experience an individual has.
Average Annual Salary
| Name of Organisation | Starting Average Annual Salary |
|---|---|
| Government | INR 1 L – 4 L |
| Private | INR 1 L – 3 L |
Specializations Wise
| Specialization | Starting Average Annual Salary |
|---|---|
| Internal insurance sales agent | INR 1.5 L – 4 L |
| Independent broker | INR 2 L – 4 L |
| Customer Service Representative | INR 1 L – 3 L |
| Claim Representative | INR 1 L- 3 L |
| Underwriters | INR 1 L- 2 L |
| Adjuster | INR 1 L – 3 L |
| Actuary | INR 2 L – 4 L |
Experience Wise
| Experience | Average Annual Salary |
|---|---|
| Fresher | INR 2 L – 4 L |
| Experienced | INR 2 L – 4 L |
Read More: Top Recruiters for Insurance Agents
What After Insurance Services
After completing the Insurance Service course, the students will go for internships in various insurance agencies. But, there are many other career pathways that they can pursue as well.
- Higher Education: Certificate in Insurance Services which is just the basic level Course. Then students can go for further studies by pursuing Graduation as well as post graduation in Insurance Services.
- Start Practicing: If you think that after getting a certificate degree in Insurance Services is enough and you do not want to study more then you can simply continue your practice. Doing a graduation and post graduation means that you can specialise in the field of your choice, but even without a specialising you can work as an Insurance Agent.
How to become an Insurance Agent: FAQs
Ques. What subject is best for an Insurance Agent?
Ans. To work as an Insurance Agent, the minimum eligibility criteria is 10+2 passed in any stream with a good English Skills.
Eligibility: Intermediate pass is the minimum educational qualification required. Insurance agencies usually prefer senior secondary or Graduate degree holders only.
Ques. What is the total fee for the course Insurance Agent Courses ?
Ans. The average fee for Insurance Agent/ Cabin Crew Courses varies between INR 10,000 to INR 4,00,000 per year depending on the courses.
Ques. Is there any Entrance exam conducted for admission in the Certificate in Insurance Services course?
Ans. No, there is no entrance test conducted at State or National level for admissions in this program. Besides, some colleges may conduct an entrance test for admission.
Ques. Name some top companies which I can choose to pursue?
Ans. Some of the government insurance companies are General Insurance Corporation (GIC) ,Life Insurance Corporation of India (LIC) and Postal Life Insurance. SBI Life Insurance, Birla Sun-Life, Tata AIG Life, Max New York Life, ICICI Prudential, Om Kotak Mahindra, Reliance, HDFC Standard Life-Insurance Co., ING Vysya Life etc. are the top companies in the private sector.
Ques. Do I have to do any other course along with this certification program?
Ans. No, after completion of this course you will be able to start pursuing as an Insurance Agent. There is no need to do any other courses in particular. With the 12th degree and the certification you can find lots of opportunities in the Insurance sector. Instead you can continue higher studies in Graduation or Post Graduate level.
Ques. Is it hard to become an insurance agent?
Ans. Compared with most Finance careers, turning into a life insurance agent is simple. No educational requirements exist past a higher secondary school certification probably. A few states expect you to take an authorizing course and pass the test, yet honestly, these are pretty much as simple as a 5th grade spelling test.
Ques. Is selling insurance a good career?
Ans. Because of the low barriers of entry, insurance sales is a decent career decision for individuals who are progressing into another profession following a significant life change. It just requires half a month or months to study for the state authorizing test, finish the test, and start selling insurance.
Ques. What is an insurance agent's salary in India?
Ans. The average salary of an insurance agent varies between INR 1,50,000 to INR 4,00,000 per year. This is the average starting salary, but it may vary depending on the types of jobs and with Experience.
Ques. Why do insurance agents earn so much?
Ans. Because the amount of money insurance agents earn consists largely of commissions and bonuses, the number of sales an insurance agent makes is the biggest factor that contributes to the disparity between the highest and lowest paid of insurance agents.
Ques. What makes a great insurance agent?
Ans. Great insurance agents put their customers' necessities first and have strong information on the distinctive protection approaches and inclusion accessible. The best agents are dependable and move customer certainty through viable correspondence. They ought to likewise be very much educated on the Insurance market and their competitions.
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