A health insurance agent is a trained professional licensed to sell health insurance policies directly to customers. They act as intermediaries between insurers and customers, representing their affiliated insurance providers to showcase their policies, recommending the best policy for their needs, and selling policies to them.
Traditionally, in India, an insurance agent plays a vital role in the sales process and as an advisor and guide to prospective customers. This is why one must inculcate specific necessary skills beyond their sales charm to succeed as an agent.
This article will explore the different types of agents, skills essential to becoming a successful health insurance agent in India, how to start your career as one, and the benefits linked with it.
Table of Contents
What are the types of agents?
If you wish to become a successful agent, one of the first things to understand is the different types of agents you can become. Agents are often distinguished based on the type of insurance they sell, for example, health insurance agents if they sell health insurance and life insurance agents if they sell life insurance.
However, beyond specialization, one can typically become two types of agents based on affiliation:
-
Exclusive insurance agent
An exclusive or captive agent works for just a single insurance provider. They generally are full-time or part-time employees for the companies and sell policies exclusively from them.
-
Independent insurance agent
On the other hand, an independent agent is free to represent and deal with as many insurance providers as they want. They can sell policies from insurance providers, making their portfolio more extensive.
What skills are necessary to become a successful insurance agent?
1. Communication skills
An agent in insurance primarily plays a sales function for insurance providers, requiring them to be good at listening and communicating with their customers.
2. Analytical skills
An agent must also have good analytical skills to understand the needs of the customers and the industry at large to offer relevant and valuable solutions.
3. In-depth knowledge of the products
An agent is trained in the various facets of insurance, including the jargon, fine print, etc. Other than this, an agent must also have in-depth knowledge about the specific products sold by them.
4. Networking
One of the most critical factors to succeed in insurance is to network with colleagues, friends, and community members, attend seminars, etc., to meet new people, understand their needs, and potentially generate new leads for your business.
5. Selflessness
Agents must understand that just making a quick buck by selling policies by lying, hiding facts, or selling an irrelevant policy is not sustainable and leads to losing any further business with them or their friends, family, etc. Being selfless in building a lasting relationship is much more conducive to long-term success.
6. Persistence
While becoming an agent is simple, working as one can be difficult. Facing constant rejections can be difficult to deal with daily. However, persistence is the key to success.
How to become an insurance agent in India?
To become an insurance agent in India, an individual must complete training with a registered insurance provider and pass an exam to receive a license and a few other eligibility requirements, like being at least 18 years old and completing 10th or 12th based on where the individual is from.
Here are the steps to become an agent in India:
- Choose an insurance provider you would like to work for.
- Visit their website, or check recruitment notices and contact them.
- Complete your training with them and start preparing for the licensing examination.
- Once you complete the examination, sign the contract and start working with them.
Note: Choose an insurance provider who is reliable and well-known. Here are a few top insurers you can check out in your research. 1) Niva Bupa Health Insurance, 2) Care Health Insurance, 3) Star Health and Allied Insurance.
What are the benefits of becoming an agent?
Becoming an agent offers numerous unique benefits, making it a lucrative career option for many people, whether as a primary or secondary job.
-
Unlimited potential to earn
An insurance agent primarily earns from commissions, and with no upper limit on how much an agent can earn, the more policies they sell, the more they can earn.
-
A secondary source of income
Becoming an agent is an excellent option for people looking for a second job or additional income due to its low barrier of entry and flexibility.
-
Non-cash perks and benefits
Agents are incentivised to hit targets and exceed them by offering non-cash perks and benefits like trips, vouchers, etc.
-
Flexible working hours and workplace
An insurance agent can work when and wherever they want, offering unmatched convenience.
-
Zero investment
Becoming an agent requires zero monetary investment, making it an excellent option for people seeking financial independence or starting a new career.
Conclusion
While becoming a health insurance agent is quite simple, succeeding requires persistence, determination, knowledge of products, and skills focusing on communication and analysis. By considering these skills and qualities, you can start your career on the right foot and achieve success in creating lasting relationships and earn with every policy you sell, all while helping people in your community get the best healthcare for their needs.
