Securing a career in a field that you like is one of the best things that you can do. It allows you to not just enjoy the work but also ensures that you earn well based on the skills you have. One such opportunity for you is when you start in the insurance sector.
This not only allows you to earn well but also offers you a chance to use your skills to help others in safeguarding their life and health. With that being said, you now must be wondering what steps you would need to take when you plan to start in insurance.
Well, if you are also looking for the answers, then this guide is for you. Read through this to know how to become an insurance broker. Get all the details you need to start your journey seamlessly.
Why Becoming an Insurance Broker Is a Smart Career Move
Selecting a career is not an easy task. You have hundreds of options before you. The need is to find the one that matches your skills. But when it comes to being an insurance broker, it is not just a career but a smart decision that will definitely help in the long run.
So, here are a couple of reasons that make it a better choice of career for you:
1. Unlimited Income Potential
An insurance broker’s income depends entirely on performance. This means the more clients you have, the higher your sales and then commission will be. So, build a network and start earning well.
2. Strong Market Demand
Insurance is a necessity for both individuals and businesses. Now, the awareness about insurance products is rising. This ensures people know all types of insurance and which one they need. So, be sure you know this as well.
3. Independence and Flexibility
You can choose to work individually, with an agency, or even establish your own firm. This flexibility allows you to plan your schedule, choose your clients, and operate according to your goals.
4. Recurring Income from Renewals
When clients renew their insurance policies, you earn commissions again. This is why you must track the renewal dates as well. Never skip this, as this might end up in loss for you.
5. Strong Professional Relationships
By guiding clients with honesty and clarity, you build trust that lasts for years. Satisfied clients are better for your business. They can suggest you to others. This way, you will earn through referrals.
6. Continuous Learning and Skill Growth
There are so many products and rules to know. So, you must know all this. For this, you must attend the training sessions. You must be aware of any news in the market too.
7. Purposeful and Rewarding Career
Being an insurance broker allows you to make a difference. You help people protect their health, life, and assets, giving you a meaningful role in their financial security and peace of mind.
Documents and Requirements to Get Started
When you are on your journey to find answers to how to be an insurance agent, you must know the documentation needs as well to get started. So, here are the key requirements that you must know:
- Minimum age of 18 years
- Completed 10+2 or higher education
- IRDAI-approved 50-hour training certificate
- Proof of passing the IRDAI exam
- Filled IRDAI application form (Form B-IB)
- Valid ID proof (Aadhaar, PAN, or Passport)
- Address proof (utility bill or rent agreement)
- Educational certificates
- Recent passport-size photographs
- Proof of license fee payment to IRDAI
- Minimum age of 18 years
- Completed 10+2 or higher education
- IRDAI-approved 50-hour training certificate
- Proof of passing the IRDAI exam
- Filled IRDAI application form (Form B-IB)
- Valid ID proof (Aadhaar, PAN, or Passport)
- Address proof (utility bill or rent agreement)
- Educational certificates
- Recent passport-size photographs
- Proof of license fee payment to IRDAI
Seven Practical Steps to Become a Licensed Broker
Now that you know everything, let us now explore the practical steps that can help you to become an insurance agent. These are simple and must be followed in proper order to ensure you do not miss the key opportunities that can impact your performance. So, here are the key steps that you must know:
1. Understand the Role
Start by learning what an insurance broker actually does. This should always be your start point. In general, your main responsibility is to guide individuals and businesses. It involved helping them to find and select the right insurance policies. You will act as a guide who will help in comparison. This will be a state where they will be confirmed that they are making the right choice.
2. Meet the Eligibility Criteria
Then you must mee the basic needs. The first thing is your age. You should be minimum 18 years old to start your journey. Having the documents and KYS is also important. Thai will act as the proof and support to help you register and boost your journey. You would need to give some exams as well.
3. Enroll for IRDAI-Approved Training
Register with an authorized training institute and complete the required 50-hour program. This training builds your understanding of insurance principles, ethics, and client handling. All these are very important as this will ensure that what you are doing and why. Any lapse in this can impact your position and can be really fatal for your working as well. So, be very cautious.
4. Clear the IRDAI Examination
After completing your training, appear for the IRDAI exam. The test will evaluate how well you understand the insurance market. This will include the policies, guidelines, and everything. Though the exam is simple but be sure that you prepare well. Only those who pass the exam will be able to get started with insurance sales.
5. Apply for the Broker License
Submit your completed application form, required documents, and prescribed fee to the IRDAI. Once approved, your broker license will be valid for three years. This means you can now guide and help customers to get the right insurance. Once the time of 3 years is complete, you will need to give the exam back. This will help in renewal.
6. Find the Right Platform to Begin
Starting out independently can be challenging, especially for newcomers. Partnering with a trusted platform like Choice Connect can help you launch smoothly. Here you will get all the training needed. They have managers who guide everyone when it comes to selling. They also provide exam preparation support as well which is great.
7. Build and Grow Your Client Network
Once you’re established, focus on expanding your client base. Use social media, referrals, and community events to promote your services. Deliver consistent, honest advice to build trust and long-term client relationships that bring in repeat business and steady growth.
How to Build and Grow Your Brokerage Professionally
No matter what business you are in, you need to grow and develop it. This will ensure that you increase your earnings as well with time. The same is applicable to the insurance broker business as well. Here are some of the simple tips that you can follow if you are looking to build and grow your brokerage professionally:
- Work on building a network of clients.
- Connect with existing ones regularly to maintain trust and confidence.
- Guide the clients on the options and suggest which is better.
- Stay updated on the policies and help the client to benefit from them.
- Provide proper after-sales services that will ensure a satisfied base for you.
- Seek referrals and connect with them.
- Be prompt in your work.
- Never share a product that the client may not need.
- Build your presence so that people know you.
- Always ensure that you train and learn on a constant basis.
- Try using the new-age digital tools for ease.
- Be transparent and ethical in your approach.
- Ensure that you have a proper support system for the work.
- Set your goals which will help you in working.
- At last, listen to people as this is key to higher sales.
Start Your Broking Career with Choice Connect
Starting any new career comes with a lot of questions and uncertainty. This is true, and this is applicable to even those with years of experience. But if you have the right guidance and support, you can actually start your career in the best possible manner.
This is what the Choice Connect in finance stands for. When you become a financial agent with us, you gain an opportunity to learn new skills and start earning. The process is simple and the platform is easy to use. No fees or complications to start with.
So, why wait? Register today and start earning!
FAQs
1. What qualifications are required to become an insurance broker?
You must be at least 18 years old and have completed 10+2 education. Then you would need the license from IRDAI. Once done, you can start selling the insurance policies.
2. How long does it take to become a licensed insurance broker?
It usually takes about 3 to 6 months. But it all depends on how much time you take to get the license and start working.
3. Can I work independently as a new insurance broker?
Yes, but joining a platform like Choice Connect is better. You can get an opportunity to sell multiple products. Also, this is your chance to build a better network.
4. Is there any renewal process for the IRDAI licence?
Yes, the insurance broker licence is valid for three years. Then you must apply for renewal, and this should be done minimum 30 days before expiry.
5. How much can an insurance broker earn in India?
Earnings vary based on the number of clients, policies sold, and renewals managed. There are other factors as well that help you with the earnings. Like renewals and referrals, which are key. So, ensure you focus on all these to boost your earnings.
