Insurance Agent: An Overview
Insurance is a competitive industry with great room for growth and revenue. Whether you are a newcomer or an experienced insurance agent, the scope of learning and development never stops. You are the only key between an insurance company and the customers for every update; hence, expertise in your job is important. Some significant implementations can help you become a successful POSP advisor and set you apart as a top-performing insurance agent. In this blog, we’ll discuss how to become a successful life or general insurance agent and have a rewarding career.
What is a Life Insurance Agent?
A life insurance agent or a POSP advisor is a licensed professional working with an insurance company or insurance consulting firm to sell their products on behalf of the company. They directly interact with the individuals, understand their financial needs, life objectives, and suggest the right insurance product as the best solution.
As an insurance agent, you are selling the most expensive things that people can’t even touch in the form of insurance, like, term insurance, life insurance, health insurance, investment policies, etc. To succeed in the insurance industry, you must gain product knowledge and implement the right strategy with changing market objectives. That’s why we, ‘RenewBuy’, have created this resource to help insurance agents find the right path to be successful.
Requirements to Be A Life Insurance Agent
We understand whether you are a newbie to the life insurance industry or an experienced professional, the industry is full of enormous challenges. Selling insurance takes a lot of determination and hard work. To succeed in this fast-paced industry, having product knowledge isn’t enough; you require some qualifications and skills to develop.
Basic Qualifications
Say, you want to become a successful life insurance agent or POSP advisor; there are some basic eligibility restrictions that you need to fulfil
- You must be of 18 years of age or older.
- Basic educational qualification of at least secondary level (10th Grade) is compulsory, and additional degrees or certifications in marketing, finance, or business will be beneficial.
- Appear in the pre-licensing training mandated by IRDAI and qualify for the examination to claim the insurance license.
Required Skills
The following skills are required to become a successful life insurance agent.
Honesty: Like it or not, the salesperson in India has a bad repo. They are only considered for convincing and selling. But, the job of an insurance agent revolves more around the trust you develop and how you sell. Obviously, you must have seen many insurance agents have short careers selling life insurance or general insurance. Why? The first rule is selling the truth, which brings higher client retention. Make honesty and transparency a part of your day-to-day business operations.
Resilience: If you get anxious by rejection, then being an insurance agent may not be a suitable career option. You must be prepared to hear a no more often and have great patience to achieve success in this industry.
Excellent Communication: Insurance might seem too technical for a lame person. So being a representative of a particular life insurance company or a policy, you need to explain the terms and options to comprehend easily. This opens the doors of success for you.
Good Listener: The client is the sole of your business, so you must put the client first. To do that, you need to patiently listen to the clients, understand their prospective needs, and provide them with a suitable solution.
Networking Skill: Networking is not everyone’s cup of tea, and you need to know that before starting your career as a life insurance agent. Remember, building a solid 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.
Problem-Solving: Every individual has reasons to buy or deny insurance. The major point is whether you enjoy coming up with a creative solution to the problems and providing them with your product as one of the solutions. If yes, then insurance agent is the right career for you.
Willingness to Learn: Continuous learning is the best way to master any career. The best insurance agents learn about different insurance products and industry techniques daily and provide tailored suggestions to policyholders.
Secrets of a Successful Life Insurance Agent
Let’s consider you have the skills mentioned above to be a successful insurance agent. If not? Don’t worry; you can develop them with time and practice while selling insurance. Being an insurance agent can be an excellent career opportunity for you. Here are the secrets you can adopt to become successful as a life insurance agent.
Strong Network is Your Key: Networking is crucial and the number one secret to succeed as an insurance agent. You can participate in different events and local networking groups and join professional organizations and industry conferences to connect with other agents. You can also schedule sessions with financial advisors and potential clients to grow your network.
Understand the Target Audience: Knowing your target audience, their goals, and expectations help you mould your marketing strategy and choose the right insurance product. You can consider their age, financial goals, and life milestones to suggest the correct plan category and then decide to select one suitable option from multiple life insurance companies.
A “No” is Another Chance: While working as an insurance agent, you need to face rejection daily and do your job with a smile. Each ‘No’ brings you closer to a chance of someone saying ‘Yes’ as you self-evaluate yourself and try to give better results next time.
Exceptional Customer Service: Your relationship with your client should be personal and not sound transactional. Ensure you provide strong customer support during client onboarding, financial consultation, and ongoing support whenever needed. Be responsive and available to listen to their queries to build trust and loyalty. Excellent customer service helps build new relationships. Do not over-promise; tell the truth upfront to win your client’s trust.
Stay Up to Date with Industry Trends: With the changing needs of the customers, every industry evolves. Stay informed with the latest trends, new products, regulations, and emerging customer needs in your industry. You can participate in learning and development opportunities to stay ahead of the curve from your competitors as a life insurance agent.
Develop a Sales Strategy: When everything else you need is in place, developing a solid sales strategy is all you need as an insurance agent. Make a plan that specifies the target market, audience needs, sales approach, and goals. You can also use the latest technology to boost your sales resources.
Product and Technical Knowledge: Having exceptional product knowledge will help you align with the customer’s needs and close sales in no time. Understand the tax, legal and technical terms of the product and explain them clearly to your clients.
Be Active- Don’t Wait, Take Initiative: What makes an insurance agent preferable is that they take the initiative and keep their customers updated on any policy updations. This helps build trusted relationships, keep informed about the changing situation of policyholders and address them before they become big issues.
Become a POSP Advisor with RenewBuy
All you have to do to become a RenewBuy POSP Life Insurance Advisor is to take the following actions:
Make an account: Visit the official RenewBuy website or download the RB Partners App, then register for an account by providing personal information.
Submission of Documents: Provide your KYC documents, including your Aadhaar card, PAN card, 10th-grade diploma, etc.
Verification: The verification of the documents is done by the RenewBuy Quality Check Team.
Online Education and Testing: Start training, finish the certification and exam processes for the various insurance products, and sell life or general insurance products.
Get Started Now!
Hence continuous learning and understanding the evolving needs of your customers is the best secret to success. The insurance industry is challenging but can be immensely rewarding. Following the tips, you can develop the mindset necessary to become a successful life insurance agent or POSP advisor. Depending on your customers' needs, you can sell different insurance products like ULIPs, term insurance, whole life cover, group insurance, and others. Know how to become a PSOP advisor with RenewBuy and earn a good income with zero investment. Connect with us now.