Bike Insurance Agent
A Bike Insurance Agent is broadly categorized as a motor insurance agent,
as someone who earns commissions with an Insurance Company and promotes the policies offered
for specific motor insurance products. Also ,known as two wheeler insurance agents,
they are equipped to consult two wheeler owners on acquiring the appropriate insurance policy
based on the customer preferences and requirements.
The agents collaborate directly with the insurance company to divulge information that
remains compatible with the clients and aim at providing services without any breaches.
These agents are trained to push policies to sell insurance schemes that help the owner
cover any unforeseen expense due to damage caused by accidents, thefts, fire, natural
calamities, or liabilities towards accidental injuries to the third parties.
A Bike Insurance has been one of the necessary documents that a
two-wheeler vehicle owner must have as there has been an increasing number of
vehicles on the road and it is understood that safety is at the priority.
The increased number of motor vehicles has made our roads much more accident prone.
The thoughts of a fatal accident has not only snatched the well-being of owners but
it also makes them think twice before buying a motor vehicle.Moreover, it also boils down to the fact that if they can afford the
damages caused to the vehicle just in case anything happens. So to ensure safety and
well-being while riding your two wheelers or a motor vehicle you are required to have insurance coverage.
As appealing to the aforementioned causes, the Supreme Court released
an optional directive (effective from September 1, 2018) that all General Insurance
companies are to issue a five-year TP (Third Party) insurance cover for two wheelers
purchased henceforth, this directive being optional, it still amassed two wheeler
vehicle owners to hold at least a mandatory third-party liability insurance cover,
with heavy penalties if a breach of mandate occurred.
Two Wheeler Insurance Agent
With motor insurance constituting 39.4% of the non-life insurance market in India,
positions for Two wheeler insurance agents are the surge.
A two wheeler insurance agent is associated with selling motor
vehicle-related (two wheeler) insurance products to prospective
customers who are willing to purchase the same based on their requirements.
With IRDAI making motor insurance compulsory in India, the policy covers
protection against natural disasters, non-natural accidents, and legal
liabilities such as a third party being involved in an accident.
The agents are exclusively trained to comply with irregularities
and help with developments across suitable policy purchases
Who can Become a Bike Insurance Agent?
Inclusive of the strict advisory provided by insurance companies,
an individual that lays the interest to become a bike insurance agent must
conform to a minimum age of 18 years or above. The sector amasses talent who
have completed his/her education have completed 12th standard education.
As proof of identification, the interested candidate must possess an
Aadhaar Card and PAN Card. Although, opportunities in the bike insurance
sector can be availed by retirees, students, or undergraduates looking for a
side hustle that would compensate them with some extra bucks.
Some practices require the person to undertake specific training enlisted
with the company he/she has applied for. The compulsory training is
prescribed by IRDAI (Insurance Regulatory and Development Authority of India),
a regulatory body under the jurisdiction of the Ministry of Finance, Gov. of India,
that is responsible for regulating and licensing the insurance and
re-insurance industries of the country. The training further coincides
with a mandatory examination specified and conducted by IRDAI that further
strengthens the position of the interested candidate.
However, if you enrol the opportunity through a financial service provider,
you may not be required to be licensed professional as the service provider
itself is a registered authority which shall ensure that all base requirements are fulfilled.
Simultaneously, it gives you exposure to various insurance companies.
Benefits of Becoming a Bike Insurance Agent
The following benefits are to be considered while
applying for a bike insurance agent position with a respective insurance company:
- As a POSP (Point of Sales Person) partner,
the candidate will register directly with the insurance
service provider which will further connect to insurance companies.
- Complying with company standards to provide exquisite
financial advisory services and consultation to clients on
financial products offered by the company.
- Collaboration with strong backend support that will render technical
support to help to deliver your commitments smoothly.
- Opportunity to work for leading Insurance companies in the country
and relish industry knowledge that enhances your portfolio.
- Ensures financial independence, as being a motor insurance agent
will ensure the person with a constant source of revenue according to their performance.
- The high claim settlement ratios of the insurance firm will
keep you financially motivated.
- The online operational framework ensures speedy engagement over form filing,
and submission of reports. The extensive paperwork is reduced to an
online portal that helps the agents fasten the payment procedure and
furnish the prospective clients with the best insurance rates.
Bike Insurance Agent Commission
In the year 2017, IRDA hiked the commission of most non-life insurance policies making
it more attractive and thus resulting in more opportunities under its revised commission
guidelines released in March.
In India, the commission payable to bike-insurance agents depends on varied factors.
Complying with the policymakers, the insurance comprises two components, viz,
Third Party or Act Only, and Own Damage. The percentage discretion generally
bifurcates between the two components, without deduction of the premium.
Two Wheeler Insurance Agent Salary
Two wheeler insurance agents in India earn handsomely,
however, it may vary between policies. The remuneration may differ as per the company,
besides relevant factors such as location and precedence of tenure.
Keeping in mind the outcome of the sales achievements,
the insurance agent has the capacity to earn accordingly,
since there is no upper ceiling concerning the earning potential of the two wheeler insurance agent.
Bike Insurance Agent Roles and Responsibilities
To comply with the industry-standard service delivery, a bike insurance agent
should be equipped with multi-faceted roles and responsibilities that add to
his forte of engagement with the customer. Some of them are listed below:
- A two wheeler insurance agent is provided with the expertise to promote the exchange
of insurance products and services offered by the company. For this, he
requires to possess the ability to engage wholesomely with clients on a
one-on-one basis. At times, agents need to commit to online consulting
which requires sound knowledge to resonate with the customers based on their preferences.
- Two wheeler insurance agents should have the guided knowledge to provide sound financial
advisory services and customer support to respective clients. This requires not only
dealing with individual clients but at times, corporate houses as well.
This has been laid down as building a good rapport with the existing and
prospective clients so as to promote expert communication that caters to their issues.
- The knowledge gained and expertise built helps a two wheeler agent promote company policies
based on a well-defined roadmap.
- A priority of a two wheeler insurance agent must be of assistance with documentation.
The responsibility entitles the agent to address any inconsistency with the paperwork
and contribute towards the elimination of complexities.
- A beaming necessity to have joined as a two wheeler insurance agent is to have a grasp
over the market. This constitutes general awareness, knowledge of competitors,
and comparison analysis, in case the client comes up with questions.
- The agent should be committed to developing well-drawn marketing strategies,
keeping in mind the preferences of the customers. These strategies should be
revised time and again so as to remove any loopholes in the projection of company policies.
- Ample stress should be laid on developing PR exercises and aggressive persuasion
of business development tactics.
Minimum Eligibility Criteria for Bike Insurance Agents
The standard minimum eligibility criteria allows candidates with a minimum
age of 18 years or above and is required to complete till 12th standard.
As proof of identification, the candidate must possess documents such as
Aadhaar Card and PAN Card, Address proof. Furthermore, the candidate is
required to undertake specific training conducted by IRDAI.