Know how policy selling is helping women in their careers

Insurance Agent
01 Jun, 2023
Author : PolicyBoss
Insurance Agent

The Insurance Regulatory and Development Authority of India (IRDAI) annual report 2021-22 reveals that as of March 2022, India's life insurance industry consists of 24.50 lakh individual agents. Among these agents, there are 7 lakh women agents, representing 29% of the total workforce. On the other hand, male agents constitute the majority, accounting for 71% of the individual agents, which translates to approximately 17.43 lakh male agents.

A career as an insurance agent is one of the best opportunities for women who want to start or restart their careers. Entrepreneurship, especially women entrepreneurship, has been on a steady rise in India, and the insurance industry provides abundant opportunities for women to ensure a career as an insurance agent that's rewarding and sustained income options for the long term.

Who is an Insurance Agent Woman?

Insurance agent women represent an insurance company or an insurance broker and offer all types of insurance products across general and life insurance. Essentially, the insurance agent sells policies to the client on behalf of the company/broker.

One can either become an insurance company's insurance agent or associate with an insurance broker as a Point of Sales Person . By becoming an insurance agent of an insurance company, a maximum of 5 insurance companies can be represented under General and Life Insurance, respectively, under a single license. Compared to this, by becoming an insurance Point of Sales Person , there is no limitation on the number of insurance company options offered as a broker is free to work with all general and life insurance companies.

Education Qualification Required to be a Women's Insurance Agent

The following are the basic criteria that you must fulfil to become an insurance agent:

  1. Education: You must have passed the 10th standard or equivalent examination.
  2. Age: You must be 18 years old to become an insurance agent.
  3. IRDAI Certification: You must be certified by the Insurance Regulatory and Development Authority of India (IRDAI).
  4. State License: You must also have a state license, which you can obtain by passing a state-level exam each state holds. (applicable only if choosing to become an insurance company agent)

Benefits for Women as Insurance Agents

India has the most significant population in the world, but its insurance penetration is very low. As of FY21, Insurance Penetration in India stood at 4.2% (Life insurance-3.2% and Non-Life Insurance-1%)**.

Here are some of the benefits of becoming an insurance agent for women.

  1. Flexible Working Hours: Insurance agents can set their working hours, which can greatly benefit women who want to balance their careers with other commitments.
  2. Zero Investment Required: Becoming an insurance agent requires no upfront money. It's a profession where your investment is solely your time and dedication to learning about insurance products and honing your selling skills.
  3. Start Earning After the Age of 18: The insurance industry offers a unique advantage to women as they can start their journey as Insurance agents right after turning 18.
  4. Become a Digital Sales Specialist: With technological innovation and wider digital adoption, insurance sale is possible today from just a mobile device with an internet connection. Women can use this opportunity to carve out a career as digitally savvy insurance agents.

Responsibility of an insurance agent

Before starting your career as an insurance agent, you should be aware of your daily responsibilities. Insurance agents perform a variety of tasks, including:

  1. Providing Trusted Advisory Services: As an insurance agent, you should understand each customer's unique needs and offer expert recommendations tailored to their specific requirements. With a deep understanding of insurance products, you can confidently identify the best-suited options that provide comprehensive coverage.
  2. Client Servicing: Helping clients with various policy servicing requirements viz. Endorsement for correcting inaccurate information on policy documents, helping with duplicate policy requests, assisting with premium paid certificates, tax planning using insurance products, and more.
  3. Claim Assistance: Assist customer in lodging a claim request, doing the needful in ensuring successful claim request submission, following up for claim request status with insurer/ broker team, and ensuring with all documentation/ requisites w.r.t claim to service.
  4. Policy Renewals: Assist in policy renewal by tracking the same, ensuring timely reminders are sent to customers, and helping with renewal-related information, including policy details, new feature advisory, renewal link, and ensuring renewed policy document is received by policyholder.
  5. Accounting & Commission Management: Keep track of commission due and received for products solicited and maintain a clear account of payments and receivables.
  6. Upskilling & Training: Keep track of new product/ industry developments, attend regular product training for up-to-date product knowledge, and attend skill development sessions organized by insurers/ brokers to ensure you know the latest developments, sales techniques & best practices.

Tips on Being a Good Insurance Agent

To become a successful insurance agent, you must develop various skills and qualities. Here are a few tips:

  1. Communication Skills: You need to clearly and concisely communicate insurance policy details and benefits. This includes listening to client's needs and understanding their concerns.
  2. Honesty: As an insurance agent, integrity is paramount. Agents should ensure that clients understand the terms and conditions of the policies, and they should avoid making false promises or misleading statements.
  3. Knowledge of Insurance Products: A comprehensive understanding of the different types of insurance policies is vital for recommending the most suitable coverage for your clients' needs.

With PolicyBoss, women can access comprehensive training programs that equip them with deep knowledge of insurance products, effective sales techniques, and exceptional customer service skills. Policy Boss offers exclusive sales aids to boost productivity and earnings from the first day.

By working with PolicyBoss, women can leverage the platform's extensive network and established reputation in the insurance industry. This gives them access to a vast customer base, enhancing their business growth and success opportunities.

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