The insurance sector has immense scope for career growth in India and other parts of the world. The financial rewards are high for successful agents. But how can one excel in this competitive field with numerous products, insurers and agents? Who can become an agent?
Only a minimum educational qualification is enough to work as an insurance agent. This job can be started with a high-school diploma. However, some institutions demand higher educational qualifications. Knowledge of the three areas of finance, business and economics is essential. Therefore, it is better to have additional knowledge or qualification in any of these subjects or the three.
In addition to the ability to sell insurance policies one should also have an interest in working long hours. Since policies can be canvassed when people, who work in different sectors, take a rest on weekends after their work, you will have to work without looking for holidays.
Know your product
The person who decides to become an insurance agent must know exactly which product he is going to sell. Life and health insurance policies can be marketed together or separately. Retirement plans are a good option for those who sell life insurance policies. In some countries, it is mandatory to pass the examination of the National Association of Security Dealers.
There are also opportunities to become an agent selling mutual funds, stocks, and bonds. If you are confused about what product to promotey, it is advisable to talk to agents who are currently working in this field.
Since a licence has been made mandatory for insurance agents in some countries, the insurance commissioner's office at each location should be contacted and clarified. But there is no doubt that one has to pass the prescribed exam to get a licence. It is also usual for agencies to investigate the background of those who want to become agents before issuing licences. It should also be examined and clarified whether firms will allow you to become agents of multiple insurance policies.
There are many firms working in the insurance field. You should also decide whether you want to be an employee of these establishments or you want a job that is done in direct contact with the insurance firm. Initially, only basic salary will be paid. Commission can be gained in proportion to the business you do. Such agents usually get a cabin in the office to function from.
The office facility can be further improved as you get more work exposure and experience. Some firms also organise training classes for new recruits in a batch. Since a large commission won’t be available to you initially, you should be prepared to work without pay in the early months.