How to Become an Insurance Agent in India: A Complete Guide

What is an Insurance Agent?

An insurance agent or POSP (point of sale person) is an insurance professional, who is certificated by IRDAI, Insurance agents help people and businesses buy insurance policies. A point-of-sale person can work with any insurance companies and insurance brokers. They have multiple options to sell the different – different insurers plans according to business and person needs. They can sell Health insurance, Life insurance, Motor insurance, Bike insurance, corporate insurance, and other insurance products.

How to Become an Insurance Agent Online in India

You should have the following requirements to become an insurance agent in India.

·       Candidate minimum age should be 18

·       Candidate should have passed high school or higher than this

·       Complete a pre-licensing education course

·       Pass a state insurance licensing exam

·       Obtain an insurance license from your state

·       Pre-Licensing Education

Pre-licensing education courses teach students about the basics of insurance, including:

·       Different types of insurance policies

·       How to assess risk

·       How to quote and sell insurance policies

·       State insurance regulations

·       Pre-licensing education courses can be taken online or in person. The number of hours required varies by state

·       For insurance POSP pre-licensing education courses can be conducted online or offline. The number of hours of exams can vary from state to state.

State Insurance Licensing Exam

After completing your pre-licensing education course, you must pass a state insurance licensing exam. The exam covers the same material as the pre-licensing education course, plus additional information about state insurance regulations.

Insurance License

After passing the exam and 15 hours of training from IRDAI you will get the POSP license, now you can start selling insurance products to your consumers and business.

POSP Insurance Agent

POSP stands for Point of Sale person. A POSP insurance agent is an insurance agent who is authorized to sell insurance policies at a point of sale, such as a car dealership or retail store. POSP insurance agents typically sell limited types of insurance, such as auto insurance or homeowners insurance.

Insurance POSP Agent

An insurance POSP agent is the same as a POSP insurance agent. The term "insurance POSP agent" is simply a more specific way of referring to this type of insurance agent.

How to Become a POSP Insurance Agent

To become a POSP insurance agent, you have the same education qualification required for an insurance agent, plus any additional qualification that may be required by the state where you plan to work. For example, some states require POSP insurance agents to complete additional training or to pass a separate exam.

Best Tips for Becoming a Successful Insurance Agent/POSP

Here are some tips for becoming a successful insurance agent:

Choose an insurance niche. As you know, the insurance industry is very big, before become an insurance agent/ POSP you have to choose your niche of interest in and knowledge about. If you have expertise in health insurance you should become a health insurance agent, same in life and motor.

Build relationships with clients. Strong customer relationships are the key to any business success, as an insurance agent you have to build strong relationships with your customers, always take time to know their policy requirements, and suggest to them the latest plans and benefits of policy.

Having the latest insurance knowledge – The insurance industry is very big and IRDAI is rapidly changing plans, and policies according to market needs, as an insurance agent you should have knowledge of the latest insurance news, policy updates, and IRDAI changes information so you can provide a valid and correct information to your customer.

Be ethical and honest. As an insurance agent/POSP, you have to be honest, so your customers can trust you regarding their policy and plans which you shared with them.

Conclusion

Becoming an insurance agent and point-of-sale person can be a growing career option. They can sell multiple plans of insurers under one roof if they are associated with a broker. They can become their own boss, have flexible working hours, get a high payout, and can work part-time, apart from this agents can get other benefits as well. 

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