Aspiring to take up an advisor's role in insurance sector? Searching for advice online? Check out this page for answers to your query.
I want to clarify regarding advisor job in insurance sector. If I join as an advisor in insurance sector, what is my role and salary for this job?. Is there any training for this role? Because,I have no knowledge about insurance advisor.
Insurance Advisor An Insurance Advisor provides guidance and advice for investment in various insurance schemes. He plays a direct link between insurance company and the seeker in insurance policy. He should possess IRDA( Insurance Regulatory and Development Authority) Certification. The duties of Insurance Advisor are as follows
An insurance advisor should guide the customer to choose the right policy Fill in the insurance form details and submit it to the concerned persons Able to understand the requirements of the customers Provide suitable policy to suit the customers need Be equipped with in-depth knowledge of all the products that the insurance company provides Should possess accurate information of the products that he sells Have ground knowledge of products from other insurance companies to answer to questions posed by the client Should update the information of new policies and bonus declared by the company Have thorough knowledge of claim insurance policies, the formalities involved for claiming the assured amount to the client Help families to attain financial securities by proper investment ways
Training Process Training would be provided through various programmes and continuous support would be given for learning process by the facilitators'.
Benefits Insurance Advisor would get opportunities to travel to different places. Depending on the performances and sales, he would be awarded with gifts, facilities and commission earnings.
There is no fixed salary for Insurance advisors. But you can earn good amount, if you have good contacts and you can speak to people and present the various policies offered by the insurance company. If you are really interested in this you can go and meet the branch managers of LIc, Kotak or TATA insurance offices in your town. They will welcome you. 5 day training will be given by the company free of cost. They will provide you the material for the exam. They spare a computer in their office for practice in their office. They will apply on your behalf to IRDA. Once you are through you can start working. As you go on getting business you will be given a small amount as a fixed salary. But commission percentage and incentives will be good.
Almost every adviser, be it financial or insurance, they require the conversion of advice into client through some means. For example, if you are LIC insurance agent, you'd need client to get a policy. This way you can easily convert the person into customer. So any investment he or she does into that company, you get some percent as commission. That's how the job of insurance agents and the advisers are doing. So those type of jobs are not on monthly payroll. You have to find out if the people are interested in what you are offering, because initial clients take time to form. And that's not something you'd be able to do. So unless the job being offered in bank or the insurance company itself, it's not going to be payroll worthy. Paroll based jobs in companies usually start from 30K onwards. Depends on company and their reach and goals. Most of them have the targets to reach each month.
An insurance advisor is one who provides a need based insurance solution and insurance investment to the client by comprehending the actual situation of the client and what product or products will suit and benefit him most. It is much more than simply pushing an insurance product. An insurance advisor has to kno the financial background of the client, and may have to rearrange his priorities and make amends suitably if he has any existing insurance and what best serves him well. Insurance advisor helps the client in understanding the nuances of the various products their features and the differences therein. Insurance advisor should help the clients in making them feel financially secure by selling the most suitable insurance product to them according to their current situation and future needs also. By more exposure and experience, an able and sincere insurance advisor can acquire specialisation and even can elevate himself as financial advisor to his clients. IRDA exam has to be taken and passed. Concerned insurance companies also provide training highlighting their products and their comparative benefits and stand. Company provides its infrastructural support also. Independent consultant advisors earn from the fees paid by the client, and those engaged by companies get compensation from the companies as commissions ,incentives and other benefits also depending on his contribution to the growth..The terms vary and you may be able to negotiate depending on your achievements
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