Health Insurance Agent: An Overview
Are you looking for a career opportunity unaffected by the recession or economic downturn? Insurance is one of the industries growing rapidly today. Mentioning of insurance, health insurance has become a crucial need in the present to gain quality healthcare and other hospital facilities. We have realised the need for health insurance during COVID-19 for ourselves and our families. Since there’s been a rise in health insurance demand, this opens the door for extended career opportunities for you as a health insurance agent.
This article includes the essential information to help you become a health insurance agent, including requirements and processes.
Who is a Health Insurance Agent?
A health insurance agent works with a particular insurance company or an agency to sell health-related insurance products. They play a vital role in helping individuals, families, and businesses understand the policy terms and features and choose one according to their financial and medical needs. From policy selection to premium payment and claiming quality healthcare coverage, a health insurance agent helps the policyholders stay financially secure and healthy. A health insurance agent typically receives the commission on each policy they sell. They have a profound knowledge of different health insurance plans, including individual, group, family, and others.
Requirements and Qualifications to Become a Health Insurance Agent
An individual with sole dedication and interest in becoming a health insurance agent or advisor needs a clearer understanding of becoming one. We have provided you with the necessary information.
- You must be 18 years of age or above.
- Completed education up to at least class 10th.
- Valid Aadhaar Card and PAN Card, proof of age, and address.
- Undergo training as specified by IRDAI.
- Appear and qualify for the IC-38 exam conducted by IRDAI to sell various insurance products.
What Does a Health Insurance Agent Do?
A health insurance agent has a comprehensive understanding of the medical plans. They help individuals and groups save time and money by simplifying the process of buying health insurance. Some of the specific duties and responsibilities of a health insurance agent include
Assess the Needs of Customers: Health insurance agent works closely to communicate with customers and assess their health and financial needs. Based on the assessment, they recommend health insurance plans at the most affordable price that will provide adequate coverage and healthcare assistance when required.
Explaining Plan Options: The health insurance agents completely understand the different types of products and explain the features and benefits to the customers. This helps the customers to find a suitable option, extend the policy benefits, and make an informed decision.
Enrolling Customers in Plans: After comparing the costs of different health insurance plans from various health insurance companies, they determine premiums, deductibles, and other add-ons. This way, they help customers to fix a premium cost within their budget and enrol them into health plans. The enrollment process involves documentation, answering queries, and completing all required paperwork.
Further Assistance: After the enrollment, the health insurance agents provide ongoing support to the customers clarifying the queries, assistance in the claim process, and resolving any issue regarding the coverage.
Attracting New Clients: A health insurance agent needs to expand the clientele by connecting with new customers. It’s necessary that you understand their needs, provide them with suitable health insurance products and ensure they do not reach your competitor.
How to Become Health Insurance Agent
You must be delighted after get to know the vital role of a health insurance agent in the life of an individual. Once, you meet the specified eligibility criteria specified by the Insurance Regulatory and Development Authority of India (IRDAI), here are the four steps you can follow to become a health insurance agent.
Educational Qualification: A secondary level (10th grade) certificate is required to qualify for applying to become a health insurance agent but if you have a college degree in business, finance, or a related field is a plus. This can help widen your job opportunities and enhance your career.
Pre-licensing Training: To get the license of a health insurance agent in India, you need to go through the pre-licensing training as mandated by IRDAI. The requirements differ from state to state, so you can also consider researching for your state’s requirements to qualify for a health insurance agent. You can also connect with an insurance company or a consulting agency to learn about their pre-licensing process. Choose a reputed insurance organization to ensure the credibility of the training programme.
Qualify for the Insurance Examination: Once you complete the pre-licensing training and gain the required knowledge related to insurance, policies, terms, and regulations, you need to qualify the Insurance Regulatory Examination conducted by IRDAI. The examination is objective and requires a definite qualifying score.
Obtain a License: Once you qualify the examination, you can apply for a health insurance license. Prepare the documents as required by the insurance agency or insurance company where you want to work. Your application will be forwarded to IRDAI for processing, and the license is allotted to you after the approval. You are now eligible to sell insurance in India.
Why Become a Health Insurance Agent with RenewBuy?
You can join D2C Consulting Services Pvt. Ltd. “RenewBuy” to sell health insurance products to customers. You can do this by becoming a POSP advisor with us. Here’s your answer to why you should work with RenewBuy.
Zero Investment: With zero investment, you can start your journey as a health insurance agent.
Attractive Pay-Out: Your earning potential is increased by the number of policies you sell, not the number of hours you work. Sell more, and earn an attractive payout.
Make a Difference: As a health insurance agent, you help individuals and their families stay financially protected from any health emergencies, which is invaluable support.
Digital Support: Whether you want to work full-time or part-time, you have the flexibility to work from anywhere and get support anytime. We have a handy mobile application for our POSP advisors which helps them track their business and get dedicated customer support.
How to Become a Health Insurance Agent 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 health insurance products, and start selling.
Final Words
With all the information provided above, we have made it simple to understand how to become a health insurance agent with an insurance company or insurance consulting agency or work independently. If you meet the eligibility criteria, you just need to appear for the compulsory 15 hours training process by IRDAI, which is not much to invest in. Register yourself today and become a certified health insurance agent to gain multiplied benefits.
Register today with RenewBuy and become a POSP advisor to sell health insurance policies.