How To Become An Insurance Advisor In India

An insurance advisor is one who represents insurance providers to offer advice to clients about the various policies they can choose from. Not only does an insurance advisor suggest policies suited to clients’ needs, but they also solve any queries customers might have about the policies as well as educating them regarding the ins and outs of every policy. As per the Insurance and Regulatory Authority of India, there are three types of insurance advisors.

Types of Insurance Consultants

1. Internal insurance sales agent: This insurance consultant is a full-time employee of an insurance company. She works for a specific company only and therefore offers consultation and advisory services on the company’s policies only.

2. Captive insurance agent: A captive insurance agent refers to one who works to sell just one of the products of an insurance company.

3. Independent broker/Point of Sales: A point-of-sales person is an insurance agent that is IRDAI approved who has the benefit of offering a bouquet of policies from a variety of insurance companies to their customer. A license code affiliated with the IRDAI is given to every PSOP so they have the freedom to work with multiple companies and sell multiple insurance policies to clients at one time.

How to Become An Insurance Advisor

Those interested in becoming insurance agents should firstly register online via the IRDAI’s portal. One also has the option to reach out directly to insurance companies so they can register online through their websites. If looking for a wide range of products and companies, one can easily approach an insurance aggregator. By visiting the insurer’s website, one will get access to a form where they will have to enter a few details to apply after which the company will get back to them.

The IRDAI’s website currently offers online training for PSOP and insurance advisory agents. The course material is available in a variety of languages like Hindi, English, Marathi, Gujarati, Bengali, Tamil, Malayalam, Punjabi, and Telugu. The website will also have a slew of useful links to the insurance institute of India portal, corporate agents, FAQs about being an insurance consultant, and more.

For most people, becoming an insurance agent or a PSOP can be both a stress-free and lucrative job. This kind of work allows one to operate from home without being tied to a 9–5 desk job. For those who are retired and mothers who stay at home, as well as those looking to supplement their income, working as an insurance consultant can be very beneficial.

Eligibility Criteria to become an Insurance Consultant

Some basic eligibility criteria need to be fulfilled by the client so that they can become an insurance agent.

Education: The applicant needs to be past the tenth standard.
Age: The applicant should be over the age of 18 years.
IRDAI Certification: The applicant should be certified by the Insurance Regulatory and Development Authority of India (IRDAI).
State License: Each Indian state has a license for the insurance business. One simply needs to qualify for the state-level exam in order to get a license as per the state’s regulation policies.

Procedure to Become an Insurance Consultant

The following procedure needs to be mapped out if one wishes to become an insurance consultant.

Registration: First, log on to the insurer’s website. Seek out the insurance agent application, and submit your basic details as required.
Training: Next, you will be required to complete the basic training that has been mandated by the IRDAI, which can be online or offline. This training typically takes 15 hours and can easily be completed within two to three days. After completion, the applicant will be provided with a certificate.
Exam for License: Once the training is complete, the applicant must sit through a pre-licensing exam in order to qualify for this training. The format of this exam is one that is objective. One is required to score a minimum of 17 out of 50 marks in order to qualify as an insurance agent.
Receiving the License: Once the exam is passed, the candidate is now qualified to work as an insurance consultant. The IRDAI will award the candidate with the license to practice as a certified insurance agent.

The Bottom Line: Tips on Being a Good Insurance Advisor

As market conditions constantly fluctuate, it is always good to upskill oneself. Being an insurance salesperson, either as a part-time or full-time job, is a great skill to acquire in today’s world. Not only is the process of training to be an agent easy, but the job also doesn’t tie you to a work desk for 8 hours every day. To become a great insurance consultant, ensure you seek out common ground when communicating with your client. After breaking the ice, build your pitch by creating interest in what you are saying.

Simply knowing about policies is often not enough. Good insurance agents are aware of the current political and social climate, updated with the latest news stories and good with data. Each of these can strengthen one’s pitch, as well as the ability to find a good client-product fit. Finally, a good insurance agent is equipped with the marketing tools of the times. From sending clients e-brochures to forwarding website links as needed, the insurance agent should be a well-spring of information and sources so the client can learn as much about an insurance policy as possible.