Insurance Agent Types and Salaries, Roles, Skills, Salary 2023

How to Become an Insurance Agent?

• The easiest way to grow an insurance agent is by completing your POSP document.
• A POSP ( Point of Trades Person) is the name given to an insurance agent who can retail-specific insurance products.
• To run a POSP, you only need to have the minutest educational qualifications needed by the IRDA.
• The only necessity for running an insurance agent is that the expectant must be over 18 spaces of age and should have completed Class 10.
• This means that anybody who has an aptitude for dealing with insurance courses can come to a POSP Agent. This includes board pupils, stay-at-home consorts, retirees, and businessmen/ women.

Major points a candidate should consider to become an insurance agent are:

• Candidate must be over 18 years of age.
• Candidate should have completed education up to at least Class 10 from any stream.
• The candidate needs to have a valid Aadhaar Card and PAN Card. 
• The candidate must either be asked to complete the forced 15-hour training specified by IRDA and also appear for the IRDA exam. 
• This means that anybody who has an aptitude for dealing with insurance courses can come to a POSP Agent. This includes board pupils, stay-at-home consorts, retirees, and businessmen/ women. 

What Does an Insurance Agent Do?

The job description of an insurance agent includes:

• Data Collection Conditioning - An insurance agent must result in leads. Hence, he needs to indulge in data collection for better connecting with punters and prospects.
• Data, in this case, means any information on punters and prospects that's an essential source for connecting with them, reaching them, and relaxed serving them as their agent. Some of the data can be collected using internal records, but for the maturity of the process, the relaxed option is transportation along with internal claim representatives, observing how they work, and taking notes.
• Call and Follow-up - As an agent, if you want to make a privy connection and get right in front of a prospect or patron, you must use the tried and tested system of making a call. A phone call that allows the discourse to be a godown in real-time and much fresh naturally is a lifeline of an insurance agent.
• While having a pioneer discussion with a possible patron is a provocative room, but if it doesn't end with the patron initiating a usage, agents need to shoulder the follow-up exercise. Though a follow-up phone call can be touchier than the cold call, notwithstanding, it's normally that same call that initiates the transaction. Hence, a vital part of turning an insurance agent has a necessary follow-up strategy that has an unequivocal design for a particular patron.
• Set a Meeting Target - Agents need to set a target for how legion prospects or customers they will be visiting in a week or months. Hence they must review their deal designs first thing in the morning every day, either con their meeting plan for the week. At the end of each day, agents need to review how the day went and set a meeting target for the coming day.
• Know What You Are Dealing - Having product knowledge is an essential deal skill for any insurance agent. Understanding the product features allows agents to present product benefits verbatim and persuasively. It's because- accounts respond to enthusiastic agents who are passionate about their products and eager to partake in the benefits with them. Either, accounts are more likely to trust insurance agents who show confidence in themselves and what they're dealing with. Hence, agents must have a keen sense of their account’s dollars-and-cents position, and knowledge of the legal and assessment pleas of the insurance product they deal with.
• Know Whom You're Dealing with - Just like having the product knowledge is essential, it's vital to know who the account is and what his/ her ambitions and conditions are. It's because a particular insurance plan that suits account A may not be the right plan for the account. So, it's of utmost importance to know your punter and whether he/ she requires insurance for levy saving needs or child’s education or wealth creation and likewise suggests to him/ her the insurance product.
• Attend Post Transaction Queries - An agent’s job doesn't just revolve around dealing with a policy. The post-sale peregrination is as remarkable as making the trade. It involves multiple touchpoints and can begin right from the onboarding process, to extravagant payment mementos, connecting at different stages to meet the changing must-haves and ultimately, at the time of claim compact. With products being connate across insurance companies, the critical differentiator is the client experience. Either, a client-centric insurance agent is what helps companies deliver on their pledge.
• Do Your Profit & Loss Statements - Keeping track of income and disbursements through P&L statements is another job of an agent. The income for an agent refers to the commissions made on every policy dealt, and the disbursements are related to those incurred while making calls, advertisements, and visits to customers.