How to Become an Insurance Agent?

In human life, ups and downs are inevitable. At times when diseases haunt a human life miserably and all sources getting good treatment seems impossible, insurance becomes a life saviour then. Calamities too inevitably attack mankind with disastrous consequences, proper insurance comes to the rescue. Thus a career in Banking & Insurance is considered an excellent choice by many. This blog will take you through the process of becoming an insurance agent. 

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Skills of an Insurance Agent

• Customer Service: Excellent client service is critical to your success as an insurance agent. This largely entails listening to and comprehending a customer’s needs before offering items or policies. Excellent customer service agents are attentive, honest, responsive, and professional. Making the customer feel at ease so that they can trust you with their money will help you get more clients.
• Financial Planning: While an insurance agent’s job focuses on basic financial planning, having extensive expertise in this area allows them to better understand the needs of their customers. This expertise fosters loyal client connections, boosts revenue, and supports agents in recommending more appropriate products. Knowing about varied tax obligations, stock options, and investment opportunities will help you analyse different options for customers when you engage with consumers of all ages. This ensures that customers can choose the most appropriate insurance plan.
• Problem-solving: As an insurance agent, you are frequently looking for creative solutions to your customers’ financial problems. This happens when consumers have unusual policy requirements and seek individualised solutions. You assess the customer’s financial risk and recommend insurance products to mitigate it using your skill set. When a consumer encounters difficulties with a claim owing to a lack of coverage, you can utilise your problem-solving abilities to identify concerns and provide solutions.
• Numeracy: Mathematical computations and numerical ability are required for this vocation. This position includes calculating policy premiums and determining proper insurance coverage. Errors in premium or insurance coverage generate customer unhappiness, which may lead them to use the insurance services of other agents who are more adept at calculating. This skill set may also be required to make changes or revisions to the customer’s insurance plan.
• Computer Skills: Employers want applicants who are familiar with a variety of software. The ability to swiftly understand the company’s proprietary software can set you apart from other candidates. To execute your daily tasks, you must be proficient in spreadsheets, word processing, email, and insurance quote software. Computer proficiency aids in the personalization and automation of emails, the identification of crucial customer information, and the tracking of sales performance.

Who is an Insurance Agent?

By the word Insurance Agent, we can decipher that its the job of providing insurance of various kinds to customers. They do all types of required documentation and meticulously help policyholders with the proper tenure of the policy. There are various types of insurance agents who work on diverse portfolios since this landscape is demanding. Companies like Life Insurance Corporations or an Insurance companies are offering a lucrative job profile.

Also Read: LIC AAO Syllabus

Ways of Becoming an Insurance Agent

Glance through the various way that can land your career as an Insurance Agent:

Complete your Study

Before working as an Insurance Agent, you must complete the education required to become one. There are various educational career options you can choose to enter this field but if you have additional knowledge of Finance and Business.

Know a speciality

The most important part which can help you become an Insurance agent is to know a speciality you want to pursue. There are various types your sectors involved in this field such as health insurance, car, disability, personal lines of insurance coverage etc. As per your expertise and area of interest, you should choose your specialization wisely.

Complete pre-licensure process

This may vary from country to country but it is important to get through with your pre-licensing process in order to become an authentic insurance agent. Talking about the Indian context, you need to register online through IRDAI (Insurance Regulatory and Development Authority in India) portal. It is a mandatory process.

Examination

Once you are through your pre-licensure process, it is important to clear your examination. It is important for a candidate to clear the IC33 examination for Life Insurance and IC34 for General Insurance Life. This step would take you closer to becoming an Insurance Agent.  

Get Proper Training

Once your examination is completed, you need to take 50 hours of training from IRDA and 75 hours of training to fetch a composite licence. If you are getting training from this premier institute, there are higher chances of getting into lucrative companies like Max. 

Start Applying

Once you are through will all the pivotal processes, you have a considerable chance under your belt of applying to various prestigious companies. You can start applying for various portfolios on a handsome package. 

Top Courses 

If you are passionate about working as an Insurance agent, you should keep in mind that a lot of prestigious universities are offering fully-fledged courses in it. Glance through the level of courses in a below-mentioned table; 

Bachelor Level 

Bachelor of Applied Science in Collision Repair and Insurance	Bachelor of Science in Finance – Insurance	Bachelor of Business Administration in Risk Management and Insurance
Bachelor of Business Administration in Risk Management and Insurance	Bachelor of Science in Business – Risk Management and Insurance (Corporate)	Bachelor of Business Administration in Risk, Insurance and Financial Services

Master Degree

Master of Business Administration in Risk Management and Insurance

Graduate Certificate in Insurance and Risk Management

Master of Science in Finance and Risk Management – Risk Management and Insurance

Top Universities 

Given below are some top universities that can help candidates in making a career in the field of Insurance. These courses will also give you expertise in ways to become an excellent Insurance Agent:

• St John’s University
• Temple University
• University Of Minnesota
• Florida State University
• University of Georgia
• Eastern Kentucky University
• Butler University
• Indiana State University
• Ball State University

FAQs

Certainly, the field of Insurance is growing exponentially. It certainly offers promising occupation opportunities. Apprehensive about choosing Insurance Agent as a profession? Let the experts at Leverage Edu take your professional career into new heights. Book your free 30 minutes of counselling with the team now!