Insurance Agent Registration

Become an Insuarance Agent in minutes

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Simple Hassle-free Insurance agent Sign-Up

Become a Finbucket Insurance Distributor and Work with High-Value Clients

Earn High-payouts and commission for products sold

High Career Progression as Insuarance Agent Distributor and Higher Management

Working as an Insurance Agent

The Insurance business is one of those businesses which has been largely unaffected by recession or economic downtown. In the year 2018 alone, the cumulative new business premium of insurance companies has risen to an all-time high of ₹ 1,35,000 Crore. The insurance sector is one that is expected to be registering tremendous growth prospects shortly. Thus, anyone can carve their path to financial freedom by registering as an insurance agent in India.

The responsibilities that come along with being an insurance agent include helping your customers (individuals, families, as well as, businesses ) find the insurance policy which caters best to their needs. Insurance agents work for confined/ pre-defined insurance companies by facilitating the disbursal of the various insurance products offered by the company.

When you are working as an insurance agent, you will be working with a lot of insurance products such as life insurance, health, disability, casualty, and long-term care policies, etc. In addition to this, certain insurance policy products such as home/property, car/ automobile, etc could also come under your jurisdiction.

 

Pre-Requistes for working as Insurance Agent

There are a few coniditions to be met in order to become an Insuarance Agent in India. Following are the pre-reqisties for the same:

  • You must be holding a graduate degree to be eligibile to be an insurance agent
  • You should pass the exam conducted by the IRDA (Insurance Regulatory and Development Authority of India), theIRDA IC 38 Exam
  • Finishing Pre-Licensing Courses and Quality state Examinations
  • 50 hours of Training from IRDAI approved instiution
  • Seprate License to sell different type of insurance products such as life and health insurance, casualty or property insurance.

Procedure for Insurance Agent Registration

The procedure for registration as an inusrance agent requires that you :-

  • Pass the test by IRDAI
  • Acquire business insurance license in order to sell insurance
  • Pass pre-licensing course and state quality examination
  • Generally, Insurance agents are tied to a company/ group of companies. So, Choose a company
  • After, Choosing a company/ group of companies following will be the recruiment procedure
    • Screening Interview
    • Career Seminar
    • Project Evaluation
    • Career Interview

Insurance Agent Commision and Remuneration

By now, you have understood that becoming insuarance agent is not a very challenging task . Once, you have passed the test and acquired the business insurance license, you can start earning by means of commision earned for selling insurance products to customers. Insurance agents can have  very staedy and great growth prospects working in the industry. They can earn a steady, stable income  in addition to  this, they can hold managerial positions and acquire a management degree. If they continue their venture as an insurance agent long enough they can also become agency superindent or  any such upper higher manamgement level positions.

The commission structure for the  Insurance Agent is threefold:

  • Salary
  • Salary + Bonus
  • Salary + Commission

Ideally, a commission is the most common reward type for an agent of insurance policies with appropriate experience in selling insurance. The amount of commission depends upon two factors:

  • Risks Covered in the insurance product
  • Type of Transaction: Renewal or Fresh Purchase of Policy

Bonuses, on the other hand,  are rewards given to insurance agents when the employee achieves/over-achieves the targets of profits/sales set out for them.

Besides above-mentioned remuneration policy, Insurance agency offers extra benefits to insurance sales agent by providing insurance education, training to qualify for licensing, independent office space and clerical support services.

Independent insurance agents may not get extra benefits but are paid higher commission helping them pay their expenses to market insurance. Insurance agents who are involved with financial planning receive fee for their services instead of commission.

Tips for Becoming a Good Insurance Agent

  • Keep yourself updated with changes in tax and insurance laws by attending conferences and seminars sponsored by insurance organizations. Try to create a one-stop destination where client get comprehensive financial services and satisfactory insurance product knowledge.
  • Internet has contributed a lot in growing insurance business online. Especially, several insurance agents turn to receive hot, timely leads with a direct email of fax machine allowing serious customers to directly remain in contact with their agent. Even Pay-per-click advertising has shown effective results to insurance agents with various terms like “affordable insurance” etc.
  • Be good at customer service to build satisfied clientele and lead to more referralsUndoubtedly, consumers are going to the internet to shop for insurance but a majority of them still prefers to get a policy by sitting down with an agent.

WHY BECOME A FINBUCKET INSURANCE AGENT

Earn unlimited as per potential

Handle leads at your own convenience.

Best in the Market and recognition for stellar work.

Frequently Asked Questions

1. Do I need sales experience to become an insurance agent?
Experience in sales is certainly helpful in becoming an insurance agent. However, even without any sales experience you can apply for and become an insurance agent
2. What is the validity of the Insurance agent license ?
The insurance agent license obtained is valid for a maximum of 3 years.
3. What is IRDA ?
IRDA stands for for the Insurance Regulatory and Development authority. It is an autonomous, statutory body whose main responsibilities include regulating and promoting the insurance and reinsurance industries in India. The IRDA was established under the provisions of the Insurance Regulatory and Development Authority Act 1999.
4. What is IRDA IC 38?

IRDA IC 38 is an examination conducted by the IRDA which is mandatory for aspiring insurance agents. The Insurance Regulatory Authority conducts the examination at 3 levels: Licentiate, Associateship, and Fellowship

5. Is there career growth in being an Insurance Agent?
Yes, there is a lot of growth in the career as an insurance agent. Insurance agents have the potential to earn fantastic rewards and move up in the agency at higher management positions if they are driven by a will and passion to sell insurance premiums and help the customers in need.

6. What is the fee for the IRDA exam and renewal of insurance license
The fee for each IRDA exam is ₹ 200 per application form. In order to renew the license and keep practicing to be an insurance agent/ composite agent, you need to pay a fee of ₹ 250 per license period.

7. Can I become an insurance agent with FinBucket?

Yes, becoming an insurance agent with FinBucket is easy, you need to complete all the pre-requisites for becoming an agent. Sign-up with the application form given above to get started. Ideally, this job is suitable for individuals who are:

  • Outgoing and like to meet new people
  • Ambitious to own their own business in the future
  • Wanting to be the clients to be their only bosses
  • Wanting to be in charge of their own working hours