How to Become Insurance Agent in Hyderabad

A POSP, also known as a point of sales person, is an insurance agent or representative of an insurance company who sells simple insurance products to the general public. A POSP can collaborate with one insurance company at a time and sell their basic policies.

They are the foremost point of contact for promoting and selling basic and simple insurance policies approved by the IRDAI to the public.

Some of the responsibilities of a POSP are as follows:

• Communicating and advising the clients

• Processing claim requests from clients

• Selling products based on the customer's requirement

• Maintaining relationships with the client, etc.

An individual insurance agent is a person who is certified to sell customised and complex insurance policies to the public on behalf of an insurance company. They are a representative of the insurance company who assist, guide and advise people regarding policy purchases, claims, renewals, etc.

An individual insurance agent can work with one general insurance company, one life insurance company and one standalone health insurance (SAHI) company at a time.

Since an individual insurance agent sells complex and high-risk insurance policies, he is eligible to earn a higher commission than a POSP. The responsibilities of an individual insurance agent include:

• Educating people about complex and customised policies

• Understanding the specific requirements of the public and suggesting the right customised policy.

• Offering guidance regarding insurance claims, renewals, etc.

To become an insurance agent, an individual must fulfil the basic eligibility requirements as stated by the IRDAI.

-Age Criteri: Anyone who wants to become an insurance agent must be at least 18 years of age.

-Academic Qualification: It is mandatory for a person to complete their 10th grade or an equivalent qualification to be eligible for the position of an insurance agent.

-Professional Background: If a person has qualifications or work experience in the banking or financial sector, it can be an excellent add-on. However, it is not a compulsory requirement.

-Mandatory Training & Certification: To become an insurance agent, one must also complete the comprehensive training program and exams for insurance agents mandated by the IRDAI. The training imparts all the necessary skills and knowledge required to work as an insurance agent.

POSP appear for online exams conducted by the insurer while individual agents appear for exams organised by the IRDAI. While there are no exact passing marks for POSP agents,, the cutoff for Individual Insurance agents is 30%.

Apart from the above mandatory criteria and qualifications for an insurance agent, it is beneficial for you to have communication skills, the ability to solve customer enquiries, etc. These qualities will help you greatly to achieve your goals and become a successful insurance agent.

Interested candidates must submit documents to prove their identity while registering themselves with TATA AIG. Here is a list of the documents needed.

-Academic Certificates: Submitting the academic certificates is a prerequisite to becoming an insurance agent/POSP. If you have completed your 10th std education, you must submit the certificate/mark sheets. You may also submit the academic certificates of any other qualifications that you may have.

-Identity Proof: It is very crucial to submit documents, such as an Aadhar card, PAN card, etc., to prove your identification. Without a valid identity document, your registration may not be completed.

-Address Proof: You must also submit relevant documents, such as a passport, Aadhar card, voter ID, etc., as address proof.

-Bank Proof: It is also mandatory to submit bank proof to provide the bank account details. For this purpose, you can submit a cancelled cheque, passbook, bank statement, etc.

-Photograph: Submitting a passport-size photograph is also a mandatory requirement.

Here is a simple process which you must follow to become an Insurance agent with TATA AIG. It is a hassle-free and straightforward process which will help you reach your goal.

-Complete Online Registration

You must visit the official website of TATA AIG and register yourself by filling out the registration form to become an insurance agent. It is essential to complete the registration process carefully for a successful application..

-Undergo the Mandatory Training Program

The second step is to undergo the mandatory training program. To become a POSP, one must complete the 15-hour training program, which consists of 5 modules. Once you complete the training, you must appear for the insurer’s online exam for insurance agent.

To become an insurance agent, one must attend a 25-hour training program, which is mandated by the IRDAI. Attending the training program is crucial as it helps you develop sales techniques, imparts knowledge about insurance products, and familiarises you with the regulatory frameworks of the insurance industry. Once you complete the training, you must appear for the IRDAI exam for insurance agent.

Applying for the Insurance Agent Licence

Once you pass the IRDAI insurance agent test, the final step is to apply for the licence. Once you receive the licence, you will be an official insurance agent, eligible to collaborate with insurance companies and sell policies.

-Sell Insurance Products as a POSP or Individual Insurance Agent

Now that you are a licenced insurance agent, you may start selling insurance products to the clients. Here are a few essential tips that can assist you in chalking out a successful business plan and maximising your earnings:

• The first step is to choose the niche you want to serve. You can choose one niche or specialise in multiple niches, depending on your interests. For example, you can sell just motor insurance or motor and health insurance.

• Create a detailed business plan by outlining the goals, target customers, budget, selling strategies and so on.

• Interact with the people from your field and build a professional network.

• One must focus on providing excellent customer service as it helps to retain clients for a longer duration.

• Conduct periodic reviews of your goals, finances, budget, etc., to ensure things are going in the right direction.

The opportunity to become an insurance agent is open to all individuals who meet the basic eligibility criteria. Anyone who wants to make a prosperous career can opt to become an insurance agent. Here are some examples of individuals who can pursue this as a career.

• Homemakers

• Retired individuals

• Banking and financial professionals

• College students and interns

• Businessmen

• Job seekers

• Employed persons

• Shop owners

Becoming a POSP or individual insurance agent in Hyderabad comes with plenty of benefits. However, working with TATA AIG offers exclusive benefits that allow individuals to flourish and grow in their field.

Unwavering Support and Extensive Training

At TATA AIG, we provide maximum support so you can advance as an insurance agent. You get a chance to learn from certified and experienced insurance experts, which helps you to build skills. We ensure you receive the best sales training and support at all times.

-Excellent Pay Rate

TATA AIG offers well-structured commission-based pay, which rewards you appropriately for your hard work and skills. We offer varying commission rates for different insurance products.

-Digital Tools and Platforms

We also help you to stay ahead in the technologically advanced world by providing you with all the necessary digital tools which serve business solutions. You can access digital platforms and digitalise your tasks to complete them smoothly.

-Flexibility

You can get the advantage of working on your own timings as we also offer flexible schedules. You can work as per your availability and earn at your own pace. Thus, you can strike a work-life balance and can work from anywhere at any time.

Pursuing an insurance agent as your career can be rewarding based on your interpersonal abilities and knowledge of insurance products, frameworks and regulations. Your earnings are directly proportional to the insurance products you sell. Thus, the more products you sell, the higher your earnings will be.

At TATA AIG, you will receive commission-based pay when you join as an insurance agent in Hyderabad. We offer lucrative commission rates, which vary from one product to another. Our pay rates are highly competitive as we believe in adequately rewarding our agents for their efforts and hard work.

As the insurance industry continues to grow at a rapid pace, it has created plenty of opportunities for individuals to become a part of it. So, if you are a person above 18 years of age with a 10th standard or equivalent qualification, you can start a career by becoming an insurance agent in Hyderabad.

Begin by filling out the agent registration form on the TATA AIG portal, undergo the training and appear for the IRDAI examination. After you have cleared the exam, you can start selling insurance products and earn a good living.