How to Become Insurance Agent in Ahmedabad

POSP or point of sales person is a representative or agent of an insurance company. He acts as an intermediary between the insurance company and the general public, helping people buy the right insurance.

A POSP insurance agent is a certified individual, allowing him to sell pre-written and basic insurance products. He sells various insurance products such as health insurance, motor insurance, etc.

As a representative of an insurance company, a POSP agent has some responsibilities to fulfil, as mentioned below:

• Explaining the insurance product features and benefits to potential customers

• Advising the clients and addressing their queries.

• Walking the customers through the insurance process.

• Processing claims, etc.

With their product knowledge, insurance agents assist people in purchasing the most beneficial and suitable insurance policy as per their requirements.

An individual insurance agent is certified by the IRDAI to sell insurance policies to the public. However, an individual insurance agent sells customised and complex insurance policies as per the customer’s requirements.

Individual insurance agents can associate themselves with one general insurance company, one life insurance company and one standalone health insurance (SAHI) company at a time and undertake to sell their insurance products to the general public. An individual insurance agent is qualified to sell customised policies as per the client’s needs. Such policies are high risk, hence, the agents earn a higher commission.

The eligibility criteria for becoming an insurance agent are minimal and can be fulfilled by most individuals. The following are the eligibility criteria:**

-Individual’s Age: The minimum age requirement for a person to become a general insurance agent in Ahmedabad is 18 years.

-Academic Qualification: Another essential eligibility criterion is the educational qualification for an insurance agent. One must complete his 10th education to qualify to become an insurance agent.

-Professional Background: Having a professional experience or background can be helpful, though it is not mandatory. For instance, an individual with a background in the banking or finance sector is eligible to become an insurance agent.

-Training Completion: To be eligible to receive the insurance agent licence, one must complete the mandatory training as specified by the IRDAI.

-IRDAI Examination: Clearing the IRDAI examination is also a mandatory criterion for those wanting to become an insurance agent. The POSP agents do not need any exact passing mark in their qualifying exam. However, the minimum required marks for Individual Insurance agents is 15%.

Offers Flexibility:

The role of an insurance agent offers maximum flexibility in terms of time and place. It means a person can work from home and choose a time that suits his schedule. There are no work timing restrictions and no requirement to travel to the workplace either.

High Earning:

Another benefit of becoming an insurance agent is that one can earn a high income. The income structure is commission-based, which means that an individual will earn income proportionate to the insurance products he sells.

Easy to Get the Licence:

The process to apply and receive a licence from the IRDAI is very simple. All one has to do is register with an insurance provider, complete the training, and appear for the exam. Thereafter, one can start earning according to one’s abilities.

No Investment Needed:

One of the most advantageous parts of becoming a general insurance agent in Ahmedabad is that there is no investment requirement.

Submitting all the required documents is a crucial step in the process of acquiring an insurance agent licence. Here is a list of documents that are required.

• Passport size photograph

• Address proof such as Aadhar card, passport, utility bills, etc.

• Identity proof such as Aadhar card, passport, etc.

• PAN card copy

• Bank account details

• Cancelled cheque

If you are wondering how to become an insurance agent with TATA AIG, let us explain the process in detail:

-Online Registration

Doing an online registration is the first step for becoming an insurance agent with TATA AIG. You must fill out the registration form and complete the necessary formalities as mentioned on the portal.

-Enrol in the Mandatory Training Program

Once you register yourself with TATA AIG, you must attend the compulsory training program required by the IRDAI. The training program is a very crucial aspect of becoming an insurance agent as it is curated to provide you with insurance knowledge and training.

If you choose to become a POSP, you are required to complete a 15-hour training program. It consists of 5 different modules that teach about various insurance products, insurance regulations, sales techniques, etc.

However, if you wish to become an individual insurance agent, you will have to complete a 25-hour training program as per IRDAI regulations. It is compulsory to undergo training to become any type of insurance agent.

-Appear For the Insurance Agent Test

It is compulsory to appear for the IRDAI exam for an insurance agent and clear it to obtain the insurance agent licence. One must qualify the exam as per the rules to receive a licence and start selling insurance products.

-Apply for Insurance Agent Licence

After you have cleared the exams for an insurance agent, you must apply for the insurance agent licence. The IRDAI will issue the licence, after which you can work as a POSP or individual insurance agent.

-Start Your Insurance Business

As a licenced insurance agent, you can start selling insurance products to the public. Since you will be selling insurance for the first time, here are a few useful tips that can help you succeed as an insurance agent in Ahmedabad:

• Choose the right insurance products that match your interest. If you want to broaden your scope, you can choose to sell multiple products such as motor insurance, health insurance, etc.

• To build a strong and vast network, you must connect with fellow professionals, acquaintances, finance professionals, friends and family, etc. It will help you to reach out to more people who may be interested in buying an insurance policy.

• Enhancing your knowledge and skills by enrolling for optional certification will assist you to deal and engage better with potential buyers.

• It is essential to build a futuristic business plan that includes your target market, goals, marketing strategies, growth estimation, expenses, etc.

• Learn about the latest technological tools and platforms so you can streamline your day-to-day business operations.

• Strive to provide excellent customer service, as it goes a long way in helping you to retain customers.

Any individual who fulfils the eligibility criteria can register to become an insurance agent. Here are some examples of people who can become TATA AIG insurance agents.

-Businessmen: Businessmen can take advantage of their existing client base and sell insurance products that can help people secure their lives.

-Homemaker: It is an excellent opportunity for homemakers to utilise their free time productively and become licenced insurance agents.

-Retired Individuals: Retired individuals can make use of their free time by selling insurance products.

-Students and Interns: Becoming an insurance agent allows students and interns to earn money while pursuing their studies.

-Finance and Banking Professionals: Since finance and banking professionals are experts in their field, they can leverage their knowledge to earn extra income by selling insurance products.

With TATA AIG, you can sell a variety of insurance products, such as motor insurance, health insurance, marine insurance products, etc.

• We follow the reward and recognition culture at our company. Hence, you will get adequately rewarded for your achievements.

• With a huge pool of resources and training material, we offer extensive training to our insurance agents in Ahmedabad.

• Working with us means enhancing your digital skills with the help of our digital platforms and online tools. It gives you the confidence to navigate through the modern technological landscape smoothly.

• You have the liberty to choose the niche, the work timings, and the place from where you work, too.

• We offer competitive commission rates to our agents, enabling them to earn a high income.

• You can get trained by the industry’s top insurance experts and enhance your skills and knowledge. This will also enable you to stay at the top of the insurance landscape and take your business to greater heights.

The income of an insurance agent is determined by the number of insurance products he sells or renews. A commission-based structure is followed, which means that the agent earns a percentage of commission for each policy he sells. Thus, if more policies are sold, higher earnings will be generated.

At TATA AIG, we offer competitive commission rates that resonate with the hard work and dedication of our insurance agents.

TATA AIG provides you with the right platform to fulfil your aspirations and earn a handsome income by selling insurance products. The process of becoming an insurance agent in Ahmedabad is simple and quick. You must begin by filling out the agent registration form and then attending the mandatory training and agent insurance test.

Once you clear the exam, you can begin your insurance business and assist people in choosing the right insurance policy with your expertise. Visit the TATA AIGs website today and start your insurance agent journey!