The Insurance Industry is not a simple industry to break into or succeed in. But working in the insurance industry can help you advance professionally.
Interested in building a career as a Life Insurance Agent?
If you wish to make your career as a life insurance agent, you must know its daily responsibilities and profile.
This blog gives you an idea of what working as a life insurance agent is like.
What is Life Insurance Agent Occupation?
The life insurance agent is the individual who meets or attaint people to sell life insurance policy or plan. A responsible person for serving advice, coordinating between client and the insurance company, and majorly selling life policies.
If you wish to make your career as a life insurance agent, you must know its daily responsibilities and profile.
- Communicate and explain the policy differences, particularly so clients can make informed decisions about their insurance plan purchase.
- Building relationships with potential clients through networking and referrals.
- Assess the needs of the clients and propose plans that will meet the criteria.
- Always responds to customer/ client’s queries and complaints.
- Agent create positive working relationships with customer/clients
- They have to work with clients to process insurance claims punctually.
- To inquire about client’s insurance situations and future needs they have to approach clients via cold calling and direct.
- Hand over the policy proceeds after a claim is filed and approved.
- Manage electronic and paper records.
To become a Best Life Insurance Salesman you must have a bachelor’s degree.
National-level certification or licensure is needed to work as an insurance agent.
Some soft skills, abilities, and personality traits.
Disadvantages of Insurance
Tricky terms and conditions that you may not get compensation for all the losses. It is essential
to read through the conditions before purchasing the plan.
Claiming the insurance money could take a long time due to its lengthy legal procedures carried
out by the insurance company. Sometimes because Insurance Companies need to assess the
damage and determine an accurate accounting of loss
It can be expensive for some businesses, especially in certain industries where workers’
compensation injuries are typical for the example construction industry.
The least educational capability to join the Insurance sector is 10 + 2 or the same. You need to
get a license to work in this area for which you need to show up in an examination led by the
Insurance Institute of India. The individuals who wish to fill in as a statistician need to qualify in
the selection test directed by the Actuarial Society of India.
Entrance Exams to get into the Insurance sector
IRDA – Insurance Regulatory and Development Authority test – Taken by Insurance Institute of India.
LIC AAO – LIC Assistant Administrative Officer Exam – Lead by Life Insurance Corporation of India
LIC DO – Assistant Development Officers Exam – Conducted by Life Insurance Corporation of India
GIC – General Insurance Corporation Examination – Taken by General Insurance Corporation of India
UIIC Assistant – United India Insurance Co. Ltd Assistant Examination – Taken by United India Insurance
Co. Ltd
NIACL Assistant – NIACL Assistant Exam – Conducted by New India Assurance Co. Ltd
NICL AO – National Insurance Company Ltd Administrative Officer Exam – Conducted by National
Insurance Company Ltd
OICL AO – OICL Administrative Officer Exam – Conducted by Oriental Insurance Company Limited
If you wish to become Life Insurance Sale Agent, look at the accompanying skills you need to prevail in the industry.
IT Skills
- Agent must be comfortable working with computers and making mathematics calculations.
- Familiar with MS Office tools such as Excel, Word, PowerPoint, & Outlook.
- Â Should have an understanding of different software, including customer relationship management programs, to manage customers’ files and underwriting software to review insurance applications.
Non-IT Skills
- Customer Service skills
No matter in which job profile you will work, you’ll be negotiating with clients or on their behalf. These skills also help you interact with your colleagues and creating more business relations. - Mathematical Skills
Some insurance job profiles are more numerically requesting than others. You need to work with statistics and computer modeling, while claims controllers simply should be OK with numbers. - Organizational Skills
You must keep organized, accurate records as you’re likely to be dealing with a big number of customers/ clients. Insurance is the sector wherein you every day, every time deal with data of various customers. - Problem Solving Skill
As a broker, you may need to discover insurance for a customer with uncommon insurance needs. As a statistician, you could be confronted with computing a new and unpredictable risk. - Attention to Details
With any occupation involving payments and calculations, attention to detail is vital for individuals to work in. The capacity to get on little mistakes can save you from a disaster caused by a lost decimal point. - Analytical Skills
Analyzing data is a significant piece of Insurance, regardless of whether you’re looking at the dangers a customer faces or examining distinctive insurance alternatives to track down the best policy for your client. - Communication Skills
You must have strong communication to convey key information in a simple and jargon-free way. Always make sure your answers are clear and well-formed.
Most Life Insurance Sale Agents work in offices, although few may spend time traveling to meet with clients. Sometimes meet with clients within business hours and then spend evenings doing paperwork and preparing presentations for clients/ customers. Their work time is always fluctuating. Bust many agents work full time and some work more than hours per week.
An average salary for a life insurance agent ranges between INR 10000 to INR 30000. The salary scale differs as per the company, location, experience, and skills. Many agents receive incentives apart from the salary for the lead generation.
