How to become a successful Insurance Advisor

Want to make a career in insurance? Have good communication skills in convincing people? Then choose Insurance advisor as your career. This article provides you with details on varied aspects related to Insurance and the requirements to become an insurance advisor.

Introduction to Insurance

Life is very important for all of us. We care for our family members, our properties and our lives. But the course of our lives are not always smooth, there are unexpected events happenings in our lives that brings us sadness, grief, despair, makes our lives miserable due to business loss, debts, accidental death damage to property, death of dear ones due to natural calamities such as earth quakes, floods lightning etc that are beyond our controls. To feel safe and secured a person makes a provision or a security against such misfortunes and risks to provide him a sense of security. This security is called Insurance. Two parties are involved in the insurance contract. The party that undertakes to compensate or takes the risk is called insurer and the party who's risk is compensated is called insured. Premium is the amount that the insured pays to the insurer for undertaking the risks.

Insurance Advisor

Insurance Advisor is a professional who provides advice and guidelines to a customer for investments in various insurance schemes or products.

Eligibility Criteria for the Insurance Advisor

The candidates should have completed 10th standard from a recognized state board. They should have completed 18 years of age. Regular seminars are conducted in the insurance company offices for recruiting advisors. Candidates who are able to invest their time and are self motivated are eligible for the post. There is no investment, the aspiring candidates have to fill in the 'To become the Advisor' form and submit it in the office. House wives, self employed individuals, retired personnel's are suitable for the post. The aspiring individuals should have an ambition and zeal for earning money by hard work.

Requirements for becoming an Insurance Advisor

  • Be prepared to travel to different places to interact with customers and to promote insurance products among the public

  • Develop excellent communication and interpersonal skills for effective interactions with the customers

  • Have physical stamina to travel to different localities to address the customer's issues of insurance

  • Have excellent judging and analytical skills to convince the customers about insurance and its necessity

  • Have good writing and numerical skills for filling the form accurately and for calculations

  • Candidates should be self motivated and hard working for a successful career

  • Roles and Responsibilities of an Insurance Advisor

  • And insurance advisor guides the client in choosing the correct policies for their benefits with right investment plans
  • He should link directly between the insurance seeker and the insurance company, for matter dealing with the insurance policies
  • He should have complete knowledge of company rules and regulations, insurance policies and customers care services
  • He should know the insurance products offered by other insurance companies and the details of premium payments of the insurance policy holders

  • He should be objective of service, by filling in the insurance forms of the clients and submitting to the insurance company
  • should have an in depth knowledge about the terms and conditions of policies, lapsed policies, matured policies, claim formalities, the benefits and gains of the insured policies.

  • He should understand the needs of the client, help him to save his income and provide proper financial planning for his security to suit his requirements

    Training program for an Insurance Advisor

    Insurance companies trains the individuals for making their career as insurance advisor. The candidate has to attend the training period and obtain certificate of IRDA( Insurance Regulating and Department Authority)to be an Insurance advisor. Through various programs, insurance knowledge would be imparted to candidates to equip themselves with procedures of insurance. The program helps them to understand wide range of products, right selling pitches and communication of products and tools. Training provides continuous support and helps them with skills for the insurance business to mastering the trade to become efficient insurance advisors.

    Benefits of Becoming an Insurance Advisor

    Insurance advisors work on commission basis and are awarded with various benefits and gifts. Some insurance companies provide fixed salaries with incentives they would get opportunities of travelling to different places for offering insurance policies to customers. The company provides attractive commissions for every policy sold. They get royalty benefits yearly. They are rewards with lucrative gifts such as cars, vacations, home appliances etc. They can also apt for regular time jobs in the areas of sales, operations and training sectors.

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    Author: K Mohan24 May 2017 Member Level: Platinum   Points : 3

    There are people who have taken the Insurance business seriously and working overtime on that and earning more than their salary. I know one person who is working for Army and yet taken up the Insurance policy agency and now he is famous in our circles and approached by many. What he created a niche for himself that he made an awareness that life is very risky and anything can happen to anyone. But telling in a polite way would attract them and they oblige with policies. And remember those who have taken policy are the best to recommends to others. That would be sure shot of reference.

    Author: Partha K.18 Jun 2017 Member Level: Platinum   Points : 5

    Insurance advisors work independently. To become successful as an insurance advisor, a person requires some qualities which are mentioned below:-
    (a) The advisor must be an attentive student. He/she must understand the aspects of various insurance policies offered by his/her company.
    (b) He/she must be intelligent enough to co-relate the prospective customers' needs with the policies being offered, and decide which policy would be most suitable for the customer(s).
    (c) An insurance advisor must be honest and should not indulge in miss-selling insurance policies to the customers.
    (d) He/She must have basic knowledge about income tax structure of India and should be able to explain tax benefits to the prospective customers.
    (e) An insurance advisor must keep himself/ herself updated about changes in respect of the policies being offered by the companies. He/ she should also be aware of latest notifications and directions of IRDA.
    (f) An insurance advisor must be a patient listener and possess convincing ability.

    I appreciate the author for this useful article.

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