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How To Become Car Insurance Agent

How to Become Car Insurance Agent

The automobile industry has observed tremendous growth with the ongoing demand for cars from the past two decades. And it would not be wrong to say that the more the demand for cars, the more there will be a need for insurance and insurance agents too. A career as a car insurance agent holds a great potential. As they say, ‘it is upto the beholder to leverage opportunities’.

In the year 1988, the Indian government made it mandatory to procure insurance before the car hits the road. This  development was an optimistic move for those who wanted to secure a career as a car insurance agent.

This opportunity created potential for talented individuals from all walks of life such as homemakers, retired personnel, students, professionals etc. to be future entrepreneurs and enjoy financial freedom.

In order to be a car insurance agent, one has to :

Step 1: Register With An Insurance Company Or Service Provider

Before you start a career, you need to associate with an insurance company or an insurance service provider; as; a car insurance agent is the mediator between the client and the insurance company.

Step 2: Submit Necessary Documents

Once the registration is in process, one has to follow the protocol to submit relevant documents proving his/her identity basis which he will receive an approval from the insurance company and service provider. Moreover, as the car/vehicle is registered in a domestic venue i.e. in India, it is mandatory that one should be a resident of Indian origin only. For the same, he is required to submit the following documents for verification purpose:

  • Pan Card
  • Aadhar Card
  • Bank Details

Step 3: IRDA Certification

The government has specified some criteria to maintain orderly functioning in the field of insurance. One requires to have fulfilled the criteria specified by the IRDA to become a car insurance agent, has acquired basic education certification and be at least 18 years of age along with specific hours of training in that particular genre.

Step 4: Opt For Training

The car insurance agent acts as a specialist to his client. It is the knowledge of the insurance agent that provides a shield to the insurer's car in the best possible way. Therefore, the car insurance agent should be well learned with adequate information and training. This can be done by reading the policy documents provided by the insurance company or by attending webinars or any other source that he/she may find valuable.

Step 5: Start Generating Leads

Most of the insurance companies and service providers have digitized themselves which helps in facilitating sales by providing apt marketing collaterals and other means. Further, they can share these informative pieces to their clients and leverage their contacts accordingly that shall result in generating leads.

Step 6: Track Status of Leads & Payouts

Monitoring and tracking status is one of the significant duties of a insurance agent. Insurance companies and service providers have a systematic format wherein the car insurance agent can access, track and monitor the status of his/her client thus, maintaining transparency to undertake actions as required. For instance, if a client's status shows ‘Pending’, the car insurance agent can cross-check and address the concerns of the client.

Similarly, for the car insurance agent, the payout bracket has to be simple and clear. One might receive payments on a weekly or fortnightly basis depending on the payment structure of the insurance companies/service providers.

How Much A Car Insurance Agent Can Earn In India

In India, the car insurance agent works on an incentive basis. Hence, this acts as a passive income to the agent in most situations. Currently, there are many insurance companies and service providers that a car insurance agent can associate with. However, he/she will hand hold to the one offering him ‘high incentives’ for it is hard work that eventually pays off.

A car insurance agent earns through selling insurance to his clients. More he sells, the more he earns. The benefit he/she has is there is no investment required. The only investment here is his time and energy the car insurance agent has put to onboard a client. The other aspect that helps the insurance agent earn higher value along with respect is the ‘services’. A good insurance company will facilitate great services to settle claims and offer premiums which is beneficial to the client in return. A happy client leads to at least 10 more prospect clients.

Further, it is also important to have a wide range of products as the requirements of the client might differ. A service provider deals with various insurance companies and creates a funnel for the car insurance agent to identify and retract the policy as per the said requirement of the client. This helps him generate goodwill which later adds to his income.

High incentive, good services and trust can undoubtedly lead to engaging in a stable career and great earnings.

Additional Skills Required to Be A Car Insurance Agent

Being a car insurance agent is no child’s play.  It’s a responsible job filled with trust and advent. Having said that, looking for a flourishing career as a POSP insurance agent, one must have the willingness, focus and determination to acquire the knowledge of his field as he shall act as a specialist to the client.

‘Communication and knowledge’ are the core of a good car insurance agent. One may not hold international degrees or extraordinary qualifications but definitely requires to have an inclination to serve his clients requirements.  A car insurance agent should possess the quality of a positive approach, problem-solving whilst always enhancing his knowledge about cars and insurance both.

Conclusion

To sum it up,  If you are someone who is looking for a stable future, self development and love to serve the people then, you are the perfect fit for this job.

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