Insurance Agent in India: An Overview
Do you want to advance your performance as an insurance agent? Great idea!
Whether you are a fresher in the insurance industry or have worked for a long time as an insurance agent or POSP advisor, adding up to your skills always benefits you to perform better. The work of an insurance agent is very profitable but challenging at the same time.
According to the guidelines set by the Insurance Regulatory and Development Authority of India (IRDAI), every insurance agent or POSP advisor has to be certified to sell life insurance or general insurance policies in India. Believe us, having insurance knowledge and certification are only a narrow part of the insurance world. You need more than this to ensure hassle-free working as an insurance agent. We have highlighted qualities you need to develop that make you a good insurance agent.
Let’s look into them in detail.
Qualities That Make a Good Insurance Agent
Like every other job, being a good and successful insurance agent takes certain qualities. Continue reading to learn about them.
Energetic and A Strong Personality
An insurance agent has to be quite active to make a difference. People like to interact with individuals who are proactive and take initiative. They will be more interested in knowing what you have to sell when they see that you are eager to tell them more about it whenever they want to hear about it. Another important thing is that you need to be persistent and take your failure gracefully. Deal with your customer with all patience and ease. It is important to understand that you will often be rejected but cannot give up.
Excellent Communication Skills
Insurance can be complicated for people out there. As an insurance agent, you are the source of knowledge to your customer and make them understand how your product is going to be a perfect fit for them. So you definitely need to maintain clear communication before, during, and after selling life insurance policies or general insurance.
Make them understand how the policy works and several levels, like management of claims, navigating premium costs, process updates, and policy renewal. So communicating all these details effectively is crucial to being a good insurance agent.
Be a Good Listener
To be a good agent, you need to be a good listener. It is not just about making good sales but also listening to the various concerns of your customers. They will accept your product as a solution when they notice that you are concerned and listening to them with all your interest. They will be eager to do business with you. You can take notes of their problems, analyse them and seek solutions better.
Networking
Networking is not everyone’s drive, and you need to know that before starting your career as a life insurance agent. A strong network is important to succeed as an insurance agent. So be comfortable asking your friends, colleagues, and family for referrals. You can also connect with other insurance agents that will give you a chance to discuss your day-to-day challenges and make it easy to solve them.
Client First Approach
To be a good insurance agent, you need to put the needs of your client first. If your only aim is to earn as much commission as possible, then you must stay in the insurance business for a short time. You need to be a reliable agent and be honest with your clients when discussing your policies. You need to make all the possible efforts to ensure you are giving them the best. In most cases, it is seen that if the customer is satisfied with a policy taken from an insurance agent or insurance company, then they stick to that agent or company, which ensures more transactions. To achieve the same, you have to keep your customer at the centre of your business goal.
Marketing and Selling Skills
A good insurance agent can explain their business to their clients and convince them why they should schedule an appointment with you in 30 seconds. With an entrepreneurial mindset, they market their products and services and make an urgency of buying insurance so that customers listen to and buy their policies. They also look for references from their clients to expand their product reach.
After Sales Relationship
If you think your job as an insurance agent ends with the sale of the policy, you are probably following the wrong path. The job continues even after the policy sale for a good insurance agent. A proficient insurance agent is willing to give after-sales services as well. Your customers will take queries; you should be ready to answer them without getting annoyed. Most buyers of insurance policies claim that there is no one to answer their questions once the purchase is complete. A good insurance agent takes care of such concerns and is available at the right time with possible solutions. Being available will also ensure that you are building good prospects.
Product Knowledge
While working as an insurance agent, you will represent the life insurance company or general insurance company you are working with. The product knowledge is transferred to you during training, but what product suits your client's financial or life situation, you will have to make a wise decision at the moment. Comprehensive product knowledge helps you make a reasonable decision to meet your client’s needs. This also helps in answering your customers' questions.
Working as a POSP advisor, you will have different life insurance, term insurance, group, motor, or other product options to offer from different insurance companies. So having adequate product knowledge and selection capability is important to profit your customer and company at the same time.
Technical Knowledge
A good insurance agent is equipped with soft and hard skills as well. Besides knowing how to sell policies, they must understand the tax and legal aspects and fit into the client's overall financial situation. This can also open a path for you to expand your footprint as a financial advisor.
In The End
The job of an insurance agent isn’t that hard, yet it needs substantial research and know-how in the field. The insurance agent career opportunity can be very challenging but emotionally rewarding for those willing to learn the necessary skills to expand their career. Your determination, goals, skills, and never giving up are the qualities that make you a good insurance agent. Develop the qualities mentioned and embark on the journey of becoming a good insurance agent.
If you are a fresher looking for opportunities in the insurance industry, you can become a POSP advisor with RenewBuy, and start selling different insurance policies from multiple insurance companies. Wait no more; start now!